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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 15.8x - 17.4x | 16.6x |
| Selected Fwd EBIT Multiple | 10.2x - 11.2x | 10.7x |
| Fair Value | €20.93 - €23.08 | €22.01 |
| Upside | -10.4% - -1.1% | -5.8% |
| 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 | 47.7% | 19.8% | 15.1% | 4.5% | 6.4% | 17.5% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 11.2% | 8.0% | 7.8% | 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 | 13.9% | 9.0% | 7.8% | 9.1% | 12.8% | 25.1% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 7.69x | 2.22x | 4.95x | 2.18x | 2.93x | 4.10x | |
| EV / LTM EBITDA | 44.0x | 17.4x | 41.9x | 17.8x | 15.7x | 15.9x | |
| EV / LTM EBIT | 55.2x | 24.5x | 63.2x | 23.9x | 22.9x | 16.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 22.9x | 24.5x | 63.2x | ||||
| Historical EV / LTM EBIT | 10.2x | 10.2x | 10.2x | ||||
| Selected EV / LTM EBIT | 15.8x | 16.6x | 17.4x | ||||
| (x) LTM EBIT | 96 | 96 | 96 | ||||
| (=) Implied Enterprise Value | 1,521 | 1,601 | 1,681 | ||||
| (-) Non-shareholder Claims * | 32 | 32 | 32 | ||||
| (=) Equity Value | 1,553 | 1,633 | 1,713 | ||||
| (/) Shares Outstanding | 70.0 | 70.0 | 70.0 | ||||
| Implied Value Range | 22.18 | 23.33 | 24.47 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 22.18 | 23.33 | 24.47 | 23.35 | |||
| Upside / (Downside) | -5.0% | -0.1% | 4.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | RHM | HO | HAG | BSP | HRS | W8C | |
| Enterprise Value | 81,680 | 47,346 | 11,515 | 60,159 | 61,725 | 1,603 | |
| (+) Cash & Short Term Investments | 352 | 3,887 | 326 | 2,153 | 482 | 132 | |
| (+) Investments & Other | 321 | 1,743 | 51 | 718 | 0 | 5 | |
| (-) Debt | (2,009) | (7,314) | (1,440) | (9,428) | (12,102) | (94) | |
| (-) Other Liabilities | (459) | (28) | (11) | (174) | 0 | (12) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 79,885 | 45,634 | 10,441 | 53,428 | 50,105 | 1,635 | |
| (/) Shares Outstanding | 45.8 | 205.4 | 115.5 | 2,983.6 | 187.1 | 70.0 | |
| Implied Stock Price | 1,743.50 | 222.20 | 90.40 | 17.91 | 267.81 | 23.35 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 0.87 | 1.17 | 1.00 | |
| Implied Stock Price (Trading Cur) | 1,743.50 | 222.20 | 90.40 | 20.64 | 228.60 | 23.35 | |
| 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 | |