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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBITDA Multiple | 13.0x - 14.4x | 13.7x |
Selected Fwd EBITDA Multiple | 9.2x - 10.2x | 9.7x |
Fair Value | €75.18 - €83.97 | €79.58 |
Upside | -35.3% - -27.7% | -31.5% |
Benchmarks | Ticker | Full Ticker |
Fox Factory Holding Corp. | FOXF | NasdaqGS:FOXF |
Holley Inc. | HLLY | NYSE:HLLY |
Visteon Corporation | VC | NasdaqGS:VC |
Dorman Products, Inc. | DORM | NasdaqGS:DORM |
Cooper-Standard Holdings Inc. | CPS | NYSE:CPS |
Modine Manufacturing Company | MMF | DB:MMF |
- | - | - |
Select LTM EBITDA Multiple | |||||||
Benchmark Companies | |||||||
FOXF | HLLY | VC | DORM | CPS | MMF | ||
NasdaqGS:FOXF | NYSE:HLLY | NasdaqGS:VC | NasdaqGS:DORM | NYSE:CPS | DB:MMF | ||
Historical EBITDA Growth | |||||||
5Y CAGR | 2.1% | 7.4% | 15.9% | 21.6% | -0.3% | 23.9% | |
3Y CAGR | -15.5% | -11.2% | 29.3% | 16.4% | NM- | 37.8% | |
Latest Twelve Months | -6.9% | 12.5% | -0.4% | 22.3% | 11.9% | 18.6% | |
Historical EBITDA Profit Margin | |||||||
5 Year Average Margin | 16.0% | 18.3% | 8.8% | 15.6% | 3.5% | 10.3% | |
Prior Fiscal Year | 15.7% | 18.4% | 9.9% | 12.9% | 6.1% | 12.8% | |
Latest Fiscal Year | 10.3% | 17.7% | 11.0% | 17.4% | 6.9% | 15.0% | |
Latest Twelve Months | 10.5% | 19.4% | 11.7% | 18.6% | 8.0% | 14.9% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 1.37x | 1.61x | 0.84x | 2.48x | 0.58x | 3.06x | |
EV / LTM EBITDA | 13.2x | 8.3x | 7.1x | 13.4x | 7.2x | 20.6x | |
EV / LTM EBIT | 29.0x | 10.5x | 9.1x | 15.6x | 13.4x | 25.7x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBITDA | 7.1x | 8.3x | 13.4x | ||||
Historical EV / LTM EBITDA | 6.5x | 7.9x | 17.7x | ||||
Selected EV / LTM EBITDA | 13.0x | 13.7x | 14.4x | ||||
(x) LTM EBITDA | 387 | 387 | 387 | ||||
(=) Implied Enterprise Value | 5,033 | 5,298 | 5,562 | ||||
(-) Non-shareholder Claims * | (510) | (510) | (510) | ||||
(=) Equity Value | 4,523 | 4,788 | 5,053 | ||||
(/) Shares Outstanding | 52.5 | 52.5 | 52.5 | ||||
Implied Value Range | 86.17 | 91.21 | 96.26 | ||||
FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
Implied Value Range (Trading Cur) | 73.58 | 77.89 | 82.20 | 116.20 | |||
Upside / (Downside) | -36.7% | -33.0% | -29.3% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | FOXF | HLLY | VC | DORM | CPS | MMF | |
Enterprise Value | 1,915 | 932 | 3,068 | 5,073 | 1,559 | 7,653 | |
(+) Cash & Short Term Investments | 81 | 64 | 668 | 57 | 122 | 125 | |
(+) Investments & Other | 2 | 0 | 25 | 0 | 0 | 0 | |
(-) Debt | (801) | (591) | (442) | (559) | (1,192) | (627) | |
(-) Other Liabilities | 0 | 0 | (76) | 0 | 8 | (7) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 1,197 | 405 | 3,243 | 4,570 | 496 | 7,143 | |
(/) Shares Outstanding | 41.8 | 119.4 | 27.3 | 30.5 | 17.6 | 52.5 | |
Implied Stock Price | 28.63 | 3.39 | 118.91 | 149.68 | 28.13 | 136.08 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.17 | |
Implied Stock Price (Trading Cur) | 28.63 | 3.39 | 118.91 | 149.68 | 28.13 | 116.20 | |
Trading Currency | USD | USD | USD | USD | USD | EUR | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.17 |