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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 0.2x - 0.2x | 0.2x |
| Selected Fwd Revenue Multiple | 0.2x - 0.2x | 0.2x |
| Fair Value | €13.69 - €14.78 | €14.23 |
| Upside | 48.4% - 60.3% | 54.3% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Bayerische Motoren Werke Aktiengesellschaft | 1BMW | BIT:1BMW |
| Mercedes-Benz Group AG | 1MBG | BIT:1MBG |
| Volkswagen AG | 1VOW3 | BIT:1VOW3 |
| Renault SA | 1RNO | BIT:1RNO |
| Ferrari N.V. | RACE | BIT:RACE |
| Stellantis N.V. | STLAM | BIT:STLAM |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| 1BMW | 1MBG | 1VOW3 | 1RNO | RACE | STLAM | |||
| BIT:1BMW | BIT:1MBG | BIT:1VOW3 | BIT:1RNO | BIT:RACE | BIT:STLAM | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 6.4% | -3.4% | 5.1% | 0.2% | 12.1% | 21.6% | ||
| 3Y CAGR | 8.6% | 2.8% | 9.1% | 10.5% | 16.1% | 1.6% | ||
| Latest Twelve Months | -10.1% | -5.2% | 1.6% | 7.4% | 12.4% | -17.2% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 9.5% | 9.3% | 7.1% | 4.2% | 25.0% | 9.8% | ||
| Prior Fiscal Year | 11.8% | 11.5% | 7.5% | 7.7% | 27.0% | 12.1% | ||
| Latest Fiscal Year | 7.9% | 8.6% | 7.1% | 7.4% | 28.2% | 4.0% | ||
| Latest Twelve Months | 7.4% | 7.9% | 6.5% | 7.4% | 28.8% | 4.0% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 1.00x | 0.86x | 0.81x | 0.80x | 11.21x | 0.11x | ||
| EV / LTM EBIT | 13.5x | 11.0x | 12.5x | 10.8x | 38.9x | 2.7x | ||
| Price / LTM Sales | 0.34x | 0.35x | 0.15x | 0.23x | 11.00x | 0.17x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 0.80x | 0.86x | 11.21x | |||||
| Historical EV / LTM Revenue | 0.11x | 0.16x | 0.46x | |||||
| Selected EV / LTM Revenue | 0.19x | 0.20x | 0.21x | |||||
| (x) LTM Revenue | 156,878 | 156,878 | 156,878 | |||||
| (=) Implied Enterprise Value | 30,211 | 31,801 | 33,391 | |||||
| (-) Non-shareholder Claims * | 9,606 | 9,606 | 9,606 | |||||
| (=) Equity Value | 39,817 | 41,407 | 42,997 | |||||
| (/) Shares Outstanding | 2,880.5 | 2,880.5 | 2,880.5 | |||||
| Implied Value Range | 13.82 | 14.38 | 14.93 | |||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 13.82 | 14.38 | 14.93 | 9.22 | ||||
| Upside / (Downside) | 49.9% | 55.9% | 61.9% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 1BMW | 1MBG | 1VOW3 | 1RNO | RACE | STLAM | |
| Enterprise Value | 140,466 | 123,714 | 265,662 | 45,178 | 77,085 | 16,952 | |
| (+) Cash & Short Term Investments | 16,810 | 20,035 | 49,987 | 23,075 | 1,870 | 35,392 | |
| (+) Investments & Other | 1,595 | 13,137 | 0 | 17,070 | 84 | 11,888 | |
| (-) Debt | (108,495) | (106,316) | (252,054) | (71,690) | (3,334) | (37,251) | |
| (-) Other Liabilities | (2,723) | (1,029) | (15,541) | (793) | (5) | (423) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 47,653 | 49,541 | 48,054 | 12,840 | 75,701 | 26,558 | |
| (/) Shares Outstanding | 622.3 | 962.0 | 501.3 | 272.7 | 178.2 | 2,880.5 | |
| Implied Stock Price | 76.58 | 51.50 | 95.86 | 47.08 | 424.80 | 9.22 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 76.58 | 51.50 | 95.86 | 47.08 | 424.80 | 9.22 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |