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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 14.7x - 16.2x | 15.4x |
| Selected Fwd EBITDA Multiple | 12.9x - 14.2x | 13.5x |
| Fair Value | €222.53 - €247.84 | €235.19 |
| Upside | -16.3% - -6.8% | -11.6% |
| Benchmarks | Ticker | Full Ticker |
| Albany International Corp. | AIN | NYSE:AIN |
| Twin Disc, Incorporated | TWIN | NasdaqGS:TWIN |
| Valmet Oyj | VOYJ.F | PINC:VOYJ.F |
| Andritz AG | ADRZ.F | PINC:ADRZ.F |
| Enpro Inc. | NPO | NYSE:NPO |
| Kadant Inc. | KDA | DB:KDA |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| AIN | TWIN | VOYJ.F | ADRZ.F | NPO | KDA | ||
| NYSE:AIN | NasdaqGS:TWIN | PINC:VOYJ.F | PINC:ADRZ.F | NYSE:NPO | DB:KDA | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | -2.6% | 0.0% | 13.4% | 14.7% | 8.5% | 13.3% | |
| 3Y CAGR | -2.9% | 63.5% | 10.7% | 7.0% | 17.5% | 12.9% | |
| Latest Twelve Months | -5.1% | -22.6% | 4.5% | -5.1% | 6.9% | 13.6% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 24.2% | 5.8% | 11.7% | 9.0% | 19.6% | 20.0% | |
| Prior Fiscal Year | 21.1% | 8.0% | 11.7% | 9.5% | 22.3% | 21.1% | |
| Latest Fiscal Year | 18.7% | 8.8% | 12.4% | 9.4% | 24.1% | 21.8% | |
| Latest Twelve Months | 18.7% | 7.5% | 12.5% | 9.5% | 24.1% | 21.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.81x | 0.42x | 1.09x | 0.69x | 3.57x | 3.47x | |
| EV / LTM EBITDA | 9.7x | 5.5x | 8.7x | 7.3x | 14.8x | 15.9x | |
| EV / LTM EBIT | 15.5x | 10.5x | 11.3x | 9.5x | 24.5x | 20.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 5.5x | 8.7x | 14.8x | ||||
| Historical EV / LTM EBITDA | 12.0x | 15.9x | 19.8x | ||||
| Selected EV / LTM EBITDA | 14.7x | 15.4x | 16.2x | ||||
| (x) LTM EBITDA | 230 | 230 | 230 | ||||
| (=) Implied Enterprise Value | 3,366 | 3,544 | 3,721 | ||||
| (-) Non-shareholder Claims * | (239) | (239) | (239) | ||||
| (=) Equity Value | 3,127 | 3,304 | 3,482 | ||||
| (/) Shares Outstanding | 11.8 | 11.8 | 11.8 | ||||
| Implied Value Range | 265.57 | 280.61 | 295.66 | ||||
| FX Rate: USD/EUR | 1.1 | 1.1 | 1.1 | Market Price | |||
| Implied Value Range (Trading Cur) | 234.26 | 247.53 | 260.80 | 266.00 | |||
| Upside / (Downside) | -11.9% | -6.9% | -2.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | AIN | TWIN | VOYJ.F | ADRZ.F | NPO | KDA | |
| Enterprise Value | 2,156 | 131 | 4,630 | 4,768 | 3,675 | 3,790 | |
| (+) Cash & Short Term Investments | 115 | 16 | 664 | 1,399 | 236 | 95 | |
| (+) Investments & Other | 1 | 0 | 29 | 131 | 0 | 0 | |
| (-) Debt | (387) | (50) | (1,535) | (736) | (695) | (323) | |
| (-) Other Liabilities | (5) | (1) | (7) | (3) | 0 | (11) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 1,879 | 97 | 3,781 | 5,560 | 3,217 | 3,551 | |
| (/) Shares Outstanding | 30.2 | 14.1 | 184.2 | 97.6 | 21.0 | 11.8 | |
| Implied Stock Price | 62.21 | 6.83 | 20.52 | 56.99 | 152.87 | 301.55 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 0.88 | 0.88 | 1.00 | 1.13 | |
| Implied Stock Price (Trading Cur) | 62.21 | 6.83 | 23.27 | 64.61 | 152.87 | 266.00 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 0.88 | 0.88 | 1.00 | 1.13 | |