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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 6.8x - 7.5x | 7.1x |
| Selected Fwd EBIT Multiple | 6.1x - 6.7x | 6.4x |
| Fair Value | €4.49 - €5.32 | €4.90 |
| Upside | 11.1% - 31.7% | 21.4% |
| Benchmarks | Ticker | Full Ticker |
| Forvia SE | FAU | XTRA:FAU |
| Cofle S.p.A. | Y9A | DB:Y9A |
| Grammer AG | GMM | XTRA:GMM |
| paragon GmbH & Co. KGaA | PGN | XTRA:PGN |
| Landi Renzo S.p.A. | ARQ0 | DB:ARQ0 |
| Novem Group S.A. | NVM | DB:NVM |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| FAU | Y9A | GMM | PGN | ARQ0 | NVM | ||
| XTRA:FAU | DB:Y9A | XTRA:GMM | XTRA:PGN | DB:ARQ0 | DB:NVM | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | -0.5% | NM- | -12.8% | NM- | NM- | -11.9% | |
| 3Y CAGR | 15.8% | NM- | 27.1% | NM- | NM- | -13.1% | |
| Latest Twelve Months | -2.9% | -105.3% | -27.6% | 206.4% | -165.8% | -17.2% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 4.1% | 12.7% | 1.2% | -5.4% | -1.9% | 10.9% | |
| Prior Fiscal Year | 4.5% | 10.8% | 3.3% | -4.2% | -2.0% | 9.3% | |
| Latest Fiscal Year | 4.4% | -0.6% | 2.1% | 3.9% | -5.5% | 9.0% | |
| Latest Twelve Months | 4.4% | -0.6% | 2.5% | 5.2% | -7.8% | 9.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.36x | 0.58x | 0.26x | 0.56x | 0.63x | 0.60x | |
| EV / LTM EBITDA | 4.2x | 11.5x | 4.7x | 7.0x | -18.5x | 4.0x | |
| EV / LTM EBIT | 8.1x | -98.7x | 10.3x | 10.7x | -8.1x | 6.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -98.7x | 8.1x | 10.7x | ||||
| Historical EV / LTM EBIT | 6.2x | 6.9x | 8.1x | ||||
| Selected EV / LTM EBIT | 6.8x | 7.1x | 7.5x | ||||
| (x) LTM EBIT | 49 | 49 | 49 | ||||
| (=) Implied Enterprise Value | 333 | 350 | 368 | ||||
| (-) Non-shareholder Claims * | (147) | (147) | (147) | ||||
| (=) Equity Value | 186 | 203 | 221 | ||||
| (/) Shares Outstanding | 43.0 | 43.0 | 43.0 | ||||
| Implied Value Range | 4.32 | 4.73 | 5.14 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 4.32 | 4.73 | 5.14 | 4.04 | |||
| Upside / (Downside) | 7.0% | 17.1% | 27.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | FAU | Y9A | GMM | PGN | ARQ0 | NVM | |
| Enterprise Value | 9,642 | 34 | 494 | 74 | 177 | 320 | |
| (+) Cash & Short Term Investments | 4,500 | 8 | 154 | 2 | 15 | 150 | |
| (+) Investments & Other | 344 | 0 | 94 | 2 | 3 | 0 | |
| (-) Debt | (11,132) | (22) | (629) | (68) | (144) | (297) | |
| (-) Other Liabilities | (1,779) | (3) | (15) | 0 | (3) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 1,575 | 17 | 98 | 10 | 49 | 174 | |
| (/) Shares Outstanding | 196.8 | 6.1 | 14.9 | 4.5 | 43.0 | 43.0 | |
| Implied Stock Price | 8.01 | 2.89 | 6.55 | 2.13 | 1.14 | 4.04 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 8.01 | 2.89 | 6.55 | 2.13 | 1.14 | 4.04 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |