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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBITDA Multiple | 5.8x - 6.4x | 6.1x |
Selected Fwd EBITDA Multiple | 5.2x - 5.7x | 5.5x |
Fair Value | €8.22 - €9.34 | €8.78 |
Upside | 1.1% - 14.9% | 8.0% |
Benchmarks | Ticker | Full Ticker |
Ferrari N.V. | RACE | BIT:RACE |
Mercedes-Benz Group AG | 1MBG | BIT:1MBG |
Sogefi S.p.A. | SGF | BIT:SGF |
Volkswagen AG | 1VOW3 | BIT:1VOW3 |
Renault SA | 1RNO | BIT:1RNO |
Brembo N.V. | Y8O | DB:Y8O |
- | - | - |
Select LTM EBITDA Multiple | |||||||
Benchmark Companies | |||||||
RACE | 1MBG | SGF | 1VOW3 | 1RNO | Y8O | ||
BIT:RACE | BIT:1MBG | BIT:SGF | BIT:1VOW3 | BIT:1RNO | DB:Y8O | ||
Historical EBITDA Growth | |||||||
5Y CAGR | 11.6% | 16.5% | -6.8% | 2.2% | 3.1% | 4.8% | |
3Y CAGR | 18.6% | -4.3% | -10.0% | 3.2% | 17.5% | 10.2% | |
Latest Twelve Months | 16.2% | -20.4% | 14.7% | -6.7% | 0.6% | -5.9% | |
Historical EBITDA Profit Margin | |||||||
5 Year Average Margin | 30.7% | 12.5% | 10.5% | 11.2% | 9.2% | 15.5% | |
Prior Fiscal Year | 32.0% | 14.0% | 8.7% | 10.6% | 11.7% | 15.4% | |
Latest Fiscal Year | 32.8% | 11.5% | 10.7% | 10.5% | 10.9% | 15.2% | |
Latest Twelve Months | 33.3% | 10.9% | 10.9% | 9.2% | 10.9% | 14.9% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 11.51x | 0.86x | 0.33x | 0.81x | 0.74x | 0.89x | |
EV / LTM EBITDA | 34.6x | 7.9x | 3.1x | 8.8x | 6.7x | 6.0x | |
EV / LTM EBIT | 40.0x | 11.0x | 5.8x | 12.2x | 9.9x | 9.8x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBITDA | 3.1x | 7.9x | 34.6x | ||||
Historical EV / LTM EBITDA | 6.0x | 7.6x | 11.7x | ||||
Selected EV / LTM EBITDA | 5.8x | 6.1x | 6.4x | ||||
(x) LTM EBITDA | 570 | 570 | 570 | ||||
(=) Implied Enterprise Value | 3,320 | 3,494 | 3,669 | ||||
(-) Non-shareholder Claims * | (788) | (788) | (788) | ||||
(=) Equity Value | 2,532 | 2,707 | 2,882 | ||||
(/) Shares Outstanding | 318.9 | 318.9 | 318.9 | ||||
Implied Value Range | 7.94 | 8.49 | 9.04 | ||||
FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 7.94 | 8.49 | 9.04 | 8.13 | |||
Upside / (Downside) | -2.3% | 4.4% | 11.2% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | RACE | 1MBG | SGF | 1VOW3 | 1RNO | Y8O | |
Enterprise Value | 79,170 | 123,627 | 338 | 263,025 | 41,392 | 3,380 | |
(+) Cash & Short Term Investments | 1,870 | 20,035 | 58 | 49,987 | 23,075 | 485 | |
(+) Investments & Other | 84 | 13,137 | 4 | 0 | 17,070 | 0 | |
(-) Debt | (3,334) | (106,316) | (116) | (252,054) | (71,690) | (1,272) | |
(-) Other Liabilities | (5) | (1,029) | (13) | (15,541) | (793) | 0 | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 77,786 | 49,454 | 271 | 45,417 | 9,054 | 2,592 | |
(/) Shares Outstanding | 178.2 | 962.0 | 119.0 | 501.3 | 269.9 | 318.9 | |
Implied Stock Price | 436.50 | 51.41 | 2.28 | 90.60 | 33.54 | 8.13 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 436.50 | 51.41 | 2.28 | 90.60 | 33.54 | 8.13 | |
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 |