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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 9.1x - 10.1x | 9.6x |
| Selected Fwd EBITDA Multiple | 8.6x - 9.5x | 9.1x |
| Fair Value | €96.64 - €108.86 | €102.75 |
| Upside | 27.8% - 44.0% | 35.9% |
| Benchmarks | Ticker | Full Ticker |
| Acuity Inc. | AYI | NYSE:AYI |
| AMETEK, Inc. | AME | NYSE:AME |
| Flux Power Holdings, Inc. | FLUX | NasdaqCM:FLUX |
| Hubbell Incorporated | HUBB | NYSE:HUBB |
| Regal Rexnord Corporation | RRX | NYSE:RRX |
| EnerSys | FDN | DB:FDN |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| AYI | AME | FLUX | HUBB | RRX | FDN | ||
| NYSE:AYI | NYSE:AME | NasdaqCM:FLUX | NYSE:HUBB | NYSE:RRX | DB:FDN | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 3.2% | 8.9% | NM- | 13.9% | 20.8% | 11.7% | |
| 3Y CAGR | 6.9% | 10.5% | NM- | 24.8% | 28.1% | 21.7% | |
| Latest Twelve Months | 14.1% | 3.7% | 13.7% | 8.9% | -1.5% | 17.0% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 15.4% | 29.8% | -29.7% | 19.1% | 17.9% | 11.9% | |
| Prior Fiscal Year | 14.9% | 31.0% | -8.3% | 22.1% | 18.8% | 14.1% | |
| Latest Fiscal Year | 16.7% | 31.2% | -9.2% | 23.3% | 20.2% | 16.3% | |
| Latest Twelve Months | 16.8% | 31.4% | -8.0% | 23.3% | 20.7% | 16.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.41x | 6.37x | 0.71x | 4.26x | 2.57x | 1.23x | |
| EV / LTM EBITDA | 14.3x | 20.3x | -8.8x | 18.3x | 12.4x | 7.5x | |
| EV / LTM EBIT | 17.0x | 24.7x | -7.3x | 21.5x | 21.3x | 9.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -8.8x | 14.3x | 20.3x | ||||
| Historical EV / LTM EBITDA | 7.5x | 11.7x | 13.9x | ||||
| Selected EV / LTM EBITDA | 9.1x | 9.6x | 10.1x | ||||
| (x) LTM EBITDA | 589 | 589 | 589 | ||||
| (=) Implied Enterprise Value | 5,372 | 5,655 | 5,938 | ||||
| (-) Non-shareholder Claims * | (896) | (896) | (896) | ||||
| (=) Equity Value | 4,477 | 4,760 | 5,042 | ||||
| (/) Shares Outstanding | 39.2 | 39.2 | 39.2 | ||||
| Implied Value Range | 114.22 | 121.43 | 128.64 | ||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 97.14 | 103.28 | 109.41 | 75.60 | |||
| Upside / (Downside) | 28.5% | 36.6% | 44.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | AYI | AME | FLUX | HUBB | RRX | FDN | |
| Enterprise Value | 10,000 | 43,779 | 43 | 23,730 | 15,221 | 4,380 | |
| (+) Cash & Short Term Investments | 372 | 399 | 1 | 360 | 305 | 343 | |
| (+) Investments & Other | 0 | 9 | 0 | 87 | 3 | 0 | |
| (-) Debt | (1,086) | (2,170) | (14) | (2,011) | (5,454) | (1,235) | |
| (-) Other Liabilities | 0 | 0 | 0 | (11) | (8) | (3) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 9,286 | 42,018 | 30 | 22,156 | 10,068 | 3,484 | |
| (/) Shares Outstanding | 30.3 | 230.9 | 16.8 | 53.4 | 66.3 | 39.2 | |
| Implied Stock Price | 306.02 | 181.99 | 1.79 | 415.12 | 151.77 | 88.89 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.18 | |
| Implied Stock Price (Trading Cur) | 306.02 | 181.99 | 1.79 | 415.12 | 151.77 | 75.60 | |
| 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 | |