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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 9.8x - 10.8x | 10.3x |
Selected Fwd EBIT Multiple | 8.3x - 9.2x | 8.7x |
Fair Value | €42.10 - €48.43 | €45.27 |
Upside | 14.8% - 32.1% | 23.4% |
Benchmarks | Ticker | Full Ticker |
Linamar Corporation | LNR | TSX:LNR |
Dana Incorporated | DAN | NYSE:DAN |
Martinrea International Inc. | MRE | TSX:MRE |
BorgWarner Inc. | BWA * | BMV:BWA* |
Lear Corporation | LEA * | BMV:LEA* |
Magna International Inc. | MGA | DB:MGA |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
LNR | DAN | MRE | BWA * | LEA * | MGA | ||
TSX:LNR | NYSE:DAN | TSX:MRE | BMV:BWA* | BMV:LEA* | DB:MGA | ||
Historical EBIT Growth | |||||||
5Y CAGR | 7.4% | -11.8% | -1.5% | 1.4% | -3.9% | -2.3% | |
3Y CAGR | 16.5% | -3.1% | 75.4% | 5.3% | 8.9% | 3.4% | |
Latest Twelve Months | 8.3% | -10.0% | -17.0% | 1.8% | -2.1% | -1.2% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 8.1% | 3.1% | 4.0% | 9.2% | 4.2% | 4.7% | |
Prior Fiscal Year | 8.2% | 3.1% | 5.5% | 8.8% | 4.5% | 4.8% | |
Latest Fiscal Year | 8.8% | 3.1% | 5.3% | 9.2% | 4.4% | 4.9% | |
Latest Twelve Months | 9.0% | 3.1% | 5.1% | 9.3% | 4.5% | 4.8% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 0.51x | 0.51x | 0.34x | 0.71x | 0.34x | 0.43x | |
EV / LTM EBITDA | 3.5x | 7.0x | 3.2x | 5.2x | 4.8x | 4.6x | |
EV / LTM EBIT | 5.7x | 16.5x | 6.6x | 7.6x | 7.7x | 8.9x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | 5.7x | 7.6x | 16.5x | ||||
Historical EV / LTM EBIT | 8.6x | 11.1x | 24.0x | ||||
Selected EV / LTM EBIT | 9.8x | 10.3x | 10.8x | ||||
(x) LTM EBIT | 2,017 | 2,017 | 2,017 | ||||
(=) Implied Enterprise Value | 19,703 | 20,740 | 21,778 | ||||
(-) Non-shareholder Claims * | (5,863) | (5,863) | (5,863) | ||||
(=) Equity Value | 13,840 | 14,877 | 15,915 | ||||
(/) Shares Outstanding | 281.7 | 281.7 | 281.7 | ||||
Implied Value Range | 49.13 | 52.81 | 56.49 | ||||
FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
Implied Value Range (Trading Cur) | 42.53 | 45.71 | 48.90 | 36.67 | |||
Upside / (Downside) | 16.0% | 24.7% | 33.4% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | LNR | DAN | MRE | BWA * | LEA * | MGA | |
Enterprise Value | 5,303 | 5,049 | 1,642 | 9,876 | 8,262 | 17,797 | |
(+) Cash & Short Term Investments | 909 | 507 | 149 | 1,707 | 895 | 1,059 | |
(+) Investments & Other | 2 | 127 | 65 | 314 | 99 | 1,062 | |
(-) Debt | (2,198) | (3,081) | (1,255) | (4,040) | (3,551) | (7,558) | |
(-) Other Liabilities | 0 | (256) | 0 | (170) | (129) | (426) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 4,016 | 2,346 | 600 | 7,687 | 5,576 | 11,934 | |
(/) Shares Outstanding | 59.9 | 145.7 | 71.1 | 219.7 | 53.2 | 281.7 | |
Implied Stock Price | 67.04 | 16.10 | 8.44 | 34.99 | 104.80 | 42.36 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 0.05 | 0.05 | 1.16 | |
Implied Stock Price (Trading Cur) | 67.04 | 16.10 | 8.44 | 655.62 | 1,964.00 | 36.67 | |
Trading Currency | CAD | USD | CAD | MXN | MXN | EUR | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 0.05 | 0.05 | 1.16 |