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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 7.7x - 8.5x | 8.1x |
| Selected Fwd EBIT Multiple | 5.9x - 6.5x | 6.2x |
| Fair Value | £2.96 - £3.20 | £3.08 |
| Upside | -3.8% - 4.2% | 0.2% |
| Benchmarks | Ticker | Full Ticker |
| Renishaw plc | RSW | LSE:RSW |
| Oxford Instruments plc | OXIG | LSE:OXIG |
| Spectris plc | SXS | LSE:SXS |
| Halma plc | HLMA | LSE:HLMA |
| Midwich Group plc | MIDW | AIM:MIDW |
| Synectics plc | SNX | AIM:SNX |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| RSW | OXIG | SXS | HLMA | MIDW | SNX | ||
| LSE:RSW | LSE:OXIG | LSE:SXS | LSE:HLMA | AIM:MIDW | AIM:SNX | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 2.7% | 12.4% | 8.4% | 12.4% | 0.0% | 13.1% | |
| 3Y CAGR | -1.3% | 14.5% | -5.4% | 15.2% | 5.6% | NM- | |
| Latest Twelve Months | 1.0% | 13.2% | -33.6% | 14.5% | -41.4% | 25.8% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 18.8% | 14.1% | 10.2% | 18.4% | 2.5% | 1.4% | |
| Prior Fiscal Year | 20.0% | 14.0% | 14.0% | 18.5% | 3.3% | 6.2% | |
| Latest Fiscal Year | 16.2% | 14.9% | 10.3% | 19.2% | 1.9% | 8.6% | |
| Latest Twelve Months | 16.4% | 14.9% | 10.3% | 19.2% | 1.9% | 8.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.77x | 2.08x | 3.48x | 5.68x | 0.31x | 0.64x | |
| EV / LTM EBITDA | 14.6x | 11.7x | 25.4x | 24.8x | 9.3x | 6.8x | |
| EV / LTM EBIT | 16.9x | 14.0x | 33.6x | 29.6x | 16.0x | 7.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 14.0x | 16.9x | 33.6x | ||||
| Historical EV / LTM EBIT | -8.2x | 1.0x | 10.1x | ||||
| Selected EV / LTM EBIT | 7.7x | 8.1x | 8.5x | ||||
| (x) LTM EBIT | 6 | 6 | 6 | ||||
| (=) Implied Enterprise Value | 43 | 45 | 48 | ||||
| (-) Non-shareholder Claims * | 10 | 10 | 10 | ||||
| (=) Equity Value | 54 | 56 | 58 | ||||
| (/) Shares Outstanding | 16.9 | 16.9 | 16.9 | ||||
| Implied Value Range | 3.17 | 3.30 | 3.44 | ||||
| FX Rate: GBP/GBP | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 3.17 | 3.30 | 3.44 | 3.08 | |||
| Upside / (Downside) | 3.0% | 7.4% | 11.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | RSW | OXIG | SXS | HLMA | MIDW | SNX | |
| Enterprise Value | 1,961 | 1,052 | 4,523 | 12,753 | 408 | 42 | |
| (+) Cash & Short Term Investments | 233 | 94 | 106 | 313 | 49 | 12 | |
| (+) Investments & Other | 26 | 0 | 53 | 13 | 0 | 0 | |
| (-) Debt | (17) | (41) | (731) | (849) | (203) | (2) | |
| (-) Other Liabilities | 1 | 0 | 0 | 0 | (8) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 2,204 | 1,105 | 3,951 | 12,230 | 247 | 52 | |
| (/) Shares Outstanding | 72.7 | 57.9 | 99.3 | 377.7 | 102.8 | 16.9 | |
| Implied Stock Price | 30.30 | 19.08 | 39.80 | 32.38 | 2.40 | 3.08 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 30.30 | 19.08 | 39.80 | 32.38 | 2.40 | 3.08 | |
| Trading Currency | GBP | GBP | GBP | GBP | GBP | GBP | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |