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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 8.1x - 8.9x | 8.5x |
| Selected Fwd EBITDA Multiple | 7.3x - 8.1x | 7.7x |
| Fair Value | $65.35 - $81.73 | $73.54 |
| Upside | 11.1% - 39.0% | 25.1% |
| Benchmarks | Ticker | Full Ticker |
| Dr. Ing. h.c. F. Porsche AG | P911 | XTRA:P911 |
| Bayerische Motoren Werke Aktiengesellschaft | BMW | XTRA:BMW |
| Volkswagen AG | VOW | XTRA:VOW |
| Renault SA | RNL | XTRA:RNL |
| Stellantis N.V. | 8TI | XTRA:8TI |
| Mercedes-Benz Group AG | MBGA.F | OTCPK:MBGA.F |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| P911 | BMW | VOW | RNL | 8TI | MBGA.F | ||
| XTRA:P911 | XTRA:BMW | XTRA:VOW | XTRA:RNL | XTRA:8TI | OTCPK:MBGA.F | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 8.4% | 6.1% | 2.2% | 3.1% | 11.2% | 16.5% | |
| 3Y CAGR | 3.7% | -1.1% | 3.2% | 17.5% | -18.3% | -4.3% | |
| Latest Twelve Months | -15.5% | -29.5% | -11.0% | 0.6% | -61.4% | -20.4% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 21.1% | 13.3% | 11.2% | 9.2% | 12.1% | 12.5% | |
| Prior Fiscal Year | 22.5% | 15.5% | 10.6% | 11.7% | 14.6% | 14.0% | |
| Latest Fiscal Year | 19.4% | 11.9% | 10.5% | 10.9% | 6.8% | 11.5% | |
| Latest Twelve Months | 18.4% | 11.5% | 9.2% | 10.9% | 6.8% | 10.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.94x | 1.00x | 0.81x | 0.77x | 0.10x | 0.85x | |
| EV / LTM EBITDA | 5.1x | 8.6x | 8.8x | 7.0x | 1.5x | 7.8x | |
| EV / LTM EBIT | 7.2x | 13.4x | 12.2x | 10.3x | 2.5x | 10.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 1.5x | 7.0x | 8.8x | ||||
| Historical EV / LTM EBITDA | 6.3x | 7.7x | 25.3x | ||||
| Selected EV / LTM EBITDA | 8.1x | 8.5x | 8.9x | ||||
| (x) LTM EBITDA | 15,578 | 15,578 | 15,578 | ||||
| (=) Implied Enterprise Value | 125,758 | 132,377 | 138,996 | ||||
| (-) Non-shareholder Claims * | (74,173) | (74,173) | (74,173) | ||||
| (=) Equity Value | 51,585 | 58,204 | 64,823 | ||||
| (/) Shares Outstanding | 962.0 | 962.0 | 962.0 | ||||
| Implied Value Range | 53.62 | 60.51 | 67.39 | ||||
| FX Rate: EUR/USD | 0.9 | 0.9 | 0.9 | Market Price | |||
| Implied Value Range (Trading Cur) | 62.77 | 70.82 | 78.88 | 58.80 | |||
| Upside / (Downside) | 6.8% | 20.4% | 34.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | P911 | BMW | VOW | RNL | 8TI | MBGA.F | |
| Enterprise Value | 37,507 | 139,193 | 264,554 | 43,164 | 15,800 | 122,495 | |
| (+) Cash & Short Term Investments | 8,376 | 16,810 | 49,987 | 23,075 | 35,392 | 20,035 | |
| (+) Investments & Other | 4,269 | 1,595 | 0 | 17,070 | 11,888 | 13,137 | |
| (-) Debt | (11,248) | (108,495) | (252,054) | (71,690) | (37,251) | (106,316) | |
| (-) Other Liabilities | (13) | (2,723) | (15,541) | (793) | (423) | (1,029) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 38,891 | 46,380 | 46,946 | 10,826 | 25,406 | 48,322 | |
| (/) Shares Outstanding | 911.0 | 603.6 | 501.3 | 270.2 | 2,880.5 | 962.0 | |
| Implied Stock Price | 42.69 | 76.84 | 93.65 | 40.06 | 8.82 | 50.23 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.85 | |
| Implied Stock Price (Trading Cur) | 42.69 | 76.84 | 93.65 | 40.06 | 8.82 | 58.80 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.85 | |