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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 0.6x - 0.7x | 0.6x |
| Selected Fwd Revenue Multiple | 0.6x - 0.7x | 0.6x |
| Fair Value | €8.43 - €9.18 | €8.81 |
| Upside | 17.1% - 27.5% | 22.3% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Pilkington Deutschland AG | FDD | HMSE:FDD |
| Villeroy & Boch AG | VIB3 | DB:VIB3 |
| Etex N.V. | 94124453 | ENXTBR:094124453 |
| Installux S.A. | 5X5 | DB:5X5 |
| Deceuninck NV | 1Z4 | DB:1Z4 |
| InnoTec TSS AG | TSS | DB:TSS |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| FDD | VIB3 | 94124453 | 5X5 | 1Z4 | TSS | |||
| HMSE:FDD | DB:VIB3 | ENXTBR:094124453 | DB:5X5 | DB:1Z4 | DB:TSS | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 1.3% | 11.3% | 5.1% | 3.4% | 5.5% | 3.4% | ||
| 3Y CAGR | 6.3% | 14.6% | 8.3% | 9.7% | -0.4% | 3.4% | ||
| Latest Twelve Months | -21.5% | 57.6% | -0.8% | -1.6% | -4.5% | -10.8% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | -3.1% | 6.3% | 12.0% | 6.9% | 6.6% | 10.7% | ||
| Prior Fiscal Year | -3.9% | 6.2% | 12.2% | 5.5% | 6.2% | 11.7% | ||
| Latest Fiscal Year | -9.7% | 2.3% | 11.2% | 5.5% | 8.4% | 7.5% | ||
| Latest Twelve Months | -9.7% | 2.3% | 11.2% | 7.6% | 8.4% | 7.2% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 1.65x | 0.62x | 0.57x | 0.39x | 0.49x | 0.51x | ||
| EV / LTM EBIT | -17.0x | 27.1x | 5.1x | 5.1x | 5.9x | 7.1x | ||
| Price / LTM Sales | 1.65x | 0.34x | 0.27x | 0.57x | 0.37x | 0.62x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 0.39x | 0.57x | 1.65x | |||||
| Historical EV / LTM Revenue | 0.49x | 0.89x | 0.95x | |||||
| Selected EV / LTM Revenue | 0.61x | 0.64x | 0.67x | |||||
| (x) LTM Revenue | 111 | 111 | 111 | |||||
| (=) Implied Enterprise Value | 67 | 71 | 75 | |||||
| (-) Non-shareholder Claims * | 12 | 12 | 12 | |||||
| (=) Equity Value | 80 | 83 | 87 | |||||
| (/) Shares Outstanding | 9.6 | 9.6 | 9.6 | |||||
| Implied Value Range | 8.32 | 8.69 | 9.06 | |||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 8.32 | 8.69 | 9.06 | 7.20 | ||||
| Upside / (Downside) | 15.6% | 20.7% | 25.9% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | FDD | VIB3 | 94124453 | 5X5 | 1Z4 | TSS | |
| Enterprise Value | 667 | 888 | 2,150 | 56 | 410 | 57 | |
| (+) Cash & Short Term Investments | 0 | 91 | 417 | 58 | 34 | 24 | |
| (+) Investments & Other | 0 | 43 | 7 | 0 | 0 | 0 | |
| (-) Debt | 0 | (531) | (1,526) | (32) | (119) | (12) | |
| (-) Other Liabilities | 0 | (0) | (24) | (0) | (17) | (0) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 667 | 490 | 1,024 | 82 | 308 | 69 | |
| (/) Shares Outstanding | 2.7 | 26.7 | 78.2 | 0.3 | 138.1 | 9.6 | |
| Implied Stock Price | 246.00 | 18.40 | 13.10 | 294.00 | 2.23 | 7.20 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 246.00 | 18.40 | 13.10 | 294.00 | 2.23 | 7.20 | |
| 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 | |