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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 18.5x - 20.5x | 19.5x |
| Selected Fwd EBIT Multiple | 12.2x - 13.4x | 12.8x |
| Fair Value | €80.15 - €89.26 | €84.70 |
| Upside | 16.2% - 29.4% | 22.8% |
| Benchmarks | Ticker | Full Ticker |
| Rheinmetall AG | RHM | XTRA:RHM |
| MTU Aero Engines AG | MTX | XTRA:MTX |
| Hensoldt AG | HAG | XTRA:HAG |
| Dassault Aviation société anonyme | DAU0 | DB:DAU0 |
| Avio S.p.A. | 2ZP | DB:2ZP |
| OHB SE | OHB | DB:OHB |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| RHM | MTX | HAG | DAU0 | 2ZP | OHB | ||
| XTRA:RHM | XTRA:MTX | XTRA:HAG | DB:DAU0 | DB:2ZP | DB:OHB | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 23.5% | 5.8% | 23.8% | -7.7% | -22.4% | 15.2% | |
| 3Y CAGR | 31.5% | 32.5% | 16.0% | -0.4% | -2.7% | 25.1% | |
| Latest Twelve Months | 47.7% | 583.6% | 15.1% | 53.9% | 86.1% | -36.9% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 11.2% | 6.6% | 7.8% | 7.5% | 2.4% | 5.8% | |
| Prior Fiscal Year | 12.0% | -5.1% | 8.8% | 6.8% | 1.0% | 4.2% | |
| Latest Fiscal Year | 14.6% | 11.2% | 8.2% | 8.3% | 1.4% | 8.6% | |
| Latest Twelve Months | 13.9% | 12.9% | 7.8% | 8.2% | 1.4% | 8.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 7.24x | 2.50x | 4.73x | 1.39x | 1.66x | 1.31x | |
| EV / LTM EBITDA | 41.5x | 14.9x | 40.0x | 13.2x | 44.2x | 12.9x | |
| EV / LTM EBIT | 52.0x | 19.4x | 60.4x | 17.0x | 121.6x | 15.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 17.0x | 52.0x | 121.6x | ||||
| Historical EV / LTM EBIT | 6.8x | 20.7x | 41.5x | ||||
| Selected EV / LTM EBIT | 18.5x | 19.5x | 20.5x | ||||
| (x) LTM EBIT | 94 | 94 | 94 | ||||
| (=) Implied Enterprise Value | 1,751 | 1,844 | 1,936 | ||||
| (-) Non-shareholder Claims * | (122) | (122) | (122) | ||||
| (=) Equity Value | 1,629 | 1,721 | 1,813 | ||||
| (/) Shares Outstanding | 19.2 | 19.2 | 19.2 | ||||
| Implied Value Range | 85.05 | 89.86 | 94.67 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 85.05 | 89.86 | 94.67 | 69.00 | |||
| Upside / (Downside) | 23.3% | 30.2% | 37.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | RHM | MTX | HAG | DAU0 | 2ZP | OHB | |
| Enterprise Value | 74,967 | 20,159 | 10,995 | 8,952 | 778 | 1,444 | |
| (+) Cash & Short Term Investments | 352 | 2,193 | 326 | 9,572 | 102 | 53 | |
| (+) Investments & Other | 321 | 699 | 51 | 2,940 | 17 | 131 | |
| (-) Debt | (2,009) | (2,450) | (1,440) | (204) | (12) | (275) | |
| (-) Other Liabilities | (459) | (66) | (11) | 0 | (10) | (31) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 73,172 | 20,535 | 9,921 | 21,261 | 876 | 1,322 | |
| (/) Shares Outstanding | 45.8 | 53.8 | 115.5 | 78.2 | 26.1 | 19.2 | |
| Implied Stock Price | 1,597.00 | 381.80 | 85.90 | 271.80 | 33.60 | 69.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 1,597.00 | 381.80 | 85.90 | 271.80 | 33.60 | 69.00 | |
| 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 | |