Looks like there`s been an error while trying to load this page.
Our team has been notified but please contact us using the email support widget if the problem persists.
| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 12.9x - 14.2x | 13.5x |
| Selected Fwd EBITDA Multiple | 12.5x - 13.8x | 13.2x |
| Fair Value | €267.53 - €302.74 | €285.14 |
| Upside | -25.5% - -15.7% | -20.6% |
| Benchmarks | Ticker | Full Ticker |
| AGCO Corporation | AGCO | NYSE:AGCO |
| Ingersoll Rand Inc. | IR | NYSE:IR |
| Crane Company | CR | NYSE:CR |
| Westinghouse Air Brake Technologies Corporation | WAB | NYSE:WAB |
| Cummins Inc. | CMI | NYSE:CMI |
| Caterpillar Inc. | CAT1 | XTRA:CAT1 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| AGCO | IR | CR | WAB | CMI | CAT1 | ||
| NYSE:AGCO | NYSE:IR | NYSE:CR | NYSE:WAB | NYSE:CMI | XTRA:CAT1 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 9.5% | 36.6% | -7.0% | 14.9% | 8.9% | 7.9% | |
| 3Y CAGR | -1.2% | 22.8% | 18.1% | 17.0% | 19.2% | 13.8% | |
| Latest Twelve Months | -45.7% | 6.8% | 20.5% | 9.2% | 17.3% | -13.0% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 11.7% | 22.6% | 15.6% | 18.4% | 13.1% | 21.3% | |
| Prior Fiscal Year | 13.9% | 24.7% | 16.8% | 18.4% | 13.1% | 23.6% | |
| Latest Fiscal Year | 10.7% | 26.8% | 18.4% | 20.4% | 14.2% | 24.1% | |
| Latest Twelve Months | 9.2% | 26.6% | 19.0% | 20.9% | 15.5% | 22.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.03x | 4.69x | 4.75x | 3.45x | 1.75x | 3.70x | |
| EV / LTM EBITDA | 11.2x | 17.7x | 25.0x | 16.4x | 11.3x | 16.7x | |
| EV / LTM EBIT | 16.9x | 23.5x | 28.5x | 20.7x | 14.2x | 19.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 11.2x | 16.4x | 25.0x | ||||
| Historical EV / LTM EBITDA | 11.3x | 13.7x | 17.0x | ||||
| Selected EV / LTM EBITDA | 12.9x | 13.5x | 14.2x | ||||
| (x) LTM EBITDA | 14,007 | 14,007 | 14,007 | ||||
| (=) Implied Enterprise Value | 180,249 | 189,736 | 199,222 | ||||
| (-) Non-shareholder Claims * | (36,322) | (36,322) | (36,322) | ||||
| (=) Equity Value | 143,927 | 153,414 | 162,900 | ||||
| (/) Shares Outstanding | 468.5 | 468.5 | 468.5 | ||||
| Implied Value Range | 307.22 | 327.47 | 347.72 | ||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 265.19 | 282.67 | 300.15 | 359.00 | |||
| Upside / (Downside) | -26.1% | -21.3% | -16.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | AGCO | IR | CR | WAB | CMI | CAT1 | |
| Enterprise Value | 10,429 | 34,503 | 10,589 | 36,387 | 58,716 | 231,160 | |
| (+) Cash & Short Term Investments | 784 | 1,322 | 332 | 1,486 | 3,074 | 4,428 | |
| (+) Investments & Other | 594 | 22 | 0 | 0 | 2,018 | 0 | |
| (-) Debt | (3,154) | (4,994) | (60) | (5,107) | (8,684) | (40,748) | |
| (-) Other Liabilities | (304) | (70) | (2) | (44) | (1,084) | (2) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 8,349 | 30,783 | 10,859 | 32,722 | 54,040 | 194,838 | |
| (/) Shares Outstanding | 74.6 | 397.5 | 57.5 | 171.0 | 137.8 | 468.5 | |
| Implied Stock Price | 111.89 | 77.45 | 188.70 | 191.41 | 392.20 | 415.89 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.16 | |
| Implied Stock Price (Trading Cur) | 111.89 | 77.45 | 188.70 | 191.41 | 392.20 | 359.00 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.16 | |