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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 15.6x - 17.2x | 16.4x |
Selected Fwd EBIT Multiple | 11.2x - 12.4x | 11.8x |
Fair Value | €36.33 - €40.50 | €38.42 |
Upside | -27.9% - -19.6% | -23.8% |
Benchmarks | Ticker | Full Ticker |
Lockheed Martin Corporation | LMTB34 | BOVESPA:LMTB34 |
L3Harris Technologies, Inc. | L1HX34 | BOVESPA:L1HX34 |
Thales S.A. | THLE.F | OTCPK:THLE.F |
Dassault Aviation société anonyme | AM | ENXTPA:AM |
Safran SA | SAF | ENXTPA:SAF |
Embraer S.A. | EMY | DB:EMY |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
LMTB34 | L1HX34 | THLE.F | AM | SAF | EMY | ||
BOVESPA:LMTB34 | BOVESPA:L1HX34 | OTCPK:THLE.F | ENXTPA:AM | ENXTPA:SAF | DB:EMY | ||
Historical EBIT Growth | |||||||
5Y CAGR | -1.4% | -0.3% | 5.7% | -7.7% | 1.8% | 79.0% | |
3Y CAGR | -2.8% | 8.0% | 13.3% | -0.4% | 48.0% | 46.9% | |
Latest Twelve Months | -16.8% | 7.5% | 12.0% | 56.8% | 26.9% | 89.8% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 12.2% | 12.6% | 7.6% | 7.6% | 11.4% | 1.5% | |
Prior Fiscal Year | 13.4% | 12.4% | 8.6% | 6.8% | 13.4% | 5.5% | |
Latest Fiscal Year | 10.1% | 12.4% | 8.6% | 8.3% | 14.6% | 8.1% | |
Latest Twelve Months | 10.3% | 12.7% | 8.6% | 8.3% | 14.6% | 8.6% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 1.77x | 2.80x | 2.49x | 1.83x | 3.93x | 1.74x | |
EV / LTM EBITDA | 14.6x | 15.0x | 19.0x | 17.2x | 20.5x | 17.0x | |
EV / LTM EBIT | 17.1x | 22.1x | 29.0x | 22.0x | 27.0x | 20.3x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | 17.1x | 22.1x | 29.0x | ||||
Historical EV / LTM EBIT | -30.5x | 14.9x | 29.7x | ||||
Selected EV / LTM EBIT | 15.6x | 16.4x | 17.2x | ||||
(x) LTM EBIT | 3,201 | 3,201 | 3,201 | ||||
(=) Implied Enterprise Value | 49,779 | 52,399 | 55,019 | ||||
(-) Non-shareholder Claims * | (3,885) | (3,885) | (3,885) | ||||
(=) Equity Value | 45,894 | 48,514 | 51,134 | ||||
(/) Shares Outstanding | 188.1 | 188.1 | 188.1 | ||||
Implied Value Range | 243.97 | 257.90 | 271.82 | ||||
FX Rate: BRL/EUR | 6.4 | 6.4 | 6.4 | Market Price | |||
Implied Value Range (Trading Cur) | 38.30 | 40.48 | 42.67 | 50.40 | |||
Upside / (Downside) | -24.0% | -19.7% | -15.3% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | LMTB34 | L1HX34 | THLE.F | AM | SAF | EMY | |
Enterprise Value | 127,693 | 58,630 | 51,148 | 11,695 | 108,945 | 64,284 | |
(+) Cash & Short Term Investments | 1,803 | 517 | 4,768 | 8,485 | 6,519 | 7,797 | |
(+) Investments & Other | 0 | 0 | 1,809 | 3,039 | 2,692 | 2,347 | |
(-) Debt | (20,304) | (12,252) | (7,823) | (238) | (5,078) | (12,433) | |
(-) Other Liabilities | 0 | 1 | (43) | 0 | (549) | (1,596) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 109,192 | 46,896 | 49,859 | 22,982 | 112,529 | 60,399 | |
(/) Shares Outstanding | 234.3 | 750.2 | 205.3 | 78.2 | 416.8 | 188.1 | |
Implied Stock Price | 466.04 | 62.51 | 242.84 | 293.80 | 270.00 | 321.07 | |
FX Conversion Rate to Trading Currency | 0.18 | 0.18 | 0.85 | 1.00 | 1.00 | 6.37 | |
Implied Stock Price (Trading Cur) | 2,520.04 | 338.00 | 286.10 | 293.80 | 270.00 | 50.40 | |
Trading Currency | BRL | BRL | USD | EUR | EUR | EUR | |
FX Rate to Reporting Currency | 0.18 | 0.18 | 0.85 | 1.00 | 1.00 | 6.37 |