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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 9.3x - 10.3x | 9.8x |
| Selected Fwd EBIT Multiple | 7.9x - 8.7x | 8.3x |
| Fair Value | $41.40 - $52.52 | $46.96 |
| Upside | -1.4% - 25.1% | 11.8% |
| 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- | -7.4% | 1.8% | -9.5% | |
| 3Y CAGR | 15.4% | 71.2% | NM- | -17.9% | 3.2% | -8.0% | |
| Latest Twelve Months | -16.0% | 22.6% | -77.8% | 0.2% | 8.6% | -19.8% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 11.8% | 13.6% | -5.3% | 19.9% | 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% | 17.5% | 21.3% | 9.4% | |
| Latest Twelve Months | 11.7% | 18.2% | 0.2% | 17.5% | 21.3% | 9.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.67x | 1.47x | 0.84x | 3.16x | 3.88x | 0.87x | |
| EV / LTM EBITDA | 4.2x | 6.9x | 15.9x | 14.2x | 15.7x | 6.8x | |
| EV / LTM EBIT | 5.7x | 8.1x | 419.3x | 18.1x | 18.2x | 9.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 5.7x | 18.1x | 419.3x | ||||
| Historical EV / LTM EBIT | 7.0x | 9.2x | 15.4x | ||||
| Selected EV / LTM EBIT | 9.3x | 9.8x | 10.3x | ||||
| (x) LTM EBIT | 3,379 | 3,379 | 3,379 | ||||
| (=) Implied Enterprise Value | 31,393 | 33,045 | 34,697 | ||||
| (-) Non-shareholder Claims * | (18,720) | (18,720) | (18,720) | ||||
| (=) Equity Value | 12,673 | 14,325 | 15,977 | ||||
| (/) Shares Outstanding | 291.6 | 291.6 | 291.6 | ||||
| Implied Value Range | 43.46 | 49.12 | 54.79 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 43.46 | 49.12 | 54.79 | 41.99 | |||
| Upside / (Downside) | 3.5% | 17.0% | 30.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | C07 | 53 | IEP | MMM | HON | JARL.F | |
| Enterprise Value | 14,219 | 4,297 | 8,385 | 77,003 | 148,023 | 30,965 | |
| (+) Cash & Short Term Investments | 2,842 | 3,119 | 2,603 | 7,728 | 10,953 | 4,897 | |
| (+) Investments & Other | 8,015 | 2,901 | 2,310 | 2,505 | 1,394 | 21,225 | |
| (-) Debt | (7,295) | (5,410) | (7,339) | (13,659) | (32,225) | (19,402) | |
| (-) Other Liabilities | (10,127) | (2,307) | (1,380) | (52) | (542) | (25,440) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 7,654 | 2,600 | 4,579 | 73,525 | 127,603 | 12,245 | |
| (/) Shares Outstanding | 395.2 | 329.1 | 522.7 | 539.3 | 643.3 | 291.6 | |
| Implied Stock Price | 19.37 | 7.90 | 8.76 | 136.33 | 198.37 | 41.99 | |
| FX Conversion Rate to Trading Currency | 0.76 | 0.13 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 25.40 | 61.30 | 8.76 | 136.33 | 198.37 | 41.99 | |
| Trading Currency | SGD | HKD | USD | USD | USD | USD | |
| FX Rate to Reporting Currency | 0.76 | 0.13 | 1.00 | 1.00 | 1.00 | 1.00 | |