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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Ps Multiple | 4.6x - 5.0x | 4.8x |
| Selected Fwd Ps Multiple | 4.1x - 4.5x | 4.3x |
| Fair Value | €142.55 - €157.55 | €150.05 |
| Upside | -29.4% - -22.0% | -25.7% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Howmet Aerospace Inc. | - | NYSE:HWM |
| Curtiss-Wright Corporation | - | NYSE:CW |
| Textron Inc. | - | NYSE:TXT |
| Huntington Ingalls Industries, Inc. | - | NYSE:HII |
| HEICO Corporation | - | NYSE:HEI |
| General Electric Company | - | BATS-CHIXE:GCPD |
| Select Price / LTM Sales Ratio | ||||||||
| Benchmark Companies | ||||||||
| HWM | CW | TXT | HII | HEI | GCPD | |||
| NYSE:HWM | NYSE:CW | NYSE:TXT | NYSE:HII | NYSE:HEI | BATS-CHIXE:GCPD | |||
| Historical Sales Growth | ||||||||
| 5Y CAGR | 0.9% | 4.6% | 0.1% | 5.3% | 13.4% | -15.6% | ||
| 3Y CAGR | 14.3% | 7.7% | 3.4% | 6.6% | 27.4% | -11.8% | ||
| Latest Twelve Months | 10.0% | 9.8% | 0.6% | -1.0% | 17.7% | 8.8% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 9.1% | 11.2% | 5.7% | 5.9% | 16.5% | 6.3% | ||
| Prior Fiscal Year | 11.5% | 12.5% | 6.7% | 5.9% | 13.6% | 26.0% | ||
| Latest Fiscal Year | 15.5% | 13.0% | 6.0% | 4.8% | 13.3% | 17.2% | ||
| Latest Twelve Months | 16.6% | 13.4% | 6.0% | 4.8% | 14.5% | 17.4% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 37.9x | 26.9x | 11.7x | 13.1x | 38.0x | 23.9x | ||
| Price / LTM Sales | 9.7x | 5.7x | 1.1x | 0.9x | 9.5x | 6.6x | ||
| LTM P/E Ratio | 58.3x | 42.8x | 17.9x | 18.1x | 65.2x | 38.2x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/S Ratio | 0.9x | 5.7x | 9.7x | |||||
| Historical LTM P/S Ratio | 1.2x | 1.5x | 4.8x | |||||
| Selected Price / Sales Multiple | 4.6x | 4.8x | 5.0x | |||||
| (x) LTM Sales | 39,681 | 39,681 | 39,681 | |||||
| (=) Equity Value | 180,983 | 190,509 | 200,034 | |||||
| (/) Shares Outstanding | 1,066.4 | 1,066.4 | 1,066.4 | |||||
| Implied Value Range | 169.72 | 178.65 | 187.58 | |||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | ||||
| Implied Value Range (Trading Cur) | 144.06 | 151.64 | 159.22 | 202.00 | ||||
| Upside / (Downside) | -28.7% | -24.9% | -21.2% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | HWM | CW | TXT | HII | HEI | GCPD | |
| Value of Common Equity | 73,089 | 18,391 | 14,846 | 9,891 | 39,615 | 253,782 | |
| (/) Shares Outstanding | 403.7 | 37.7 | 180.5 | 39.2 | 122.0 | 1,066.4 | |
| Implied Stock Price | 181.06 | 487.97 | 82.23 | 252.08 | 324.67 | 237.98 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.18 | |
| Implied Stock Price (Trading Cur) | 181.06 | 487.97 | 82.23 | 252.08 | 324.67 | 202.00 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.18 | |