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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 12.1x - 13.4x | 12.8x |
| Selected Fwd EBITDA Multiple | 9.6x - 10.6x | 10.1x |
| Fair Value | $28.35 - $31.58 | $29.96 |
| Upside | -29.7% - -21.7% | -25.7% |
| Benchmarks | Ticker | Full Ticker |
| Sandvik AB (publ) | SAND | OM:SAND |
| AB SKF (publ) | SKF A | OM:SKFA |
| Parker-Hannifin Corporation | PAR | DB:PAR |
| Noritake Co., Limited | NO4 | DB:NO4 |
| The Weir Group PLC | 42W | DB:42W |
| Trelleborg AB (publ) | TBAB.F | OTCPK:TBAB.F |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| SAND | SKF A | PAR | NO4 | 42W | TBAB.F | ||
| OM:SAND | OM:SKFA | DB:PAR | DB:NO4 | DB:42W | OTCPK:TBAB.F | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 2.2% | 3.3% | 14.3% | 6.1% | 2.7% | 2.9% | |
| 3Y CAGR | 3.7% | 2.9% | 18.3% | 28.3% | 12.9% | 14.5% | |
| Latest Twelve Months | -12.9% | -3.0% | 0.6% | 4.8% | 5.3% | 0.9% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 21.6% | 13.5% | 21.7% | 9.5% | 16.7% | 19.0% | |
| Prior Fiscal Year | 22.2% | 13.6% | 22.6% | 9.9% | 16.5% | 20.1% | |
| Latest Fiscal Year | 19.9% | 13.9% | 24.6% | 11.3% | 18.2% | 20.4% | |
| Latest Twelve Months | 19.9% | 13.9% | 25.0% | 11.2% | 18.2% | 20.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.09x | 0.86x | 3.77x | 0.19x | 2.24x | 2.10x | |
| EV / LTM EBITDA | 10.5x | 6.1x | 15.1x | 1.7x | 12.3x | 10.3x | |
| EV / LTM EBIT | 13.4x | 7.9x | 18.5x | 2.5x | 14.4x | 13.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 1.7x | 10.5x | 15.1x | ||||
| Historical EV / LTM EBITDA | 10.3x | 12.1x | 15.6x | ||||
| Selected EV / LTM EBITDA | 12.1x | 12.8x | 13.4x | ||||
| (x) LTM EBITDA | 6,963 | 6,963 | 6,963 | ||||
| (=) Implied Enterprise Value | 84,538 | 88,987 | 93,436 | ||||
| (-) Non-shareholder Claims * | (6,345) | (6,345) | (6,345) | ||||
| (=) Equity Value | 78,193 | 82,642 | 87,091 | ||||
| (/) Shares Outstanding | 274.2 | 274.2 | 274.2 | ||||
| Implied Value Range | 285.18 | 301.41 | 317.64 | ||||
| FX Rate: SEK/USD | 10.0 | 10.0 | 10.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 28.66 | 30.29 | 31.92 | 40.34 | |||
| Upside / (Downside) | -29.0% | -24.9% | -20.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | SAND | SKF A | PAR | NO4 | 42W | TBAB.F | |
| Enterprise Value | 255,618 | 84,300 | 75,103 | 26,301 | 5,611 | 116,408 | |
| (+) Cash & Short Term Investments | 4,528 | 11,093 | 396 | 18,782 | 556 | 2,163 | |
| (+) Investments & Other | 634 | 1,909 | 1,203 | 55,709 | 13 | 57 | |
| (-) Debt | (42,755) | (20,760) | (9,041) | (9,467) | (1,091) | (8,561) | |
| (-) Other Liabilities | (75) | (2,320) | (9) | (932) | (9) | (4) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 217,950 | 74,222 | 67,652 | 90,393 | 5,080 | 110,063 | |
| (/) Shares Outstanding | 1,254.4 | 455.4 | 128.8 | 28.3 | 257.6 | 274.2 | |
| Implied Stock Price | 173.75 | 163.00 | 525.39 | 3,188.72 | 19.72 | 401.42 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.11 | 161.05 | 0.86 | 9.95 | |
| Implied Stock Price (Trading Cur) | 173.75 | 163.00 | 474.90 | 19.80 | 23.02 | 40.34 | |
| Trading Currency | SEK | SEK | EUR | EUR | EUR | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.11 | 161.05 | 0.86 | 9.95 | |