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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 17.2x - 19.0x | 18.1x |
| Selected Fwd EBIT Multiple | 11.6x - 12.8x | 12.2x |
| Fair Value | €22.64 - €24.94 | €23.79 |
| Upside | -18.0% - -9.6% | -13.8% |
| Benchmarks | Ticker | Full Ticker |
| Rheinmetall AG | RHM | DB:RHM |
| Thales S.A. | HO | ENXTPA:HO |
| Hensoldt AG | HAG | XTRA:HAG |
| BAE Systems plc | BSP | DB:BSP |
| L3Harris Technologies, Inc. | HRS | DB:HRS |
| Theon International Plc | W8C | DB:W8C |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| RHM | HO | HAG | BSP | HRS | W8C | ||
| DB:RHM | ENXTPA:HO | XTRA:HAG | DB:BSP | DB:HRS | DB:W8C | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 23.5% | 5.7% | 23.8% | 8.5% | -0.3% | 90.5% | |
| 3Y CAGR | 31.5% | 13.3% | 16.0% | 10.3% | 8.0% | 51.1% | |
| Latest Twelve Months | 67.6% | 19.8% | 13.7% | 4.7% | 6.4% | 37.1% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 10.9% | 8.0% | 7.7% | 9.6% | 12.7% | 26.4% | |
| Prior Fiscal Year | 12.0% | 8.6% | 8.8% | 10.2% | 12.4% | 25.5% | |
| Latest Fiscal Year | 14.6% | 8.6% | 8.2% | 9.4% | 12.4% | 24.7% | |
| Latest Twelve Months | 14.2% | 9.0% | 7.5% | 9.4% | 12.8% | 25.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 7.68x | 2.39x | 5.26x | 2.33x | 2.90x | 5.24x | |
| EV / LTM EBITDA | 43.8x | 18.7x | 45.8x | 18.9x | 15.5x | 20.2x | |
| EV / LTM EBIT | 54.2x | 26.5x | 69.8x | 24.8x | 22.7x | 20.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 22.7x | 26.5x | 69.8x | ||||
| Historical EV / LTM EBIT | 10.2x | 10.2x | 10.2x | ||||
| Selected EV / LTM EBIT | 17.2x | 18.1x | 19.0x | ||||
| (x) LTM EBIT | 93 | 93 | 93 | ||||
| (=) Implied Enterprise Value | 1,602 | 1,686 | 1,770 | ||||
| (-) Non-shareholder Claims * | 55 | 55 | 55 | ||||
| (=) Equity Value | 1,656 | 1,741 | 1,825 | ||||
| (/) Shares Outstanding | 70.0 | 70.0 | 70.0 | ||||
| Implied Value Range | 23.66 | 24.86 | 26.07 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 23.66 | 24.86 | 26.07 | 27.60 | |||
| Upside / (Downside) | -14.3% | -9.9% | -5.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | RHM | HO | HAG | BSP | HRS | W8C | |
| Enterprise Value | 80,049 | 51,022 | 12,109 | 60,916 | 61,811 | 1,877 | |
| (+) Cash & Short Term Investments | 1,083 | 3,887 | 591 | 3,427 | 482 | 157 | |
| (+) Investments & Other | 328 | 1,743 | 30 | 849 | 0 | 4 | |
| (-) Debt | (1,704) | (7,314) | (1,519) | (10,316) | (12,102) | (95) | |
| (-) Other Liabilities | (462) | (28) | (13) | (161) | 0 | (11) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 79,294 | 49,310 | 11,198 | 54,715 | 50,191 | 1,932 | |
| (/) Shares Outstanding | 45.8 | 205.4 | 115.5 | 2,989.4 | 187.1 | 70.0 | |
| Implied Stock Price | 1,732.50 | 240.10 | 96.95 | 18.30 | 268.26 | 27.60 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 0.87 | 1.17 | 1.00 | |
| Implied Stock Price (Trading Cur) | 1,732.50 | 240.10 | 96.95 | 20.94 | 228.40 | 27.60 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 0.87 | 1.17 | 1.00 | |