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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 6.7x - 7.4x | 7.1x |
| Selected Fwd EBITDA Multiple | 4.3x - 4.8x | 4.5x |
| Fair Value | €8.03 - €9.56 | €8.80 |
| Upside | -19.8% - -4.6% | -12.2% |
| Benchmarks | Ticker | Full Ticker |
| Schaeffler AG | SHA0 | DB:SHA0 |
| Continental Aktiengesellschaft | CON | DB:CON |
| BorgWarner Inc. | BGW | DB:BGW |
| HELLA GmbH & Co. KGaA | HLE | DB:HLE |
| Nokian Renkaat Oyj | TYRES | HLSE:TYRES |
| Kendrion N.V. | K3E | DB:K3E |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| SHA0 | CON | BGW | HLE | TYRES | K3E | ||
| DB:SHA0 | DB:CON | DB:BGW | DB:HLE | HLSE:TYRES | DB:K3E | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | -2.9% | -5.4% | 3.1% | -1.6% | -27.9% | -2.6% | |
| 3Y CAGR | -4.8% | 2.0% | 4.4% | 5.2% | -40.9% | -13.8% | |
| Latest Twelve Months | -5.2% | 6.1% | 4.8% | -12.1% | -24.2% | -25.6% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 13.2% | 10.5% | 14.0% | 8.7% | 14.8% | 10.2% | |
| Prior Fiscal Year | 11.4% | 9.2% | 12.9% | 10.5% | 9.0% | 14.4% | |
| Latest Fiscal Year | 9.7% | 10.2% | 13.6% | 9.2% | 6.2% | 10.9% | |
| Latest Twelve Months | 9.7% | 10.2% | 13.6% | 9.2% | 6.2% | 10.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.48x | 0.44x | 0.59x | 1.18x | 1.21x | 0.85x | |
| EV / LTM EBITDA | 5.0x | 4.3x | 4.4x | 12.8x | 19.6x | 7.8x | |
| EV / LTM EBIT | 11.4x | 7.8x | 6.5x | 32.8x | 1302.5x | 15.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 4.3x | 5.0x | 19.6x | ||||
| Historical EV / LTM EBITDA | 6.3x | 8.1x | 11.2x | ||||
| Selected EV / LTM EBITDA | 6.7x | 7.1x | 7.4x | ||||
| (x) LTM EBITDA | 33 | 33 | 33 | ||||
| (=) Implied Enterprise Value | 223 | 235 | 247 | ||||
| (-) Non-shareholder Claims * | (100) | (100) | (100) | ||||
| (=) Equity Value | 123 | 135 | 147 | ||||
| (/) Shares Outstanding | 15.5 | 15.5 | 15.5 | ||||
| Implied Value Range | 7.94 | 8.70 | 9.45 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 7.94 | 8.70 | 9.45 | 10.02 | |||
| Upside / (Downside) | -20.8% | -13.2% | -5.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | SHA0 | CON | BGW | HLE | TYRES | K3E | |
| Enterprise Value | 11,198 | 17,532 | 8,291 | 9,530 | 1,559 | 255 | |
| (+) Cash & Short Term Investments | 1,281 | 2,966 | 2,094 | 1,402 | 176 | 9 | |
| (+) Investments & Other | 203 | 434 | 315 | 174 | 3 | 4 | |
| (-) Debt | (6,611) | (6,909) | (4,343) | (1,203) | (789) | (112) | |
| (-) Other Liabilities | (155) | (447) | (174) | (47) | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 5,916 | 13,576 | 6,183 | 9,856 | 949 | 155 | |
| (/) Shares Outstanding | 1,575.2 | 200.0 | 219.7 | 111.1 | 137.9 | 15.5 | |
| Implied Stock Price | 3.76 | 67.88 | 28.14 | 88.70 | 6.89 | 10.02 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.14 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 3.76 | 67.88 | 24.75 | 88.70 | 6.89 | 10.02 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.14 | 1.00 | 1.00 | 1.00 | |