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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 19.3x - 21.3x | 20.3x |
| Selected Fwd EBIT Multiple | 16.8x - 18.5x | 17.6x |
| Fair Value | €330.76 - €368.15 | €349.45 |
| Upside | -9.6% - 0.6% | -4.5% |
| Benchmarks | Ticker | Full Ticker |
| EnerSys | ENS | NYSE:ENS |
| Acuity Inc. | AYI | NYSE:AYI |
| LSI Industries Inc. | LYTS | NasdaqGS:LYTS |
| Atkore Inc. | ATKR | NYSE:ATKR |
| Regal Rexnord Corporation | RRX | NYSE:RRX |
| Hubbell Incorporated | HUEC | DB:HUEC |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| ENS | AYI | LYTS | ATKR | RRX | HUEC | ||
| NYSE:ENS | NYSE:AYI | NasdaqGS:LYTS | NYSE:ATKR | NYSE:RRX | DB:HUEC | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 14.2% | 3.7% | 68.1% | 22.6% | 15.7% | 14.7% | |
| 3Y CAGR | 28.3% | 9.0% | 49.9% | -8.0% | 20.0% | 27.2% | |
| Latest Twelve Months | 17.9% | 14.0% | -6.5% | -56.5% | -1.5% | 11.1% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 9.4% | 12.8% | 5.4% | 23.5% | 11.9% | 16.2% | |
| Prior Fiscal Year | 11.5% | 12.5% | 7.5% | 25.4% | 11.2% | 19.4% | |
| Latest Fiscal Year | 13.5% | 14.4% | 7.9% | 19.5% | 11.7% | 19.6% | |
| Latest Twelve Months | 13.2% | 14.2% | 6.3% | 10.7% | 12.0% | 20.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.30x | 2.49x | 1.15x | 0.90x | 2.49x | 4.48x | |
| EV / LTM EBITDA | 8.1x | 14.8x | 13.6x | 6.1x | 12.1x | 18.9x | |
| EV / LTM EBIT | 9.8x | 17.6x | 18.3x | 8.4x | 20.7x | 22.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 8.4x | 17.6x | 20.7x | ||||
| Historical EV / LTM EBIT | 16.8x | 20.4x | 25.9x | ||||
| Selected EV / LTM EBIT | 19.3x | 20.3x | 21.3x | ||||
| (x) LTM EBIT | 1,143 | 1,143 | 1,143 | ||||
| (=) Implied Enterprise Value | 22,029 | 23,189 | 24,348 | ||||
| (-) Non-shareholder Claims * | (1,516) | (1,516) | (1,516) | ||||
| (=) Equity Value | 20,513 | 21,673 | 22,832 | ||||
| (/) Shares Outstanding | 53.1 | 53.1 | 53.1 | ||||
| Implied Value Range | 386.02 | 407.84 | 429.66 | ||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 331.59 | 350.33 | 369.07 | 366.00 | |||
| Upside / (Downside) | -9.4% | -4.3% | 0.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | ENS | AYI | LYTS | ATKR | RRX | HUEC | |
| Enterprise Value | 4,805 | 10,661 | 640 | 2,597 | 14,951 | 24,158 | |
| (+) Cash & Short Term Investments | 347 | 372 | 4 | 331 | 320 | 400 | |
| (+) Investments & Other | 0 | 0 | 0 | 0 | 0 | 96 | |
| (-) Debt | (1,387) | (1,086) | (75) | (936) | (5,004) | (2,001) | |
| (-) Other Liabilities | (3) | 0 | 0 | 0 | (8) | (11) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 3,762 | 9,947 | 570 | 1,992 | 10,259 | 22,642 | |
| (/) Shares Outstanding | 37.5 | 30.3 | 29.0 | 33.7 | 66.4 | 53.1 | |
| Implied Stock Price | 100.41 | 327.80 | 19.67 | 59.18 | 154.57 | 426.08 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.16 | |
| Implied Stock Price (Trading Cur) | 100.41 | 327.80 | 19.67 | 59.18 | 154.57 | 366.00 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.16 | |