Looks like there`s been an error while trying to load this page.
Our team has been notified but please contact us using the email support widget if the problem persists.
| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 25.2x - 27.8x | 26.5x |
| Selected Fwd EBITDA Multiple | 14.0x - 15.4x | 14.7x |
| Fair Value | €1,013 - €1,121 | €1,067 |
| Upside | -42.8% - -36.6% | -39.7% |
| Benchmarks | Ticker | Full Ticker |
| Hensoldt AG | HAG | XTRA:HAG |
| Thales S.A. | CSF | DB:CSF |
| MTU Aero Engines AG | MTX | XTRA:MTX |
| Dassault Aviation société anonyme | DAU0 | DB:DAU0 |
| Safran SA | SEJ1 | XTRA:SEJ1 |
| Rheinmetall AG | RHM | DB:RHM |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| HAG | CSF | MTX | DAU0 | SEJ1 | RHM | ||
| XTRA:HAG | DB:CSF | XTRA:MTX | DB:DAU0 | XTRA:SEJ1 | DB:RHM | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 9.8% | 4.2% | 8.0% | -6.2% | 1.1% | 19.6% | |
| 3Y CAGR | 8.6% | 9.5% | 29.4% | -0.5% | 27.5% | 29.8% | |
| Latest Twelve Months | 25.6% | 12.8% | 1982.4% | 32.6% | 20.6% | 57.4% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 12.9% | 12.4% | 10.0% | 10.1% | 18.1% | 14.3% | |
| Prior Fiscal Year | 11.7% | 12.9% | -1.6% | 10.3% | 18.7% | 15.5% | |
| Latest Fiscal Year | 11.8% | 13.1% | 15.2% | 10.6% | 19.2% | 18.0% | |
| Latest Twelve Months | 11.5% | 13.1% | 15.7% | 10.6% | 19.2% | 17.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 5.15x | 2.52x | 2.69x | 1.89x | 3.96x | 7.72x | |
| EV / LTM EBITDA | 44.8x | 19.2x | 17.2x | 17.7x | 20.7x | 44.0x | |
| EV / LTM EBIT | 68.2x | 29.3x | 23.1x | 22.7x | 27.2x | 54.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 17.2x | 19.2x | 44.8x | ||||
| Historical EV / LTM EBITDA | 5.4x | 11.0x | 20.0x | ||||
| Selected EV / LTM EBITDA | 25.2x | 26.5x | 27.8x | ||||
| (x) LTM EBITDA | 1,838 | 1,838 | 1,838 | ||||
| (=) Implied Enterprise Value | 46,271 | 48,707 | 51,142 | ||||
| (-) Non-shareholder Claims * | (755) | (755) | (755) | ||||
| (=) Equity Value | 45,516 | 47,952 | 50,387 | ||||
| (/) Shares Outstanding | 45.5 | 45.5 | 45.5 | ||||
| Implied Value Range | 999.52 | 1,053.00 | 1,106.48 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 999.52 | 1,053.00 | 1,106.48 | 1,769.50 | |||
| Upside / (Downside) | -43.5% | -40.5% | -37.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | HAG | CSF | MTX | DAU0 | SEJ1 | RHM | |
| Enterprise Value | 11,837 | 51,817 | 21,166 | 11,992 | 109,904 | 81,335 | |
| (+) Cash & Short Term Investments | 591 | 4,768 | 1,840 | 8,485 | 6,519 | 1,083 | |
| (+) Investments & Other | 30 | 1,809 | 0 | 3,039 | 2,692 | 328 | |
| (-) Debt | (1,519) | (7,823) | (2,838) | (238) | (5,078) | (1,704) | |
| (-) Other Liabilities | (13) | (43) | 0 | 0 | (549) | (462) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 10,926 | 50,528 | 20,168 | 23,279 | 113,488 | 80,580 | |
| (/) Shares Outstanding | 115.5 | 205.3 | 53.8 | 78.2 | 416.8 | 45.5 | |
| Implied Stock Price | 94.60 | 246.10 | 374.70 | 297.60 | 272.30 | 1,769.50 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 94.60 | 246.10 | 374.70 | 297.60 | 272.30 | 1,769.50 | |
| 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 | |