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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBITDA Multiple | 11.3x - 12.5x | 11.9x |
Selected Fwd EBITDA Multiple | 9.0x - 9.9x | 9.5x |
Fair Value | €70.29 - €79.91 | €75.10 |
Upside | -3.0% - 10.2% | 3.6% |
Benchmarks | Ticker | Full Ticker |
Commercial Metals Company | CMC | NYSE:CMC |
Olympic Steel, Inc. | ZEUS | NasdaqGS:ZEUS |
Carpenter Technology Corporation | CRS | NYSE:CRS |
Ferroglobe PLC | GSM | NasdaqCM:GSM |
Lundin Mining Corporation | LUNM.F | OTCPK:LUNM.F |
Materion Corporation | BEM | DB:BEM |
- | - | - |
Select LTM EBITDA Multiple | |||||||
Benchmark Companies | |||||||
CMC | ZEUS | CRS | GSM | LUNM.F | BEM | ||
NYSE:CMC | NasdaqGS:ZEUS | NYSE:CRS | NasdaqCM:GSM | OTCPK:LUNM.F | DB:BEM | ||
Historical EBITDA Growth | |||||||
5Y CAGR | 16.6% | 17.0% | 5.1% | NM- | 18.5% | 10.8% | |
3Y CAGR | 6.2% | -26.0% | 344.9% | 6.0% | -6.7% | 17.4% | |
Latest Twelve Months | -35.2% | -33.6% | 52.5% | -62.2% | 45.9% | 9.1% | |
Historical EBITDA Profit Margin | |||||||
5 Year Average Margin | 13.1% | 5.0% | 9.3% | 12.3% | 37.6% | 9.7% | |
Prior Fiscal Year | 15.8% | 5.1% | 9.3% | 17.4% | 34.2% | 12.2% | |
Latest Fiscal Year | 11.5% | 4.0% | 16.6% | 9.3% | 39.0% | 12.1% | |
Latest Twelve Months | 8.9% | 3.7% | 20.7% | 6.0% | 40.1% | 12.1% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 0.82x | 0.34x | 4.95x | 0.57x | 3.51x | 1.34x | |
EV / LTM EBITDA | 9.2x | 9.2x | 23.9x | 9.5x | 8.8x | 11.0x | |
EV / LTM EBIT | 13.7x | 16.4x | 29.9x | 39.2x | 14.1x | 16.3x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBITDA | 8.8x | 9.2x | 23.9x | ||||
Historical EV / LTM EBITDA | 13.8x | 15.8x | 18.0x | ||||
Selected EV / LTM EBITDA | 11.3x | 11.9x | 12.5x | ||||
(x) LTM EBITDA | 208 | 208 | 208 | ||||
(=) Implied Enterprise Value | 2,358 | 2,482 | 2,606 | ||||
(-) Non-shareholder Claims * | (518) | (518) | (518) | ||||
(=) Equity Value | 1,840 | 1,964 | 2,089 | ||||
(/) Shares Outstanding | 20.8 | 20.8 | 20.8 | ||||
Implied Value Range | 88.41 | 94.38 | 100.34 | ||||
FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
Implied Value Range (Trading Cur) | 75.05 | 80.11 | 85.17 | 72.50 | |||
Upside / (Downside) | 3.5% | 10.5% | 17.5% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | CMC | ZEUS | CRS | GSM | LUNM.F | BEM | |
Enterprise Value | 6,318 | 656 | 14,469 | 891 | 12,243 | 2,296 | |
(+) Cash & Short Term Investments | 893 | 13 | 152 | 129 | 342 | 18 | |
(+) Investments & Other | 0 | 0 | 0 | 25 | 10 | 1 | |
(-) Debt | (1,344) | (281) | (703) | (232) | (2,101) | (537) | |
(-) Other Liabilities | (0) | 0 | 0 | 0 | (1,137) | 0 | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 5,866 | 389 | 13,917 | 814 | 9,356 | 1,778 | |
(/) Shares Outstanding | 111.9 | 11.2 | 49.8 | 186.6 | 856.0 | 20.8 | |
Implied Stock Price | 52.41 | 34.81 | 279.58 | 4.36 | 10.93 | 85.41 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.18 | |
Implied Stock Price (Trading Cur) | 52.41 | 34.81 | 279.58 | 4.36 | 10.93 | 72.50 | |
Trading Currency | USD | USD | USD | USD | USD | EUR | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.18 |
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