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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 18.7x - 20.7x | 19.7x |
| Selected Fwd EBIT Multiple | 14.2x - 15.7x | 14.9x |
| Fair Value | €23.90 - €26.26 | €25.08 |
| Upside | 20.0% - 31.9% | 25.9% |
| Benchmarks | Ticker | Full Ticker |
| Trelleborg AB (publ) | TREL B | OM:TRELB |
| Deere & Company | DCO | DB:DCO |
| Cavotec SA | CCC | OM:CCC |
| Weichai Power Co., Ltd. | WI4 | DB:WI4 |
| Mitsubishi Heavy Industries, Ltd. | MIH | DB:MIH |
| Wärtsilä Oyj Abp | MTA | DB:MTA |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| TREL B | DCO | CCC | WI4 | MIH | MTA | ||
| OM:TRELB | DB:DCO | OM:CCC | DB:WI4 | DB:MIH | DB:MTA | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 3.4% | 16.9% | -2.4% | 3.9% | 15.8% | 13.6% | |
| 3Y CAGR | 13.4% | 5.9% | NM- | 9.2% | 43.6% | 34.1% | |
| Latest Twelve Months | 1.3% | -40.3% | -6.6% | 7.7% | 26.0% | 61.9% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 15.4% | 18.0% | 1.8% | 5.3% | 4.0% | 5.9% | |
| Prior Fiscal Year | 16.1% | 21.9% | 5.0% | 6.0% | 5.6% | 6.9% | |
| Latest Fiscal Year | 16.0% | 18.3% | 6.4% | 7.5% | 6.6% | 10.5% | |
| Latest Twelve Months | 16.0% | 16.1% | 5.9% | 7.1% | 6.6% | 10.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.62x | 4.37x | 1.06x | 0.59x | 2.14x | 1.62x | |
| EV / LTM EBITDA | 12.8x | 21.3x | 16.2x | 4.8x | 21.8x | 13.6x | |
| EV / LTM EBIT | 16.4x | 27.2x | 17.9x | 8.3x | 32.4x | 15.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 8.3x | 17.9x | 32.4x | ||||
| Historical EV / LTM EBIT | 16.8x | 23.4x | 29.2x | ||||
| Selected EV / LTM EBIT | 18.7x | 19.7x | 20.7x | ||||
| (x) LTM EBIT | 719 | 719 | 719 | ||||
| (=) Implied Enterprise Value | 13,438 | 14,146 | 14,853 | ||||
| (-) Non-shareholder Claims * | 884 | 884 | 884 | ||||
| (=) Equity Value | 14,322 | 15,030 | 15,737 | ||||
| (/) Shares Outstanding | 588.4 | 588.4 | 588.4 | ||||
| Implied Value Range | 24.34 | 25.54 | 26.74 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 24.34 | 25.54 | 26.74 | 19.92 | |||
| Upside / (Downside) | 22.2% | 28.3% | 34.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | TREL B | DCO | CCC | WI4 | MIH | MTA | |
| Enterprise Value | 90,973 | 198,073 | 181 | 145,122 | 10,594,354 | 10,835 | |
| (+) Cash & Short Term Investments | 1,918 | 6,862 | 16 | 81,047 | 657,816 | 1,550 | |
| (+) Investments & Other | 57 | 372 | 0 | 12,358 | 1,205,039 | 62 | |
| (-) Debt | (8,903) | (67,108) | (27) | (55,200) | (1,131,274) | (722) | |
| (-) Other Liabilities | (4) | (91) | 0 | (35,660) | (123,121) | (6) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 84,041 | 138,108 | 170 | 147,667 | 11,202,814 | 11,719 | |
| (/) Shares Outstanding | 228.2 | 270.8 | 106.7 | 10,470.8 | 3,357.7 | 588.4 | |
| Implied Stock Price | 368.20 | 509.95 | 1.59 | 14.10 | 3,336.49 | 19.92 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.17 | 0.09 | 8.40 | 171.52 | 1.00 | |
| Implied Stock Price (Trading Cur) | 368.20 | 435.65 | 17.75 | 1.68 | 19.45 | 19.92 | |
| Trading Currency | SEK | EUR | SEK | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.17 | 0.09 | 8.40 | 171.52 | 1.00 | |