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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 16.1x - 17.8x | 17.0x |
Selected Fwd EBIT Multiple | 18.5x - 20.4x | 19.5x |
Fair Value | $86.77 - $96.85 | $91.81 |
Upside | -4.3% - 6.8% | 1.2% |
Benchmarks | Ticker | Full Ticker |
The Procter & Gamble Company | PG | NYSE:PG |
The Clorox Company | CLX | NYSE:CLX |
Church & Dwight Co., Inc. | CHD | NYSE:CHD |
Kimberly-Clark Corporation | KMB | NYSE:KMB |
Spectrum Brands Holdings, Inc. | SPB | NYSE:SPB |
Colgate-Palmolive Company | CL | NYSE:CL |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
PG | CLX | CHD | KMB | SPB | CL | ||
NYSE:PG | NYSE:CLX | NYSE:CHD | NYSE:KMB | NYSE:SPB | NYSE:CL | ||
Historical EBIT Growth | |||||||
5Y CAGR | 8.1% | -3.6% | 6.7% | -0.4% | 17.6% | 3.1% | |
3Y CAGR | 4.3% | -9.2% | 5.5% | 3.9% | 10.3% | 3.7% | |
Latest Twelve Months | 2.3% | 19.5% | 10.1% | 3.7% | 82.9% | 4.1% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 24.1% | 13.8% | 18.9% | 15.2% | 4.3% | 21.3% | |
Prior Fiscal Year | 23.2% | 11.0% | 18.0% | 13.9% | 2.8% | 20.3% | |
Latest Fiscal Year | 24.9% | 13.0% | 19.1% | 15.9% | 6.2% | 21.1% | |
Latest Twelve Months | 25.4% | 14.4% | 19.1% | 15.6% | 6.8% | 21.3% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 4.80x | 2.80x | 3.92x | 2.53x | 0.73x | 4.05x | |
EV / LTM EBITDA | 16.6x | 16.1x | 17.4x | 12.9x | 7.1x | 16.6x | |
EV / LTM EBIT | 18.9x | 19.4x | 20.6x | 16.2x | 10.7x | 19.0x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | 10.7x | 18.9x | 20.6x | ||||
Historical EV / LTM EBIT | 19.2x | 20.4x | 20.9x | ||||
Selected EV / LTM EBIT | 16.1x | 17.0x | 17.8x | ||||
(x) LTM EBIT | 4,258 | 4,258 | 4,258 | ||||
(=) Implied Enterprise Value | 68,595 | 72,205 | 75,816 | ||||
(-) Non-shareholder Claims * | (7,328) | (7,328) | (7,328) | ||||
(=) Equity Value | 61,267 | 64,877 | 68,488 | ||||
(/) Shares Outstanding | 810.4 | 810.4 | 810.4 | ||||
Implied Value Range | 75.60 | 80.05 | 84.51 | ||||
FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 75.60 | 80.05 | 84.51 | 90.69 | |||
Upside / (Downside) | -16.6% | -11.7% | -6.8% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | PG | CLX | CHD | KMB | SPB | CL | |
Enterprise Value | 401,159 | 20,031 | 24,181 | 49,583 | 2,118 | 80,825 | |
(+) Cash & Short Term Investments | 9,116 | 290 | 964 | 563 | 180 | 1,311 | |
(+) Investments & Other | 0 | 0 | 11 | 354 | 0 | 0 | |
(-) Debt | (34,141) | (3,092) | (2,406) | (7,284) | (638) | (8,269) | |
(-) Other Liabilities | (273) | (162) | 0 | (123) | (0) | (370) | |
(-) Preferred Stock | (781) | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 375,080 | 17,067 | 22,751 | 43,093 | 1,660 | 73,497 | |
(/) Shares Outstanding | 2,344.5 | 123.2 | 246.3 | 331.8 | 26.3 | 810.4 | |
Implied Stock Price | 159.98 | 138.54 | 92.38 | 129.87 | 63.07 | 90.69 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 159.98 | 138.54 | 92.38 | 129.87 | 63.07 | 90.69 | |
Trading Currency | USD | USD | USD | USD | USD | USD | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |