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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 7.7x - 8.6x | 8.2x |
| Selected Fwd EBIT Multiple | 6.8x - 7.5x | 7.1x |
| Fair Value | €12.14 - €15.38 | €13.76 |
| Upside | -1.0% - 25.4% | 12.2% |
| Benchmarks | Ticker | Full Ticker |
| Compagnie Générale des Établissements Michelin Société en commandite par actions | ML | ENXTPA:ML |
| Forvia SE | FRVIA | ENXTPA:FRVIA |
| Schaeffler AG | SHA0 | DB:SHA0 |
| Continental Aktiengesellschaft | CON | DB:CON |
| HELLA GmbH & Co. KGaA | HLE | DB:HLE |
| Valeo SE | VSA2 | DB:VSA2 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| ML | FRVIA | SHA0 | CON | HLE | VSA2 | ||
| ENXTPA:ML | ENXTPA:FRVIA | DB:SHA0 | DB:CON | DB:HLE | DB:VSA2 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 1.5% | -0.5% | -7.7% | -6.0% | -9.5% | -1.2% | |
| 3Y CAGR | 1.6% | 15.8% | -12.7% | 12.3% | -2.5% | 11.3% | |
| Latest Twelve Months | -19.3% | -3.4% | -48.6% | -43.7% | -49.3% | 12.7% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 11.4% | 4.1% | 6.3% | 5.1% | 3.0% | 3.3% | |
| Prior Fiscal Year | 11.8% | 4.5% | 5.8% | 4.9% | 5.1% | 3.6% | |
| Latest Fiscal Year | 11.4% | 4.4% | 4.2% | 5.6% | 3.6% | 4.4% | |
| Latest Twelve Months | 10.3% | 4.5% | 1.9% | 3.1% | 2.3% | 4.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.87x | 0.37x | 0.51x | 0.50x | 1.12x | 0.36x | |
| EV / LTM EBITDA | 5.1x | 4.3x | 6.1x | 6.5x | 13.6x | 3.8x | |
| EV / LTM EBIT | 8.5x | 8.3x | 26.2x | 16.0x | 48.5x | 7.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 8.3x | 16.0x | 48.5x | ||||
| Historical EV / LTM EBIT | -32.9x | 9.3x | 14.0x | ||||
| Selected EV / LTM EBIT | 7.7x | 8.2x | 8.6x | ||||
| (x) LTM EBIT | 984 | 984 | 984 | ||||
| (=) Implied Enterprise Value | 7,622 | 8,023 | 8,425 | ||||
| (-) Non-shareholder Claims * | (4,563) | (4,563) | (4,563) | ||||
| (=) Equity Value | 3,059 | 3,460 | 3,862 | ||||
| (/) Shares Outstanding | 244.4 | 244.4 | 244.4 | ||||
| Implied Value Range | 12.52 | 14.16 | 15.80 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 12.52 | 14.16 | 15.80 | 12.26 | |||
| Upside / (Downside) | 2.1% | 15.5% | 28.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | ML | FRVIA | SHA0 | CON | HLE | VSA2 | |
| Enterprise Value | 23,649 | 10,057 | 12,054 | 19,218 | 8,912 | 7,560 | |
| (+) Cash & Short Term Investments | 3,119 | 4,372 | 2,184 | 1,371 | 1,080 | 2,424 | |
| (+) Investments & Other | 895 | 322 | 18 | 106 | 96 | 366 | |
| (-) Debt | (7,523) | (10,850) | (7,749) | (7,592) | (1,142) | (6,588) | |
| (-) Other Liabilities | (13) | (1,720) | (143) | (215) | (46) | (765) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 20,127 | 2,181 | 6,364 | 12,888 | 8,900 | 2,997 | |
| (/) Shares Outstanding | 697.1 | 196.5 | 944.9 | 200.0 | 111.1 | 244.4 | |
| Implied Stock Price | 28.87 | 11.10 | 6.74 | 64.44 | 80.10 | 12.26 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 28.87 | 11.10 | 6.74 | 64.44 | 80.10 | 12.26 | |
| 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 | |