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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBITDA Multiple | 9.6x - 10.6x | 10.1x |
Selected Fwd EBITDA Multiple | 8.4x - 9.3x | 8.9x |
Fair Value | €205.59 - €224.28 | €214.93 |
Upside | 7.1% - 16.8% | 11.9% |
Benchmarks | Ticker | Full Ticker |
Makino Milling Machine Co., Ltd. | 95B | DB:95B |
Hurco Companies, Inc. | HURC | NasdaqGS:HURC |
DMG Mori Co., Ltd. | 0MO | DB:0MO |
Mühlbauer Holding AG | MUB | DB:MUB |
Aumann AG | AAG | DB:AAG |
Maschinenfabrik Berthold Hermle AG | MBH3 | DB:MBH3 |
- | - | - |
Select LTM EBITDA Multiple | |||||||
Benchmark Companies | |||||||
95B | HURC | 0MO | MUB | AAG | MBH3 | ||
DB:95B | NasdaqGS:HURC | DB:0MO | DB:MUB | DB:AAG | DB:MBH3 | ||
Historical EBITDA Growth | |||||||
5Y CAGR | 21.4% | NM- | 1.0% | -6.4% | 11.3% | -4.6% | |
3Y CAGR | 13.3% | NM- | 13.5% | -19.8% | NM- | 5.7% | |
Latest Twelve Months | 8.9% | -649.2% | -33.7% | -51.9% | 54.1% | -23.0% | |
Historical EBITDA Profit Margin | |||||||
5 Year Average Margin | 8.9% | 2.3% | 12.2% | 17.4% | -0.2% | 21.9% | |
Prior Fiscal Year | 10.9% | 4.0% | 13.1% | 19.7% | 5.9% | 23.0% | |
Latest Fiscal Year | 11.5% | -3.6% | 11.4% | 8.4% | 10.1% | 19.2% | |
Latest Twelve Months | 11.5% | -3.9% | 10.0% | 8.4% | 10.2% | 19.2% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 0.98x | 0.43x | 1.04x | 1.04x | 0.14x | 1.67x | |
EV / LTM EBITDA | 8.5x | -11.1x | 10.4x | 12.4x | 1.3x | 8.7x | |
EV / LTM EBIT | 12.4x | -9.2x | 19.2x | 43.0x | 1.5x | 10.2x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBITDA | -11.1x | 8.5x | 12.4x | ||||
Historical EV / LTM EBITDA | 7.1x | 8.7x | 17.0x | ||||
Selected EV / LTM EBITDA | 9.6x | 10.1x | 10.6x | ||||
(x) LTM EBITDA | 94 | 94 | 94 | ||||
(=) Implied Enterprise Value | 900 | 948 | 995 | ||||
(-) Non-shareholder Claims * | 140 | 140 | 140 | ||||
(=) Equity Value | 1,041 | 1,088 | 1,136 | ||||
(/) Shares Outstanding | 5.0 | 5.0 | 5.0 | ||||
Implied Value Range | 208.17 | 217.64 | 227.12 | ||||
FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 208.17 | 217.64 | 227.12 | 192.00 | |||
Upside / (Downside) | 8.4% | 13.4% | 18.3% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | 95B | HURC | 0MO | MUB | AAG | MBH3 | |
Enterprise Value | 229,295 | 79 | 542,205 | 540 | 37 | 820 | |
(+) Cash & Short Term Investments | 64,190 | 44 | 41,615 | 70 | 140 | 141 | |
(+) Investments & Other | 33,569 | 9 | 7,455 | 0 | 0 | 0 | |
(-) Debt | (57,200) | (12) | (126,080) | 0 | (6) | (1) | |
(-) Other Liabilities | (364) | 0 | (1,566) | 0 | 0 | (0) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 269,490 | 120 | 463,629 | 610 | 171 | 960 | |
(/) Shares Outstanding | 23.4 | 6.5 | 141.8 | 14.2 | 14.3 | 5.0 | |
Implied Stock Price | 11,522.35 | 18.47 | 3,270.31 | 43.00 | 11.90 | 192.00 | |
FX Conversion Rate to Trading Currency | 169.45 | 1.00 | 169.45 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 68.00 | 18.47 | 19.30 | 43.00 | 11.90 | 192.00 | |
Trading Currency | EUR | USD | EUR | EUR | EUR | EUR | |
FX Rate to Reporting Currency | 169.45 | 1.00 | 169.45 | 1.00 | 1.00 | 1.00 |