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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 30.8x - 34.1x | 32.4x |
Selected Fwd EBIT Multiple | 19.4x - 21.4x | 20.4x |
Fair Value | €175.92 - €195.18 | €185.55 |
Upside | -17.8% - -8.8% | -13.3% |
Benchmarks | Ticker | Full Ticker |
Curtiss-Wright Corporation | CW | NYSE:CW |
Leonardo DRS, Inc. | DRS | NasdaqGS:DRS |
Moog Inc. | MOG.A | NYSE:MOG.A |
Hexcel Corporation | HXL | NYSE:HXL |
HEICO Corporation | HEI | NYSE:HEI |
Woodward, Inc. | WW1 | DB:WW1 |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
CW | DRS | MOG.A | HXL | HEI | WW1 | ||
NYSE:CW | NasdaqGS:DRS | NYSE:MOG.A | NYSE:HXL | NYSE:HEI | DB:WW1 | ||
Historical EBIT Growth | |||||||
5Y CAGR | 6.2% | 10.8% | 7.3% | -11.1% | 12.3% | 5.2% | |
3Y CAGR | 11.9% | 7.7% | 16.5% | 49.5% | 27.8% | 20.1% | |
Latest Twelve Months | 13.8% | 21.1% | 0.4% | -3.6% | 25.5% | -1.9% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 17.4% | 8.4% | 8.9% | 8.8% | 21.4% | 11.0% | |
Prior Fiscal Year | 18.0% | 8.6% | 9.1% | 12.0% | 21.5% | 9.8% | |
Latest Fiscal Year | 18.4% | 9.3% | 10.4% | 12.4% | 21.3% | 13.2% | |
Latest Twelve Months | 19.1% | 9.6% | 10.2% | 11.2% | 22.2% | 12.7% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 5.85x | 3.29x | 1.98x | 3.08x | 9.70x | 4.57x | |
EV / LTM EBITDA | 25.9x | 26.8x | 15.4x | 17.4x | 36.3x | 28.5x | |
EV / LTM EBIT | 30.6x | 34.4x | 19.4x | 27.5x | 43.6x | 35.9x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | 19.4x | 30.6x | 43.6x | ||||
Historical EV / LTM EBIT | 18.7x | 24.8x | 33.6x | ||||
Selected EV / LTM EBIT | 30.8x | 32.4x | 34.1x | ||||
(x) LTM EBIT | 436 | 436 | 436 | ||||
(=) Implied Enterprise Value | 13,435 | 14,142 | 14,849 | ||||
(-) Non-shareholder Claims * | (495) | (495) | (495) | ||||
(=) Equity Value | 12,940 | 13,647 | 14,354 | ||||
(/) Shares Outstanding | 60.0 | 60.0 | 60.0 | ||||
Implied Value Range | 215.79 | 227.58 | 239.37 | ||||
FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
Implied Value Range (Trading Cur) | 184.26 | 194.33 | 204.40 | 214.00 | |||
Upside / (Downside) | -13.9% | -9.2% | -4.5% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | CW | DRS | MOG.A | HXL | HEI | WW1 | |
Enterprise Value | 19,699 | 11,337 | 7,365 | 5,674 | 41,106 | 15,523 | |
(+) Cash & Short Term Investments | 332 | 278 | 58 | 77 | 242 | 473 | |
(+) Investments & Other | 0 | 0 | 6 | 5 | 0 | 22 | |
(-) Debt | (1,129) | (472) | (1,275) | (828) | (2,278) | (990) | |
(-) Other Liabilities | 0 | 0 | 0 | 0 | (504) | 0 | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 18,901 | 11,143 | 6,155 | 4,929 | 38,566 | 15,028 | |
(/) Shares Outstanding | 37.7 | 266.1 | 31.7 | 79.6 | 122.0 | 60.0 | |
Implied Stock Price | 501.65 | 41.87 | 194.29 | 61.95 | 316.07 | 250.61 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.17 | |
Implied Stock Price (Trading Cur) | 501.65 | 41.87 | 194.29 | 61.95 | 316.07 | 214.00 | |
Trading Currency | USD | USD | USD | USD | USD | EUR | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.17 |