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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 3.6x - 4.0x | 3.8x |
| Selected Fwd EBIT Multiple | 6.1x - 6.7x | 6.4x |
| Fair Value | €10.73 - €11.33 | €11.03 |
| Upside | 59.2% - 68.1% | 63.6% |
| Benchmarks | Ticker | Full Ticker |
| Forvia SE | FRVIA | ENXTPA:FRVIA |
| OPmobility SE | OPM | ENXTPA:OPM |
| ElringKlinger AG | ZIL2 | DB:ZIL2 |
| Cooper-Standard Holdings Inc. | C31 | DB:C31 |
| Sogefi S.p.A. | SGF | BIT:SGF |
| Akwel SA | MW4 | BST:MW4 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| FRVIA | OPM | ZIL2 | C31 | SGF | MW4 | ||
| ENXTPA:FRVIA | ENXTPA:OPM | DB:ZIL2 | DB:C31 | BIT:SGF | BST:MW4 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | -0.5% | -3.8% | -23.8% | 16.5% | -4.2% | -16.1% | |
| 3Y CAGR | 15.8% | 16.7% | -49.1% | NM- | -8.1% | -22.5% | |
| Latest Twelve Months | -2.9% | 11.6% | -87.1% | 39.7% | 31.1% | -37.1% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 4.1% | 3.2% | 3.4% | -2.1% | 5.5% | 6.8% | |
| Prior Fiscal Year | 4.5% | 3.4% | 4.9% | 2.2% | 4.2% | 5.7% | |
| Latest Fiscal Year | 4.4% | 3.7% | 0.6% | 3.1% | 5.5% | 3.9% | |
| Latest Twelve Months | 4.4% | 3.7% | 0.6% | 3.1% | 5.5% | 3.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.34x | 0.24x | 0.31x | 0.45x | 0.27x | 0.06x | |
| EV / LTM EBITDA | 4.0x | 3.7x | 5.4x | 6.5x | 2.5x | 0.8x | |
| EV / LTM EBIT | 7.7x | 6.4x | 48.6x | 14.3x | 4.9x | 1.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 4.9x | 7.7x | 48.6x | ||||
| Historical EV / LTM EBIT | 1.5x | 6.1x | 8.3x | ||||
| Selected EV / LTM EBIT | 3.6x | 3.8x | 4.0x | ||||
| (x) LTM EBIT | 38 | 38 | 38 | ||||
| (=) Implied Enterprise Value | 139 | 146 | 153 | ||||
| (-) Non-shareholder Claims * | 133 | 133 | 133 | ||||
| (=) Equity Value | 272 | 279 | 286 | ||||
| (/) Shares Outstanding | 26.4 | 26.4 | 26.4 | ||||
| Implied Value Range | 10.30 | 10.58 | 10.86 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 10.30 | 10.58 | 10.86 | 6.74 | |||
| Upside / (Downside) | 52.9% | 57.0% | 61.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | FRVIA | OPM | ZIL2 | C31 | SGF | MW4 | |
| Enterprise Value | 9,172 | 2,516 | 581 | 1,226 | 278 | 45 | |
| (+) Cash & Short Term Investments | 4,500 | 671 | 124 | 170 | 60 | 150 | |
| (+) Investments & Other | 344 | 452 | 14 | 0 | 4 | 0 | |
| (-) Debt | (11,132) | (2,376) | (365) | (1,191) | (124) | (17) | |
| (-) Other Liabilities | (1,779) | (29) | (48) | 8 | (13) | (1) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 1,106 | 1,234 | 306 | 212 | 206 | 178 | |
| (/) Shares Outstanding | 196.8 | 142.8 | 63.4 | 17.3 | 119.0 | 26.4 | |
| Implied Stock Price | 5.62 | 8.65 | 4.83 | 12.25 | 1.73 | 6.74 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.13 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 5.62 | 8.65 | 4.83 | 10.80 | 1.73 | 6.74 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.13 | 1.00 | 1.00 | |