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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 20.5x - 22.6x | 21.6x |
Selected Fwd EBIT Multiple | 17.8x - 19.7x | 18.8x |
Fair Value | €72.38 - €80.55 | €76.46 |
Upside | -9.9% - 0.3% | -4.8% |
Benchmarks | Ticker | Full Ticker |
Kimberly-Clark Corporation | KMB | NasdaqGS:KMB |
Oil-Dri Corporation of America | ODC | NYSE:ODC |
Central Garden & Pet Company | CENT | NasdaqGS:CENT |
Kenvue Inc. | KVUE | NYSE:KVUE |
Reckitt Benckiser Group plc | RBGP.F | OTCPK:RBGP.F |
Church & Dwight Co., Inc. | CXU | DB:CXU |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
KMB | ODC | CENT | KVUE | RBGP.F | CXU | ||
NasdaqGS:KMB | NYSE:ODC | NasdaqGS:CENT | NYSE:KVUE | OTCPK:RBGP.F | DB:CXU | ||
Historical EBIT Growth | |||||||
5Y CAGR | -0.4% | 38.2% | 8.0% | 2.7% | 1.8% | 6.7% | |
3Y CAGR | 3.9% | 57.6% | -4.4% | -2.2% | 8.1% | 5.5% | |
Latest Twelve Months | 4.6% | 15.9% | 8.0% | -2.8% | -0.3% | -3.1% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 15.0% | 7.2% | 7.5% | 19.3% | 22.5% | 18.7% | |
Prior Fiscal Year | 13.9% | 10.1% | 6.5% | 19.1% | 23.0% | 18.0% | |
Latest Fiscal Year | 15.9% | 11.8% | 7.0% | 19.0% | 24.3% | 19.1% | |
Latest Twelve Months | 15.3% | 13.8% | 8.1% | 19.4% | 23.4% | 17.8% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 2.61x | 1.96x | 0.92x | 3.26x | 3.26x | 4.01x | |
EV / LTM EBITDA | 13.5x | 10.6x | 8.4x | 13.9x | 12.8x | 18.2x | |
EV / LTM EBIT | 17.0x | 14.2x | 11.3x | 16.8x | 14.0x | 22.5x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | 11.3x | 14.2x | 17.0x | ||||
Historical EV / LTM EBIT | 22.3x | 24.2x | 27.6x | ||||
Selected EV / LTM EBIT | 20.5x | 21.6x | 22.6x | ||||
(x) LTM EBIT | 1,079 | 1,079 | 1,079 | ||||
(=) Implied Enterprise Value | 22,102 | 23,266 | 24,429 | ||||
(-) Non-shareholder Claims * | (1,475) | (1,475) | (1,475) | ||||
(=) Equity Value | 20,627 | 21,790 | 22,954 | ||||
(/) Shares Outstanding | 243.6 | 243.6 | 243.6 | ||||
Implied Value Range | 84.67 | 89.45 | 94.22 | ||||
FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
Implied Value Range (Trading Cur) | 72.34 | 76.42 | 80.50 | 80.30 | |||
Upside / (Downside) | -9.9% | -4.8% | 0.2% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | KMB | ODC | CENT | KVUE | RBGP.F | CXU | |
Enterprise Value | 48,738 | 929 | 3,049 | 49,337 | 44,859 | 24,373 | |
(+) Cash & Short Term Investments | 634 | 36 | 713 | 1,070 | 963 | 923 | |
(+) Investments & Other | 2,765 | 0 | 0 | 0 | 130 | 11 | |
(-) Debt | (7,278) | (57) | (1,436) | (8,744) | (9,402) | (2,410) | |
(-) Other Liabilities | (132) | 0 | (2) | 0 | (36) | 0 | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 44,727 | 908 | 2,324 | 41,663 | 36,514 | 22,898 | |
(/) Shares Outstanding | 331.8 | 14.6 | 62.9 | 1,919.1 | 678.3 | 243.6 | |
Implied Stock Price | 134.81 | 62.05 | 36.96 | 21.71 | 53.83 | 94.00 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 0.74 | 1.17 | |
Implied Stock Price (Trading Cur) | 134.81 | 62.05 | 36.96 | 21.71 | 73.08 | 80.30 | |
Trading Currency | USD | USD | USD | USD | USD | EUR | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 0.74 | 1.17 |