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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 22.4x - 24.8x | 23.6x |
| Selected Fwd EBIT Multiple | 19.3x - 21.4x | 20.3x |
| Fair Value | $163.13 - $181.10 | $172.12 |
| Upside | -8.7% - 1.3% | -3.7% |
| Benchmarks | Ticker | Full Ticker |
| Rockwell Automation, Inc. | ROK | NYSE:ROK |
| EnerSys | ENS | NYSE:ENS |
| Acuity Inc. | AYI | NYSE:AYI |
| Hubbell Incorporated | HUBB | NYSE:HUBB |
| Regal Rexnord Corporation | RRX | NYSE:RRX |
| AMETEK, Inc. | AME | NYSE:AME |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| ROK | ENS | AYI | HUBB | RRX | AME | ||
| NYSE:ROK | NYSE:ENS | NYSE:AYI | NYSE:HUBB | NYSE:RRX | NYSE:AME | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | -0.9% | 14.2% | 3.7% | 14.7% | 15.7% | 8.6% | |
| 3Y CAGR | 4.3% | 28.3% | 9.0% | 27.2% | 20.0% | 10.8% | |
| Latest Twelve Months | -18.0% | 18.6% | 9.3% | 7.9% | -0.4% | 2.3% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 16.8% | 9.1% | 12.7% | 15.9% | 11.8% | 24.5% | |
| Prior Fiscal Year | 17.8% | 11.5% | 12.5% | 19.4% | 11.2% | 25.9% | |
| Latest Fiscal Year | 15.8% | 13.5% | 14.4% | 19.6% | 11.7% | 25.6% | |
| Latest Twelve Months | 16.0% | 13.5% | 14.2% | 19.8% | 12.1% | 25.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 4.94x | 1.15x | 2.21x | 4.01x | 2.37x | 6.20x | |
| EV / LTM EBITDA | 24.9x | 7.1x | 13.2x | 17.2x | 11.5x | 19.7x | |
| EV / LTM EBIT | 31.0x | 8.5x | 15.5x | 20.2x | 19.6x | 24.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 8.5x | 19.6x | 31.0x | ||||
| Historical EV / LTM EBIT | 23.4x | 24.5x | 29.3x | ||||
| Selected EV / LTM EBIT | 22.4x | 23.6x | 24.8x | ||||
| (x) LTM EBIT | 1,790 | 1,790 | 1,790 | ||||
| (=) Implied Enterprise Value | 40,078 | 42,187 | 44,296 | ||||
| (-) Non-shareholder Claims * | (1,761) | (1,761) | (1,761) | ||||
| (=) Equity Value | 38,316 | 40,426 | 42,535 | ||||
| (/) Shares Outstanding | 230.9 | 230.9 | 230.9 | ||||
| Implied Value Range | 165.96 | 175.10 | 184.23 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 165.96 | 175.10 | 184.23 | 178.74 | |||
| Upside / (Downside) | -7.2% | -2.0% | 3.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | ROK | ENS | AYI | HUBB | RRX | AME | |
| Enterprise Value | 39,200 | 4,174 | 8,748 | 22,367 | 14,005 | 43,029 | |
| (+) Cash & Short Term Investments | 456 | 343 | 398 | 360 | 305 | 399 | |
| (+) Investments & Other | 171 | 0 | 0 | 87 | 3 | 9 | |
| (-) Debt | (4,093) | (1,235) | (1,192) | (2,011) | (5,454) | (2,170) | |
| (-) Other Liabilities | (166) | (3) | 0 | (11) | (8) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 35,568 | 3,278 | 7,954 | 20,793 | 8,852 | 41,267 | |
| (/) Shares Outstanding | 112.7 | 39.2 | 30.6 | 53.4 | 66.3 | 230.9 | |
| Implied Stock Price | 315.55 | 83.63 | 259.89 | 389.58 | 133.44 | 178.74 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 315.55 | 83.63 | 259.89 | 389.58 | 133.44 | 178.74 | |
| 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 | |