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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 4.7x - 5.2x | 5.0x |
| Selected Fwd EBITDA Multiple | 4.2x - 4.6x | 4.4x |
| Fair Value | €33.99 - €39.03 | €36.51 |
| Upside | -22.4% - -10.9% | -16.6% |
| Benchmarks | Ticker | Full Ticker |
| Dorman Products, Inc. | DORM | NasdaqGS:DORM |
| DENSO Corporation | DNZO.F | OTCPK:DNZO.F |
| Valeo SE | VLEE.F | OTCPK:VLEE.F |
| Nexteer Automotive Group Limited | NTXV.F | OTCPK:NTXV.F |
| Patrick Industries, Inc. | PATK | NasdaqGS:PATK |
| PHINIA Inc. | 3A6 | DB:3A6 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| DORM | DNZO.F | VLEE.F | NTXV.F | PATK | 3A6 | ||
| NasdaqGS:DORM | OTCPK:DNZO.F | OTCPK:VLEE.F | OTCPK:NTXV.F | NasdaqGS:PATK | DB:3A6 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 21.6% | 18.2% | 0.0% | -5.9% | 14.3% | NM- | |
| 3Y CAGR | 16.4% | 7.5% | 4.9% | 8.5% | -2.4% | -1.0% | |
| Latest Twelve Months | 22.3% | 12.2% | -0.1% | 51.0% | 2.1% | -1.0% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 15.6% | 11.3% | 8.9% | 7.1% | 11.5% | 14.6% | |
| Prior Fiscal Year | 12.9% | 10.6% | 8.9% | 4.9% | 11.7% | 14.4% | |
| Latest Fiscal Year | 17.4% | 12.2% | 9.2% | 7.3% | 11.4% | 14.0% | |
| Latest Twelve Months | 18.6% | 12.3% | 9.5% | 7.3% | 11.4% | 14.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.28x | 0.77x | 0.33x | 0.38x | 1.25x | 0.79x | |
| EV / LTM EBITDA | 12.3x | 6.3x | 3.5x | 5.2x | 11.0x | 5.5x | |
| EV / LTM EBIT | 14.4x | 11.0x | 7.1x | 9.8x | 18.0x | 8.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 3.5x | 6.3x | 12.3x | ||||
| Historical EV / LTM EBITDA | 3.6x | 4.4x | 5.2x | ||||
| Selected EV / LTM EBITDA | 4.7x | 5.0x | 5.2x | ||||
| (x) LTM EBITDA | 483 | 483 | 483 | ||||
| (=) Implied Enterprise Value | 2,273 | 2,392 | 2,512 | ||||
| (-) Non-shareholder Claims * | (632) | (632) | (632) | ||||
| (=) Equity Value | 1,641 | 1,760 | 1,880 | ||||
| (/) Shares Outstanding | 38.9 | 38.9 | 38.9 | ||||
| Implied Value Range | 42.17 | 45.25 | 48.32 | ||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 36.22 | 38.86 | 41.50 | 43.80 | |||
| Upside / (Downside) | -17.3% | -11.3% | -5.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | DORM | DNZO.F | VLEE.F | NTXV.F | PATK | 3A6 | |
| Enterprise Value | 4,764 | 5,650,440 | 6,450 | 1,747 | 4,786 | 2,616 | |
| (+) Cash & Short Term Investments | 57 | 1,137,269 | 2,424 | 422 | 22 | 347 | |
| (+) Investments & Other | 0 | 120,478 | 366 | 23 | 0 | 64 | |
| (-) Debt | (559) | (859,003) | (6,588) | (92) | (1,467) | (1,043) | |
| (-) Other Liabilities | 0 | (187,718) | (765) | (51) | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 4,262 | 5,861,466 | 1,887 | 2,049 | 3,340 | 1,984 | |
| (/) Shares Outstanding | 30.5 | 2,733.5 | 208.3 | 2,823.4 | 33.3 | 38.9 | |
| Implied Stock Price | 139.57 | 2,144.32 | 9.06 | 0.73 | 100.37 | 51.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 147.76 | 0.86 | 1.00 | 1.00 | 1.16 | |
| Implied Stock Price (Trading Cur) | 139.57 | 14.51 | 10.55 | 0.73 | 100.37 | 43.80 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 147.76 | 0.86 | 1.00 | 1.00 | 1.16 | |