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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 1.5x - 1.6x | 1.6x |
| Selected Fwd Revenue Multiple | 1.2x - 1.4x | 1.3x |
| Fair Value | €39.17 - €43.93 | €41.55 |
| Upside | -23.7% - -14.5% | -19.1% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Hensoldt AG | 1HENS | BIT:1HENS |
| Frequentis AG | FQT | WBAG:FQT |
| 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 Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| 1HENS | FQT | 1AIR | SAF | AM | FMNB | |||
| BIT:1HENS | WBAG:FQT | BIT:1AIR | ENXTPA:SAF | ENXTPA:AM | DB:FMNB | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 15.0% | 9.7% | -0.4% | 1.9% | -2.8% | 5.2% | ||
| 3Y CAGR | 15.0% | 13.0% | 9.9% | 21.9% | -4.4% | 7.9% | ||
| Latest Twelve Months | 25.5% | 11.7% | 5.2% | 17.2% | 28.9% | 14.7% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 7.7% | 7.4% | 5.8% | 11.4% | 7.6% | 7.2% | ||
| Prior Fiscal Year | 8.8% | 5.9% | 6.5% | 13.4% | 6.8% | 7.1% | ||
| Latest Fiscal Year | 8.2% | 6.8% | 6.9% | 14.6% | 8.3% | 7.9% | ||
| Latest Twelve Months | 7.5% | 6.8% | 6.9% | 14.6% | 8.3% | 7.8% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 4.38x | 1.21x | 1.47x | 3.70x | 1.96x | 1.81x | ||
| EV / LTM EBIT | 58.0x | 17.8x | 21.4x | 25.4x | 23.6x | 23.2x | ||
| Price / LTM Sales | 3.97x | 1.27x | 1.77x | 3.83x | 3.73x | 1.62x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 1.21x | 1.96x | 4.38x | |||||
| Historical EV / LTM Revenue | 0.60x | 0.69x | 1.14x | |||||
| Selected EV / LTM Revenue | 1.47x | 1.55x | 1.63x | |||||
| (x) LTM Revenue | 18,258 | 18,258 | 18,258 | |||||
| (=) Implied Enterprise Value | 26,890 | 28,305 | 29,720 | |||||
| (-) Non-shareholder Claims * | (3,509) | (3,509) | (3,509) | |||||
| (=) Equity Value | 23,381 | 24,796 | 26,211 | |||||
| (/) Shares Outstanding | 576.4 | 576.4 | 576.4 | |||||
| Implied Value Range | 40.56 | 43.02 | 45.47 | |||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 40.56 | 43.02 | 45.47 | 51.36 | ||||
| Upside / (Downside) | -21.0% | -16.2% | -11.5% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 1HENS | FQT | 1AIR | SAF | AM | FMNB | |
| Enterprise Value | 9,995 | 591 | 102,741 | 102,610 | 12,571 | 33,115 | |
| (+) Cash & Short Term Investments | 591 | 82 | 17,432 | 6,519 | 8,485 | 1,869 | |
| (+) Investments & Other | 30 | 3 | 17,640 | 2,692 | 3,039 | 0 | |
| (-) Debt | (1,519) | (53) | (14,269) | (5,078) | (238) | (4,206) | |
| (-) Other Liabilities | (13) | (3) | (91) | (549) | 0 | (1,172) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 9,084 | 620 | 123,453 | 106,194 | 23,858 | 29,606 | |
| (/) Shares Outstanding | 115.5 | 13.3 | 787.3 | 416.8 | 78.2 | 576.4 | |
| Implied Stock Price | 78.65 | 46.70 | 156.80 | 254.80 | 305.00 | 51.36 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 78.65 | 46.70 | 156.80 | 254.80 | 305.00 | 51.36 | |
| 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 | |