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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 11.0x - 12.1x | 11.5x |
Selected Fwd EBIT Multiple | 9.0x - 9.9x | 9.4x |
Fair Value | $28.46 - $32.97 | $30.71 |
Upside | -1.6% - 14.0% | 6.2% |
Benchmarks | Ticker | Full Ticker |
Constellium SE | 3OK | DB:3OK |
Pilbara Minerals Limited | PLR | DB:PLR |
Carpenter Technology Corporation | XTY | DB:XTY |
Materion Corporation | BEM | DB:BEM |
Commercial Metals Company | CMS | DB:CMS |
AMG Critical Materials N.V. | AMVM.F | OTCPK:AMVM.F |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
3OK | PLR | XTY | BEM | CMS | AMVM.F | ||
DB:3OK | DB:PLR | DB:XTY | DB:BEM | DB:CMS | OTCPK:AMVM.F | ||
Historical EBIT Growth | |||||||
5Y CAGR | 0.6% | NM- | 7.1% | 10.4% | 15.3% | 10.8% | |
3Y CAGR | -21.5% | NM- | NM- | 17.8% | 4.9% | 15.5% | |
Latest Twelve Months | -21.0% | -100.1% | 73.6% | 8.4% | -41.5% | -26.2% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 4.9% | 25.5% | 3.7% | 6.4% | 10.6% | 9.9% | |
Prior Fiscal Year | 5.0% | 79.0% | 4.8% | 8.6% | 13.3% | 16.5% | |
Latest Fiscal Year | 3.7% | 31.6% | 12.3% | 8.1% | 8.8% | 7.2% | |
Latest Twelve Months | 4.1% | -0.3% | 16.6% | 8.2% | 6.0% | 8.9% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 0.54x | 4.77x | 4.93x | 1.34x | 0.82x | 0.99x | |
EV / LTM EBITDA | 6.5x | 74.1x | 23.8x | 11.1x | 9.2x | 7.6x | |
EV / LTM EBIT | 13.2x | -1744.5x | 29.7x | 16.4x | 13.6x | 11.1x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | -1744.5x | 13.6x | 29.7x | ||||
Historical EV / LTM EBIT | 3.9x | 12.1x | 38.0x | ||||
Selected EV / LTM EBIT | 11.0x | 11.5x | 12.1x | ||||
(x) LTM EBIT | 130 | 130 | 130 | ||||
(=) Implied Enterprise Value | 1,427 | 1,502 | 1,577 | ||||
(-) Non-shareholder Claims * | (464) | (464) | (464) | ||||
(=) Equity Value | 963 | 1,038 | 1,113 | ||||
(/) Shares Outstanding | 32.3 | 32.3 | 32.3 | ||||
Implied Value Range | 29.84 | 32.17 | 34.50 | ||||
FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 29.84 | 32.17 | 34.50 | 28.93 | |||
Upside / (Downside) | 3.2% | 11.2% | 19.3% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | 3OK | PLR | XTY | BEM | CMS | AMVM.F | |
Enterprise Value | 3,984 | 4,561 | 14,165 | 2,306 | 6,344 | 1,397 | |
(+) Cash & Short Term Investments | 118 | 1,171 | 152 | 18 | 893 | 286 | |
(+) Investments & Other | 0 | 48 | 0 | 1 | 0 | 81 | |
(-) Debt | (2,061) | (634) | (703) | (537) | (1,344) | (816) | |
(-) Other Liabilities | (20) | 0 | 0 | 0 | (0) | (16) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 2,021 | 5,146 | 13,614 | 1,788 | 5,892 | 933 | |
(/) Shares Outstanding | 142.9 | 3,217.9 | 49.8 | 20.8 | 111.9 | 32.3 | |
Implied Stock Price | 14.14 | 1.60 | 273.49 | 85.90 | 52.64 | 28.93 | |
FX Conversion Rate to Trading Currency | 1.17 | 1.78 | 1.17 | 1.17 | 1.17 | 1.00 | |
Implied Stock Price (Trading Cur) | 12.10 | 0.90 | 234.00 | 73.50 | 45.04 | 28.93 | |
Trading Currency | EUR | EUR | EUR | EUR | EUR | USD | |
FX Rate to Reporting Currency | 1.17 | 1.78 | 1.17 | 1.17 | 1.17 | 1.00 |