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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 5.2x - 5.8x | 5.5x |
Selected Fwd EBIT Multiple | 5.6x - 6.2x | 5.9x |
Fair Value | €26.37 - €28.64 | €27.51 |
Upside | -8.4% - -0.5% | -4.5% |
Benchmarks | Ticker | Full Ticker |
Continental Aktiengesellschaft | CTTA.F | OTCPK:CTTA.F |
Standard Motor Products, Inc. | SMP | NYSE:SMP |
Aptiv PLC | APTV | NYSE:APTV |
TPR Co., Ltd. | 6463 | TSE:6463 |
Daido Metal Co., Ltd. | 7245 | TSE:7245 |
Niterra Co., Ltd. | NGK | DB:NGK |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
CTTA.F | SMP | APTV | 6463 | 7245 | NGK | ||
OTCPK:CTTA.F | NYSE:SMP | NYSE:APTV | TSE:6463 | TSE:7245 | DB:NGK | ||
Historical EBIT Growth | |||||||
5Y CAGR | -6.0% | 2.8% | 8.4% | -4.1% | 11.2% | 21.8% | |
3Y CAGR | 12.3% | -1.0% | 20.4% | 1.6% | 12.0% | 24.1% | |
Latest Twelve Months | 23.7% | 8.1% | 9.7% | -10.5% | 16.5% | 20.1% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 5.1% | 10.2% | 8.3% | 5.9% | 3.5% | 14.8% | |
Prior Fiscal Year | 4.9% | 10.4% | 9.2% | 6.5% | 4.7% | 17.2% | |
Latest Fiscal Year | 5.6% | 9.3% | 10.7% | 5.8% | 5.2% | 19.4% | |
Latest Twelve Months | 5.8% | 9.5% | 10.9% | 5.8% | 5.2% | 19.4% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 0.52x | 0.93x | 1.07x | 0.04x | 0.44x | 1.26x | |
EV / LTM EBITDA | 5.1x | 8.0x | 6.8x | 0.3x | 3.5x | 4.9x | |
EV / LTM EBIT | 9.1x | 9.8x | 9.8x | 0.6x | 8.5x | 6.5x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | 0.6x | 9.1x | 9.8x | ||||
Historical EV / LTM EBIT | 5.6x | 6.5x | 9.9x | ||||
Selected EV / LTM EBIT | 5.2x | 5.5x | 5.8x | ||||
(x) LTM EBIT | 126,815 | 126,815 | 126,815 | ||||
(=) Implied Enterprise Value | 660,558 | 695,324 | 730,090 | ||||
(-) Non-shareholder Claims * | 165,284 | 165,284 | 165,284 | ||||
(=) Equity Value | 825,842 | 860,608 | 895,374 | ||||
(/) Shares Outstanding | 198.4 | 198.4 | 198.4 | ||||
Implied Value Range | 4,161.72 | 4,336.92 | 4,512.12 | ||||
FX Rate: JPY/EUR | 172.2 | 172.2 | 172.2 | Market Price | |||
Implied Value Range (Trading Cur) | 24.16 | 25.18 | 26.20 | 28.80 | |||
Upside / (Downside) | -16.1% | -12.6% | -9.0% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | CTTA.F | SMP | APTV | 6463 | 7245 | NGK | |
Enterprise Value | 20,999 | 1,433 | 21,096 | 7,269 | 60,581 | 819,110 | |
(+) Cash & Short Term Investments | 1,673 | 50 | 1,100 | 62,461 | 29,147 | 208,192 | |
(+) Investments & Other | 103 | 26 | 1,620 | 67,729 | 17,849 | 113,922 | |
(-) Debt | (6,617) | (771) | (8,439) | (33,570) | (67,117) | (156,681) | |
(-) Other Liabilities | (433) | (14) | (293) | (35,684) | (9,344) | (149) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 15,725 | 723 | 15,084 | 68,205 | 31,116 | 984,394 | |
(/) Shares Outstanding | 200.0 | 22.0 | 217.7 | 33.2 | 47.1 | 198.4 | |
Implied Stock Price | 78.62 | 32.91 | 69.28 | 2,055.00 | 660.00 | 4,960.73 | |
FX Conversion Rate to Trading Currency | 0.86 | 1.00 | 1.00 | 1.00 | 1.00 | 172.25 | |
Implied Stock Price (Trading Cur) | 91.89 | 32.91 | 69.28 | 2,055.00 | 660.00 | 28.80 | |
Trading Currency | USD | USD | USD | JPY | JPY | EUR | |
FX Rate to Reporting Currency | 0.86 | 1.00 | 1.00 | 1.00 | 1.00 | 172.25 |