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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 16.0x - 17.7x | 16.9x |
| Selected Fwd EBIT Multiple | 10.9x - 12.0x | 11.5x |
| Fair Value | €54.42 - €61.93 | €58.18 |
| Upside | -17.1% - -5.7% | -11.4% |
| Benchmarks | Ticker | Full Ticker |
| Schneider Electric S.E. | SU | ENXTPA:SU |
| Legrand SA | LRC | DB:LRC |
| Nexans S.A. | NEX | ENXTPA:NEX |
| PFISTERER Holding SE | PFSE | XTRA:PFSE |
| Eaton Corporation plc | 1ETN | BIT:1ETN |
| Prysmian S.p.A. | PRY | BIT:PRY |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| SU | LRC | NEX | PFSE | 1ETN | PRY | ||
| ENXTPA:SU | DB:LRC | ENXTPA:NEX | XTRA:PFSE | BIT:1ETN | BIT:PRY | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 10.3% | 5.8% | 20.6% | NM- | 10.3% | 15.2% | |
| 3Y CAGR | 12.9% | 6.9% | 14.8% | NM- | 23.1% | 30.9% | |
| Latest Twelve Months | 9.8% | 10.6% | 45.7% | NM | 17.5% | 19.9% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 15.9% | 18.8% | 5.1% | 6.6% | 14.5% | 5.5% | |
| Prior Fiscal Year | 16.6% | 18.9% | 5.3% | 11.0% | 17.0% | 6.8% | |
| Latest Fiscal Year | 17.1% | 18.9% | 7.1% | 13.4% | 18.8% | 7.2% | |
| Latest Twelve Months | 17.1% | 18.9% | 7.1% | 13.5% | 19.2% | 6.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.69x | 3.99x | 0.70x | 2.71x | 6.35x | 1.30x | |
| EV / LTM EBITDA | 19.0x | 18.3x | 7.7x | 17.9x | 27.8x | 14.4x | |
| EV / LTM EBIT | 21.6x | 21.1x | 9.9x | 20.1x | 33.1x | 19.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 9.9x | 21.1x | 33.1x | ||||
| Historical EV / LTM EBIT | 12.7x | 19.1x | 21.5x | ||||
| Selected EV / LTM EBIT | 16.0x | 16.9x | 17.7x | ||||
| (x) LTM EBIT | 1,239 | 1,239 | 1,239 | ||||
| (=) Implied Enterprise Value | 19,868 | 20,914 | 21,959 | ||||
| (-) Non-shareholder Claims * | (4,853) | (4,853) | (4,853) | ||||
| (=) Equity Value | 15,015 | 16,061 | 17,106 | ||||
| (/) Shares Outstanding | 286.7 | 286.7 | 286.7 | ||||
| Implied Value Range | 52.37 | 56.01 | 59.66 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 52.37 | 56.01 | 59.66 | 65.68 | |||
| Upside / (Downside) | -20.3% | -14.7% | -9.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | SU | LRC | NEX | PFSE | 1ETN | PRY | |
| Enterprise Value | 140,710 | 35,672 | 5,824 | 1,039 | 160,960 | 23,686 | |
| (+) Cash & Short Term Investments | 6,887 | 2,290 | 1,254 | 29 | 1,939 | 583 | |
| (+) Investments & Other | 2,389 | 42 | 168 | 0 | 3 | 261 | |
| (-) Debt | (16,313) | (5,320) | (1,934) | (77) | (10,758) | (5,497) | |
| (-) Other Liabilities | (791) | (19) | (19) | (5) | (41) | (200) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 132,882 | 32,664 | 5,293 | 986 | 152,103 | 18,833 | |
| (/) Shares Outstanding | 562.5 | 262.2 | 43.7 | 18.1 | 391.3 | 286.7 | |
| Implied Stock Price | 236.25 | 124.60 | 121.00 | 54.50 | 388.71 | 65.68 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.17 | 1.00 | |
| Implied Stock Price (Trading Cur) | 236.25 | 124.60 | 121.00 | 54.50 | 330.95 | 65.68 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.17 | 1.00 | |