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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 0.5x - 0.6x | 0.6x |
| Selected Fwd Revenue Multiple | 0.5x - 0.5x | 0.5x |
| Fair Value | €13.16 - €16.12 | €14.64 |
| Upside | -27.3% - -11.0% | -19.1% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Westag AG | WUG | DB:WUG |
| InnoTec TSS AG | TSS | DB:TSS |
| Deceuninck NV | 1Z4 | DB:1Z4 |
| Poujoulat SA | 72Y | DB:72Y |
| LapWall Oyj | QJ1 | DB:QJ1 |
| Villeroy & Boch AG | VIB3 | DB:VIB3 |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| WUG | TSS | 1Z4 | 72Y | QJ1 | VIB3 | |||
| DB:WUG | DB:TSS | DB:1Z4 | DB:72Y | DB:QJ1 | DB:VIB3 | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | -4.2% | 2.8% | 5.5% | 8.7% | NM- | 11.3% | ||
| 3Y CAGR | -6.0% | -0.1% | -0.4% | 12.8% | NM- | 14.6% | ||
| Latest Twelve Months | -12.8% | 0.4% | -4.5% | -17.4% | 3.4% | 57.6% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 1.0% | 10.3% | 6.6% | 5.1% | 10.0% | 6.3% | ||
| Prior Fiscal Year | 1.6% | 7.5% | 6.2% | 8.5% | 7.7% | 6.2% | ||
| Latest Fiscal Year | 3.6% | 7.5% | 8.4% | 4.1% | 9.7% | 2.3% | ||
| Latest Twelve Months | 3.6% | 7.5% | 8.4% | 2.2% | 9.7% | 2.3% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 0.55x | 0.56x | 0.49x | 0.64x | 1.29x | 0.61x | ||
| EV / LTM EBIT | 15.5x | 7.6x | 5.9x | 29.9x | 13.3x | 26.7x | ||
| Price / LTM Sales | 0.73x | 0.61x | 0.37x | 0.23x | 1.22x | 0.33x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 0.49x | 0.56x | 1.29x | |||||
| Historical EV / LTM Revenue | 0.32x | 0.42x | 0.61x | |||||
| Selected EV / LTM Revenue | 0.53x | 0.56x | 0.59x | |||||
| (x) LTM Revenue | 1,421 | 1,421 | 1,421 | |||||
| (=) Implied Enterprise Value | 755 | 795 | 835 | |||||
| (-) Non-shareholder Claims * | (397) | (397) | (397) | |||||
| (=) Equity Value | 358 | 398 | 438 | |||||
| (/) Shares Outstanding | 26.7 | 26.7 | 26.7 | |||||
| Implied Value Range | 13.43 | 14.92 | 16.42 | |||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 13.43 | 14.92 | 16.42 | 18.10 | ||||
| Upside / (Downside) | -25.8% | -17.5% | -9.3% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | WUG | TSS | 1Z4 | 72Y | QJ1 | VIB3 | |
| Enterprise Value | 105 | 65 | 400 | 206 | 54 | 880 | |
| (+) Cash & Short Term Investments | 30 | 17 | 34 | 5 | 4 | 91 | |
| (+) Investments & Other | 3 | 0 | 0 | 2 | 0 | 43 | |
| (-) Debt | 0 | (11) | (119) | (135) | (6) | (531) | |
| (-) Other Liabilities | 0 | (0) | (17) | (10) | 0 | (0) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 138 | 71 | 298 | 68 | 51 | 482 | |
| (/) Shares Outstanding | 4.3 | 9.6 | 138.1 | 7.7 | 14.5 | 26.7 | |
| Implied Stock Price | 31.80 | 7.40 | 2.16 | 8.78 | 3.54 | 18.10 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 31.80 | 7.40 | 2.16 | 8.78 | 3.54 | 18.10 | |
| 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 | |