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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBITDA Multiple | 16.2x - 17.9x | 17.1x |
Selected Fwd EBITDA Multiple | 13.9x - 15.4x | 14.6x |
Fair Value | €312 - €347.51 | €329.76 |
Upside | -11.9% - -1.8% | -6.8% |
Benchmarks | Ticker | Full Ticker |
Acuity Inc. | AYI | NYSE:AYI |
Regal Rexnord Corporation | RRX | NYSE:RRX |
Atkore Inc. | ATKR | NYSE:ATKR |
EnerSys | ENS | NYSE:ENS |
Sensata Technologies Holding plc | ST | NYSE:ST |
Hubbell Incorporated | HUEC | DB:HUEC |
- | - | - |
Select LTM EBITDA Multiple | |||||||
Benchmark Companies | |||||||
AYI | RRX | ATKR | ENS | ST | HUEC | ||
NYSE:AYI | NYSE:RRX | NYSE:ATKR | NYSE:ENS | NYSE:ST | DB:HUEC | ||
Historical EBITDA Growth | |||||||
5Y CAGR | 3.2% | 20.8% | 20.1% | 11.7% | -2.3% | 13.9% | |
3Y CAGR | 6.9% | 28.1% | -5.4% | 21.7% | -5.0% | 24.8% | |
Latest Twelve Months | 14.1% | -1.5% | -40.2% | 17.0% | -15.2% | 8.9% | |
Historical EBITDA Profit Margin | |||||||
5 Year Average Margin | 15.4% | 17.9% | 26.8% | 11.9% | 21.4% | 19.1% | |
Prior Fiscal Year | 14.9% | 18.8% | 28.7% | 14.1% | 21.7% | 22.1% | |
Latest Fiscal Year | 16.7% | 20.2% | 23.3% | 16.3% | 19.4% | 23.3% | |
Latest Twelve Months | 16.8% | 20.7% | 18.0% | 16.3% | 19.2% | 23.3% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 2.28x | 2.51x | 1.03x | 1.18x | 1.87x | 4.25x | |
EV / LTM EBITDA | 13.6x | 12.1x | 5.7x | 7.2x | 9.7x | 18.2x | |
EV / LTM EBIT | 16.1x | 20.8x | 7.4x | 8.7x | 16.2x | 21.4x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBITDA | 5.7x | 9.7x | 13.6x | ||||
Historical EV / LTM EBITDA | 13.4x | 17.0x | 20.5x | ||||
Selected EV / LTM EBITDA | 16.2x | 17.1x | 17.9x | ||||
(x) LTM EBITDA | 1,306 | 1,306 | 1,306 | ||||
(=) Implied Enterprise Value | 21,169 | 22,283 | 23,397 | ||||
(-) Non-shareholder Claims * | (1,574) | (1,574) | (1,574) | ||||
(=) Equity Value | 19,595 | 20,709 | 21,823 | ||||
(/) Shares Outstanding | 53.4 | 53.4 | 53.4 | ||||
Implied Value Range | 367.13 | 388.00 | 408.88 | ||||
FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
Implied Value Range (Trading Cur) | 315.55 | 333.49 | 351.43 | 354.00 | |||
Upside / (Downside) | -10.9% | -5.8% | -0.7% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | AYI | RRX | ATKR | ENS | ST | HUEC | |
Enterprise Value | 9,418 | 14,835 | 3,046 | 4,294 | 7,153 | 23,557 | |
(+) Cash & Short Term Investments | 372 | 305 | 330 | 343 | 588 | 360 | |
(+) Investments & Other | 0 | 3 | 0 | 0 | 7 | 87 | |
(-) Debt | (1,086) | (5,454) | (941) | (1,235) | (3,200) | (2,011) | |
(-) Other Liabilities | 0 | (8) | 0 | (3) | 0 | (11) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 8,704 | 9,682 | 2,435 | 3,398 | 4,548 | 21,982 | |
(/) Shares Outstanding | 30.3 | 66.3 | 33.7 | 39.2 | 146.3 | 53.4 | |
Implied Stock Price | 286.85 | 145.95 | 72.36 | 86.70 | 31.09 | 411.87 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.16 | |
Implied Stock Price (Trading Cur) | 286.85 | 145.95 | 72.36 | 86.70 | 31.09 | 354.00 | |
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 |