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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 15.7x - 17.3x | 16.5x |
| Selected Fwd EBIT Multiple | 12.9x - 14.2x | 13.6x |
| Fair Value | €128.07 - €142.53 | €135.30 |
| Upside | 0.8% - 12.2% | 6.5% |
| Benchmarks | Ticker | Full Ticker |
| Benchmark Electronics, Inc. | BHE | NYSE:BHE |
| Vishay Intertechnology, Inc. | VSH | NYSE:VSH |
| Jabil Inc. | JBL | NYSE:JBL |
| CTS Corporation | CTS | NYSE:CTS |
| Amphenol Corporation | APH | NYSE:APH |
| TE Connectivity plc | BZ4 | DB:BZ4 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| BHE | VSH | JBL | CTS | APH | BZ4 | ||
| NYSE:BHE | NYSE:VSH | NYSE:JBL | NYSE:CTS | NYSE:APH | DB:BZ4 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 18.6% | -17.4% | 13.1% | 5.1% | 15.0% | 5.4% | |
| 3Y CAGR | 22.6% | -38.7% | 9.9% | 2.4% | 15.1% | 2.7% | |
| Latest Twelve Months | -2.0% | -78.0% | -19.7% | -5.9% | 27.3% | 7.2% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 3.2% | 11.9% | 4.2% | 13.9% | 20.2% | 17.2% | |
| Prior Fiscal Year | 4.2% | 14.0% | 4.6% | 14.9% | 20.7% | 16.6% | |
| Latest Fiscal Year | 4.4% | 3.6% | 5.0% | 15.0% | 21.7% | 18.5% | |
| Latest Twelve Months | 4.4% | 3.6% | 4.7% | 15.0% | 21.7% | 18.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.55x | 0.88x | 0.62x | 2.45x | 5.25x | 2.87x | |
| EV / LTM EBITDA | 9.3x | 8.2x | 8.5x | 11.7x | 20.6x | 12.0x | |
| EV / LTM EBIT | 12.5x | 24.6x | 13.2x | 16.4x | 24.2x | 15.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 12.5x | 16.4x | 24.6x | ||||
| Historical EV / LTM EBIT | 13.2x | 16.8x | 20.4x | ||||
| Selected EV / LTM EBIT | 15.7x | 16.5x | 17.3x | ||||
| (x) LTM EBIT | 2,962 | 2,962 | 2,962 | ||||
| (=) Implied Enterprise Value | 46,406 | 48,848 | 51,291 | ||||
| (-) Non-shareholder Claims * | (3,081) | (3,081) | (3,081) | ||||
| (=) Equity Value | 43,325 | 45,767 | 48,210 | ||||
| (/) Shares Outstanding | 298.4 | 298.4 | 298.4 | ||||
| Implied Value Range | 145.21 | 153.40 | 161.59 | ||||
| FX Rate: USD/EUR | 1.1 | 1.1 | 1.1 | Market Price | |||
| Implied Value Range (Trading Cur) | 131.36 | 138.77 | 146.17 | 127.00 | |||
| Upside / (Downside) | 3.4% | 9.3% | 15.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | BHE | VSH | JBL | CTS | APH | BZ4 | |
| Enterprise Value | 1,450 | 2,578 | 16,899 | 1,265 | 86,241 | 44,968 | |
| (+) Cash & Short Term Investments | 315 | 606 | 1,592 | 95 | 3,335 | 1,254 | |
| (+) Investments & Other | 0 | 0 | 0 | 12 | 0 | 0 | |
| (-) Debt | (383) | (1,025) | (3,293) | (117) | (7,280) | (4,211) | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | (64) | (124) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 1,382 | 2,160 | 15,198 | 1,255 | 82,232 | 41,887 | |
| (/) Shares Outstanding | 36.0 | 135.6 | 109.5 | 30.0 | 1,211.1 | 298.4 | |
| Implied Stock Price | 38.38 | 15.93 | 138.75 | 41.78 | 67.90 | 140.39 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.11 | |
| Implied Stock Price (Trading Cur) | 38.38 | 15.93 | 138.75 | 41.78 | 67.90 | 127.00 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.11 | |