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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 13.9x - 15.3x | 14.6x |
| Selected Fwd EBITDA Multiple | 11.1x - 12.2x | 11.6x |
| Fair Value | €26.08 - €28.95 | €27.52 |
| Upside | -3.6% - 7.0% | 1.7% |
| Benchmarks | Ticker | Full Ticker |
| Honeywell International Inc. | HON | NasdaqGS:HON |
| Renold plc | RNO | AIM:RNO |
| IMI plc | IMI | LSE:IMI |
| Severfield plc | SFR | LSE:SFR |
| Siemens Aktiengesellschaft | 0P6M | LSE:0P6M |
| Smiths Group plc | QS2A | DB:QS2A |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| HON | RNO | IMI | SFR | 0P6M | QS2A | ||
| NasdaqGS:HON | AIM:RNO | LSE:IMI | LSE:SFR | LSE:0P6M | DB:QS2A | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 2.2% | 16.5% | 8.3% | 8.1% | 7.8% | 2.6% | |
| 3Y CAGR | 3.3% | 23.7% | 11.2% | 9.1% | 11.6% | 7.6% | |
| Latest Twelve Months | 9.3% | 9.4% | 7.4% | 2.3% | 3.1% | 4.1% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 24.1% | 11.0% | 19.4% | 8.5% | 14.3% | 16.8% | |
| Prior Fiscal Year | 23.8% | 14.0% | 20.4% | 7.8% | 16.0% | 17.6% | |
| Latest Fiscal Year | 24.9% | 15.1% | 21.7% | 8.6% | 15.7% | 17.2% | |
| Latest Twelve Months | 24.9% | 15.1% | 21.7% | 8.5% | 15.4% | 17.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 4.55x | 0.92x | 2.68x | 0.19x | 2.92x | 2.49x | |
| EV / LTM EBITDA | 18.3x | 6.1x | 12.3x | 2.3x | 19.0x | 14.3x | |
| EV / LTM EBIT | 21.4x | 7.7x | 14.5x | 3.0x | 23.4x | 17.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 2.3x | 12.3x | 19.0x | ||||
| Historical EV / LTM EBITDA | 12.0x | 16.2x | 19.4x | ||||
| Selected EV / LTM EBITDA | 13.9x | 14.6x | 15.3x | ||||
| (x) LTM EBITDA | 561 | 561 | 561 | ||||
| (=) Implied Enterprise Value | 7,789 | 8,199 | 8,609 | ||||
| (-) Non-shareholder Claims * | (317) | (317) | (317) | ||||
| (=) Equity Value | 7,472 | 7,882 | 8,292 | ||||
| (/) Shares Outstanding | 328.9 | 328.9 | 328.9 | ||||
| Implied Value Range | 22.72 | 23.97 | 25.21 | ||||
| FX Rate: GBP/EUR | 0.9 | 0.9 | 0.9 | Market Price | |||
| Implied Value Range (Trading Cur) | 26.21 | 27.65 | 29.09 | 27.06 | |||
| Upside / (Downside) | -3.1% | 2.2% | 7.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | HON | RNO | IMI | SFR | 0P6M | QS2A | |
| Enterprise Value | 176,857 | 224 | 5,920 | 95 | 226,103 | 8,031 | |
| (+) Cash & Short Term Investments | 10,059 | 22 | 150 | 9 | 12,686 | 392 | |
| (+) Investments & Other | 1,418 | 0 | 0 | 38 | 1,004 | 5 | |
| (-) Debt | (33,991) | (87) | (696) | (40) | (57,522) | (691) | |
| (-) Other Liabilities | (568) | 0 | 0 | 0 | (5,601) | (23) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 153,775 | 160 | 5,374 | 103 | 176,670 | 7,714 | |
| (/) Shares Outstanding | 642.7 | 199.2 | 246.1 | 296.2 | 778.1 | 328.9 | |
| Implied Stock Price | 239.27 | 0.80 | 21.84 | 0.35 | 227.07 | 23.46 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.87 | |
| Implied Stock Price (Trading Cur) | 239.27 | 0.80 | 21.84 | 0.35 | 227.07 | 27.06 | |
| Trading Currency | USD | GBP | GBP | GBP | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.87 | |