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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 16.1x - 17.8x | 17.0x |
Selected Fwd EBIT Multiple | 14.5x - 16.0x | 15.2x |
Fair Value | €62.02 - €68.88 | €65.45 |
Upside | 3.4% - 14.8% | 9.1% |
Benchmarks | Ticker | Full Ticker |
Watts Water Technologies, Inc. | WTS | NYSE:WTS |
Allison Transmission Holdings, Inc. | ALSN | NYSE:ALSN |
Nordson Corporation | NDSN | NasdaqGS:NDSN |
Atmus Filtration Technologies Inc. | ATMU | NYSE:ATMU |
Mueller Water Products, Inc. | MWA | NYSE:MWA |
Donaldson Company, Inc. | DNZ | DB:DNZ |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
WTS | ALSN | NDSN | ATMU | MWA | DNZ | ||
NYSE:WTS | NYSE:ALSN | NasdaqGS:NDSN | NYSE:ATMU | NYSE:MWA | DB:DNZ | ||
Historical EBIT Growth | |||||||
5Y CAGR | 14.6% | 2.3% | 7.2% | 10.8% | 8.8% | 7.1% | |
3Y CAGR | 15.4% | 14.4% | 3.8% | 12.4% | 13.0% | 11.8% | |
Latest Twelve Months | 9.4% | 7.5% | -4.4% | 15.9% | 45.4% | 4.5% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 15.6% | 29.1% | 24.8% | 13.7% | 12.9% | 14.2% | |
Prior Fiscal Year | 17.3% | 30.5% | 25.9% | 14.4% | 10.5% | 14.6% | |
Latest Fiscal Year | 17.7% | 31.5% | 25.3% | 15.6% | 16.0% | 15.3% | |
Latest Twelve Months | 18.1% | 31.7% | 24.5% | 16.1% | 17.6% | 15.5% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 3.74x | 3.09x | 5.47x | 2.10x | 2.94x | 2.40x | |
EV / LTM EBITDA | 18.2x | 8.7x | 18.3x | 11.8x | 13.7x | 13.2x | |
EV / LTM EBIT | 20.7x | 9.8x | 22.3x | 13.0x | 16.7x | 15.5x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | 9.8x | 16.7x | 22.3x | ||||
Historical EV / LTM EBIT | 16.4x | 17.3x | 23.0x | ||||
Selected EV / LTM EBIT | 16.1x | 17.0x | 17.8x | ||||
(x) LTM EBIT | 563 | 563 | 563 | ||||
(=) Implied Enterprise Value | 9,091 | 9,570 | 10,048 | ||||
(-) Non-shareholder Claims * | (442) | (442) | (442) | ||||
(=) Equity Value | 8,649 | 9,128 | 9,606 | ||||
(/) Shares Outstanding | 116.5 | 116.5 | 116.5 | ||||
Implied Value Range | 74.23 | 78.34 | 82.44 | ||||
FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
Implied Value Range (Trading Cur) | 63.04 | 66.53 | 70.02 | 60.00 | |||
Upside / (Downside) | 5.1% | 10.9% | 16.7% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | WTS | ALSN | NDSN | ATMU | MWA | DNZ | |
Enterprise Value | 8,379 | 9,891 | 14,782 | 3,482 | 4,033 | 8,674 | |
(+) Cash & Short Term Investments | 340 | 757 | 130 | 183 | 329 | 179 | |
(+) Investments & Other | 0 | 22 | 0 | 87 | 0 | 102 | |
(-) Debt | (198) | (2,419) | (2,323) | (630) | (478) | (722) | |
(-) Other Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 8,520 | 8,251 | 12,589 | 3,123 | 3,884 | 8,232 | |
(/) Shares Outstanding | 33.4 | 84.3 | 56.5 | 82.7 | 156.7 | 116.5 | |
Implied Stock Price | 255.29 | 97.93 | 222.78 | 37.78 | 24.79 | 70.65 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.18 | |
Implied Stock Price (Trading Cur) | 255.29 | 97.93 | 222.78 | 37.78 | 24.79 | 60.00 | |
Trading Currency | USD | USD | USD | USD | USD | EUR | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.18 |
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