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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 1.8x - 2.0x | 1.9x |
| Selected Fwd EBITDA Multiple | 1.4x - 1.6x | 1.5x |
| Fair Value | €9.89 - €10.39 | €10.14 |
| Upside | 46.7% - 54.2% | 50.5% |
| Benchmarks | Ticker | Full Ticker |
| Forvia SE | FRVIA | ENXTPA:FRVIA |
| OPmobility SE | OPM | ENXTPA:OPM |
| ElringKlinger AG | ZIL2 | DB:ZIL2 |
| Cooper-Standard Holdings Inc. | C31 | DB:C31 |
| Sogefi S.p.A. | SGF | BIT:SGF |
| Akwel SA | MW4 | BST:MW4 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| FRVIA | OPM | ZIL2 | C31 | SGF | MW4 | ||
| ENXTPA:FRVIA | ENXTPA:OPM | DB:ZIL2 | DB:C31 | BIT:SGF | BST:MW4 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 5.7% | -3.6% | -6.4% | -0.3% | -6.8% | -10.4% | |
| 3Y CAGR | 23.3% | 6.4% | -16.8% | NM- | -10.0% | -14.5% | |
| Latest Twelve Months | -0.1% | -4.4% | -42.7% | 10.5% | -48.0% | -22.1% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 7.9% | 7.0% | 9.6% | 3.0% | 11.0% | 10.6% | |
| Prior Fiscal Year | 8.5% | 6.8% | 10.0% | 6.1% | 8.7% | 9.0% | |
| Latest Fiscal Year | 8.5% | 6.4% | 5.8% | 6.9% | 10.7% | 7.6% | |
| Latest Twelve Months | 8.5% | 6.4% | 5.8% | 6.9% | 10.9% | 7.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.35x | 0.25x | 0.32x | 0.47x | 0.31x | 0.06x | |
| EV / LTM EBITDA | 4.1x | 4.0x | 5.5x | 6.8x | 2.8x | 0.8x | |
| EV / LTM EBIT | 7.9x | 6.8x | 50.2x | 14.9x | 5.3x | 1.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 2.8x | 4.1x | 6.8x | ||||
| Historical EV / LTM EBITDA | 0.8x | 3.7x | 5.4x | ||||
| Selected EV / LTM EBITDA | 1.8x | 1.9x | 2.0x | ||||
| (x) LTM EBITDA | 75 | 75 | 75 | ||||
| (=) Implied Enterprise Value | 136 | 144 | 151 | ||||
| (-) Non-shareholder Claims * | 135 | 135 | 135 | ||||
| (=) Equity Value | 271 | 278 | 286 | ||||
| (/) Shares Outstanding | 26.4 | 26.4 | 26.4 | ||||
| Implied Value Range | 10.29 | 10.57 | 10.84 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 10.29 | 10.57 | 10.84 | 6.74 | |||
| Upside / (Downside) | 52.7% | 56.8% | 60.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | FRVIA | OPM | ZIL2 | C31 | SGF | MW4 | |
| Enterprise Value | 9,400 | 2,668 | 582 | 1,280 | 313 | 43 | |
| (+) Cash & Short Term Investments | 4,500 | 672 | 124 | 170 | 58 | 150 | |
| (+) Investments & Other | 344 | 452 | 14 | 0 | 4 | 2 | |
| (-) Debt | (11,132) | (2,362) | (365) | (1,191) | (116) | (17) | |
| (-) Other Liabilities | (1,779) | (29) | (48) | 8 | (13) | (1) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 1,334 | 1,401 | 307 | 266 | 246 | 178 | |
| (/) Shares Outstanding | 196.8 | 142.8 | 63.4 | 17.5 | 119.0 | 26.4 | |
| Implied Stock Price | 6.78 | 9.82 | 4.85 | 15.17 | 2.07 | 6.74 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.13 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 6.78 | 9.82 | 4.85 | 13.40 | 2.07 | 6.74 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.13 | 1.00 | 1.00 | |