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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 5.3x - 5.8x | 5.5x |
| Selected Fwd EBITDA Multiple | 2.7x - 3.0x | 2.9x |
| Fair Value | €4.84 - €5.80 | €5.32 |
| Upside | -0.1% - 19.8% | 9.8% |
| Benchmarks | Ticker | Full Ticker |
| Sogefi S.p.A. | GEF | DB:GEF |
| OPmobility SE | EZM | DB:EZM |
| Valeo SE | VSA2 | DB:VSA2 |
| Akwel SA | MW4 | BST:MW4 |
| Magna International Inc. | MGA | DB:MGA |
| ElringKlinger AG | ZIL2 | DB:ZIL2 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| GEF | EZM | VSA2 | MW4 | MGA | ZIL2 | ||
| DB:GEF | DB:EZM | DB:VSA2 | BST:MW4 | DB:MGA | DB:ZIL2 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | -6.8% | -3.6% | 0.0% | -10.4% | 0.3% | -6.4% | |
| 3Y CAGR | -10.0% | 6.4% | 4.9% | -14.5% | 3.2% | -16.8% | |
| Latest Twelve Months | -48.0% | -4.4% | 1.5% | -22.1% | 6.8% | -42.7% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 11.0% | 7.0% | 8.6% | 10.6% | 9.2% | 9.6% | |
| Prior Fiscal Year | 8.7% | 6.8% | 8.9% | 9.0% | 8.8% | 10.0% | |
| Latest Fiscal Year | 10.7% | 6.4% | 9.2% | 7.6% | 9.4% | 5.8% | |
| Latest Twelve Months | 10.9% | 6.4% | 9.2% | 7.6% | 9.4% | 5.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.30x | 0.25x | 0.30x | 0.06x | 0.36x | 0.32x | |
| EV / LTM EBITDA | 2.8x | 4.0x | 3.2x | 0.8x | 3.8x | 5.5x | |
| EV / LTM EBIT | 5.3x | 6.7x | 6.7x | 1.6x | 7.2x | 50.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 0.8x | 3.2x | 4.0x | ||||
| Historical EV / LTM EBITDA | 4.5x | 5.5x | 13.1x | ||||
| Selected EV / LTM EBITDA | 5.3x | 5.5x | 5.8x | ||||
| (x) LTM EBITDA | 105 | 105 | 105 | ||||
| (=) Implied Enterprise Value | 555 | 585 | 614 | ||||
| (-) Non-shareholder Claims * | (275) | (275) | (275) | ||||
| (=) Equity Value | 280 | 309 | 339 | ||||
| (/) Shares Outstanding | 63.4 | 63.4 | 63.4 | ||||
| Implied Value Range | 4.42 | 4.88 | 5.34 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 4.42 | 4.88 | 5.34 | 4.85 | |||
| Upside / (Downside) | -8.8% | 0.8% | 10.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | GEF | EZM | VSA2 | MW4 | MGA | ZIL2 | |
| Enterprise Value | 307 | 2,594 | 6,386 | 43 | 14,798 | 582 | |
| (+) Cash & Short Term Investments | 58 | 672 | 3,173 | 150 | 1,247 | 124 | |
| (+) Investments & Other | 4 | 452 | 424 | 2 | 1,045 | 14 | |
| (-) Debt | (116) | (2,362) | (7,038) | (17) | (7,068) | (365) | |
| (-) Other Liabilities | (13) | (29) | (796) | (1) | (418) | (48) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 240 | 1,327 | 2,149 | 178 | 9,604 | 307 | |
| (/) Shares Outstanding | 119.0 | 142.8 | 243.0 | 26.4 | 281.7 | 63.4 | |
| Implied Stock Price | 2.02 | 9.30 | 8.84 | 6.74 | 34.09 | 4.85 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.14 | 1.00 | |
| Implied Stock Price (Trading Cur) | 2.02 | 9.30 | 8.84 | 6.74 | 29.99 | 4.85 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.14 | 1.00 | |