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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 0.7x - 0.8x | 0.8x |
| Selected Fwd Revenue Multiple | 0.9x - 1.0x | 0.9x |
| Fair Value | €47.84 - €49.36 | €48.60 |
| Upside | -7.3% - -4.3% | -5.8% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Franklin Resources, Inc. | FRK | DB:FRK |
| Man Group Plc | M3N | DB:M3N |
| 3i Group plc | IGQ5 | DB:IGQ5 |
| Affiliated Managers Group, Inc. | AFS | DB:AFS |
| Ninety One Group | L91 | DB:L91 |
| DWS Group GmbH & Co. KGaA | DWS | DB:DWS |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| FRK | M3N | IGQ5 | AFS | L91 | DWS | |||
| DB:FRK | DB:M3N | DB:IGQ5 | DB:AFS | DB:L91 | DB:DWS | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 8.4% | 5.2% | 23.9% | -1.8% | 1.1% | 3.6% | ||
| 3Y CAGR | 0.2% | -1.1% | 26.0% | -5.4% | -2.0% | 1.3% | ||
| Latest Twelve Months | 11.0% | 22.8% | -8.4% | -0.8% | -2.2% | 6.7% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 21.9% | 30.2% | 92.3% | 32.9% | 33.7% | 25.0% | ||
| Prior Fiscal Year | 19.1% | 19.5% | 96.9% | 33.3% | 32.6% | 23.0% | ||
| Latest Fiscal Year | 14.8% | 25.2% | 96.0% | 32.7% | 34.2% | 25.3% | ||
| Latest Twelve Months | 14.1% | 25.2% | 96.1% | 32.7% | 33.1% | 25.3% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 1.32x | 0.46x | 3.31x | 2.55x | 1.83x | 0.89x | ||
| EV / LTM EBIT | 9.4x | 1.8x | 3.4x | 7.8x | 5.5x | 3.5x | ||
| Price / LTM Sales | 1.16x | 2.16x | 8.36x | 2.40x | 2.30x | 2.50x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 0.46x | 1.83x | 3.31x | |||||
| Historical EV / LTM Revenue | 0.29x | 0.70x | 1.01x | |||||
| Selected EV / LTM Revenue | 0.71x | 0.75x | 0.79x | |||||
| (x) LTM Revenue | 4,140 | 4,140 | 4,140 | |||||
| (=) Implied Enterprise Value | 2,952 | 3,108 | 3,263 | |||||
| (-) Non-shareholder Claims * | 6,676 | 6,676 | 6,676 | |||||
| (=) Equity Value | 9,628 | 9,784 | 9,939 | |||||
| (/) Shares Outstanding | 200.0 | 200.0 | 200.0 | |||||
| Implied Value Range | 48.14 | 48.92 | 49.70 | |||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 48.14 | 48.92 | 49.70 | 51.60 | ||||
| Upside / (Downside) | -6.7% | -5.2% | -3.7% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | FRK | M3N | IGQ5 | AFS | L91 | DWS | |
| Enterprise Value | 11,862 | 665 | 14,520 | 5,281 | 1,016 | 3,644 | |
| (+) Cash & Short Term Investments | 2,808 | 523 | 369 | 1,007 | 335 | 3,546 | |
| (+) Investments & Other | 2,393 | 2,164 | 22,515 | 2,786 | 24 | 3,299 | |
| (-) Debt | (3,722) | (264) | (1,237) | (2,798) | (89) | (148) | |
| (-) Other Liabilities | (2,878) | 0 | 0 | (1,303) | (0) | (21) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 10,463 | 3,088 | 36,167 | 4,972 | 1,285 | 10,320 | |
| (/) Shares Outstanding | 525.3 | 1,150.2 | 965.4 | 29.3 | 898.9 | 200.0 | |
| Implied Stock Price | 19.92 | 2.68 | 37.46 | 169.95 | 1.43 | 51.60 | |
| FX Conversion Rate to Trading Currency | 1.08 | 1.08 | 0.84 | 1.08 | 0.84 | 1.00 | |
| Implied Stock Price (Trading Cur) | 18.40 | 2.48 | 44.80 | 157.00 | 1.71 | 51.60 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.08 | 1.08 | 0.84 | 1.08 | 0.84 | 1.00 | |