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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 13.0x - 14.4x | 13.7x |
| Selected Fwd EBITDA Multiple | 9.2x - 10.2x | 9.7x |
| Fair Value | €35.51 - €39.89 | €37.70 |
| Upside | -21.8% - -12.1% | -17.0% |
| Benchmarks | Ticker | Full Ticker |
| Frequentis AG | FQT | WBAG:FQT |
| Hensoldt AG | 1HENS | BIT:1HENS |
| Airbus SE | 1AIR | BIT:1AIR |
| Safran SA | SAF | ENXTPA:SAF |
| Dassault Aviation société anonyme | AM | ENXTPA:AM |
| Leonardo S.p.a. | FMNB | DB:FMNB |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| FQT | 1HENS | 1AIR | SAF | AM | FMNB | ||
| WBAG:FQT | BIT:1HENS | BIT:1AIR | ENXTPA:SAF | ENXTPA:AM | DB:FMNB | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 12.6% | 9.8% | 15.5% | 1.1% | -6.2% | 3.5% | |
| 3Y CAGR | 4.6% | 8.6% | 0.4% | 27.5% | -0.5% | 11.4% | |
| Latest Twelve Months | 28.0% | 25.6% | 11.5% | 20.6% | 32.6% | 20.0% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 8.5% | 12.9% | 9.4% | 18.1% | 10.1% | 9.7% | |
| Prior Fiscal Year | 7.2% | 11.7% | 9.4% | 18.7% | 10.3% | 9.6% | |
| Latest Fiscal Year | 8.2% | 11.8% | 9.9% | 19.2% | 10.6% | 10.5% | |
| Latest Twelve Months | 8.2% | 11.5% | 10.0% | 19.2% | 10.6% | 10.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.27x | 4.97x | 1.58x | 3.76x | 1.93x | 1.62x | |
| EV / LTM EBITDA | 15.5x | 43.2x | 15.8x | 19.6x | 18.1x | 15.8x | |
| EV / LTM EBIT | 18.7x | 65.8x | 22.9x | 25.8x | 23.2x | 20.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 15.5x | 18.1x | 43.2x | ||||
| Historical EV / LTM EBITDA | 6.3x | 6.6x | 11.7x | ||||
| Selected EV / LTM EBITDA | 13.0x | 13.7x | 14.4x | ||||
| (x) LTM EBITDA | 1,872 | 1,872 | 1,872 | ||||
| (=) Implied Enterprise Value | 24,350 | 25,631 | 26,913 | ||||
| (-) Non-shareholder Claims * | (3,509) | (3,509) | (3,509) | ||||
| (=) Equity Value | 20,841 | 22,122 | 23,404 | ||||
| (/) Shares Outstanding | 576.4 | 576.4 | 576.4 | ||||
| Implied Value Range | 36.15 | 38.38 | 40.60 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 36.15 | 38.38 | 40.60 | 45.41 | |||
| Upside / (Downside) | -20.4% | -15.5% | -10.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | FQT | 1HENS | 1AIR | SAF | AM | FMNB | |
| Enterprise Value | 608 | 11,681 | 110,410 | 104,361 | 12,509 | 29,685 | |
| (+) Cash & Short Term Investments | 82 | 591 | 17,432 | 6,519 | 8,485 | 1,869 | |
| (+) Investments & Other | 3 | 30 | 17,640 | 2,692 | 3,039 | 0 | |
| (-) Debt | (53) | (1,519) | (14,269) | (5,078) | (238) | (4,206) | |
| (-) Other Liabilities | (3) | (13) | (91) | (549) | 0 | (1,172) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 637 | 10,770 | 131,122 | 107,945 | 23,795 | 26,176 | |
| (/) Shares Outstanding | 13.3 | 115.5 | 787.3 | 416.8 | 78.2 | 576.4 | |
| Implied Stock Price | 48.00 | 93.25 | 166.54 | 259.00 | 304.20 | 45.41 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 48.00 | 93.25 | 166.54 | 259.00 | 304.20 | 45.41 | |
| 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 | |