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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 16.2x - 17.9x | 17.0x |
| Selected Fwd EBIT Multiple | 12.8x - 14.2x | 13.5x |
| Fair Value | €181.96 - €202.58 | €192.27 |
| Upside | -16.5% - -7.0% | -11.7% |
| Benchmarks | Ticker | Full Ticker |
| Legrand SA | LR | ENXTPA:LR |
| Nexans S.A. | NEX | ENXTPA:NEX |
| Prysmian S.p.A. | PRY | XMIL:PRY |
| Hubbell Incorporated | HUEC | DB:HUEC |
| Rockwell Automation, Inc. | RWL | DB:RWL |
| Schneider Electric S.E. | SU | ENXTPA:SU |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| LR | NEX | PRY | HUEC | RWL | SU | ||
| ENXTPA:LR | ENXTPA:NEX | XMIL:PRY | DB:HUEC | DB:RWL | ENXTPA:SU | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 5.8% | 20.6% | 15.2% | 14.7% | -0.9% | 10.3% | |
| 3Y CAGR | 6.9% | 14.8% | 30.9% | 27.2% | 4.3% | 12.9% | |
| Latest Twelve Months | 3.2% | 45.7% | 17.5% | 5.8% | -17.7% | 9.8% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 18.8% | 5.1% | 5.4% | 15.6% | 16.9% | 15.9% | |
| Prior Fiscal Year | 18.9% | 5.3% | 6.8% | 19.4% | 17.8% | 16.6% | |
| Latest Fiscal Year | 18.9% | 7.1% | 7.2% | 19.6% | 15.8% | 17.1% | |
| Latest Twelve Months | 18.9% | 7.1% | 7.2% | 19.6% | 15.7% | 17.1% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.27x | 0.54x | 1.05x | 3.68x | 3.93x | 3.40x | |
| EV / LTM EBITDA | 15.0x | 6.0x | 11.3x | 15.8x | 20.2x | 17.6x | |
| EV / LTM EBIT | 17.3x | 7.7x | 14.5x | 18.7x | 25.1x | 19.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 7.7x | 17.3x | 25.1x | ||||
| Historical EV / LTM EBIT | 16.0x | 19.2x | 23.6x | ||||
| Selected EV / LTM EBIT | 16.2x | 17.0x | 17.9x | ||||
| (x) LTM EBIT | 6,526 | 6,526 | 6,526 | ||||
| (=) Implied Enterprise Value | 105,530 | 111,085 | 116,639 | ||||
| (-) Non-shareholder Claims * | (7,828) | (7,828) | (7,828) | ||||
| (=) Equity Value | 97,702 | 103,257 | 108,811 | ||||
| (/) Shares Outstanding | 561.0 | 561.0 | 561.0 | ||||
| Implied Value Range | 174.17 | 184.07 | 193.97 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 174.17 | 184.07 | 193.97 | 217.85 | |||
| Upside / (Downside) | -20.1% | -15.5% | -11.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | LR | NEX | PRY | HUEC | RWL | SU | |
| Enterprise Value | 28,397 | 4,491 | 18,079 | 20,553 | 29,989 | 130,036 | |
| (+) Cash & Short Term Investments | 2,082 | 1,254 | 1,082 | 345 | 477 | 6,887 | |
| (+) Investments & Other | 43 | 168 | 266 | 85 | 165 | 2,389 | |
| (-) Debt | (5,086) | (1,934) | (5,425) | (1,720) | (4,027) | (16,313) | |
| (-) Other Liabilities | (18) | (19) | (210) | (14) | (171) | (791) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 25,418 | 3,960 | 13,792 | 19,249 | 26,433 | 122,208 | |
| (/) Shares Outstanding | 261.9 | 43.6 | 286.9 | 53.6 | 113.1 | 561.0 | |
| Implied Stock Price | 97.06 | 90.90 | 48.07 | 359.30 | 233.77 | 217.85 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.14 | 1.14 | 1.00 | |
| Implied Stock Price (Trading Cur) | 97.06 | 90.90 | 48.07 | 316.00 | 205.60 | 217.85 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.14 | 1.14 | 1.00 | |