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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Ps Multiple | 1.9x - 2.1x | 2.0x |
| Selected Fwd Ps Multiple | 1.6x - 1.8x | 1.7x |
| Fair Value | €190.75 - €210.83 | €200.79 |
| Upside | -19.2% - -10.7% | -14.9% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Dassault Aviation société anonyme | - | ENXTPA:AM |
| Safran SA | - | ENXTPA:SAF |
| Rheinmetall AG | - | DB:RHM |
| Leonardo S.p.a. | - | BIT:LDO |
| Hensoldt AG | - | XTRA:HAG |
| Thales S.A. | - | DB:CSF |
| Select Price / LTM Sales Ratio | ||||||||
| Benchmark Companies | ||||||||
| AM | SAF | RHM | LDO | HAG | CSF | |||
| ENXTPA:AM | ENXTPA:SAF | DB:RHM | BIT:LDO | XTRA:HAG | DB:CSF | |||
| Historical Sales Growth | ||||||||
| 5Y CAGR | -2.8% | 1.9% | 9.0% | 5.2% | 15.0% | 2.3% | ||
| 3Y CAGR | -4.4% | 21.9% | 19.9% | 7.9% | 15.0% | 8.3% | ||
| Latest Twelve Months | 29.4% | 14.2% | 41.7% | 14.1% | 18.5% | 11.2% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 10.8% | 2.1% | 5.9% | 4.9% | 2.4% | 6.0% | ||
| Prior Fiscal Year | 14.0% | 14.6% | 8.1% | 4.3% | 3.0% | 5.2% | ||
| Latest Fiscal Year | 14.4% | -2.4% | 8.2% | 6.0% | 4.8% | 4.9% | ||
| Latest Twelve Months | 11.6% | 14.7% | 8.0% | 5.6% | 3.9% | 4.9% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 12.4x | 19.2x | 43.2x | 14.5x | 42.4x | 18.4x | ||
| Price / LTM Sales | 3.1x | 4.0x | 7.5x | 1.4x | 4.5x | 2.3x | ||
| LTM P/E Ratio | 27.0x | 27.0x | 93.2x | 25.4x | 117.6x | 46.2x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/S Ratio | 1.4x | 4.0x | 7.5x | |||||
| Historical LTM P/S Ratio | 0.9x | 1.5x | 1.5x | |||||
| Selected Price / Sales Multiple | 1.9x | 2.0x | 2.1x | |||||
| (x) LTM Sales | 21,349 | 21,349 | 21,349 | |||||
| (=) Equity Value | 39,884 | 41,983 | 44,082 | |||||
| (/) Shares Outstanding | 205.4 | 205.4 | 205.4 | |||||
| Implied Value Range | 194.20 | 204.42 | 214.64 | |||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 194.20 | 204.42 | 214.64 | 236.00 | ||||
| Upside / (Downside) | -17.7% | -13.4% | -9.0% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | AM | SAF | RHM | LDO | HAG | CSF | |
| Value of Common Equity | 21,120 | 117,443 | 78,258 | 26,556 | 10,586 | 48,468 | |
| (/) Shares Outstanding | 78.2 | 419.0 | 45.8 | 576.4 | 115.5 | 205.4 | |
| Implied Stock Price | 270.00 | 280.30 | 1,708.00 | 46.07 | 91.65 | 236.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 270.00 | 280.30 | 1,708.00 | 46.07 | 91.65 | 236.00 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |