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Metrics | Range | Conclusion |
---|---|---|
Selected LTM Revenue Multiple | 4.0x - 4.4x | 4.2x |
Selected Fwd Revenue Multiple | 3.6x - 4.0x | 3.8x |
Fair Value | €90.81 - €102.24 | €96.52 |
Upside | -4.2% - 7.9% | 1.9% |
Benchmarks | Ticker | Full Ticker |
---|---|---|
Acuity Inc. | AYI | NYSE:AYI |
Generac Holdings Inc. | GNRC | NYSE:GNRC |
Vicor Corporation | VICR | NasdaqGS:VICR |
Woodward, Inc. | WWD | NasdaqGS:WWD |
Fuji Electric Co., Ltd. | FELT.F | PINC:FELT.F |
Emerson Electric Co. | EMR | DB:EMR |
Select LTM Revenue Multiple | ||||||||
Benchmark Companies | ||||||||
AYI | GNRC | VICR | WWD | FELT.F | EMR | |||
NYSE:AYI | NYSE:GNRC | NasdaqGS:VICR | NasdaqGS:WWD | PINC:FELT.F | DB:EMR | |||
Historical Revenue Growth | ||||||||
5Y CAGR | 0.9% | 14.3% | 6.4% | 2.8% | 4.5% | -1.0% | ||
3Y CAGR | 3.5% | 4.8% | 0.0% | 14.0% | 7.3% | 10.6% | ||
Latest Twelve Months | 2.8% | 8.1% | -5.6% | 5.0% | 1.8% | 10.3% | ||
Historical EBIT Profit Margin | ||||||||
5 Year Average Margin | 12.7% | 14.7% | 9.4% | 11.0% | 8.0% | 17.8% | ||
Prior Fiscal Year | 12.5% | 9.6% | 12.7% | 9.8% | 9.6% | 19.1% | ||
Latest Fiscal Year | 14.4% | 12.5% | 5.3% | 13.2% | 10.5% | 17.2% | ||
Latest Twelve Months | 14.2% | 12.7% | 5.0% | 12.9% | 10.5% | 18.1% | ||
Current Trading Multiples | ||||||||
EV / LTM Revenue | 2.15x | 1.85x | 4.25x | 3.61x | 0.81x | 4.12x | ||
EV / LTM EBIT | 15.1x | 14.6x | 85.8x | 28.0x | 7.7x | 22.8x | ||
Price / LTM Sales | 1.95x | 1.56x | 5.03x | 3.44x | 0.83x | 3.48x | ||
Low | Mid | High | ||||||
Benchmark EV / LTM Revenue | 0.81x | 2.15x | 4.25x | |||||
Historical EV / LTM Revenue | 2.59x | 3.96x | 4.54x | |||||
Selected EV / LTM Revenue | 3.98x | 4.19x | 4.40x | |||||
(x) LTM Revenue | 17,550 | 17,550 | 17,550 | |||||
(=) Implied Enterprise Value | 69,795 | 73,469 | 77,142 | |||||
(-) Non-shareholder Claims * | (11,311) | (11,311) | (11,311) | |||||
(=) Equity Value | 58,484 | 62,158 | 65,831 | |||||
(/) Shares Outstanding | 563.9 | 563.9 | 563.9 | |||||
Implied Value Range | 103.71 | 110.23 | 116.74 | |||||
FX Rate: USD/EUR | 1.1 | 1.1 | 1.1 | Market Price | ||||
Implied Value Range (Trading Cur) | 91.74 | 97.50 | 103.26 | 94.75 | ||||
Upside / (Downside) | -3.2% | 2.9% | 9.0% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | AYI | GNRC | VICR | WWD | FELT.F | EMR | |
Enterprise Value | 8,529 | 8,060 | 1,565 | 12,096 | 919,186 | 71,717 | |
(+) Cash & Short Term Investments | 398 | 187 | 296 | 364 | 63,542 | 2,834 | |
(+) Investments & Other | 0 | 0 | 3 | 20 | 108,713 | 0 | |
(-) Debt | (1,192) | (1,475) | (7) | (941) | (101,293) | (8,256) | |
(-) Other Liabilities | 0 | (4) | (0) | 0 | (38,891) | (5,889) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 7,735 | 6,768 | 1,857 | 11,538 | 951,257 | 60,406 | |
(/) Shares Outstanding | 30.6 | 59.1 | 45.2 | 59.5 | 147.3 | 563.9 | |
Implied Stock Price | 252.73 | 114.56 | 41.07 | 193.92 | 6,456.92 | 107.12 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 144.99 | 1.13 | |
Implied Stock Price (Trading Cur) | 252.73 | 114.56 | 41.07 | 193.92 | 44.53 | 94.75 | |
Trading Currency | USD | USD | USD | USD | USD | EUR | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 144.99 | 1.13 |