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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | -1.4x - -1.5x | -1.5x |
| Selected Fwd EBITDA Multiple | -3.2x - -3.5x | -3.3x |
| Fair Value | $5.04 - $6.42 | $5.73 |
| Upside | 21.2% - 54.4% | 37.8% |
| Benchmarks | Ticker | Full Ticker |
| Aptiv PLC | APTV | NYSE:APTV |
| Strattec Security Corporation | STRT | NasdaqGM:STRT |
| Motorcar Parts of America, Inc. | MPAA | NasdaqGS:MPAA |
| The Goodyear Tire & Rubber Company | GT | NasdaqGS:GT |
| Solid Power, Inc. | SLDP | NasdaqGS:SLDP |
| Luminar Technologies, Inc. | LAZR | NasdaqGS:LAZR |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| APTV | STRT | MPAA | GT | SLDP | LAZR | ||
| NYSE:APTV | NasdaqGM:STRT | NasdaqGS:MPAA | NasdaqGS:GT | NasdaqGS:SLDP | NasdaqGS:LAZR | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 7.7% | 5.2% | 17.5% | 1.4% | NM- | NM- | |
| 3Y CAGR | 15.7% | -13.1% | 5.9% | -6.9% | NM- | NM- | |
| Latest Twelve Months | 8.2% | 57.7% | 26.7% | -2.3% | -6.1% | 24.5% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 13.2% | 5.8% | 7.6% | 8.2% | -535.5% | -710.5% | |
| Prior Fiscal Year | 13.7% | 2.2% | 5.8% | 7.5% | -451.8% | -746.9% | |
| Latest Fiscal Year | 15.6% | 6.5% | 7.5% | 8.5% | -441.3% | -521.7% | |
| Latest Twelve Months | 15.8% | 6.2% | 9.2% | 8.4% | -428.1% | -521.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.99x | 0.26x | 0.55x | 0.61x | 0.04x | 6.87x | |
| EV / LTM EBITDA | 6.3x | 4.1x | 6.0x | 7.3x | 0.0x | -1.3x | |
| EV / LTM EBIT | 9.1x | 7.4x | 7.1x | 17.2x | 0.0x | -1.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 0.0x | 6.0x | 7.3x | ||||
| Historical EV / LTM EBITDA | -157.6x | -5.1x | -1.3x | ||||
| Selected EV / LTM EBITDA | -1.4x | -1.5x | -1.5x | ||||
| (x) LTM EBITDA | (393) | (393) | (393) | ||||
| (=) Implied Enterprise Value | 548 | 577 | 606 | ||||
| (-) Non-shareholder Claims * | (342) | (342) | (342) | ||||
| (=) Equity Value | 206 | 235 | 264 | ||||
| (/) Shares Outstanding | 42.4 | 42.4 | 42.4 | ||||
| Implied Value Range | 4.86 | 5.54 | 6.22 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 4.86 | 5.54 | 6.22 | 4.16 | |||
| Upside / (Downside) | 16.9% | 33.2% | 49.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | APTV | STRT | MPAA | GT | SLDP | LAZR | |
| Enterprise Value | 19,505 | 161 | 418 | 11,393 | (59) | 518 | |
| (+) Cash & Short Term Investments | 1,100 | 43 | 13 | 902 | 241 | 183 | |
| (+) Investments & Other | 1,620 | 0 | 0 | 0 | 60 | 10 | |
| (-) Debt | (8,439) | (13) | (238) | (9,036) | (9) | (535) | |
| (-) Other Liabilities | (293) | (24) | 0 | (156) | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 13,493 | 167 | 193 | 3,103 | 233 | 176 | |
| (/) Shares Outstanding | 217.7 | 4.2 | 19.6 | 285.7 | 179.4 | 42.4 | |
| Implied Stock Price | 61.97 | 39.92 | 9.84 | 10.86 | 1.30 | 4.16 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 61.97 | 39.92 | 9.84 | 10.86 | 1.30 | 4.16 | |
| Trading Currency | USD | USD | USD | USD | USD | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |