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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 9.7x - 10.7x | 10.2x |
| Selected Fwd EBIT Multiple | 8.0x - 8.9x | 8.4x |
| Fair Value | $44.43 - $55.86 | $50.14 |
| Upside | -7.5% - 16.3% | 4.4% |
| Benchmarks | Ticker | Full Ticker |
| Jardine Cycle & Carriage Limited | C07 | SGX:C07 |
| Guoco Group Limited | 53 | SEHK:53 |
| Icahn Enterprises L.P. | IEP | NasdaqGS:IEP |
| 3M Company | MMM | NYSE:MMM |
| Honeywell International Inc. | HON | NasdaqGS:HON |
| Jardine Matheson Holdings Limited | JARL.F | OTCPK:JARL.F |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| C07 | 53 | IEP | MMM | HON | JARL.F | ||
| SGX:C07 | SEHK:53 | NasdaqGS:IEP | NYSE:MMM | NasdaqGS:HON | OTCPK:JARL.F | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 3.5% | 3.6% | NM- | -7.9% | 1.9% | -9.5% | |
| 3Y CAGR | 15.4% | 71.2% | NM- | -18.6% | 3.4% | -8.0% | |
| Latest Twelve Months | -16.0% | 22.6% | -598.4% | -9.8% | 7.7% | -19.8% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 11.8% | 13.6% | -3.3% | 19.6% | 20.8% | 10.3% | |
| Prior Fiscal Year | 14.0% | 11.0% | 0.8% | 17.4% | 20.6% | 11.7% | |
| Latest Fiscal Year | 11.7% | 18.1% | 0.2% | 17.0% | 21.4% | 9.4% | |
| Latest Twelve Months | 11.7% | 18.2% | -6.6% | 16.9% | 21.3% | 9.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.68x | 1.51x | 0.88x | 3.42x | 4.12x | 0.90x | |
| EV / LTM EBITDA | 4.2x | 7.0x | -74.0x | 15.7x | 16.5x | 7.1x | |
| EV / LTM EBIT | 5.8x | 8.3x | -13.4x | 20.2x | 19.3x | 9.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -13.4x | 8.3x | 20.2x | ||||
| Historical EV / LTM EBIT | 7.0x | 9.6x | 15.4x | ||||
| Selected EV / LTM EBIT | 9.7x | 10.2x | 10.7x | ||||
| (x) LTM EBIT | 3,379 | 3,379 | 3,379 | ||||
| (=) Implied Enterprise Value | 32,733 | 34,455 | 36,178 | ||||
| (-) Non-shareholder Claims * | (18,720) | (18,720) | (18,720) | ||||
| (=) Equity Value | 14,013 | 15,735 | 17,458 | ||||
| (/) Shares Outstanding | 291.6 | 291.6 | 291.6 | ||||
| Implied Value Range | 48.05 | 53.96 | 59.87 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 48.05 | 53.96 | 59.87 | 48.05 | |||
| Upside / (Downside) | 0.0% | 12.3% | 24.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | C07 | 53 | IEP | MMM | HON | JARL.F | |
| Enterprise Value | 14,379 | 4,404 | 8,291 | 83,914 | 159,993 | 32,732 | |
| (+) Cash & Short Term Investments | 2,842 | 3,119 | 2,183 | 7,024 | 10,059 | 4,897 | |
| (+) Investments & Other | 8,015 | 2,901 | 2,073 | 0 | 1,418 | 21,225 | |
| (-) Debt | (7,295) | (5,410) | (6,794) | (14,134) | (33,991) | (19,402) | |
| (-) Other Liabilities | (10,127) | (2,307) | (1,179) | (59) | (568) | (25,440) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 7,814 | 2,708 | 4,574 | 76,745 | 136,911 | 14,012 | |
| (/) Shares Outstanding | 395.2 | 329.1 | 522.7 | 538.2 | 642.7 | 291.6 | |
| Implied Stock Price | 19.77 | 8.23 | 8.75 | 142.60 | 213.03 | 48.05 | |
| FX Conversion Rate to Trading Currency | 0.77 | 0.13 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 25.66 | 64.00 | 8.75 | 142.60 | 213.03 | 48.05 | |
| Trading Currency | SGD | HKD | USD | USD | USD | USD | |
| FX Rate to Reporting Currency | 0.77 | 0.13 | 1.00 | 1.00 | 1.00 | 1.00 | |