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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 5.4x - 5.9x | 5.7x |
| Selected Fwd EBITDA Multiple | 4.7x - 5.2x | 4.9x |
| Fair Value | €9.01 - €10.07 | €9.54 |
| Upside | 11.2% - 24.2% | 17.7% |
| Benchmarks | Ticker | Full Ticker |
| Ferrari N.V. | RACE | BIT:RACE |
| Mercedes-Benz Group AG | 1MBG | BIT:1MBG |
| Volkswagen AG | 1VOW3 | BIT:1VOW3 |
| Renault SA | 1RNO | BIT:1RNO |
| Continental Aktiengesellschaft | 1CON | BIT:1CON |
| Brembo N.V. | Y8O | DB:Y8O |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| RACE | 1MBG | 1VOW3 | 1RNO | 1CON | Y8O | ||
| BIT:RACE | BIT:1MBG | BIT:1VOW3 | BIT:1RNO | BIT:1CON | DB:Y8O | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 11.6% | 16.5% | 2.2% | 3.1% | -5.4% | 4.8% | |
| 3Y CAGR | 18.6% | -4.3% | 3.2% | 17.5% | 2.0% | 10.2% | |
| Latest Twelve Months | 14.8% | -21.6% | -12.2% | 0.6% | 6.1% | -1.1% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 30.5% | 12.1% | 11.2% | 9.2% | 10.5% | 15.6% | |
| Prior Fiscal Year | 32.0% | 14.0% | 10.6% | 11.7% | 9.2% | 15.4% | |
| Latest Fiscal Year | 32.8% | 11.5% | 10.5% | 10.9% | 10.2% | 15.2% | |
| Latest Twelve Months | 32.8% | 11.5% | 9.0% | 10.9% | 10.2% | 15.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 11.19x | 0.86x | 0.82x | 0.80x | 0.45x | 0.77x | |
| EV / LTM EBITDA | 34.1x | 7.5x | 9.0x | 7.4x | 4.4x | 5.1x | |
| EV / LTM EBIT | 39.6x | 9.9x | 12.6x | 10.8x | 8.0x | 7.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 4.4x | 7.5x | 34.1x | ||||
| Historical EV / LTM EBITDA | 5.1x | 7.0x | 11.6x | ||||
| Selected EV / LTM EBITDA | 5.4x | 5.7x | 5.9x | ||||
| (x) LTM EBITDA | 591 | 591 | 591 | ||||
| (=) Implied Enterprise Value | 3,179 | 3,346 | 3,513 | ||||
| (-) Non-shareholder Claims * | (333) | (333) | (333) | ||||
| (=) Equity Value | 2,846 | 3,014 | 3,181 | ||||
| (/) Shares Outstanding | 318.9 | 318.9 | 318.9 | ||||
| Implied Value Range | 8.93 | 9.45 | 9.98 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 8.93 | 9.45 | 9.98 | 8.11 | |||
| Upside / (Downside) | 10.1% | 16.6% | 23.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | RACE | 1MBG | 1VOW3 | 1RNO | 1CON | Y8O | |
| Enterprise Value | 74,608 | 133,312 | 265,933 | 45,271 | 17,964 | 2,917 | |
| (+) Cash & Short Term Investments | 1,753 | 18,610 | 49,987 | 23,075 | 2,966 | 873 | |
| (+) Investments & Other | 81 | 13,105 | 0 | 17,070 | 434 | 73 | |
| (-) Debt | (3,352) | (112,798) | (252,054) | (71,690) | (6,909) | (1,243) | |
| (-) Other Liabilities | (9) | (1,005) | (15,541) | (793) | (447) | (35) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 73,081 | 51,224 | 48,325 | 12,933 | 14,008 | 2,584 | |
| (/) Shares Outstanding | 178.2 | 962.0 | 501.3 | 272.7 | 200.0 | 318.9 | |
| Implied Stock Price | 410.10 | 53.25 | 96.40 | 47.42 | 70.04 | 8.11 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 410.10 | 53.25 | 96.40 | 47.42 | 70.04 | 8.11 | |
| 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 | |