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Metrics | Range | Conclusion |
---|---|---|
Selected LTM Revenue Multiple | 2.8x - 3.1x | 3.0x |
Selected Fwd Revenue Multiple | 2.6x - 2.9x | 2.7x |
Fair Value | €127.93 - €142.43 | €135.18 |
Upside | -9.3% - 1.0% | -4.1% |
Benchmarks | Ticker | Full Ticker |
---|---|---|
CTS Corporation | CTS | NYSE:CTS |
Benchmark Electronics, Inc. | BHE | NYSE:BHE |
Vishay Intertechnology, Inc. | VSH | NYSE:VSH |
Jabil Inc. | JBL | NYSE:JBL |
Littelfuse, Inc. | LFUS | NasdaqGS:LFUS |
TE Connectivity plc | BZ4 | DB:BZ4 |
Select LTM Revenue Multiple | ||||||||
Benchmark Companies | ||||||||
CTS | BHE | VSH | JBL | LFUS | BZ4 | |||
NYSE:CTS | NYSE:BHE | NYSE:VSH | NYSE:JBL | NasdaqGS:LFUS | DB:BZ4 | |||
Historical Revenue Growth | ||||||||
5Y CAGR | 1.9% | 3.2% | 1.9% | 2.7% | 7.8% | 3.3% | ||
3Y CAGR | 0.2% | 5.6% | -3.2% | -0.5% | 1.7% | 2.0% | ||
Latest Twelve Months | -2.7% | -7.4% | -11.3% | -14.4% | -3.4% | 1.2% | ||
Historical EBIT Profit Margin | ||||||||
5 Year Average Margin | 14.1% | 3.3% | 11.6% | 4.2% | 16.6% | 17.3% | ||
Prior Fiscal Year | 14.9% | 4.2% | 14.0% | 4.6% | 16.0% | 16.6% | ||
Latest Fiscal Year | 15.0% | 4.4% | 3.6% | 5.0% | 12.2% | 18.5% | ||
Latest Twelve Months | 15.1% | 4.2% | 2.2% | 4.6% | 13.0% | 18.9% | ||
Current Trading Multiples | ||||||||
EV / LTM Revenue | 2.53x | 0.53x | 0.86x | 0.71x | 2.56x | 3.18x | ||
EV / LTM EBIT | 16.8x | 12.6x | 39.5x | 15.4x | 19.6x | 16.8x | ||
Price / LTM Sales | 2.51x | 0.51x | 0.69x | 0.65x | 2.44x | 2.98x | ||
Low | Mid | High | ||||||
Benchmark EV / LTM Revenue | 0.53x | 0.86x | 2.56x | |||||
Historical EV / LTM Revenue | 2.46x | 2.99x | 3.34x | |||||
Selected EV / LTM Revenue | 2.82x | 2.97x | 3.12x | |||||
(x) LTM Revenue | 16,026 | 16,026 | 16,026 | |||||
(=) Implied Enterprise Value | 45,240 | 47,621 | 50,002 | |||||
(-) Non-shareholder Claims * | (3,256) | (3,256) | (3,256) | |||||
(=) Equity Value | 41,984 | 44,365 | 46,746 | |||||
(/) Shares Outstanding | 296.5 | 296.5 | 296.5 | |||||
Implied Value Range | 141.58 | 149.61 | 157.63 | |||||
FX Rate: USD/EUR | 1.1 | 1.1 | 1.1 | Market Price | ||||
Implied Value Range (Trading Cur) | 126.51 | 133.69 | 140.86 | 141.00 | ||||
Upside / (Downside) | -10.3% | -5.2% | -0.1% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | CTS | BHE | VSH | JBL | LFUS | BZ4 | |
Enterprise Value | 1,305 | 1,386 | 2,500 | 19,603 | 5,679 | 50,048 | |
(+) Cash & Short Term Investments | 91 | 355 | 620 | 1,618 | 622 | 2,554 | |
(+) Investments & Other | 11 | 0 | 0 | 0 | 24 | 0 | |
(-) Debt | (112) | (400) | (1,108) | (3,293) | (889) | (5,678) | |
(-) Other Liabilities | 0 | 0 | 0 | 0 | (0) | (132) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 1,295 | 1,341 | 2,012 | 17,928 | 5,436 | 46,792 | |
(/) Shares Outstanding | 29.8 | 36.1 | 135.6 | 107.3 | 24.7 | 296.5 | |
Implied Stock Price | 43.38 | 37.16 | 14.84 | 167.01 | 219.94 | 157.79 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.12 | |
Implied Stock Price (Trading Cur) | 43.38 | 37.16 | 14.84 | 167.01 | 219.94 | 141.00 | |
Trading Currency | USD | USD | USD | USD | USD | EUR | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.12 |