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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | -38.9x - -43.0x | -40.9x |
| Selected Fwd EBIT Multiple | 11.4x - 12.6x | 12.0x |
| Fair Value | €8.08 - €12.33 | €10.20 |
| Upside | -42.1% - -11.6% | -26.8% |
| Benchmarks | Ticker | Full Ticker |
| Trigano S.A. | TGO | DB:TGO |
| HWA AG | H9W | XTRA:H9W |
| Estrima S.p.A. | J79 | DB:J79 |
| Bayerische Motoren Werke Aktiengesellschaft | BMW | XTRA:BMW |
| Piaggio & C. SpA | P1I | DB:P1I |
| Knaus Tabbert AG | KTA | DB:KTA |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| TGO | H9W | J79 | BMW | P1I | KTA | ||
| DB:TGO | XTRA:H9W | DB:J79 | XTRA:BMW | DB:P1I | DB:KTA | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 18.9% | NM- | NM- | 5.3% | 5.9% | NM- | |
| 3Y CAGR | 11.8% | NM- | NM- | -5.7% | 8.9% | NM- | |
| Latest Twelve Months | 18.3% | -521.8% | 50.5% | -38.4% | -19.1% | -111.9% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 11.0% | -5.4% | -8.6% | 9.5% | 7.5% | 4.9% | |
| Prior Fiscal Year | 12.2% | 3.2% | -10.0% | 11.8% | 9.2% | 6.3% | |
| Latest Fiscal Year | 12.7% | -6.2% | -8.7% | 7.9% | 8.6% | -1.0% | |
| Latest Twelve Months | 12.7% | -9.6% | -5.5% | 7.9% | 8.6% | -1.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.50x | 0.60x | 0.47x | 1.00x | 0.67x | 0.43x | |
| EV / LTM EBITDA | 3.7x | -7.6x | -12.9x | 8.4x | 4.7x | 32.3x | |
| EV / LTM EBIT | 3.9x | -6.2x | -8.4x | 12.6x | 7.8x | -43.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -8.4x | 3.9x | 12.6x | ||||
| Historical EV / LTM EBIT | -43.3x | 15.1x | 23.6x | ||||
| Selected EV / LTM EBIT | -38.9x | -40.9x | -43.0x | ||||
| (x) LTM EBIT | (11) | (11) | (11) | ||||
| (=) Implied Enterprise Value | 424 | 446 | 468 | ||||
| (-) Non-shareholder Claims * | (335) | (335) | (335) | ||||
| (=) Equity Value | 89 | 111 | 133 | ||||
| (/) Shares Outstanding | 10.4 | 10.4 | 10.4 | ||||
| Implied Value Range | 8.54 | 10.69 | 12.84 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 8.54 | 10.69 | 12.84 | 13.94 | |||
| Upside / (Downside) | -38.7% | -23.3% | -7.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | TGO | H9W | J79 | BMW | P1I | KTA | |
| Enterprise Value | 1,955 | 45 | 19 | 142,347 | 1,124 | 480 | |
| (+) Cash & Short Term Investments | 261 | 1 | 2 | 16,184 | 150 | 15 | |
| (+) Investments & Other | 23 | 0 | 0 | 1,652 | 7 | 0 | |
| (-) Debt | (217) | (16) | (9) | (111,261) | (684) | (350) | |
| (-) Other Liabilities | (1) | 0 | 0 | (2,688) | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 2,022 | 30 | 13 | 46,234 | 598 | 145 | |
| (/) Shares Outstanding | 19.3 | 9.8 | 33.8 | 622.3 | 353.6 | 10.4 | |
| Implied Stock Price | 104.70 | 3.07 | 0.38 | 74.30 | 1.69 | 13.94 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 104.70 | 3.07 | 0.38 | 74.30 | 1.69 | 13.94 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |