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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM P/E Multiple | 56.3x - 62.2x | 59.3x |
| Selected Fwd P/E Multiple | 25.8x - 28.5x | 27.2x |
| Fair Value | €1,069 - €1,181 | €1,125 |
| Upside | -42.2% - -36.1% | -39.1% |
| Benchmarks | - | Full Ticker |
| Hensoldt AG | - | XTRA:HAG |
| Thales S.A. | - | DB:CSF |
| MTU Aero Engines AG | - | XTRA:MTX |
| Dassault Aviation société anonyme | - | DB:DAU0 |
| Safran SA | - | XTRA:SEJ1 |
| Rheinmetall AG | - | DB:RHM |
| - | - | - |
| Select Price / LTM EPS Ratio | ||||||||
| Benchmark Companies | ||||||||
| HAG | CSF | MTX | DAU0 | SEJ1 | RHM | |||
| XTRA:HAG | DB:CSF | XTRA:MTX | DB:DAU0 | XTRA:SEJ1 | DB:RHM | |||
| Historical Net Income Growth | ||||||||
| 5Y CAGR | 78.9% | -2.1% | 5.8% | 5.3% | NM- | 19.1% | ||
| 3Y CAGR | 19.7% | 1.2% | 41.8% | 15.1% | NM- | 27.2% | ||
| Latest Twelve Months | 48.4% | 6.1% | 764.5% | 33.2% | -119.4% | 45.7% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 2.0% | 5.9% | 4.6% | 10.4% | 1.5% | 5.9% | ||
| Prior Fiscal Year | 3.0% | 5.2% | -1.9% | 14.0% | 14.6% | 8.1% | ||
| Latest Fiscal Year | 4.8% | 4.9% | 8.5% | 14.4% | -2.4% | 8.2% | ||
| Latest Twelve Months | 4.0% | 4.9% | 9.3% | 14.4% | -2.4% | 8.0% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 49.2x | 19.4x | 17.6x | 17.3x | 21.2x | 46.9x | ||
| Price / LTM Sales | 5.2x | 2.5x | 2.6x | 3.6x | 4.2x | 8.1x | ||
| LTM P/E Ratio | 131.4x | 50.5x | 28.3x | 25.0x | -174.7x | 101.5x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/E Ratio | -174.7x | 28.3x | 131.4x | |||||
| Historical LTM P/E Ratio | 10.4x | 21.0x | 39.0x | |||||
| Selected P/E Multiple | 56.3x | 59.3x | 62.2x | |||||
| (x) LTM Net Income | 839 | 839 | 839 | |||||
| (=) Equity Value | 47,253 | 49,740 | 52,227 | |||||
| (/) Shares Outstanding | 45.8 | 45.8 | 45.8 | |||||
| Implied Value Range | 1,032.43 | 1,086.77 | 1,141.11 | |||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 1,032.43 | 1,086.77 | 1,141.11 | 1,848.50 | ||||
| Upside / (Downside) | -44.1% | -41.2% | -38.3% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | HAG | CSF | MTX | DAU0 | SEJ1 | RHM | |
| Value of Common Equity | 12,081 | 50,302 | 20,383 | 22,903 | 115,322 | 84,603 | |
| (/) Shares Outstanding | 115.5 | 205.3 | 53.8 | 78.2 | 416.8 | 45.8 | |
| Implied Stock Price | 104.60 | 245.00 | 378.70 | 292.80 | 276.70 | 1,848.50 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 104.60 | 245.00 | 378.70 | 292.80 | 276.70 | 1,848.50 | |
| 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 | |