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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 21.7x - 23.9x | 22.8x |
| Selected Fwd EBITDA Multiple | 11.7x - 13.0x | 12.3x |
| Fair Value | €861.97 - €955.53 | €908.75 |
| Upside | -42.2% - -35.9% | -39.1% |
| Benchmarks | Ticker | Full Ticker |
| MTU Aero Engines AG | MTX | XTRA:MTX |
| Hensoldt AG | HAG | XTRA:HAG |
| Safran SA | SEJ1 | XTRA:SEJ1 |
| Dassault Aviation société anonyme | DAU0 | DB:DAU0 |
| Thales S.A. | CSF | DB:CSF |
| Rheinmetall AG | RHM | DB:RHM |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| MTX | HAG | SEJ1 | DAU0 | CSF | RHM | ||
| XTRA:MTX | XTRA:HAG | XTRA:SEJ1 | DB:DAU0 | DB:CSF | DB:RHM | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 8.0% | 9.8% | 1.1% | -6.2% | 4.2% | 19.6% | |
| 3Y CAGR | 29.4% | 8.6% | 27.5% | -0.5% | 9.5% | 29.8% | |
| Latest Twelve Months | 1422.4% | 22.1% | 20.6% | 32.6% | 12.8% | 57.6% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 10.0% | 13.0% | 18.1% | 10.1% | 12.4% | 14.0% | |
| Prior Fiscal Year | -1.6% | 11.7% | 18.7% | 10.3% | 12.9% | 15.5% | |
| Latest Fiscal Year | 15.2% | 11.8% | 19.2% | 10.6% | 13.1% | 18.0% | |
| Latest Twelve Months | 15.2% | 11.8% | 19.2% | 10.6% | 13.1% | 18.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.14x | 3.81x | 3.37x | 2.10x | 2.51x | 6.84x | |
| EV / LTM EBITDA | 14.1x | 32.2x | 17.6x | 19.7x | 19.2x | 38.0x | |
| EV / LTM EBIT | 19.1x | 46.4x | 23.2x | 25.3x | 29.2x | 47.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 14.1x | 19.2x | 32.2x | ||||
| Historical EV / LTM EBITDA | 5.4x | 11.0x | 38.0x | ||||
| Selected EV / LTM EBITDA | 21.7x | 22.8x | 23.9x | ||||
| (x) LTM EBITDA | 1,754 | 1,754 | 1,754 | ||||
| (=) Implied Enterprise Value | 37,997 | 39,996 | 41,996 | ||||
| (-) Non-shareholder Claims * | (1,169) | (1,169) | (1,169) | ||||
| (=) Equity Value | 36,828 | 38,827 | 40,827 | ||||
| (/) Shares Outstanding | 43.4 | 43.4 | 43.4 | ||||
| Implied Value Range | 847.83 | 893.87 | 939.91 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 847.83 | 893.87 | 939.91 | 1,491.50 | |||
| Upside / (Downside) | -43.2% | -40.1% | -37.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | MTX | HAG | SEJ1 | DAU0 | CSF | RHM | |
| Enterprise Value | 15,867 | 8,503 | 92,733 | 13,377 | 51,201 | 65,956 | |
| (+) Cash & Short Term Investments | 2,605 | 734 | 6,519 | 8,485 | 4,768 | 1,253 | |
| (+) Investments & Other | 793 | 30 | 2,692 | 3,039 | 1,809 | 415 | |
| (-) Debt | (2,834) | (1,376) | (5,078) | (238) | (7,823) | (2,423) | |
| (-) Other Liabilities | (74) | (14) | (549) | 0 | (43) | (414) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 16,357 | 7,877 | 96,317 | 24,664 | 49,912 | 64,787 | |
| (/) Shares Outstanding | 53.8 | 115.5 | 416.8 | 78.0 | 205.3 | 43.4 | |
| Implied Stock Price | 303.90 | 68.20 | 231.10 | 316.20 | 243.10 | 1,491.50 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 303.90 | 68.20 | 231.10 | 316.20 | 243.10 | 1,491.50 | |
| 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 | |