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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 7.7x - 8.5x | 8.1x |
| Selected Fwd EBIT Multiple | 5.8x - 6.4x | 6.1x |
| Fair Value | €7.75 - €8.44 | €8.09 |
| Upside | 20.2% - 30.8% | 25.5% |
| Benchmarks | Ticker | Full Ticker |
| Villeroy & Boch AG | VIB3 | DB:VIB3 |
| Etex N.V. | 94124453 | ENXTBR:094124453 |
| Installux S.A. | 5X5 | DB:5X5 |
| Deceuninck NV | 1Z4 | DB:1Z4 |
| Rockwool A/S | R902 | DB:R902 |
| InnoTec TSS AG | TSS | DB:TSS |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| VIB3 | 94124453 | 5X5 | 1Z4 | R902 | TSS | ||
| DB:VIB3 | ENXTBR:094124453 | DB:5X5 | DB:1Z4 | DB:R902 | DB:TSS | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 27.4% | 8.0% | -6.2% | 36.2% | 12.6% | -5.7% | |
| 3Y CAGR | -28.8% | 2.3% | 7.9% | 7.1% | 19.0% | -11.2% | |
| Latest Twelve Months | -41.3% | -9.3% | 122.6% | 30.2% | 26.8% | -33.8% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 6.3% | 12.0% | 6.9% | 6.6% | 13.4% | 10.7% | |
| Prior Fiscal Year | 6.2% | 12.2% | 5.5% | 6.2% | 14.7% | 11.7% | |
| Latest Fiscal Year | 2.3% | 11.2% | 5.5% | 8.4% | 17.5% | 7.5% | |
| Latest Twelve Months | 2.3% | 11.2% | 7.6% | 8.4% | 17.5% | 7.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.60x | 0.57x | 0.39x | 0.48x | 1.99x | 0.45x | |
| EV / LTM EBITDA | 11.9x | 3.1x | 3.7x | 3.7x | 8.6x | 3.9x | |
| EV / LTM EBIT | 26.1x | 5.1x | 5.2x | 5.8x | 11.3x | 6.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 5.1x | 5.8x | 26.1x | ||||
| Historical EV / LTM EBIT | 5.0x | 7.6x | 8.1x | ||||
| Selected EV / LTM EBIT | 7.7x | 8.1x | 8.5x | ||||
| (x) LTM EBIT | 8 | 8 | 8 | ||||
| (=) Implied Enterprise Value | 62 | 65 | 68 | ||||
| (-) Non-shareholder Claims * | 12 | 12 | 12 | ||||
| (=) Equity Value | 74 | 77 | 80 | ||||
| (/) Shares Outstanding | 9.6 | 9.6 | 9.6 | ||||
| Implied Value Range | 7.71 | 8.05 | 8.38 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 7.71 | 8.05 | 8.38 | 6.45 | |||
| Upside / (Downside) | 19.5% | 24.7% | 30.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | VIB3 | 94124453 | 5X5 | 1Z4 | R902 | TSS | |
| Enterprise Value | 848 | 2,142 | 56 | 391 | 7,609 | 50 | |
| (+) Cash & Short Term Investments | 91 | 417 | 58 | 34 | 403 | 24 | |
| (+) Investments & Other | 43 | 8 | 0 | 0 | 11 | 0 | |
| (-) Debt | (531) | (1,526) | (32) | (119) | (122) | (12) | |
| (-) Other Liabilities | (0) | (24) | (0) | (17) | (1) | (0) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 450 | 1,016 | 82 | 289 | 7,900 | 62 | |
| (/) Shares Outstanding | 26.7 | 78.2 | 0.3 | 138.1 | 210.4 | 9.6 | |
| Implied Stock Price | 16.90 | 13.00 | 294.00 | 2.09 | 37.54 | 6.45 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 16.90 | 13.00 | 294.00 | 2.09 | 37.54 | 6.45 | |
| 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 | |