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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 15.8x - 17.4x | 16.6x |
| Selected Fwd EBIT Multiple | 13.3x - 14.7x | 14.0x |
| Fair Value | €127.34 - €141.73 | €134.53 |
| Upside | -11.6% - -1.6% | -6.6% |
| Benchmarks | Ticker | Full Ticker |
| Benchmark Electronics, Inc. | BHE | NYSE:BHE |
| CTS Corporation | CTS | NYSE:CTS |
| Jabil Inc. | JBL | NYSE:JBL |
| Amphenol Corporation | APH | NYSE:APH |
| Littelfuse, Inc. | LFUS | NasdaqGS:LFUS |
| TE Connectivity plc | BZ4 | DB:BZ4 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| BHE | CTS | JBL | APH | LFUS | BZ4 | ||
| NYSE:BHE | NYSE:CTS | NYSE:JBL | NYSE:APH | NasdaqGS:LFUS | DB:BZ4 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 18.6% | 5.1% | 13.1% | 15.0% | 5.4% | 5.4% | |
| 3Y CAGR | 22.6% | 2.4% | 9.9% | 15.1% | -12.5% | 2.7% | |
| Latest Twelve Months | -10.4% | 3.2% | -12.9% | 39.8% | -11.0% | 7.0% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 3.3% | 14.1% | 4.3% | 20.4% | 16.6% | 17.3% | |
| Prior Fiscal Year | 4.2% | 14.9% | 4.6% | 20.7% | 16.0% | 16.6% | |
| Latest Fiscal Year | 4.4% | 15.0% | 5.0% | 21.7% | 12.2% | 18.5% | |
| Latest Twelve Months | 4.2% | 15.1% | 4.7% | 22.3% | 13.0% | 18.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.57x | 2.50x | 0.90x | 7.42x | 2.78x | 3.40x | |
| EV / LTM EBITDA | 10.0x | 11.7x | 12.2x | 28.0x | 14.7x | 14.2x | |
| EV / LTM EBIT | 13.6x | 16.6x | 19.2x | 33.2x | 21.4x | 18.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 13.6x | 19.2x | 33.2x | ||||
| Historical EV / LTM EBIT | 13.2x | 16.8x | 20.4x | ||||
| Selected EV / LTM EBIT | 15.8x | 16.6x | 17.4x | ||||
| (x) LTM EBIT | 3,030 | 3,030 | 3,030 | ||||
| (=) Implied Enterprise Value | 47,810 | 50,327 | 52,843 | ||||
| (-) Non-shareholder Claims * | (3,256) | (3,256) | (3,256) | ||||
| (=) Equity Value | 44,554 | 47,071 | 49,587 | ||||
| (/) Shares Outstanding | 296.5 | 296.5 | 296.5 | ||||
| Implied Value Range | 150.24 | 158.73 | 167.21 | ||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 128.44 | 135.70 | 142.95 | 144.00 | |||
| Upside / (Downside) | -10.8% | -5.8% | -0.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | BHE | CTS | JBL | APH | LFUS | BZ4 | |
| Enterprise Value | 1,502 | 1,288 | 25,580 | 124,482 | 6,121 | 53,207 | |
| (+) Cash & Short Term Investments | 355 | 91 | 1,549 | 1,672 | 622 | 2,554 | |
| (+) Investments & Other | 0 | 11 | 0 | 0 | 24 | 0 | |
| (-) Debt | (400) | (112) | (3,414) | (7,167) | (889) | (5,678) | |
| (-) Other Liabilities | 0 | 0 | (2) | (71) | (0) | (132) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 1,457 | 1,277 | 23,713 | 118,916 | 5,877 | 49,951 | |
| (/) Shares Outstanding | 36.1 | 29.8 | 107.3 | 1,209.6 | 24.7 | 296.5 | |
| Implied Stock Price | 40.36 | 42.80 | 220.96 | 98.31 | 237.79 | 168.44 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.17 | |
| Implied Stock Price (Trading Cur) | 40.36 | 42.80 | 220.96 | 98.31 | 237.79 | 144.00 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.17 | |