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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 9.8x - 10.8x | 10.3x |
| Selected Fwd EBIT Multiple | 9.0x - 9.9x | 9.4x |
| Fair Value | €102.12 - €114.52 | €108.32 |
| Upside | 13.6% - 27.4% | 20.5% |
| Benchmarks | Ticker | Full Ticker |
| BorgWarner Inc. | BWA | NYSE:BWA |
| Lear Corporation | LEA | NYSE:LEA |
| Dana Incorporated | DAN | NYSE:DAN |
| Toyota Boshoku Corporation | TDBO.F | OTCPK:TDBO.F |
| Toyoda Gosei Co., Ltd. | TGOS.F | OTCPK:TGOS.F |
| Autoliv, Inc. | LIV | DB:LIV |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| BWA | LEA | DAN | TDBO.F | TGOS.F | LIV | ||
| NYSE:BWA | NYSE:LEA | NYSE:DAN | OTCPK:TDBO.F | OTCPK:TGOS.F | DB:LIV | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 1.4% | -3.9% | -11.8% | -2.0% | 8.7% | 5.2% | |
| 3Y CAGR | 5.3% | 8.9% | -3.1% | -11.4% | 22.4% | 13.5% | |
| Latest Twelve Months | 3.6% | -2.9% | -10.0% | -45.9% | -14.5% | -10.3% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 9.2% | 4.2% | 3.1% | 3.7% | 5.2% | 8.0% | |
| Prior Fiscal Year | 8.8% | 4.5% | 3.1% | 4.0% | 6.5% | 10.6% | |
| Latest Fiscal Year | 9.2% | 4.4% | 3.1% | 2.2% | 5.6% | 9.6% | |
| Latest Twelve Months | 9.4% | 4.5% | 3.1% | 2.2% | 5.6% | 10.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.67x | 0.34x | 0.51x | 0.16x | 0.26x | 0.89x | |
| EV / LTM EBITDA | 4.9x | 4.8x | 7.0x | 3.2x | 2.4x | 6.4x | |
| EV / LTM EBIT | 7.2x | 7.6x | 16.5x | 7.4x | 4.6x | 8.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 4.6x | 7.4x | 16.5x | ||||
| Historical EV / LTM EBIT | 9.6x | 12.9x | 23.6x | ||||
| Selected EV / LTM EBIT | 9.8x | 10.3x | 10.8x | ||||
| (x) LTM EBIT | 1,052 | 1,052 | 1,052 | ||||
| (=) Implied Enterprise Value | 10,326 | 10,869 | 11,413 | ||||
| (-) Non-shareholder Claims * | (1,374) | (1,374) | (1,374) | ||||
| (=) Equity Value | 8,952 | 9,495 | 10,039 | ||||
| (/) Shares Outstanding | 77.3 | 77.3 | 77.3 | ||||
| Implied Value Range | 115.80 | 122.83 | 129.86 | ||||
| FX Rate: USD/EUR | 1.1 | 1.1 | 1.1 | Market Price | |||
| Implied Value Range (Trading Cur) | 102.66 | 108.89 | 115.12 | 89.88 | |||
| Upside / (Downside) | 14.2% | 21.2% | 28.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | BWA | LEA | DAN | TDBO.F | TGOS.F | LIV | |
| Enterprise Value | 9,508 | 7,818 | 5,058 | 233,589 | 253,230 | 9,212 | |
| (+) Cash & Short Term Investments | 1,707 | 785 | 507 | 249,721 | 141,328 | 322 | |
| (+) Investments & Other | 314 | 93 | 127 | 14,002 | 84,520 | 581 | |
| (-) Debt | (4,040) | (3,508) | (3,081) | (167,318) | (109,525) | (2,267) | |
| (-) Other Liabilities | (170) | (166) | (256) | (42,647) | (45,778) | (10) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 7,319 | 5,022 | 2,355 | 287,347 | 323,775 | 7,838 | |
| (/) Shares Outstanding | 219.7 | 53.5 | 145.7 | 150.4 | 127.2 | 77.3 | |
| Implied Stock Price | 33.31 | 93.94 | 16.16 | 1,910.88 | 2,544.66 | 101.39 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 144.55 | 144.55 | 1.13 | |
| Implied Stock Price (Trading Cur) | 33.31 | 93.94 | 16.16 | 13.22 | 17.60 | 89.88 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 144.55 | 144.55 | 1.13 | |