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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 6.9x - 7.6x | 7.2x |
| Selected Fwd EBIT Multiple | 2.7x - 3.0x | 2.8x |
| Fair Value | €0.85 - €0.90 | €0.87 |
| Upside | -13.5% - -8.4% | -10.9% |
| Benchmarks | Ticker | Full Ticker |
| Dixon Technologies (India) Limited | DIXON | NSEI:DIXON |
| Hisense Visual Technology Co., Ltd. | 600060 | SHSE:600060 |
| Panasonic Holdings Corporation | 6752 | TSE:6752 |
| Sony Group Corporation | 6758 | TSE:6758 |
| LG Electronics Inc. | A066570 | KOSE:A066570 |
| TCL Electronics Holdings Limited | TC2A | DB:TC2A |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| DIXON | 600060 | 6752 | 6758 | A066570 | TC2A | ||
| NSEI:DIXON | SHSE:600060 | TSE:6752 | TSE:6758 | KOSE:A066570 | DB:TC2A | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 45.1% | 41.6% | 8.7% | 10.6% | 7.0% | 17.7% | |
| 3Y CAGR | 60.8% | 23.0% | 9.0% | 8.2% | -5.5% | NM- | |
| Latest Twelve Months | 128.4% | 11.1% | 9.5% | 22.3% | -4.2% | 527.4% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 3.3% | 3.3% | 4.1% | 10.6% | 4.9% | -0.4% | |
| Prior Fiscal Year | 3.0% | 3.7% | 4.4% | 8.9% | 4.4% | 0.3% | |
| Latest Fiscal Year | 3.2% | 3.7% | 4.8% | 10.9% | 3.9% | 1.4% | |
| Latest Twelve Months | 3.2% | 3.7% | 4.8% | 10.9% | 3.7% | 1.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.29x | 0.32x | 0.41x | 1.83x | 0.25x | 0.15x | |
| EV / LTM EBITDA | 58.9x | 6.2x | 4.3x | 10.3x | 3.2x | 7.8x | |
| EV / LTM EBIT | 72.4x | 8.6x | 8.6x | 16.8x | 6.7x | 10.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 6.7x | 8.6x | 72.4x | ||||
| Historical EV / LTM EBIT | -7.0x | -2.6x | 10.4x | ||||
| Selected EV / LTM EBIT | 6.9x | 7.2x | 7.6x | ||||
| (x) LTM EBIT | 1,420 | 1,420 | 1,420 | ||||
| (=) Implied Enterprise Value | 9,731 | 10,243 | 10,755 | ||||
| (-) Non-shareholder Claims * | 8,794 | 8,794 | 8,794 | ||||
| (=) Equity Value | 18,525 | 19,037 | 19,549 | ||||
| (/) Shares Outstanding | 2,520.9 | 2,520.9 | 2,520.9 | ||||
| Implied Value Range | 7.35 | 7.55 | 7.75 | ||||
| FX Rate: HKD/EUR | 9.1 | 9.1 | 9.1 | Market Price | |||
| Implied Value Range (Trading Cur) | 0.81 | 0.83 | 0.85 | 0.98 | |||
| Upside / (Downside) | -17.8% | -15.5% | -13.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | DIXON | 600060 | 6752 | 6758 | A066570 | TC2A | |
| Enterprise Value | 884,530 | 19,111 | 3,491,401 | 23,678,382 | 22,991,501 | 13,738 | |
| (+) Cash & Short Term Investments | 2,635 | 15,910 | 1,013,036 | 1,764,679 | 7,017,122 | 13,585 | |
| (+) Investments & Other | 5,356 | 801 | 683,079 | 369,686 | 2,871,002 | 1,937 | |
| (-) Debt | (6,710) | (1,358) | (1,568,243) | (4,213,065) | (15,168,668) | (6,257) | |
| (-) Other Liabilities | (4,591) | (5,487) | (180,408) | (372,457) | (4,260,032) | (472) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 881,220 | 28,977 | 3,438,865 | 21,227,225 | 13,450,925 | 22,532 | |
| (/) Shares Outstanding | 60.5 | 1,281.6 | 2,334.6 | 6,013.4 | 180.1 | 2,520.9 | |
| Implied Stock Price | 14,571.00 | 22.61 | 1,473.00 | 3,530.00 | 74,700.00 | 8.94 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 9.11 | |
| Implied Stock Price (Trading Cur) | 14,571.00 | 22.61 | 1,473.00 | 3,530.00 | 74,700.00 | 0.98 | |
| Trading Currency | INR | CNY | JPY | JPY | KRW | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 9.11 | |