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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Ps Multiple | 0.4x - 0.5x | 0.5x |
| Selected Fwd Ps Multiple | 0.4x - 0.4x | 0.4x |
| Fair Value | €5.58 - €6.16 | €5.87 |
| Upside | -26.5% - -18.7% | -22.6% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Traton SE | - | XTRA:8TRA |
| Wacker Neuson SE | - | XTRA:WAC |
| Manitou BF SA | - | DB:3MU |
| Iveco Group N.V. | - | DB:R3D |
| Palfinger AG | - | DB:PFI |
| DEUTZ Aktiengesellschaft | - | DB:DEZ |
| Select Price / LTM Sales Ratio | ||||||||
| Benchmark Companies | ||||||||
| 8TRA | WAC | 3MU | R3D | PFI | DEZ | |||
| XTRA:8TRA | XTRA:WAC | DB:3MU | DB:R3D | DB:PFI | DB:DEZ | |||
| Historical Sales Growth | ||||||||
| 5Y CAGR | 12.0% | 9.2% | 4.9% | 5.1% | 6.1% | 3.0% | ||
| 3Y CAGR | 15.7% | 18.0% | 12.3% | 6.5% | 8.6% | 16.8% | ||
| Latest Twelve Months | 1.3% | -10.0% | -7.5% | -4.3% | -3.5% | -12.1% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 3.0% | 5.2% | 3.9% | 0.8% | 5.0% | 1.0% | ||
| Prior Fiscal Year | 5.2% | 6.3% | 5.0% | 1.6% | 4.4% | 5.0% | ||
| Latest Fiscal Year | 5.9% | 7.0% | 4.6% | 3.5% | 4.2% | 5.2% | ||
| Latest Twelve Months | 5.9% | 3.4% | 4.6% | 3.5% | 4.2% | 2.7% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 5.5x | 12.8x | 4.8x | 6.4x | 7.4x | 12.2x | ||
| Price / LTM Sales | 0.3x | 0.6x | 0.3x | 0.3x | 0.4x | 0.6x | ||
| LTM P/E Ratio | 5.8x | 17.8x | 6.1x | 8.1x | 10.4x | 24.9x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/S Ratio | 0.3x | 0.3x | 0.6x | |||||
| Historical LTM P/S Ratio | 0.3x | 0.4x | 0.6x | |||||
| Selected Price / Sales Multiple | 0.4x | 0.5x | 0.5x | |||||
| (x) LTM Sales | 1,814 | 1,814 | 1,814 | |||||
| (=) Equity Value | 782 | 823 | 865 | |||||
| (/) Shares Outstanding | 138.8 | 138.8 | 138.8 | |||||
| Implied Value Range | 5.64 | 5.93 | 6.23 | |||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 5.64 | 5.93 | 6.23 | 7.59 | ||||
| Upside / (Downside) | -25.7% | -21.8% | -17.9% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | 8TRA | WAC | 3MU | R3D | PFI | DEZ | |
| Value of Common Equity | 16,350 | 1,449 | 748 | 4,338 | 1,036 | 1,053 | |
| (/) Shares Outstanding | 500.0 | 68.0 | 38.3 | 264.3 | 34.8 | 138.8 | |
| Implied Stock Price | 32.70 | 21.30 | 19.54 | 16.41 | 29.80 | 7.59 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 32.70 | 21.30 | 19.54 | 16.41 | 29.80 | 7.59 | |
| 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 | |