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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 25.1x - 27.8x | 26.4x |
| Selected Fwd EBIT Multiple | 17.0x - 18.8x | 17.9x |
| Fair Value | €145.88 - €162.21 | €154.05 |
| Upside | -0.8% - 10.3% | 4.8% |
| Benchmarks | Ticker | Full Ticker |
| Hexcel Corporation | HXL | NYSE:HXL |
| Moog Inc. | MOG.A | NYSE:MOG.A |
| General Electric Company | GE | NYSE:GE |
| General Dynamics Corporation | GD | NYSE:GD |
| HEICO Corporation | HEI | NYSE:HEI |
| Woodward, Inc. | WW1 | DB:WW1 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| HXL | MOG.A | GE | GD | HEI | WW1 | ||
| NYSE:HXL | NYSE:MOG.A | NYSE:GE | NYSE:GD | NYSE:HEI | DB:WW1 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | -11.1% | 7.3% | 16.9% | 0.9% | 12.3% | 5.2% | |
| 3Y CAGR | 49.5% | 16.5% | NM- | 2.9% | 27.8% | 20.1% | |
| Latest Twelve Months | 9.7% | 20.3% | 24.2% | 28.6% | 26.6% | 21.1% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 9.3% | 8.8% | 6.5% | 10.7% | 21.4% | 11.0% | |
| Prior Fiscal Year | 12.0% | 9.1% | 17.7% | 8.8% | 21.5% | 9.8% | |
| Latest Fiscal Year | 12.4% | 10.4% | 20.0% | 10.0% | 21.3% | 13.2% | |
| Latest Twelve Months | 12.4% | 10.5% | 20.0% | 10.0% | 21.8% | 13.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.52x | 1.74x | 4.22x | 1.74x | 8.25x | 3.23x | |
| EV / LTM EBITDA | 13.3x | 13.3x | 18.3x | 14.9x | 31.4x | 19.6x | |
| EV / LTM EBIT | 20.3x | 16.5x | 21.0x | 17.4x | 37.8x | 24.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 16.5x | 20.3x | 37.8x | ||||
| Historical EV / LTM EBIT | 18.7x | 24.8x | 33.6x | ||||
| Selected EV / LTM EBIT | 25.1x | 26.4x | 27.8x | ||||
| (x) LTM EBIT | 431 | 431 | 431 | ||||
| (=) Implied Enterprise Value | 10,821 | 11,391 | 11,961 | ||||
| (-) Non-shareholder Claims * | (624) | (624) | (624) | ||||
| (=) Equity Value | 10,198 | 10,767 | 11,337 | ||||
| (/) Shares Outstanding | 59.4 | 59.4 | 59.4 | ||||
| Implied Value Range | 171.79 | 181.39 | 190.98 | ||||
| FX Rate: USD/EUR | 1.1 | 1.1 | 1.1 | Market Price | |||
| Implied Value Range (Trading Cur) | 151.04 | 159.48 | 167.91 | 147.00 | |||
| Upside / (Downside) | 2.7% | 8.5% | 14.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | HXL | MOG.A | GE | GD | HEI | WW1 | |
| Enterprise Value | 4,770 | 6,415 | 160,711 | 82,962 | 32,241 | 10,549 | |
| (+) Cash & Short Term Investments | 139 | 73 | 14,201 | 1,697 | 165 | 284 | |
| (+) Investments & Other | 5 | 0 | 39,582 | 0 | 0 | 18 | |
| (-) Debt | (726) | (1,286) | (20,378) | (10,676) | (2,354) | (926) | |
| (-) Other Liabilities | 0 | 0 | (223) | 0 | (488) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 4,188 | 5,202 | 193,893 | 73,983 | 29,565 | 9,925 | |
| (/) Shares Outstanding | 80.4 | 31.6 | 1,066.6 | 268.0 | 120.8 | 59.4 | |
| Implied Stock Price | 52.10 | 164.66 | 181.79 | 276.08 | 244.74 | 167.20 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.14 | |
| Implied Stock Price (Trading Cur) | 52.10 | 164.66 | 181.79 | 276.08 | 244.74 | 147.00 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.14 | |