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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBITDA Multiple | 13.5x - 14.9x | 14.2x |
Selected Fwd EBITDA Multiple | 13.8x - 15.2x | 14.5x |
Fair Value | €215.61 - €239.86 | €227.73 |
Upside | -25.7% - -17.3% | -21.5% |
Benchmarks | Ticker | Full Ticker |
Twin Disc, Incorporated | TWIN | NasdaqGS:TWIN |
Proto Labs, Inc. | PRLB | NYSE:PRLB |
L.B. Foster Company | FSTR | NasdaqGS:FSTR |
Ilustrato Pictures International Inc. | ILUS | OTCPK:ILUS |
urban-gro, Inc. | UGRO | NasdaqCM:UGRO |
Kadant Inc. | KDA | DB:KDA |
- | - | - |
Select LTM EBITDA Multiple | |||||||
Benchmark Companies | |||||||
TWIN | PRLB | FSTR | ILUS | UGRO | KDA | ||
NasdaqGS:TWIN | NYSE:PRLB | NasdaqGS:FSTR | OTCPK:ILUS | NasdaqCM:UGRO | DB:KDA | ||
Historical EBITDA Growth | |||||||
5Y CAGR | 0.0% | -11.1% | -5.9% | NM- | NM- | 13.3% | |
3Y CAGR | 63.5% | -3.0% | 21.1% | NM- | NM- | 12.9% | |
Latest Twelve Months | -10.8% | -15.1% | 2.4% | 82.1% | 22.1% | 9.6% | |
Historical EBITDA Profit Margin | |||||||
5 Year Average Margin | 6.0% | 15.2% | 4.8% | -13.1% | -12.5% | 20.3% | |
Prior Fiscal Year | 8.0% | 13.2% | 4.9% | -17.4% | -11.7% | 21.1% | |
Latest Fiscal Year | 8.8% | 12.3% | 6.1% | -94.2% | -21.0% | 21.8% | |
Latest Twelve Months | 7.6% | 11.8% | 5.6% | -26.6% | -18.3% | 21.6% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 0.45x | 1.73x | 0.61x | 2.65x | 0.17x | 3.87x | |
EV / LTM EBITDA | 6.0x | 14.6x | 10.8x | -10.0x | -0.9x | 17.9x | |
EV / LTM EBIT | 12.2x | 37.2x | 21.2x | -9.4x | -0.8x | 23.0x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBITDA | -10.0x | 6.0x | 14.6x | ||||
Historical EV / LTM EBITDA | 12.0x | 16.6x | 19.8x | ||||
Selected EV / LTM EBITDA | 13.5x | 14.2x | 14.9x | ||||
(x) LTM EBITDA | 225 | 225 | 225 | ||||
(=) Implied Enterprise Value | 3,034 | 3,194 | 3,354 | ||||
(-) Non-shareholder Claims * | (196) | (196) | (196) | ||||
(=) Equity Value | 2,839 | 2,998 | 3,158 | ||||
(/) Shares Outstanding | 11.8 | 11.8 | 11.8 | ||||
Implied Value Range | 241.06 | 254.62 | 268.18 | ||||
FX Rate: USD/EUR | 1.1 | 1.1 | 1.1 | Market Price | |||
Implied Value Range (Trading Cur) | 214.40 | 226.46 | 238.52 | 290.00 | |||
Upside / (Downside) | -26.1% | -21.9% | -17.8% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | TWIN | PRLB | FSTR | ILUS | UGRO | KDA | |
Enterprise Value | 149 | 862 | 308 | (3) | 10 | 4,035 | |
(+) Cash & Short Term Investments | 16 | 97 | 3 | 1 | 1 | 92 | |
(+) Investments & Other | 0 | 19 | 0 | 29 | 0 | 0 | |
(-) Debt | (64) | (3) | (103) | (21) | (6) | (277) | |
(-) Other Liabilities | (1) | 0 | (1) | (1) | 0 | (11) | |
(-) Preferred Stock | 0 | 0 | 0 | (0) | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 101 | 975 | 207 | 5 | 5 | 3,840 | |
(/) Shares Outstanding | 14.1 | 23.8 | 10.6 | 3,158.3 | 12.7 | 11.8 | |
Implied Stock Price | 7.12 | 41.01 | 19.60 | 0.00 | 0.40 | 326.06 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.12 | |
Implied Stock Price (Trading Cur) | 7.12 | 41.01 | 19.60 | 0.00 | 0.40 | 290.00 | |
Trading Currency | USD | USD | USD | USD | USD | EUR | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.12 |