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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 16.2x - 17.9x | 17.0x |
| Selected Fwd EBIT Multiple | 8.6x - 9.5x | 9.1x |
| Fair Value | €4.55 - €5.17 | €4.86 |
| Upside | -36.4% - -27.8% | -32.1% |
| Benchmarks | Ticker | Full Ticker |
| Wacker Neuson SE | WAC | XTRA:WAC |
| Traton SE | 8TRA | XTRA:8TRA |
| Manitou BF SA | 3MU | DB:3MU |
| Iveco Group N.V. | R3D | DB:R3D |
| Wärtsilä Oyj Abp | MTA | DB:MTA |
| DEUTZ Aktiengesellschaft | DEZ | DB:DEZ |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| WAC | 8TRA | 3MU | R3D | MTA | DEZ | ||
| XTRA:WAC | XTRA:8TRA | DB:3MU | DB:R3D | DB:MTA | DB:DEZ | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 8.0% | 18.2% | 6.4% | 12.0% | 13.6% | 11.3% | |
| 3Y CAGR | 43.2% | 51.3% | 17.2% | 27.4% | 34.1% | NM- | |
| Latest Twelve Months | -64.2% | 8.2% | -5.8% | -12.8% | 62.7% | -73.5% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 7.7% | 5.8% | 6.1% | 3.6% | 5.6% | 2.4% | |
| Prior Fiscal Year | 8.0% | 8.9% | 7.4% | 5.6% | 6.9% | 6.4% | |
| Latest Fiscal Year | 8.7% | 9.5% | 7.5% | 5.1% | 10.5% | 1.9% | |
| Latest Twelve Months | 4.2% | 9.5% | 7.5% | 5.1% | 10.5% | 1.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.85x | 0.77x | 0.43x | 0.47x | 1.59x | 0.64x | |
| EV / LTM EBITDA | 13.0x | 5.5x | 4.8x | 6.5x | 13.7x | 11.6x | |
| EV / LTM EBIT | 20.0x | 8.1x | 5.7x | 9.2x | 15.2x | 33.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 5.7x | 9.2x | 20.0x | ||||
| Historical EV / LTM EBIT | -6.9x | 11.4x | 33.0x | ||||
| Selected EV / LTM EBIT | 16.2x | 17.0x | 17.9x | ||||
| (x) LTM EBIT | 35 | 35 | 35 | ||||
| (=) Implied Enterprise Value | 568 | 598 | 628 | ||||
| (-) Non-shareholder Claims * | (175) | (175) | (175) | ||||
| (=) Equity Value | 394 | 424 | 454 | ||||
| (/) Shares Outstanding | 138.8 | 138.8 | 138.8 | ||||
| Implied Value Range | 2.84 | 3.05 | 3.27 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 2.84 | 3.05 | 3.27 | 7.16 | |||
| Upside / (Downside) | -60.4% | -57.3% | -54.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | WAC | 8TRA | 3MU | R3D | MTA | DEZ | |
| Enterprise Value | 1,991 | 36,473 | 1,138 | 7,152 | 10,255 | 1,168 | |
| (+) Cash & Short Term Investments | 27 | 2,556 | 48 | 3,385 | 1,554 | 62 | |
| (+) Investments & Other | 9 | 1,780 | 0 | 71 | 58 | 51 | |
| (-) Debt | (551) | (24,528) | (447) | (6,136) | (766) | (288) | |
| (-) Other Liabilities | 0 | (6) | 0 | (70) | (6) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 1,476 | 16,275 | 739 | 4,402 | 11,095 | 994 | |
| (/) Shares Outstanding | 68.0 | 500.0 | 38.3 | 264.3 | 589.1 | 138.8 | |
| Implied Stock Price | 21.70 | 32.55 | 19.30 | 16.66 | 18.84 | 7.16 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 21.70 | 32.55 | 19.30 | 16.66 | 18.84 | 7.16 | |
| 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 | |