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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 11.9x - 13.1x | 12.5x |
Selected Fwd EBIT Multiple | 11.6x - 12.8x | 12.2x |
Fair Value | $28.01 - $33.75 | $30.88 |
Upside | 13.1% - 36.3% | 24.7% |
Benchmarks | Ticker | Full Ticker |
Dover Corporation | DOV | NYSE:DOV |
Nordson Corporation | NDSN | NasdaqGS:NDSN |
ITT Inc. | ITT | NYSE:ITT |
IDEX Corporation | IEX | NYSE:IEX |
Ingersoll Rand Inc. | IR | NYSE:IR |
Hillenbrand, Inc. | HI | NYSE:HI |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
DOV | NDSN | ITT | IEX | IR | HI | ||
NYSE:DOV | NasdaqGS:NDSN | NYSE:ITT | NYSE:IEX | NYSE:IR | NYSE:HI | ||
Historical EBIT Growth | |||||||
5Y CAGR | 4.1% | 7.2% | 9.4% | 3.2% | 41.1% | 10.9% | |
3Y CAGR | -0.5% | 3.8% | 13.3% | 2.6% | 32.7% | 16.3% | |
Latest Twelve Months | 1.6% | -5.0% | 19.4% | -6.1% | 17.1% | -7.0% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 16.1% | 24.6% | 15.3% | 23.4% | 13.8% | 12.4% | |
Prior Fiscal Year | 16.5% | 25.9% | 16.0% | 23.0% | 18.1% | 12.7% | |
Latest Fiscal Year | 16.7% | 25.3% | 17.3% | 21.6% | 20.1% | 11.1% | |
Latest Twelve Months | 16.7% | 24.8% | 17.3% | 21.6% | 20.1% | 10.8% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 3.08x | 4.87x | 2.83x | 4.39x | 4.64x | 1.16x | |
EV / LTM EBITDA | 14.6x | 16.2x | 13.4x | 16.3x | 17.3x | 7.3x | |
EV / LTM EBIT | 18.5x | 19.7x | 16.3x | 20.3x | 23.1x | 10.8x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | 16.3x | 19.7x | 23.1x | ||||
Historical EV / LTM EBIT | 9.4x | 11.4x | 12.9x | ||||
Selected EV / LTM EBIT | 11.9x | 12.5x | 13.1x | ||||
(x) LTM EBIT | 338 | 338 | 338 | ||||
(=) Implied Enterprise Value | 4,015 | 4,226 | 4,437 | ||||
(-) Non-shareholder Claims * | (1,873) | (1,873) | (1,873) | ||||
(=) Equity Value | 2,141 | 2,353 | 2,564 | ||||
(/) Shares Outstanding | 70.4 | 70.4 | 70.4 | ||||
Implied Value Range | 30.41 | 33.41 | 36.41 | ||||
FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 30.41 | 33.41 | 36.41 | 24.76 | |||
Upside / (Downside) | 22.8% | 34.9% | 47.0% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | DOV | NDSN | ITT | IEX | IR | HI | |
Enterprise Value | 25,855 | 13,738 | 11,153 | 15,314 | 36,409 | 3,617 | |
(+) Cash & Short Term Investments | 1,845 | 130 | 439 | 621 | 1,553 | 208 | |
(+) Investments & Other | 0 | 0 | 49 | 0 | 17 | 12 | |
(-) Debt | (3,163) | (2,295) | (757) | (2,088) | (4,980) | (2,058) | |
(-) Other Liabilities | 0 | 0 | (7) | 1 | (66) | (35) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 24,537 | 11,573 | 10,878 | 13,847 | 32,932 | 1,744 | |
(/) Shares Outstanding | 137.1 | 56.9 | 81.5 | 75.5 | 403.1 | 70.4 | |
Implied Stock Price | 179.02 | 203.35 | 133.44 | 183.30 | 81.70 | 24.76 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 179.02 | 203.35 | 133.44 | 183.30 | 81.70 | 24.76 | |
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 |