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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 13.8x - 15.3x | 14.6x |
| Selected Fwd EBIT Multiple | 12.4x - 13.7x | 13.0x |
| Fair Value | CHF 49.77 - CHF 54.04 | CHF 51.91 |
| Upside | 2.0% - 10.7% | 6.4% |
| Benchmarks | Ticker | Full Ticker |
| AB Electrolux (publ) | ELUX A | OM:ELUXA |
| Garmin Ltd. | 11440532 | BRSE:011440532 |
| Installed Building Products, Inc. | 2IL | DB:2IL |
| Cricut, Inc. | 398 | MUN:398 |
| Hamilton Beach Brands Holding Company | HBB | NYSE:HBB |
| V-ZUG Holding AG | VZUG | SWX:VZUG |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| ELUX A | 11440532 | 2IL | 398 | HBB | VZUG | ||
| OM:ELUXA | BRSE:011440532 | DB:2IL | MUN:398 | NYSE:HBB | SWX:VZUG | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | -26.2% | 11.0% | 25.9% | 7.4% | 6.5% | -3.1% | |
| 3Y CAGR | -48.8% | 9.4% | 26.9% | -26.1% | 4.8% | -26.4% | |
| Latest Twelve Months | 159.4% | 40.6% | -4.3% | -16.2% | -28.5% | -4.3% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 1.8% | 23.4% | 11.8% | 13.3% | 5.5% | 5.3% | |
| Prior Fiscal Year | -2.3% | 20.9% | 13.4% | 10.6% | 5.7% | 2.9% | |
| Latest Fiscal Year | 0.7% | 25.3% | 13.2% | 10.9% | 5.8% | 4.3% | |
| Latest Twelve Months | 1.9% | 26.0% | 12.6% | 12.0% | 5.7% | 3.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.36x | 6.07x | 2.53x | 1.18x | 0.42x | 0.44x | |
| EV / LTM EBITDA | 7.2x | 21.1x | 15.7x | 9.5x | 6.6x | 4.9x | |
| EV / LTM EBIT | 19.1x | 23.3x | 20.1x | 9.9x | 7.4x | 12.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 7.4x | 19.1x | 23.3x | ||||
| Historical EV / LTM EBIT | 10.0x | 11.6x | 25.8x | ||||
| Selected EV / LTM EBIT | 13.8x | 14.6x | 15.3x | ||||
| (x) LTM EBIT | 20 | 20 | 20 | ||||
| (=) Implied Enterprise Value | 271 | 285 | 299 | ||||
| (-) Non-shareholder Claims * | 59 | 59 | 59 | ||||
| (=) Equity Value | 330 | 344 | 358 | ||||
| (/) Shares Outstanding | 6.4 | 6.4 | 6.4 | ||||
| Implied Value Range | 51.30 | 53.51 | 55.73 | ||||
| FX Rate: CHF/CHF | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 51.30 | 53.51 | 55.73 | 48.80 | |||
| Upside / (Downside) | 5.1% | 9.7% | 14.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | ELUX A | 11440532 | 2IL | 398 | HBB | VZUG | |
| Enterprise Value | 54,874 | 35,119 | 7,551 | 663 | 270 | 254 | |
| (+) Cash & Short Term Investments | 10,683 | 2,587 | 305 | 377 | 12 | 34 | |
| (+) Investments & Other | 69 | 1,286 | 0 | 0 | 2 | 25 | |
| (-) Debt | (42,629) | (190) | (983) | (13) | (95) | 0 | |
| (-) Other Liabilities | (5) | 0 | 0 | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 22,992 | 38,803 | 6,873 | 1,026 | 189 | 314 | |
| (/) Shares Outstanding | 270.5 | 192.5 | 27.2 | 102.7 | 13.5 | 6.4 | |
| Implied Stock Price | 85.00 | 201.58 | 253.02 | 9.99 | 14.04 | 48.80 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.23 | 1.16 | 1.16 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 85.00 | 163.83 | 218.00 | 8.61 | 14.04 | 48.80 | |
| Trading Currency | SEK | CHF | EUR | EUR | USD | CHF | |
| FX Rate to Reporting Currency | 1.00 | 1.23 | 1.16 | 1.16 | 1.00 | 1.00 | |