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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | -25.9x - -28.6x | -27.2x |
| Selected Fwd EBIT Multiple | 14.1x - 15.6x | 14.9x |
| Fair Value | €44.60 - €49.33 | €46.96 |
| Upside | -22.3% - -14.1% | -18.2% |
| Benchmarks | Ticker | Full Ticker |
| PVA TePla AG | TPE | XTRA:TPE |
| Planoptik AG | P4O | XTRA:P4O |
| Manz AG | M5Z | DB:M5Z |
| EEMS Italia SpA | E2Y0 | DB:E2Y0 |
| OSAI Automation System S.p.A. | 6JG | DB:6JG |
| First Sensor AG | SIS | DB:SIS |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| TPE | P4O | M5Z | E2Y0 | 6JG | SIS | ||
| XTRA:TPE | XTRA:P4O | DB:M5Z | DB:E2Y0 | DB:6JG | DB:SIS | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 25.8% | 3.9% | NM- | NM- | NM- | NM- | |
| 3Y CAGR | 29.7% | -2.7% | NM- | NM- | NM- | NM- | |
| Latest Twelve Months | 6.9% | -56.8% | -514.6% | 2.9% | -1253.5% | -795.5% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 12.7% | 10.3% | -5.5% | -228.7% | 2.1% | -0.4% | |
| Prior Fiscal Year | 12.9% | 17.5% | -3.2% | -166.5% | 5.3% | 3.1% | |
| Latest Fiscal Year | 14.4% | 8.5% | -0.6% | -243.7% | -10.9% | -15.3% | |
| Latest Twelve Months | 14.2% | 8.5% | -18.2% | -253.8% | -19.1% | -16.1% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.28x | 0.94x | 0.25x | 0.86x | 1.09x | 5.25x | |
| EV / LTM EBITDA | 7.7x | 6.4x | -1.5x | -0.3x | -6.9x | -47.8x | |
| EV / LTM EBIT | 9.0x | 11.1x | -1.4x | -0.3x | -5.7x | -32.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -5.7x | -0.3x | 11.1x | ||||
| Historical EV / LTM EBIT | 9.2x | 210.7x | 11445.8x | ||||
| Selected EV / LTM EBIT | -25.9x | -27.2x | -28.6x | ||||
| (x) LTM EBIT | (18) | (18) | (18) | ||||
| (=) Implied Enterprise Value | 477 | 502 | 527 | ||||
| (-) Non-shareholder Claims * | (4) | (4) | (4) | ||||
| (=) Equity Value | 473 | 498 | 523 | ||||
| (/) Shares Outstanding | 10.3 | 10.3 | 10.3 | ||||
| Implied Value Range | 45.78 | 48.21 | 50.64 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 45.78 | 48.21 | 50.64 | 57.40 | |||
| Upside / (Downside) | -20.2% | -16.0% | -11.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | TPE | P4O | M5Z | E2Y0 | 6JG | SIS | |
| Enterprise Value | 345 | 11 | 52 | 1 | 45 | 597 | |
| (+) Cash & Short Term Investments | 18 | 5 | 14 | 1 | 1 | 0 | |
| (+) Investments & Other | 0 | 0 | 4 | 0 | 0 | 0 | |
| (-) Debt | (24) | (2) | (69) | (0) | (39) | (4) | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 339 | 15 | 1 | 2 | 7 | 593 | |
| (/) Shares Outstanding | 20.8 | 4.5 | 10.3 | 12.4 | 16.1 | 10.3 | |
| Implied Stock Price | 16.27 | 3.22 | 0.09 | 0.13 | 0.43 | 57.40 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 16.27 | 3.22 | 0.09 | 0.13 | 0.43 | 57.40 | |
| 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 | |