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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 12.3x - 13.6x | 13.0x |
| Selected Fwd EBITDA Multiple | 9.4x - 10.4x | 9.9x |
| Fair Value | €144 - €157.04 | €150.52 |
| Upside | -19.7% - -12.4% | -16.1% |
| Benchmarks | Ticker | Full Ticker |
| Leonardo S.p.a. | LDO | BIT:LDO |
| Safran SA | SAF | ENXTPA:SAF |
| Thales S.A. | HO | ENXTPA:HO |
| Rheinmetall AG | RHM | DB:RHM |
| RTX Corporation | 5UR | DB:5UR |
| Airbus SE | AIR | DB:AIR |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| LDO | SAF | HO | RHM | 5UR | AIR | ||
| BIT:LDO | ENXTPA:SAF | ENXTPA:HO | DB:RHM | DB:5UR | DB:AIR | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 3.5% | 1.1% | 4.2% | 19.6% | 8.7% | 15.5% | |
| 3Y CAGR | 11.4% | 27.5% | 9.5% | 29.8% | 4.7% | 0.4% | |
| Latest Twelve Months | 40.1% | 16.7% | 9.8% | 41.6% | 51.2% | 23.4% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 9.8% | 18.1% | 12.7% | 14.4% | 15.1% | 9.9% | |
| Prior Fiscal Year | 9.6% | 18.7% | 12.9% | 15.5% | 14.1% | 9.4% | |
| Latest Fiscal Year | 10.5% | 19.2% | 13.1% | 18.0% | 15.9% | 9.9% | |
| Latest Twelve Months | 11.6% | 19.9% | 12.7% | 17.5% | 16.8% | 10.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.54x | 4.00x | 2.31x | 7.06x | 2.98x | 1.83x | |
| EV / LTM EBITDA | 13.3x | 20.1x | 18.1x | 40.4x | 17.7x | 18.0x | |
| EV / LTM EBIT | 16.9x | 25.9x | 25.5x | 50.7x | 25.7x | 25.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 13.3x | 18.1x | 40.4x | ||||
| Historical EV / LTM EBITDA | -82.8x | 11.1x | 17.2x | ||||
| Selected EV / LTM EBITDA | 12.3x | 13.0x | 13.6x | ||||
| (x) LTM EBITDA | 7,139 | 7,139 | 7,139 | ||||
| (=) Implied Enterprise Value | 88,112 | 92,750 | 97,387 | ||||
| (-) Non-shareholder Claims * | 15,980 | 15,980 | 15,980 | ||||
| (=) Equity Value | 104,092 | 108,730 | 113,367 | ||||
| (/) Shares Outstanding | 791.3 | 791.3 | 791.3 | ||||
| Implied Value Range | 131.55 | 137.41 | 143.27 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 131.55 | 137.41 | 143.27 | 179.36 | |||
| Upside / (Downside) | -26.7% | -23.4% | -20.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | LDO | SAF | HO | RHM | 5UR | AIR | |
| Enterprise Value | 28,804 | 117,594 | 49,277 | 75,059 | 244,233 | 125,947 | |
| (+) Cash & Short Term Investments | 1,808 | 6,991 | 3,887 | 352 | 4,782 | 12,008 | |
| (+) Investments & Other | 1,678 | 2,344 | 1,743 | 321 | 0 | 17,414 | |
| (-) Debt | (4,248) | (5,117) | (7,314) | (2,009) | (43,595) | (13,355) | |
| (-) Other Liabilities | (1,122) | (556) | (28) | (459) | (1,849) | (87) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 26,920 | 121,256 | 47,564 | 73,264 | 203,571 | 141,927 | |
| (/) Shares Outstanding | 576.4 | 419.0 | 205.4 | 45.8 | 1,338.5 | 791.3 | |
| Implied Stock Price | 46.70 | 289.40 | 231.60 | 1,599.00 | 152.08 | 179.36 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.16 | 1.00 | |
| Implied Stock Price (Trading Cur) | 46.70 | 289.40 | 231.60 | 1,599.00 | 130.64 | 179.36 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.16 | 1.00 | |