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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 26.4x - 29.2x | 27.8x |
| Selected Fwd EBIT Multiple | 14.2x - 15.7x | 15.0x |
| Fair Value | €872.04 - €966.66 | €919.35 |
| Upside | -30.9% - -23.4% | -27.2% |
| Benchmarks | Ticker | Full Ticker |
| MTU Aero Engines AG | MTX | XTRA:MTX |
| Hensoldt AG | HAG | XTRA:HAG |
| Safran SA | SEJ1 | XTRA:SEJ1 |
| Airbus SE | AIR | XTRA:AIR |
| Leonardo S.p.a. | FMNB | DB:FMNB |
| Rheinmetall AG | RHM | DB:RHM |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| MTX | HAG | SEJ1 | AIR | FMNB | RHM | ||
| XTRA:MTX | XTRA:HAG | XTRA:SEJ1 | XTRA:AIR | DB:FMNB | DB:RHM | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 5.8% | 23.8% | 1.8% | 36.3% | 3.4% | 23.5% | |
| 3Y CAGR | 32.5% | 16.0% | 48.0% | -0.2% | 11.1% | 31.5% | |
| Latest Twelve Months | 404.8% | 13.6% | 26.9% | 12.6% | 30.1% | 65.5% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 6.6% | 7.5% | 11.4% | 5.5% | 7.3% | 10.6% | |
| Prior Fiscal Year | -5.1% | 8.8% | 13.4% | 6.5% | 7.1% | 12.0% | |
| Latest Fiscal Year | 11.2% | 8.2% | 14.6% | 6.9% | 7.9% | 14.6% | |
| Latest Twelve Months | 11.2% | 8.2% | 14.6% | 6.9% | 7.9% | 14.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.87x | 3.14x | 2.94x | 1.25x | 1.34x | 5.68x | |
| EV / LTM EBITDA | 12.3x | 26.5x | 15.3x | 12.6x | 12.8x | 31.6x | |
| EV / LTM EBIT | 16.7x | 38.2x | 20.2x | 18.1x | 16.9x | 39.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 16.7x | 18.1x | 38.2x | ||||
| Historical EV / LTM EBIT | 7.4x | 14.2x | 39.0x | ||||
| Selected EV / LTM EBIT | 26.4x | 27.8x | 29.2x | ||||
| (x) LTM EBIT | 1,420 | 1,420 | 1,420 | ||||
| (=) Implied Enterprise Value | 37,487 | 39,460 | 41,433 | ||||
| (-) Non-shareholder Claims * | (1,169) | (1,169) | (1,169) | ||||
| (=) Equity Value | 36,318 | 38,291 | 40,264 | ||||
| (/) Shares Outstanding | 43.4 | 43.4 | 43.4 | ||||
| Implied Value Range | 836.10 | 881.52 | 926.94 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 836.10 | 881.52 | 926.94 | 1,262.00 | |||
| Upside / (Downside) | -33.7% | -30.1% | -26.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | MTX | HAG | SEJ1 | AIR | FMNB | RHM | |
| Enterprise Value | 13,946 | 7,140 | 80,438 | 86,812 | 24,340 | 55,987 | |
| (+) Cash & Short Term Investments | 2,605 | 734 | 6,519 | 18,729 | 2,556 | 1,253 | |
| (+) Investments & Other | 793 | 30 | 2,692 | 16,542 | 1,899 | 415 | |
| (-) Debt | (2,834) | (1,376) | (5,078) | (14,279) | (4,700) | (2,423) | |
| (-) Other Liabilities | (74) | (14) | (549) | (90) | (1,210) | (414) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 14,436 | 6,514 | 84,022 | 107,714 | 22,885 | 54,818 | |
| (/) Shares Outstanding | 53.8 | 115.5 | 416.8 | 788.0 | 576.4 | 43.4 | |
| Implied Stock Price | 268.20 | 56.40 | 201.60 | 136.70 | 39.70 | 1,262.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 268.20 | 56.40 | 201.60 | 136.70 | 39.70 | 1,262.00 | |
| 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 | |