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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 14.0x - 15.5x | 14.8x |
| Selected Fwd EBIT Multiple | 12.9x - 14.2x | 13.6x |
| Fair Value | €19.55 - €21.84 | €20.69 |
| Upside | 2.7% - 14.7% | 8.7% |
| Benchmarks | Ticker | Full Ticker |
| Epiroc AB (publ) | EPI A | OM:EPIA |
| Beijer Alma AB (publ) | BEIA B | OM:BEIAB |
| Trelleborg AB (publ) | TREL B | OM:TRELB |
| Troax Group AB (publ) | TROAX | OM:TROAX |
| ITT Inc. | 2II | DB:2II |
| Sandvik AB (publ) | SVKB | DB:SVKB |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| EPI A | BEIA B | TREL B | TROAX | 2II | SVKB | ||
| OM:EPIA | OM:BEIAB | OM:TRELB | OM:TROAX | DB:2II | DB:SVKB | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 8.1% | 9.6% | 3.4% | 6.2% | 9.4% | 1.1% | |
| 3Y CAGR | 10.8% | 7.5% | 13.4% | -5.3% | 13.3% | 2.6% | |
| Latest Twelve Months | -2.5% | 9.4% | 1.3% | -9.7% | 14.5% | 12.7% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 21.3% | 13.5% | 15.4% | 18.5% | 15.5% | 17.4% | |
| Prior Fiscal Year | 21.9% | 12.5% | 16.1% | 18.8% | 16.0% | 18.2% | |
| Latest Fiscal Year | 19.1% | 12.8% | 16.0% | 16.0% | 17.3% | 15.5% | |
| Latest Twelve Months | 19.2% | 12.8% | 16.0% | 15.6% | 17.5% | 18.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.92x | 2.21x | 2.48x | 2.95x | 3.37x | 2.40x | |
| EV / LTM EBITDA | 17.4x | 14.9x | 12.1x | 15.2x | 15.8x | 10.8x | |
| EV / LTM EBIT | 20.4x | 17.3x | 15.6x | 18.9x | 19.3x | 13.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 15.6x | 18.9x | 20.4x | ||||
| Historical EV / LTM EBIT | 13.8x | 15.1x | 19.5x | ||||
| Selected EV / LTM EBIT | 14.0x | 14.8x | 15.5x | ||||
| (x) LTM EBIT | 22,120 | 22,120 | 22,120 | ||||
| (=) Implied Enterprise Value | 310,145 | 326,468 | 342,792 | ||||
| (-) Non-shareholder Claims * | (31,384) | (31,384) | (31,384) | ||||
| (=) Equity Value | 278,761 | 295,084 | 311,408 | ||||
| (/) Shares Outstanding | 1,254.4 | 1,254.4 | 1,254.4 | ||||
| Implied Value Range | 222.23 | 235.24 | 248.26 | ||||
| FX Rate: SEK/EUR | 11.1 | 11.1 | 11.1 | Market Price | |||
| Implied Value Range (Trading Cur) | 20.05 | 21.22 | 22.39 | 19.04 | |||
| Upside / (Downside) | 5.3% | 11.5% | 17.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | EPI A | BEIA B | TREL B | TROAX | 2II | SVKB | |
| Enterprise Value | 263,802 | 16,221 | 85,754 | 805 | 12,149 | 296,076 | |
| (+) Cash & Short Term Investments | 9,107 | 505 | 1,918 | 29 | 440 | 4,965 | |
| (+) Investments & Other | 31 | 0 | 57 | 0 | 43 | 9,894 | |
| (-) Debt | (21,370) | (3,400) | (8,903) | (79) | (831) | (46,171) | |
| (-) Other Liabilities | (368) | (68) | (4) | 0 | (7) | (72) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 251,202 | 13,258 | 78,822 | 755 | 11,794 | 264,692 | |
| (/) Shares Outstanding | 1,208.9 | 60.3 | 228.5 | 59.8 | 78.7 | 1,254.4 | |
| Implied Stock Price | 207.80 | 220.00 | 345.00 | 12.61 | 149.86 | 211.01 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 0.09 | 1.15 | 11.09 | |
| Implied Stock Price (Trading Cur) | 207.80 | 220.00 | 345.00 | 139.80 | 130.00 | 19.04 | |
| Trading Currency | SEK | SEK | SEK | SEK | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 0.09 | 1.15 | 11.09 | |