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Metrics | Range | Conclusion |
---|---|---|
Selected LTM Ps Multiple | 4.3x - 4.7x | 4.5x |
Selected Fwd Ps Multiple | 2.7x - 2.9x | 2.8x |
Fair Value | €979.12 - €1,082 | €1,031 |
Upside | -43.5% - -37.6% | -40.5% |
Benchmarks | Ticker | 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 Sales Ratio | ||||||||
Benchmark Companies | ||||||||
HAG | CSF | MTX | DAU0 | SEJ1 | RHM | |||
XTRA:HAG | DB:CSF | XTRA:MTX | DB:DAU0 | XTRA:SEJ1 | DB:RHM | |||
Historical Sales Growth | ||||||||
5Y CAGR | 15.0% | 2.3% | 9.9% | -2.8% | 1.9% | 9.0% | ||
3Y CAGR | 15.0% | 8.3% | 21.0% | -4.4% | 21.9% | 19.9% | ||
Latest Twelve Months | 25.5% | 11.7% | 43.9% | 28.9% | 17.2% | 41.7% | ||
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 | 43.4x | 18.5x | 16.6x | 16.9x | 20.1x | 42.8x | ||
Price / LTM Sales | 4.6x | 2.4x | 2.5x | 3.6x | 4.0x | 7.4x | ||
LTM P/E Ratio | 114.9x | 48.2x | 26.6x | 24.6x | -165.5x | 92.4x | ||
Low | Mid | High | ||||||
Benchmark LTM P/S Ratio | 2.4x | 3.6x | 4.6x | |||||
Historical LTM P/S Ratio | 0.6x | 1.4x | 3.0x | |||||
Selected Price / Sales Multiple | 4.3x | 4.5x | 4.7x | |||||
(x) LTM Sales | 10,475 | 10,475 | 10,475 | |||||
(=) Equity Value | 44,957 | 47,323 | 49,689 | |||||
(/) Shares Outstanding | 45.8 | 45.8 | 45.8 | |||||
Implied Value Range | 982.26 | 1,033.96 | 1,085.66 | |||||
FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | ||||
Implied Value Range (Trading Cur) | 982.26 | 1,033.96 | 1,085.66 | 1,733.00 | ||||
Upside / (Downside) | -43.3% | -40.3% | -37.4% |
Equity Value | |||||||
Benchmark Companies | |||||||
(in millions) | HAG | CSF | MTX | DAU0 | SEJ1 | RHM | |
Value of Common Equity | 10,568 | 49,214 | 19,452 | 23,138 | 114,571 | 79,317 | |
(/) Shares Outstanding | 115.5 | 205.3 | 53.8 | 78.2 | 416.8 | 45.8 | |
Implied Stock Price | 91.50 | 239.70 | 361.40 | 295.80 | 274.90 | 1,733.00 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 91.50 | 239.70 | 361.40 | 295.80 | 274.90 | 1,733.00 | |
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 |