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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 7.5x - 8.3x | 7.9x |
| Selected Fwd EBIT Multiple | 15.9x - 17.6x | 16.8x |
| Fair Value | kr714.28 - kr775.24 | kr744.76 |
| Upside | 26.3% - 37.1% | 31.7% |
| Benchmarks | Ticker | Full Ticker |
| Prysmian S.p.A. | PRY | BIT:PRY |
| TKH Group N.V. | TWEKA | ENXTAM:TWEKA |
| Nexans S.A. | NEX | ENXTPA:NEX |
| PFISTERER Holding SE | PFSE | XTRA:PFSE |
| Huber+Suhner AG | HUBN | SWX:HUBN |
| NKT A/S | NKT | CPSE:NKT |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| PRY | TWEKA | NEX | PFSE | HUBN | NKT | ||
| BIT:PRY | ENXTAM:TWEKA | ENXTPA:NEX | XTRA:PFSE | SWX:HUBN | CPSE:NKT | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 15.2% | 3.3% | 20.6% | NM- | 1.5% | NM- | |
| 3Y CAGR | 30.9% | 0.1% | 14.8% | NM- | -6.1% | 184.4% | |
| Latest Twelve Months | 39.4% | -21.9% | 18.7% | NM | 11.7% | 23.4% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 5.7% | 8.8% | 5.4% | 6.6% | 9.8% | 4.5% | |
| Prior Fiscal Year | 6.8% | 9.6% | 5.3% | 11.0% | 9.1% | 16.6% | |
| Latest Fiscal Year | 7.2% | 8.1% | 7.1% | 13.4% | 9.7% | 16.9% | |
| Latest Twelve Months | 7.3% | 8.1% | 6.5% | 13.5% | 9.7% | 16.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.30x | 1.15x | 0.62x | 2.75x | 2.05x | 0.91x | |
| EV / LTM EBITDA | 13.4x | 9.8x | 6.4x | 18.1x | 15.6x | 4.9x | |
| EV / LTM EBIT | 17.7x | 14.2x | 9.5x | 20.4x | 21.1x | 5.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 9.5x | 17.7x | 21.1x | ||||
| Historical EV / LTM EBIT | -29.8x | 19.1x | 81.0x | ||||
| Selected EV / LTM EBIT | 7.5x | 7.9x | 8.3x | ||||
| (x) LTM EBIT | 548 | 548 | 548 | ||||
| (=) Implied Enterprise Value | 4,110 | 4,326 | 4,542 | ||||
| (-) Non-shareholder Claims * | 967 | 967 | 967 | ||||
| (=) Equity Value | 5,077 | 5,293 | 5,509 | ||||
| (/) Shares Outstanding | 53.5 | 53.5 | 53.5 | ||||
| Implied Value Range | 94.98 | 99.03 | 103.07 | ||||
| FX Rate: EUR/DKK | 0.1 | 0.1 | 0.1 | Market Price | |||
| Implied Value Range (Trading Cur) | 709.47 | 739.70 | 769.93 | 565.50 | |||
| Upside / (Downside) | 25.5% | 30.8% | 36.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | PRY | TWEKA | NEX | PFSE | HUBN | NKT | |
| Enterprise Value | 24,462 | 1,970 | 5,562 | 1,048 | 1,823 | 3,080 | |
| (+) Cash & Short Term Investments | 590 | 126 | 2,040 | 29 | 184 | 1,194 | |
| (+) Investments & Other | 185 | 30 | 17 | 0 | 7 | 14 | |
| (-) Debt | (5,262) | (711) | (2,088) | (77) | 0 | (241) | |
| (-) Other Liabilities | (190) | (0) | (20) | (5) | (3) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 19,785 | 1,415 | 5,511 | 996 | 2,011 | 4,047 | |
| (/) Shares Outstanding | 286.7 | 39.9 | 43.7 | 18.1 | 18.5 | 53.5 | |
| Implied Stock Price | 69.00 | 35.48 | 126.00 | 55.00 | 109.00 | 75.71 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.13 | |
| Implied Stock Price (Trading Cur) | 69.00 | 35.48 | 126.00 | 55.00 | 109.00 | 565.50 | |
| Trading Currency | EUR | EUR | EUR | EUR | CHF | DKK | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.13 | |