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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 13.6x - 15.1x | 14.4x |
| Selected Fwd EBIT Multiple | 7.8x - 8.6x | 8.2x |
| Fair Value | €9.49 - €11.11 | €10.30 |
| Upside | -9.4% - 6.0% | -1.7% |
| Benchmarks | Ticker | Full Ticker |
| Continental Aktiengesellschaft | CON | DB:CON |
| Schaeffler AG | SHA0 | DB:SHA0 |
| BorgWarner Inc. | BGW | DB:BGW |
| Gestamp Automoción, S.A. | GEST | BME:GEST |
| Kongsberg Automotive ASA | KOA | OB:KOA |
| Kendrion N.V. | K3E | DB:K3E |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| CON | SHA0 | BGW | GEST | KOA | K3E | ||
| DB:CON | DB:SHA0 | DB:BGW | BME:GEST | OB:KOA | DB:K3E | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | -6.0% | -7.7% | 1.4% | 2.7% | -32.3% | -1.1% | |
| 3Y CAGR | 12.3% | -12.7% | 5.3% | 11.8% | -42.7% | -17.6% | |
| Latest Twelve Months | 23.7% | -35.7% | 0.8% | -3.5% | -86.0% | -25.7% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 5.1% | 6.6% | 9.2% | 4.5% | 3.2% | 5.3% | |
| Prior Fiscal Year | 4.9% | 5.8% | 8.8% | 5.4% | 0.7% | 7.6% | |
| Latest Fiscal Year | 5.6% | 4.2% | 9.2% | 4.7% | 1.1% | 5.4% | |
| Latest Twelve Months | 5.8% | 3.3% | 9.2% | 4.8% | 0.2% | 5.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.50x | 0.51x | 0.71x | 0.36x | 0.32x | 0.85x | |
| EV / LTM EBITDA | 4.9x | 5.9x | 5.2x | 3.8x | 10.6x | 8.0x | |
| EV / LTM EBIT | 8.8x | 15.7x | 7.8x | 7.5x | 135.1x | 15.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 7.5x | 8.8x | 135.1x | ||||
| Historical EV / LTM EBIT | 10.9x | 14.4x | 31.2x | ||||
| Selected EV / LTM EBIT | 13.6x | 14.4x | 15.1x | ||||
| (x) LTM EBIT | 17 | 17 | 17 | ||||
| (=) Implied Enterprise Value | 233 | 245 | 258 | ||||
| (-) Non-shareholder Claims * | (93) | (93) | (93) | ||||
| (=) Equity Value | 140 | 152 | 164 | ||||
| (/) Shares Outstanding | 15.8 | 15.8 | 15.8 | ||||
| Implied Value Range | 8.85 | 9.62 | 10.40 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 8.85 | 9.62 | 10.40 | 10.48 | |||
| Upside / (Downside) | -15.6% | -8.2% | -0.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | CON | SHA0 | BGW | GEST | KOA | K3E | |
| Enterprise Value | 19,914 | 10,254 | 9,903 | 4,219 | 249 | 259 | |
| (+) Cash & Short Term Investments | 1,673 | 1,087 | 2,041 | 1,330 | 74 | 8 | |
| (+) Investments & Other | 103 | 18 | 310 | 16 | 0 | 4 | |
| (-) Debt | (6,617) | (6,572) | (4,077) | (2,950) | (203) | (105) | |
| (-) Other Liabilities | (433) | (157) | (146) | (734) | (3) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 14,640 | 4,630 | 8,031 | 1,880 | 117 | 166 | |
| (/) Shares Outstanding | 200.0 | 944.9 | 216.4 | 568.4 | 929.4 | 15.8 | |
| Implied Stock Price | 73.20 | 4.90 | 37.11 | 3.31 | 0.13 | 10.48 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.16 | 1.00 | 0.08 | 1.00 | |
| Implied Stock Price (Trading Cur) | 73.20 | 4.90 | 32.05 | 3.31 | 1.49 | 10.48 | |
| Trading Currency | EUR | EUR | EUR | EUR | NOK | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.16 | 1.00 | 0.08 | 1.00 | |