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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 10.6x - 11.8x | 11.2x |
| Selected Fwd EBIT Multiple | 10.2x - 11.3x | 10.7x |
| Fair Value | €21.97 - €25.02 | €23.50 |
| Upside | 32.9% - 51.4% | 42.1% |
| Benchmarks | Ticker | Full Ticker |
| Coherent Corp. | H7B | DB:H7B |
| IPG Photonics Corporation | IPF | DB:IPF |
| FARO Technologies, Inc. | FT1 | DB:FT1 |
| Sensys Gatso Group AB (publ) | S5E0 | DB:S5E0 |
| Novanta Inc. | 1GSN | DB:1GSN |
| Jenoptik AG | JEN | DB:JEN |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| H7B | IPF | FT1 | S5E0 | 1GSN | JEN | ||
| DB:H7B | DB:IPF | DB:FT1 | DB:S5E0 | DB:1GSN | DB:JEN | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | -3.7% | -45.1% | NM- | NM- | 11.7% | 9.9% | |
| 3Y CAGR | -32.6% | -65.5% | NM- | -17.7% | 15.0% | 22.9% | |
| Latest Twelve Months | 6.1% | -93.7% | 126.3% | -40.9% | 3.2% | 2.6% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 8.3% | 17.3% | -3.8% | 4.6% | 12.1% | 11.7% | |
| Prior Fiscal Year | 7.2% | 18.0% | -6.9% | 6.3% | 13.9% | 13.4% | |
| Latest Fiscal Year | 2.6% | 1.5% | 1.9% | 3.7% | 13.3% | 13.2% | |
| Latest Twelve Months | 6.7% | 1.5% | 1.9% | 3.7% | 13.3% | 13.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.74x | 1.37x | 1.35x | 1.07x | 4.58x | 1.19x | |
| EV / LTM EBITDA | 15.9x | 17.6x | 20.8x | 9.8x | 23.9x | 6.5x | |
| EV / LTM EBIT | 40.9x | 92.4x | 70.9x | 29.0x | 34.4x | 9.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 29.0x | 40.9x | 92.4x | ||||
| Historical EV / LTM EBIT | 9.0x | 20.3x | 30.3x | ||||
| Selected EV / LTM EBIT | 10.6x | 11.2x | 11.8x | ||||
| (x) LTM EBIT | 147 | 147 | 147 | ||||
| (=) Implied Enterprise Value | 1,566 | 1,648 | 1,731 | ||||
| (-) Non-shareholder Claims * | (401) | (401) | (401) | ||||
| (=) Equity Value | 1,165 | 1,247 | 1,329 | ||||
| (/) Shares Outstanding | 57.2 | 57.2 | 57.2 | ||||
| Implied Value Range | 20.35 | 21.79 | 23.23 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 20.35 | 21.79 | 23.23 | 16.53 | |||
| Upside / (Downside) | 23.1% | 31.8% | 40.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | H7B | IPF | FT1 | S5E0 | 1GSN | JEN | |
| Enterprise Value | 15,953 | 1,561 | 489 | 650 | 4,717 | 1,347 | |
| (+) Cash & Short Term Investments | 918 | 930 | 99 | 165 | 114 | 86 | |
| (+) Investments & Other | 0 | 0 | 0 | 11 | 0 | 1 | |
| (-) Debt | (4,064) | (18) | (89) | (382) | (471) | (481) | |
| (-) Other Liabilities | (368) | 0 | 0 | 0 | 0 | (7) | |
| (-) Preferred Stock | (2,429) | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 10,009 | 2,473 | 499 | 444 | 4,360 | 946 | |
| (/) Shares Outstanding | 155.0 | 42.5 | 19.0 | 11.5 | 36.0 | 57.2 | |
| Implied Stock Price | 64.59 | 58.13 | 26.29 | 38.47 | 121.25 | 16.53 | |
| FX Conversion Rate to Trading Currency | 1.13 | 1.13 | 1.13 | 11.10 | 1.13 | 1.00 | |
| Implied Stock Price (Trading Cur) | 57.00 | 51.30 | 23.20 | 3.47 | 107.00 | 16.53 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.13 | 1.13 | 1.13 | 11.10 | 1.13 | 1.00 | |