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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBITDA Multiple | 4.9x - 5.4x | 5.2x |
Selected Fwd EBITDA Multiple | 2.1x - 2.3x | 2.2x |
Fair Value | €0.49 - €0.61 | €0.55 |
Upside | 59.3% - 97.0% | 78.1% |
Benchmarks | Ticker | Full Ticker |
Feintool International Holding AG | FTON | SWX:FTON |
Spectra Products Inc. | SSA | TSXV:SSA |
Mangels Industrial S.A. | MGEL4 | BOVESPA:MGEL4 |
Visteon Corporation | VC | NasdaqGS:VC |
Dorman Products, Inc. | DORM | NasdaqGS:DORM |
Metair Investments Limited | M4HA | DB:M4HA |
- | - | - |
Select LTM EBITDA Multiple | |||||||
Benchmark Companies | |||||||
FTON | SSA | MGEL4 | VC | DORM | M4HA | ||
SWX:FTON | TSXV:SSA | BOVESPA:MGEL4 | NasdaqGS:VC | NasdaqGS:DORM | DB:M4HA | ||
Historical EBITDA Growth | |||||||
5Y CAGR | -24.7% | -11.9% | 3.6% | 15.9% | 21.6% | -6.2% | |
3Y CAGR | -43.5% | -20.6% | -10.2% | 29.3% | 16.4% | -12.7% | |
Latest Twelve Months | -82.1% | -31.4% | -20.7% | 15.3% | 31.7% | -10.0% | |
Historical EBITDA Profit Margin | |||||||
5 Year Average Margin | 8.7% | 20.4% | 12.5% | 8.5% | 15.5% | 7.9% | |
Prior Fiscal Year | 8.7% | 20.6% | 11.0% | 9.9% | 12.9% | 8.3% | |
Latest Fiscal Year | 1.8% | 13.0% | 8.3% | 11.0% | 17.4% | 7.6% | |
Latest Twelve Months | 1.8% | 14.5% | 7.7% | 11.7% | 18.4% | 7.6% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 0.31x | 0.79x | 0.63x | 0.74x | 2.07x | 0.33x | |
EV / LTM EBITDA | 16.9x | 5.5x | 8.2x | 6.3x | 11.3x | 4.4x | |
EV / LTM EBIT | -5.5x | 7.2x | 11.4x | 8.0x | 13.3x | 7.9x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBITDA | 5.5x | 8.2x | 16.9x | ||||
Historical EV / LTM EBITDA | 4.4x | 5.7x | 8.7x | ||||
Selected EV / LTM EBITDA | 4.9x | 5.2x | 5.4x | ||||
(x) LTM EBITDA | 901 | 901 | 901 | ||||
(=) Implied Enterprise Value | 4,431 | 4,664 | 4,897 | ||||
(-) Non-shareholder Claims * | (2,505) | (2,505) | (2,505) | ||||
(=) Equity Value | 1,925 | 2,158 | 2,392 | ||||
(/) Shares Outstanding | 194.2 | 194.2 | 194.2 | ||||
Implied Value Range | 9.92 | 11.12 | 12.32 | ||||
FX Rate: ZAR/EUR | 21.0 | 21.0 | 21.0 | Market Price | |||
Implied Value Range (Trading Cur) | 0.47 | 0.53 | 0.59 | 0.31 | |||
Upside / (Downside) | 52.5% | 71.0% | 89.5% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | FTON | SSA | MGEL4 | VC | DORM | M4HA | |
Enterprise Value | 223 | 1 | 610 | 2,867 | 4,240 | 3,768 | |
(+) Cash & Short Term Investments | 77 | 2 | 31 | 655 | 61 | 1,173 | |
(+) Investments & Other | 0 | 0 | 8 | 29 | 0 | 326 | |
(-) Debt | (121) | (0) | (626) | (449) | (563) | (3,901) | |
(-) Other Liabilities | 0 | 0 | 0 | (84) | 0 | (103) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 180 | 3 | 23 | 3,018 | 3,738 | 1,262 | |
(/) Shares Outstanding | 14.7 | 13.6 | 5.8 | 27.3 | 30.5 | 194.2 | |
Implied Stock Price | 12.20 | 0.20 | 4.05 | 110.73 | 122.50 | 6.50 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 20.97 | |
Implied Stock Price (Trading Cur) | 12.20 | 0.20 | 4.05 | 110.73 | 122.50 | 0.31 | |
Trading Currency | CHF | CAD | BRL | USD | USD | EUR | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 20.97 |