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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 7.8x - 8.6x | 8.2x |
| Selected Fwd EBIT Multiple | 5.4x - 6.0x | 5.7x |
| Fair Value | €13.28 - €14.93 | €14.11 |
| Upside | -18.8% - -8.7% | -13.8% |
| Benchmarks | Ticker | Full Ticker |
| GCM Grosvenor Inc. | GCMG | NasdaqGM:GCMG |
| GAMCO Investors, Inc. | GAMI | PINC:GAMI |
| Affiliated Managers Group, Inc. | AMG | NYSE:AMG |
| SEI Investments Company | SEIC | NasdaqGS:SEIC |
| Cohen & Steers, Inc. | CNS | NYSE:CNS |
| Franklin Resources, Inc. | FRK | DB:FRK |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| GCMG | GAMI | AMG | SEIC | CNS | FRK | ||
| NasdaqGM:GCMG | PINC:GAMI | NYSE:AMG | NasdaqGS:SEIC | NYSE:CNS | DB:FRK | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | -2.9% | -10.0% | -0.9% | 3.6% | 1.5% | -4.9% | |
| 3Y CAGR | -12.4% | -15.9% | -9.3% | -0.2% | -12.8% | -15.7% | |
| Latest Twelve Months | 720.3% | 5.0% | -2.7% | 24.7% | 11.2% | -14.5% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 7.7% | 34.6% | 32.9% | 25.7% | 35.0% | 21.9% | |
| Prior Fiscal Year | -2.7% | 28.2% | 33.3% | 22.4% | 33.6% | 19.1% | |
| Latest Fiscal Year | 14.4% | 30.1% | 32.7% | 25.9% | 33.4% | 14.8% | |
| Latest Twelve Months | 14.4% | 30.1% | 32.7% | 26.5% | 33.6% | 14.1% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.28x | 1.26x | 2.55x | 4.13x | 7.32x | 1.29x | |
| EV / LTM EBITDA | 8.5x | 4.1x | 7.4x | 14.4x | 20.5x | 6.6x | |
| EV / LTM EBIT | 8.9x | 4.2x | 7.8x | 15.6x | 21.8x | 9.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 4.2x | 8.9x | 21.8x | ||||
| Historical EV / LTM EBIT | 3.8x | 7.7x | 8.1x | ||||
| Selected EV / LTM EBIT | 7.8x | 8.2x | 8.6x | ||||
| (x) LTM EBIT | 1,232 | 1,232 | 1,232 | ||||
| (=) Implied Enterprise Value | 9,590 | 10,095 | 10,599 | ||||
| (-) Non-shareholder Claims * | (1,399) | (1,399) | (1,399) | ||||
| (=) Equity Value | 8,191 | 8,695 | 9,200 | ||||
| (/) Shares Outstanding | 525.3 | 525.3 | 525.3 | ||||
| Implied Value Range | 15.59 | 16.55 | 17.51 | ||||
| FX Rate: USD/EUR | 1.1 | 1.1 | 1.1 | Market Price | |||
| Implied Value Range (Trading Cur) | 13.75 | 14.60 | 15.45 | 16.36 | |||
| Upside / (Downside) | -15.9% | -10.7% | -5.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | GCMG | GAMI | AMG | SEIC | CNS | FRK | |
| Enterprise Value | 649 | 307 | 5,114 | 8,748 | 3,742 | 11,142 | |
| (+) Cash & Short Term Investments | 89 | 116 | 1,007 | 742 | 310 | 2,808 | |
| (+) Investments & Other | 258 | 66 | 2,786 | 278 | 0 | 2,393 | |
| (-) Debt | (489) | (5) | (2,798) | (28) | (141) | (3,722) | |
| (-) Other Liabilities | 63 | 0 | (1,303) | 0 | 0 | (2,878) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 570 | 485 | 4,805 | 9,740 | 3,911 | 9,742 | |
| (/) Shares Outstanding | 45.2 | 22.4 | 28.8 | 124.5 | 51.0 | 525.3 | |
| Implied Stock Price | 12.59 | 21.63 | 166.92 | 78.24 | 76.73 | 18.55 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.13 | |
| Implied Stock Price (Trading Cur) | 12.59 | 21.63 | 166.92 | 78.24 | 76.73 | 16.36 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.13 | |