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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 3.1x - 3.4x | 3.2x |
| Selected Fwd EBIT Multiple | 2.1x - 2.4x | 2.3x |
| Fair Value | €48.72 - €50.34 | €49.53 |
| Upside | 4.6% - 8.1% | 6.3% |
| Benchmarks | Ticker | Full Ticker |
| Franklin Resources, Inc. | FRK | DB:FRK |
| Man Group Plc | M3N | DB:M3N |
| 3i Group plc | IGQ5 | DB:IGQ5 |
| Affiliated Managers Group, Inc. | AFS | DB:AFS |
| Ninety One Group | L91 | DB:L91 |
| DWS Group GmbH & Co. KGaA | DWS | DB:DWS |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| FRK | M3N | IGQ5 | AFS | L91 | DWS | ||
| DB:FRK | DB:M3N | DB:IGQ5 | DB:AFS | DB:L91 | DB:DWS | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | -4.9% | 5.3% | 25.4% | -0.9% | 4.2% | 6.0% | |
| 3Y CAGR | -15.7% | -13.8% | 27.0% | -9.3% | 0.2% | -2.7% | |
| Latest Twelve Months | -14.5% | 58.3% | -9.1% | -2.7% | -1.7% | 17.5% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 21.9% | 30.2% | 92.3% | 32.9% | 33.7% | 25.0% | |
| Prior Fiscal Year | 19.1% | 19.5% | 96.9% | 33.3% | 32.6% | 23.0% | |
| Latest Fiscal Year | 14.8% | 25.2% | 96.0% | 32.7% | 34.2% | 25.3% | |
| Latest Twelve Months | 14.1% | 25.2% | 96.1% | 32.7% | 33.1% | 25.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.24x | 0.26x | 3.32x | 2.42x | 1.55x | 0.68x | |
| EV / LTM EBITDA | 6.3x | 0.9x | 3.5x | 7.0x | 4.6x | 2.7x | |
| EV / LTM EBIT | 8.8x | 1.0x | 3.5x | 7.4x | 4.7x | 2.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 1.0x | 4.7x | 8.8x | ||||
| Historical EV / LTM EBIT | 1.1x | 2.6x | 4.3x | ||||
| Selected EV / LTM EBIT | 3.1x | 3.2x | 3.4x | ||||
| (x) LTM EBIT | 1,048 | 1,048 | 1,048 | ||||
| (=) Implied Enterprise Value | 3,227 | 3,397 | 3,567 | ||||
| (-) Non-shareholder Claims * | 6,676 | 6,676 | 6,676 | ||||
| (=) Equity Value | 9,903 | 10,073 | 10,243 | ||||
| (/) Shares Outstanding | 200.0 | 200.0 | 200.0 | ||||
| Implied Value Range | 49.52 | 50.36 | 51.21 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 49.52 | 50.36 | 51.21 | 46.58 | |||
| Upside / (Downside) | 6.3% | 8.1% | 9.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | FRK | M3N | IGQ5 | AFS | L91 | DWS | |
| Enterprise Value | 11,129 | 463 | 14,520 | 5,236 | 946 | 2,640 | |
| (+) Cash & Short Term Investments | 2,808 | 523 | 369 | 1,007 | 335 | 3,546 | |
| (+) Investments & Other | 2,393 | 2,164 | 22,515 | 2,786 | 24 | 3,299 | |
| (-) Debt | (3,722) | (264) | (1,237) | (2,798) | (89) | (148) | |
| (-) Other Liabilities | (2,878) | 0 | 0 | (1,303) | (0) | (21) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 9,730 | 2,886 | 36,167 | 4,927 | 1,216 | 9,316 | |
| (/) Shares Outstanding | 525.3 | 1,150.2 | 965.4 | 29.3 | 898.5 | 200.0 | |
| Implied Stock Price | 18.52 | 2.51 | 37.46 | 168.39 | 1.35 | 46.58 | |
| FX Conversion Rate to Trading Currency | 1.10 | 1.10 | 0.85 | 1.10 | 0.85 | 1.00 | |
| Implied Stock Price (Trading Cur) | 16.83 | 2.28 | 44.00 | 153.00 | 1.59 | 46.58 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.10 | 1.10 | 0.85 | 1.10 | 0.85 | 1.00 | |