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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBITDA Multiple | 12.7x - 14.1x | 13.4x |
Selected Fwd EBITDA Multiple | 11.2x - 12.3x | 11.7x |
Fair Value | $132.11 - $148.31 | $140.21 |
Upside | -18.3% - -8.3% | -13.3% |
Benchmarks | Ticker | Full Ticker |
ITT Inc. | ITT | NYSE:ITT |
Mueller Water Products, Inc. | MWA | NYSE:MWA |
Flowserve Corporation | FLS | NYSE:FLS |
Lincoln Electric Holdings, Inc. | LECO | NasdaqGS:LECO |
ESCO Technologies Inc. | ESE | NYSE:ESE |
Enpro Inc. | NPO | NYSE:NPO |
- | - | - |
Select LTM EBITDA Multiple | |||||||
Benchmark Companies | |||||||
ITT | MWA | FLS | LECO | ESE | NPO | ||
NYSE:ITT | NYSE:MWA | NYSE:FLS | NasdaqGS:LECO | NYSE:ESE | NYSE:NPO | ||
Historical EBITDA Growth | |||||||
5Y CAGR | 8.3% | 7.8% | 3.5% | 11.2% | 7.2% | 8.5% | |
3Y CAGR | 12.0% | 10.7% | 15.6% | 5.5% | 17.8% | 17.5% | |
Latest Twelve Months | 20.4% | 48.8% | 23.2% | 0.4% | 16.3% | 6.9% | |
Historical EBITDA Profit Margin | |||||||
5 Year Average Margin | 19.2% | 17.8% | 11.2% | 17.8% | 18.5% | 19.6% | |
Prior Fiscal Year | 19.4% | 15.2% | 11.2% | 18.8% | 18.8% | 22.3% | |
Latest Fiscal Year | 21.1% | 20.8% | 13.1% | 19.8% | 19.7% | 24.1% | |
Latest Twelve Months | 21.1% | 21.2% | 13.1% | 19.8% | 20.1% | 24.1% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 2.99x | 3.02x | 1.64x | 2.86x | 3.98x | 3.68x | |
EV / LTM EBITDA | 14.2x | 14.3x | 12.6x | 14.4x | 19.8x | 15.3x | |
EV / LTM EBIT | 17.3x | 17.9x | 14.7x | 16.3x | 26.9x | 25.3x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBITDA | 12.6x | 14.3x | 19.8x | ||||
Historical EV / LTM EBITDA | 11.2x | 14.8x | 15.4x | ||||
Selected EV / LTM EBITDA | 12.7x | 13.4x | 14.1x | ||||
(x) LTM EBITDA | 253 | 253 | 253 | ||||
(=) Implied Enterprise Value | 3,225 | 3,395 | 3,565 | ||||
(-) Non-shareholder Claims * | (458) | (458) | (458) | ||||
(=) Equity Value | 2,767 | 2,937 | 3,106 | ||||
(/) Shares Outstanding | 21.0 | 21.0 | 21.0 | ||||
Implied Value Range | 131.50 | 139.57 | 147.63 | ||||
FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 131.50 | 139.57 | 147.63 | 161.79 | |||
Upside / (Downside) | -18.7% | -13.7% | -8.8% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | ITT | MWA | FLS | LECO | ESE | NPO | |
Enterprise Value | 10,804 | 4,120 | 7,491 | 11,447 | 4,205 | 3,863 | |
(+) Cash & Short Term Investments | 439 | 338 | 675 | 377 | 71 | 236 | |
(+) Investments & Other | 49 | 0 | 0 | 0 | 0 | 0 | |
(-) Debt | (757) | (477) | (1,688) | (1,151) | (171) | (695) | |
(-) Other Liabilities | (7) | 0 | (44) | 0 | 0 | 0 | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 10,529 | 3,981 | 6,434 | 10,674 | 4,106 | 3,404 | |
(/) Shares Outstanding | 81.5 | 156.6 | 131.7 | 56.4 | 25.8 | 21.0 | |
Implied Stock Price | 129.16 | 25.42 | 48.84 | 189.16 | 159.12 | 161.79 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 129.16 | 25.42 | 48.84 | 189.16 | 159.12 | 161.79 | |
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 |