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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBITDA Multiple | 9.8x - 10.8x | 10.3x |
Selected Fwd EBITDA Multiple | 9.2x - 10.2x | 9.7x |
Fair Value | CHF 109.66 - CHF 122.10 | CHF 115.88 |
Upside | -1.2% - 10.0% | 4.4% |
Benchmarks | Ticker | Full Ticker |
Dätwyler Holding AG | DAE | SWX:DAE |
Bucher Industries AG | BUCN | SWX:BUCN |
Stadler Rail AG | SRAIL | SWX:SRAIL |
OC Oerlikon Corporation AG | OERL | SWX:OERL |
Crane Company | T12 | DB:T12 |
SFS Group AG | SFSN | SWX:SFSN |
- | - | - |
Select LTM EBITDA Multiple | |||||||
Benchmark Companies | |||||||
DAE | BUCN | SRAIL | OERL | T12 | SFSN | ||
SWX:DAE | SWX:BUCN | SWX:SRAIL | SWX:OERL | DB:T12 | SWX:SFSN | ||
Historical EBITDA Growth | |||||||
5Y CAGR | -0.4% | 0.6% | -6.1% | 2.0% | -7.0% | 7.6% | |
3Y CAGR | -4.6% | -5.2% | -14.3% | -6.3% | 18.1% | 5.8% | |
Latest Twelve Months | -1.7% | -25.6% | -30.2% | 31.8% | 27.2% | -1.1% | |
Historical EBITDA Profit Margin | |||||||
5 Year Average Margin | 19.6% | 12.8% | 7.1% | 9.7% | 15.4% | 17.4% | |
Prior Fiscal Year | 16.9% | 13.9% | 7.2% | 8.2% | 16.8% | 15.3% | |
Latest Fiscal Year | 17.2% | 11.7% | 5.5% | 12.2% | 18.4% | 15.4% | |
Latest Twelve Months | 17.2% | 11.7% | 5.5% | 12.2% | 18.7% | 15.4% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 2.33x | 1.19x | 0.50x | 0.98x | 4.92x | 1.54x | |
EV / LTM EBITDA | 13.5x | 10.1x | 9.1x | 8.0x | 26.2x | 10.0x | |
EV / LTM EBIT | 21.9x | 13.4x | 16.3x | 15.6x | 30.0x | 13.6x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBITDA | 8.0x | 10.1x | 26.2x | ||||
Historical EV / LTM EBITDA | 9.5x | 10.0x | 12.9x | ||||
Selected EV / LTM EBITDA | 9.8x | 10.3x | 10.8x | ||||
(x) LTM EBITDA | 471 | 471 | 471 | ||||
(=) Implied Enterprise Value | 4,591 | 4,833 | 5,074 | ||||
(-) Non-shareholder Claims * | (331) | (331) | (331) | ||||
(=) Equity Value | 4,260 | 4,502 | 4,744 | ||||
(/) Shares Outstanding | 38.9 | 38.9 | 38.9 | ||||
Implied Value Range | 109.62 | 115.84 | 122.05 | ||||
FX Rate: CHF/CHF | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 109.62 | 115.84 | 122.05 | 111.00 | |||
Upside / (Downside) | -1.2% | 4.4% | 10.0% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | DAE | BUCN | SRAIL | OERL | T12 | SFSN | |
Enterprise Value | 2,560 | 3,713 | 1,671 | 2,348 | 10,519 | 4,645 | |
(+) Cash & Short Term Investments | 127 | 433 | 1,261 | 412 | 435 | 225 | |
(+) Investments & Other | 2 | 21 | 60 | 35 | 0 | 22 | |
(-) Debt | (574) | (31) | (893) | (1,517) | (260) | (560) | |
(-) Other Liabilities | 0 | 0 | (35) | (17) | (2) | (18) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 2,115 | 4,135 | 2,064 | 1,261 | 10,692 | 4,314 | |
(/) Shares Outstanding | 17.0 | 10.2 | 100.0 | 325.4 | 57.5 | 38.9 | |
Implied Stock Price | 124.40 | 404.50 | 20.64 | 3.87 | 185.94 | 111.00 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.16 | 1.00 | |
Implied Stock Price (Trading Cur) | 124.40 | 404.50 | 20.64 | 3.87 | 160.00 | 111.00 | |
Trading Currency | CHF | CHF | CHF | CHF | EUR | CHF | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.16 | 1.00 |