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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 22.3x - 24.6x | 23.5x |
| Selected Fwd EBIT Multiple | 14.8x - 16.4x | 15.6x |
| Fair Value | €203.71 - €226.03 | €214.87 |
| Upside | -11.7% - -2.1% | -6.9% |
| Benchmarks | Ticker | Full Ticker |
| Dassault Aviation société anonyme | AM | ENXTPA:AM |
| Safran SA | SAF | ENXTPA:SAF |
| MTU Aero Engines AG | MTX | DB:MTX |
| Rheinmetall AG | RHM | DB:RHM |
| Exail Technologies | EXA | ENXTPA:EXA |
| Thales S.A. | CSF | DB:CSF |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| AM | SAF | MTX | RHM | EXA | CSF | ||
| ENXTPA:AM | ENXTPA:SAF | DB:MTX | DB:RHM | ENXTPA:EXA | DB:CSF | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | -7.7% | 1.8% | 5.8% | 23.5% | 18.1% | 5.7% | |
| 3Y CAGR | -0.4% | 48.0% | 32.5% | 31.5% | 13.3% | 13.3% | |
| Latest Twelve Months | 53.9% | 21.2% | 583.6% | 47.7% | 149.5% | 19.8% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 7.5% | 11.6% | 6.6% | 11.2% | 7.3% | 8.0% | |
| Prior Fiscal Year | 6.8% | 13.4% | -5.1% | 12.0% | 2.1% | 8.6% | |
| Latest Fiscal Year | 8.3% | 14.6% | 11.2% | 14.6% | 4.5% | 8.6% | |
| Latest Twelve Months | 8.2% | 15.4% | 12.9% | 13.9% | 4.5% | 9.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.32x | 4.00x | 2.45x | 6.89x | 5.62x | 2.31x | |
| EV / LTM EBITDA | 12.6x | 20.1x | 14.6x | 39.4x | 65.1x | 18.1x | |
| EV / LTM EBIT | 16.2x | 25.9x | 19.0x | 49.4x | 123.5x | 25.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 16.2x | 25.9x | 123.5x | ||||
| Historical EV / LTM EBIT | 17.4x | 18.2x | 20.0x | ||||
| Selected EV / LTM EBIT | 22.3x | 23.5x | 24.6x | ||||
| (x) LTM EBIT | 1,929 | 1,929 | 1,929 | ||||
| (=) Implied Enterprise Value | 42,977 | 45,239 | 47,501 | ||||
| (-) Non-shareholder Claims * | (1,712) | (1,712) | (1,712) | ||||
| (=) Equity Value | 41,265 | 43,527 | 45,789 | ||||
| (/) Shares Outstanding | 205.4 | 205.4 | 205.4 | ||||
| Implied Value Range | 200.93 | 211.94 | 222.95 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 200.93 | 211.94 | 222.95 | 230.80 | |||
| Upside / (Downside) | -12.9% | -8.2% | -3.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | AM | SAF | MTX | RHM | EXA | CSF | |
| Enterprise Value | 9,218 | 118,892 | 20,073 | 75,563 | 2,259 | 49,112 | |
| (+) Cash & Short Term Investments | 9,572 | 6,991 | 2,193 | 352 | 50 | 3,887 | |
| (+) Investments & Other | 2,940 | 2,344 | 699 | 321 | 7 | 1,743 | |
| (-) Debt | (204) | (5,117) | (2,450) | (2,009) | (349) | (7,314) | |
| (-) Other Liabilities | 0 | (556) | (66) | (459) | (84) | (28) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 21,527 | 122,554 | 20,449 | 73,768 | 1,884 | 47,400 | |
| (/) Shares Outstanding | 78.2 | 419.0 | 53.8 | 45.8 | 17.0 | 205.4 | |
| Implied Stock Price | 275.20 | 292.50 | 380.20 | 1,610.00 | 111.00 | 230.80 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 275.20 | 292.50 | 380.20 | 1,610.00 | 111.00 | 230.80 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |