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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 21.0x - 23.2x | 22.1x |
Selected Fwd EBIT Multiple | 7.2x - 7.9x | 7.5x |
Fair Value | €12.88 - €15.91 | €14.40 |
Upside | -28.4% - -11.6% | -20.0% |
Benchmarks | Ticker | Full Ticker |
Westag AG | WUG | HMSE:WUG |
InnoTec TSS AG | TSS | DB:TSS |
STEICO SE | ST5 | XTRA:ST5 |
Deceuninck NV | 1Z4 | DB:1Z4 |
Recticel SA/NV | RCZ | DB:RCZ |
Villeroy & Boch AG | VIB3 | DB:VIB3 |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
WUG | TSS | ST5 | 1Z4 | RCZ | VIB3 | ||
HMSE:WUG | DB:TSS | XTRA:ST5 | DB:1Z4 | DB:RCZ | DB:VIB3 | ||
Historical EBIT Growth | |||||||
5Y CAGR | 40.8% | -7.8% | -1.4% | 36.2% | -6.4% | 27.4% | |
3Y CAGR | NM- | -12.2% | -25.3% | 7.1% | -16.5% | -28.8% | |
Latest Twelve Months | 89.7% | -2.5% | 7.5% | 30.2% | 23.5% | -28.1% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 1.0% | 10.3% | 11.6% | 6.6% | 4.3% | 6.3% | |
Prior Fiscal Year | 1.6% | 7.5% | 7.0% | 6.2% | 2.9% | 6.2% | |
Latest Fiscal Year | 3.6% | 7.3% | 7.3% | 8.4% | 3.1% | 2.3% | |
Latest Twelve Months | 3.6% | 7.3% | 7.3% | 8.4% | 3.1% | 2.4% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 0.54x | 0.45x | 1.25x | 0.47x | 0.81x | 0.60x | |
EV / LTM EBITDA | 7.1x | 4.0x | 6.6x | 3.7x | 11.5x | 11.3x | |
EV / LTM EBIT | 15.2x | 6.2x | 17.1x | 5.6x | 25.8x | 25.2x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | 5.6x | 15.2x | 25.8x | ||||
Historical EV / LTM EBIT | -49.2x | 4.4x | 39.4x | ||||
Selected EV / LTM EBIT | 21.0x | 22.1x | 23.2x | ||||
(x) LTM EBIT | 36 | 36 | 36 | ||||
(=) Implied Enterprise Value | 750 | 790 | 829 | ||||
(-) Non-shareholder Claims * | (425) | (425) | (425) | ||||
(=) Equity Value | 326 | 365 | 405 | ||||
(/) Shares Outstanding | 26.7 | 26.7 | 26.7 | ||||
Implied Value Range | 12.22 | 13.70 | 15.18 | ||||
FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 12.22 | 13.70 | 15.18 | 18.00 | |||
Upside / (Downside) | -32.1% | -23.9% | -15.7% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | WUG | TSS | ST5 | 1Z4 | RCZ | VIB3 | |
Enterprise Value | 101 | 51 | 471 | 387 | 488 | 904 | |
(+) Cash & Short Term Investments | 30 | 28 | 34 | 34 | 133 | 82 | |
(+) Investments & Other | 3 | (0) | 0 | 0 | 1 | 42 | |
(-) Debt | 0 | (11) | (170) | (119) | (58) | (548) | |
(-) Other Liabilities | 0 | (0) | 0 | (17) | (2) | (0) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 135 | 68 | 334 | 284 | 561 | 480 | |
(/) Shares Outstanding | 4.3 | 9.6 | 14.1 | 138.1 | 56.4 | 26.7 | |
Implied Stock Price | 31.00 | 7.10 | 23.75 | 2.06 | 9.96 | 18.00 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 31.00 | 7.10 | 23.75 | 2.06 | 9.96 | 18.00 | |
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 |