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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 13.3x - 14.7x | 14.0x |
| Selected Fwd EBIT Multiple | 6.4x - 7.1x | 6.8x |
| Fair Value | €3.20 - €4.17 | €3.69 |
| Upside | -33.3% - -13.2% | -23.2% |
| Benchmarks | Ticker | Full Ticker |
| OPmobility SE | EZM | DB:EZM |
| Valeo SE | VSA2 | DB:VSA2 |
| Kendrion N.V. | K3E | DB:K3E |
| Autoliv, Inc. | LIV | DB:LIV |
| JTEKT Corporation | 6JK | DB:6JK |
| Schaeffler AG | SHA0 | DB:SHA0 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| EZM | VSA2 | K3E | LIV | 6JK | SHA0 | ||
| DB:EZM | DB:VSA2 | DB:K3E | DB:LIV | DB:6JK | DB:SHA0 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | -3.8% | -1.2% | -1.1% | 5.2% | 12.3% | -7.7% | |
| 3Y CAGR | 16.7% | 11.3% | -17.6% | 13.5% | 17.8% | -12.7% | |
| Latest Twelve Months | 11.6% | 20.5% | -25.7% | -11.4% | -11.5% | -35.7% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 3.2% | 2.9% | 5.3% | 8.2% | 2.6% | 6.6% | |
| Prior Fiscal Year | 3.4% | 3.6% | 7.6% | 10.6% | 4.0% | 5.8% | |
| Latest Fiscal Year | 3.7% | 4.4% | 5.4% | 9.6% | 3.5% | 4.2% | |
| Latest Twelve Months | 3.7% | 4.4% | 5.6% | 10.0% | 3.5% | 3.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.29x | 0.31x | 0.88x | 1.06x | 0.16x | 0.51x | |
| EV / LTM EBITDA | 4.5x | 3.4x | 8.3x | 7.7x | 2.1x | 5.8x | |
| EV / LTM EBIT | 7.7x | 7.0x | 15.9x | 10.6x | 4.4x | 15.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 4.4x | 7.7x | 15.9x | ||||
| Historical EV / LTM EBIT | 5.3x | 6.7x | 11.9x | ||||
| Selected EV / LTM EBIT | 13.3x | 14.0x | 14.7x | ||||
| (x) LTM EBIT | 655 | 655 | 655 | ||||
| (=) Implied Enterprise Value | 8,693 | 9,151 | 9,608 | ||||
| (-) Non-shareholder Claims * | (5,624) | (5,624) | (5,624) | ||||
| (=) Equity Value | 3,069 | 3,527 | 3,984 | ||||
| (/) Shares Outstanding | 944.9 | 944.9 | 944.9 | ||||
| Implied Value Range | 3.25 | 3.73 | 4.22 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 3.25 | 3.73 | 4.22 | 4.80 | |||
| Upside / (Downside) | -32.4% | -22.3% | -12.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | EZM | VSA2 | K3E | LIV | 6JK | SHA0 | |
| Enterprise Value | 3,017 | 6,685 | 270 | 10,932 | 290,586 | 10,161 | |
| (+) Cash & Short Term Investments | 672 | 3,173 | 8 | 322 | 119,060 | 1,087 | |
| (+) Investments & Other | 452 | 424 | 4 | 0 | 255,285 | 18 | |
| (-) Debt | (2,362) | (7,038) | (105) | (2,267) | (240,473) | (6,572) | |
| (-) Other Liabilities | (29) | (796) | 0 | (10) | (32,425) | (157) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 1,750 | 2,448 | 177 | 8,977 | 392,033 | 4,537 | |
| (/) Shares Outstanding | 142.8 | 243.0 | 15.8 | 76.8 | 318.3 | 944.9 | |
| Implied Stock Price | 12.26 | 10.08 | 11.20 | 116.88 | 1,231.57 | 4.80 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.17 | 172.25 | 1.00 | |
| Implied Stock Price (Trading Cur) | 12.26 | 10.08 | 11.20 | 100.00 | 7.15 | 4.80 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.17 | 172.25 | 1.00 | |