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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 1.4x - 1.5x | 1.4x |
| Selected Fwd Revenue Multiple | 1.1x - 1.3x | 1.2x |
| Fair Value | €38.41 - €42.72 | €40.56 |
| Upside | -19.1% - -10.0% | -14.5% |
| 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 | 21.3% | 11.7% | 5.2% | 17.2% | 28.9% | 16.2% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 7.5% | 7.4% | 5.8% | 11.4% | 7.6% | 7.3% | ||
| 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 | 8.2% | 6.8% | 6.9% | 14.6% | 8.3% | 7.9% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 4.12x | 1.11x | 1.47x | 3.54x | 2.19x | 1.64x | ||
| EV / LTM EBIT | 50.2x | 16.3x | 21.3x | 24.3x | 26.4x | 20.7x | ||
| Price / LTM Sales | 3.83x | 1.16x | 1.76x | 3.67x | 3.96x | 1.56x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 1.11x | 2.19x | 4.12x | |||||
| Historical EV / LTM Revenue | 0.60x | 0.69x | 1.64x | |||||
| Selected EV / LTM Revenue | 1.36x | 1.43x | 1.50x | |||||
| (x) LTM Revenue | 17,763 | 17,763 | 17,763 | |||||
| (=) Implied Enterprise Value | 24,100 | 25,368 | 26,637 | |||||
| (-) Non-shareholder Claims * | (1,455) | (1,455) | (1,455) | |||||
| (=) Equity Value | 22,645 | 23,913 | 25,182 | |||||
| (/) Shares Outstanding | 576.4 | 576.4 | 576.4 | |||||
| Implied Value Range | 39.28 | 41.48 | 43.69 | |||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 39.28 | 41.48 | 43.69 | 47.45 | ||||
| Upside / (Downside) | -17.2% | -12.6% | -7.9% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 1HENS | FQT | 1AIR | SAF | AM | FMNB | |
| Enterprise Value | 8,728 | 540 | 100,647 | 97,567 | 13,689 | 28,807 | |
| (+) Cash & Short Term Investments | 734 | 82 | 17,432 | 6,519 | 8,485 | 2,556 | |
| (+) Investments & Other | 30 | 3 | 17,640 | 2,692 | 3,039 | 1,899 | |
| (-) Debt | (1,376) | (53) | (14,269) | (5,078) | (238) | (4,700) | |
| (-) Other Liabilities | (14) | (3) | (91) | (549) | 0 | (1,210) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 8,102 | 569 | 121,359 | 101,151 | 24,976 | 27,352 | |
| (/) Shares Outstanding | 115.5 | 13.3 | 787.3 | 416.8 | 78.0 | 576.4 | |
| Implied Stock Price | 70.15 | 42.90 | 154.14 | 242.70 | 320.20 | 47.45 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 70.15 | 42.90 | 154.14 | 242.70 | 320.20 | 47.45 | |
| 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 | |