Looks like there`s been an error while trying to load this page.
Our team has been notified but please contact us using the email support widget if the problem persists.
| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 23.0x - 25.4x | 24.2x |
| Selected Fwd EBITDA Multiple | 18.5x - 20.5x | 19.5x |
| Fair Value | €203.87 - €222.68 | €213.27 |
| Upside | -14.9% - -7.0% | -10.9% |
| Benchmarks | Ticker | Full Ticker |
| Howmet Aerospace Inc. | HWM | NYSE:HWM |
| Curtiss-Wright Corporation | CW | NYSE:CW |
| Textron Inc. | TXT | NYSE:TXT |
| Huntington Ingalls Industries, Inc. | HII | NYSE:HII |
| HEICO Corporation | HEI | NYSE:HEI |
| General Electric Company | GCP | DB:GCP |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| HWM | CW | TXT | HII | HEI | GCP | ||
| NYSE:HWM | NYSE:CW | NYSE:TXT | NYSE:HII | NYSE:HEI | DB:GCP | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 5.1% | 5.3% | -0.7% | 0.2% | 12.9% | 4.7% | |
| 3Y CAGR | 19.8% | 9.1% | 2.9% | 1.6% | 27.0% | 57.5% | |
| Latest Twelve Months | 27.1% | 12.0% | -10.7% | -15.4% | 23.7% | 26.0% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 22.9% | 21.6% | 11.1% | 10.2% | 26.1% | 13.4% | |
| Prior Fiscal Year | 21.9% | 22.1% | 12.2% | 9.8% | 25.8% | 21.0% | |
| Latest Fiscal Year | 25.4% | 21.9% | 11.1% | 8.6% | 25.9% | 23.1% | |
| Latest Twelve Months | 27.4% | 22.6% | 10.7% | 8.5% | 26.7% | 24.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 9.83x | 5.96x | 1.19x | 1.13x | 9.84x | 6.31x | |
| EV / LTM EBITDA | 35.8x | 26.3x | 11.1x | 13.3x | 36.9x | 25.3x | |
| EV / LTM EBIT | 41.3x | 31.2x | 15.0x | 20.0x | 44.2x | 28.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 11.1x | 26.3x | 36.9x | ||||
| Historical EV / LTM EBITDA | 15.0x | 18.9x | 36.2x | ||||
| Selected EV / LTM EBITDA | 23.0x | 24.2x | 25.4x | ||||
| (x) LTM EBITDA | 10,380 | 10,380 | 10,380 | ||||
| (=) Implied Enterprise Value | 238,921 | 251,495 | 264,070 | ||||
| (-) Non-shareholder Claims * | 31,146 | 31,146 | 31,146 | ||||
| (=) Equity Value | 270,067 | 282,641 | 295,216 | ||||
| (/) Shares Outstanding | 1,060.4 | 1,060.4 | 1,060.4 | ||||
| Implied Value Range | 254.67 | 266.53 | 278.39 | ||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 218.18 | 228.34 | 238.50 | 239.50 | |||
| Upside / (Downside) | -8.9% | -4.7% | -0.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | HWM | CW | TXT | HII | HEI | GCP | |
| Enterprise Value | 75,864 | 19,699 | 16,731 | 13,082 | 41,106 | 265,312 | |
| (+) Cash & Short Term Investments | 545 | 332 | 1,352 | 343 | 242 | 11,459 | |
| (+) Investments & Other | 0 | 0 | 0 | 0 | 0 | 39,894 | |
| (-) Debt | (3,428) | (1,129) | (4,087) | (2,909) | (2,278) | (19,997) | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | (504) | (210) | |
| (-) Preferred Stock | (55) | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 72,926 | 18,901 | 13,996 | 10,516 | 38,566 | 296,458 | |
| (/) Shares Outstanding | 403.1 | 37.7 | 178.2 | 39.2 | 122.0 | 1,060.4 | |
| Implied Stock Price | 180.90 | 501.65 | 78.54 | 268.00 | 316.07 | 279.56 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.17 | |
| Implied Stock Price (Trading Cur) | 180.90 | 501.65 | 78.54 | 268.00 | 316.07 | 239.50 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.17 | |