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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBITDA Multiple | 8.5x - 9.3x | 8.9x |
Selected Fwd EBITDA Multiple | 9.2x - 10.1x | 9.6x |
Fair Value | €45.25 - €49.99 | €47.62 |
Upside | 29.3% - 42.8% | 36.1% |
Benchmarks | Ticker | Full Ticker |
Park-Ohio Holdings Corp. | PKOH | NasdaqGS:PKOH |
Terex Corporation | TEX | NYSE:TEX |
Miller Industries, Inc. | MLR | NYSE:MLR |
Allison Transmission Holdings, Inc. | ALSN | NYSE:ALSN |
Enerpac Tool Group Corp. | EPAC | NYSE:EPAC |
Astec Industries, Inc. | AI2 | DB:AI2 |
- | - | - |
Select LTM EBITDA Multiple | |||||||
Benchmark Companies | |||||||
PKOH | TEX | MLR | ALSN | EPAC | AI2 | ||
NasdaqGS:PKOH | NYSE:TEX | NYSE:MLR | NYSE:ALSN | NYSE:EPAC | DB:AI2 | ||
Historical EBITDA Growth | |||||||
5Y CAGR | 0.1% | 9.4% | 9.6% | 1.2% | 10.0% | 15.9% | |
3Y CAGR | 26.9% | 17.0% | 41.7% | 11.1% | 23.4% | 23.0% | |
Latest Twelve Months | -9.0% | -27.3% | -36.9% | 3.1% | 0.2% | 50.6% | |
Historical EBITDA Profit Margin | |||||||
5 Year Average Margin | 6.4% | 10.2% | 6.6% | 34.7% | 18.0% | 6.9% | |
Prior Fiscal Year | 7.5% | 13.3% | 8.0% | 35.6% | 22.7% | 8.6% | |
Latest Fiscal Year | 7.7% | 11.8% | 7.8% | 35.2% | 25.5% | 8.7% | |
Latest Twelve Months | 7.4% | 9.7% | 7.2% | 35.6% | 24.6% | 10.8% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 0.55x | 1.05x | 0.54x | 2.83x | 3.64x | 0.71x | |
EV / LTM EBITDA | 7.4x | 10.8x | 7.5x | 8.0x | 14.8x | 6.5x | |
EV / LTM EBIT | 10.3x | 14.6x | 9.5x | 8.9x | 16.3x | 8.0x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBITDA | 7.4x | 8.0x | 14.8x | ||||
Historical EV / LTM EBITDA | 8.1x | 17.1x | 33.3x | ||||
Selected EV / LTM EBITDA | 8.5x | 8.9x | 9.3x | ||||
(x) LTM EBITDA | 142 | 142 | 142 | ||||
(=) Implied Enterprise Value | 1,200 | 1,263 | 1,326 | ||||
(-) Non-shareholder Claims * | 7 | 7 | 7 | ||||
(=) Equity Value | 1,207 | 1,270 | 1,333 | ||||
(/) Shares Outstanding | 22.9 | 22.9 | 22.9 | ||||
Implied Value Range | 52.77 | 55.53 | 58.29 | ||||
FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
Implied Value Range (Trading Cur) | 45.22 | 47.59 | 49.96 | 35.00 | |||
Upside / (Downside) | 29.2% | 36.0% | 42.7% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | PKOH | TEX | MLR | ALSN | EPAC | AI2 | |
Enterprise Value | 886 | 5,406 | 500 | 9,002 | 2,216 | 927 | |
(+) Cash & Short Term Investments | 46 | 374 | 32 | 778 | 141 | 92 | |
(+) Investments & Other | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Debt | (709) | (2,593) | (55) | (2,399) | (191) | (85) | |
(-) 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 | 217 | 3,187 | 476 | 7,381 | 2,166 | 934 | |
(/) Shares Outstanding | 13.6 | 65.6 | 11.5 | 83.6 | 53.9 | 22.9 | |
Implied Stock Price | 15.99 | 48.58 | 41.54 | 88.27 | 40.16 | 40.84 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.17 | |
Implied Stock Price (Trading Cur) | 15.99 | 48.58 | 41.54 | 88.27 | 40.16 | 35.00 | |
Trading Currency | USD | USD | USD | USD | USD | EUR | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.17 |