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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 13.7x - 15.2x | 14.5x |
| Selected Fwd EBITDA Multiple | 5.0x - 5.5x | 5.2x |
| Fair Value | lei 2.45 - lei 2.67 | lei 2.56 |
| Upside | -25.2% - -18.6% | -21.9% |
| Benchmarks | Ticker | Full Ticker |
| The Boeing Company | BCO | DB:BCO |
| HEICO Corporation | HC1 | DB:HC1 |
| Airbus SE | AIR | ENXTPA:AIR |
| Howmet Aerospace Inc. | 48Z | DB:48Z |
| Turbomecanica SA | TBM | BVB:TBM |
| Avioane Craiova S.A. | AVIO | BVB:AVIO |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| BCO | HC1 | AIR | 48Z | TBM | AVIO | ||
| DB:BCO | DB:HC1 | ENXTPA:AIR | DB:48Z | BVB:TBM | BVB:AVIO | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | NM- | 12.9% | 15.5% | 5.1% | 2.0% | NM- | |
| 3Y CAGR | NM- | 27.0% | 0.4% | 19.8% | 12.9% | NM- | |
| Latest Twelve Months | -630.0% | 23.7% | 23.4% | 27.1% | 72.9% | 57.1% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | -2.3% | 26.1% | 9.9% | 22.9% | 21.4% | -20.3% | |
| Prior Fiscal Year | 4.1% | 25.8% | 9.4% | 21.9% | 17.0% | 6.2% | |
| Latest Fiscal Year | -12.3% | 25.9% | 9.9% | 25.4% | 28.3% | 7.5% | |
| Latest Twelve Months | -9.3% | 26.7% | 10.2% | 27.4% | 28.6% | 7.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.74x | 9.79x | 1.76x | 9.82x | 1.12x | 1.54x | |
| EV / LTM EBITDA | -29.5x | 36.6x | 17.3x | 35.8x | 3.9x | 20.5x | |
| EV / LTM EBIT | -23.3x | 44.0x | 24.2x | 41.2x | 5.4x | 25.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -29.5x | 17.3x | 36.6x | ||||
| Historical EV / LTM EBITDA | -0.8x | 10.3x | 20.5x | ||||
| Selected EV / LTM EBITDA | 13.7x | 14.5x | 15.2x | ||||
| (x) LTM EBITDA | 5 | 5 | 5 | ||||
| (=) Implied Enterprise Value | 72 | 76 | 80 | ||||
| (-) Non-shareholder Claims * | 15 | 15 | 15 | ||||
| (=) Equity Value | 87 | 91 | 94 | ||||
| (/) Shares Outstanding | 37.4 | 37.4 | 37.4 | ||||
| Implied Value Range | 2.32 | 2.43 | 2.53 | ||||
| FX Rate: RON/RON | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 2.32 | 2.43 | 2.53 | 3.28 | |||
| Upside / (Downside) | -29.1% | -26.0% | -22.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | BCO | HC1 | AIR | 48Z | TBM | AVIO | |
| Enterprise Value | 205,669 | 41,784 | 123,462 | 75,570 | 169 | 108 | |
| (+) Cash & Short Term Investments | 22,258 | 242 | 12,008 | 545 | 34 | 36 | |
| (+) Investments & Other | 1,036 | 0 | 17,414 | 0 | 0 | 0 | |
| (-) Debt | (55,647) | (2,278) | (13,355) | (3,428) | (43) | (22) | |
| (-) Other Liabilities | 1 | (504) | (87) | 0 | 0 | 0 | |
| (-) Preferred Stock | (6) | 0 | 0 | (55) | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 173,311 | 39,243 | 139,442 | 72,632 | 160 | 123 | |
| (/) Shares Outstanding | 756.2 | 123.5 | 791.3 | 403.1 | 369.4 | 37.4 | |
| Implied Stock Price | 229.20 | 317.85 | 176.22 | 180.17 | 0.43 | 3.28 | |
| FX Conversion Rate to Trading Currency | 1.16 | 1.16 | 1.00 | 1.16 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 196.86 | 273.00 | 176.22 | 154.75 | 0.43 | 3.28 | |
| Trading Currency | EUR | EUR | EUR | EUR | RON | RON | |
| FX Rate to Reporting Currency | 1.16 | 1.16 | 1.00 | 1.16 | 1.00 | 1.00 | |