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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 9.0x - 9.9x | 9.5x |
| Selected Fwd EBIT Multiple | 6.6x - 7.3x | 6.9x |
| Fair Value | $90.67 - $102.48 | $96.57 |
| Upside | 32.1% - 49.3% | 40.7% |
| Benchmarks | Ticker | Full Ticker |
| HELLA GmbH & Co. KGaA | HLE | XTRA:HLE |
| Nokian Renkaat Oyj | NRE | DB:NRE |
| Kendrion N.V. | K3E | DB:K3E |
| Bayerische Motoren Werke Aktiengesellschaft | BMW | XTRA:BMW |
| Volkswagen AG | VOW | XTRA:VOW |
| Continental Aktiengesellschaft | CTTA.F | OTCPK:CTTA.F |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| HLE | NRE | K3E | BMW | VOW | CTTA.F | ||
| XTRA:HLE | DB:NRE | DB:K3E | XTRA:BMW | XTRA:VOW | OTCPK:CTTA.F | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | -9.5% | -67.2% | -1.1% | 5.3% | 3.7% | -6.0% | |
| 3Y CAGR | -2.5% | -83.8% | -17.6% | -5.7% | 5.9% | 12.3% | |
| Latest Twelve Months | -29.6% | -96.2% | -29.5% | -38.4% | -4.9% | 11.4% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 3.4% | 8.4% | 5.2% | 9.5% | 7.2% | 4.9% | |
| Prior Fiscal Year | 5.1% | 2.7% | 7.6% | 11.8% | 7.5% | 4.9% | |
| Latest Fiscal Year | 3.6% | 0.1% | 5.4% | 7.9% | 7.1% | 5.6% | |
| Latest Twelve Months | 3.6% | 0.1% | 5.4% | 7.9% | 7.1% | 5.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.17x | 1.16x | 0.88x | 1.00x | 0.78x | 0.43x | |
| EV / LTM EBITDA | 12.8x | 18.8x | 8.1x | 8.4x | 7.5x | 4.2x | |
| EV / LTM EBIT | 32.7x | 1248.5x | 16.2x | 12.5x | 11.1x | 7.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 11.1x | 16.2x | 1248.5x | ||||
| Historical EV / LTM EBIT | 6.3x | 8.5x | 59.8x | ||||
| Selected EV / LTM EBIT | 9.0x | 9.5x | 9.9x | ||||
| (x) LTM EBIT | 2,242 | 2,242 | 2,242 | ||||
| (=) Implied Enterprise Value | 20,155 | 21,216 | 22,277 | ||||
| (-) Non-shareholder Claims * | (3,956) | (3,956) | (3,956) | ||||
| (=) Equity Value | 16,199 | 17,260 | 18,321 | ||||
| (/) Shares Outstanding | 200.0 | 200.0 | 200.0 | ||||
| Implied Value Range | 80.99 | 86.30 | 91.60 | ||||
| FX Rate: EUR/USD | 0.9 | 0.9 | 0.9 | Market Price | |||
| Implied Value Range (Trading Cur) | 88.06 | 93.82 | 99.59 | 68.66 | |||
| Upside / (Downside) | 28.3% | 36.6% | 45.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | HLE | NRE | K3E | BMW | VOW | CTTA.F | |
| Enterprise Value | 9,341 | 1,487 | 261 | 141,998 | 253,468 | 16,587 | |
| (+) Cash & Short Term Investments | 1,402 | 176 | 9 | 16,184 | 47,199 | 2,966 | |
| (+) Investments & Other | 174 | 3 | 4 | 1,652 | 16,000 | 434 | |
| (-) Debt | (1,203) | (789) | (112) | (111,261) | (254,081) | (6,909) | |
| (-) Other Liabilities | (47) | 0 | 0 | (2,688) | (14,437) | (447) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 9,667 | 877 | 161 | 45,885 | 48,149 | 12,631 | |
| (/) Shares Outstanding | 111.1 | 137.9 | 15.5 | 622.3 | 501.3 | 200.0 | |
| Implied Stock Price | 87.00 | 6.36 | 10.40 | 73.74 | 96.05 | 63.15 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.92 | |
| Implied Stock Price (Trading Cur) | 87.00 | 6.36 | 10.40 | 73.74 | 96.05 | 68.66 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.92 | |