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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 11.1x - 12.3x | 11.7x |
| Selected Fwd EBITDA Multiple | 8.3x - 9.1x | 8.7x |
| Fair Value | $38.02 - $42.33 | $40.18 |
| Upside | -23.2% - -14.5% | -18.8% |
| Benchmarks | Ticker | Full Ticker |
| Airbus SE | 1AIR | BIT:1AIR |
| Hensoldt AG | 1HENS | XMIL:1HENS |
| Thales S.A. | HO | ENXTPA:HO |
| Safran SA | SAF | ENXTPA:SAF |
| Rheinmetall AG | 1RHM | XMIL:1RHM |
| Leonardo S.p.a. | FINM.F | OTCPK:FINM.F |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 1AIR | 1HENS | HO | SAF | 1RHM | FINM.F | ||
| BIT:1AIR | XMIL:1HENS | ENXTPA:HO | ENXTPA:SAF | XMIL:1RHM | OTCPK:FINM.F | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 15.5% | 9.8% | 4.2% | 1.1% | 19.6% | 3.5% | |
| 3Y CAGR | 0.4% | 8.6% | 9.5% | 27.5% | 29.8% | 11.4% | |
| Latest Twelve Months | 12.2% | 22.1% | 12.8% | 20.6% | 57.6% | 26.4% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 9.2% | 13.0% | 12.4% | 18.1% | 14.0% | 9.8% | |
| Prior Fiscal Year | 9.4% | 11.7% | 12.9% | 18.7% | 15.5% | 9.6% | |
| Latest Fiscal Year | 9.9% | 11.8% | 13.1% | 19.2% | 18.0% | 10.5% | |
| Latest Twelve Months | 9.9% | 11.8% | 13.1% | 19.2% | 18.0% | 10.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.28x | 3.53x | 2.59x | 3.09x | 6.33x | 1.50x | |
| EV / LTM EBITDA | 12.9x | 29.8x | 19.8x | 16.1x | 35.2x | 14.3x | |
| EV / LTM EBIT | 18.4x | 43.0x | 30.1x | 21.2x | 43.4x | 18.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 12.9x | 19.8x | 35.2x | ||||
| Historical EV / LTM EBITDA | 6.3x | 6.6x | 14.3x | ||||
| Selected EV / LTM EBITDA | 11.1x | 11.7x | 12.3x | ||||
| (x) LTM EBITDA | 1,862 | 1,862 | 1,862 | ||||
| (=) Implied Enterprise Value | 20,657 | 21,745 | 22,832 | ||||
| (-) Non-shareholder Claims * | (1,455) | (1,455) | (1,455) | ||||
| (=) Equity Value | 19,202 | 20,290 | 21,377 | ||||
| (/) Shares Outstanding | 576.4 | 576.4 | 576.4 | ||||
| Implied Value Range | 33.31 | 35.20 | 37.08 | ||||
| FX Rate: EUR/USD | 0.9 | 0.9 | 0.9 | Market Price | |||
| Implied Value Range (Trading Cur) | 37.73 | 39.86 | 42.00 | 49.50 | |||
| Upside / (Downside) | -23.8% | -19.5% | -15.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 1AIR | 1HENS | HO | SAF | 1RHM | FINM.F | |
| Enterprise Value | 88,529 | 7,845 | 52,782 | 87,856 | 60,982 | 26,650 | |
| (+) Cash & Short Term Investments | 18,729 | 734 | 4,768 | 6,519 | 1,253 | 2,556 | |
| (+) Investments & Other | 16,542 | 30 | 1,809 | 2,692 | 415 | 1,899 | |
| (-) Debt | (14,279) | (1,376) | (7,823) | (5,078) | (2,423) | (4,700) | |
| (-) Other Liabilities | (90) | (14) | (43) | (549) | (414) | (1,210) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 109,431 | 7,219 | 51,493 | 91,440 | 59,813 | 25,195 | |
| (/) Shares Outstanding | 788.0 | 115.5 | 205.3 | 416.8 | 43.4 | 576.4 | |
| Implied Stock Price | 138.88 | 62.50 | 250.80 | 219.40 | 1,377.00 | 43.71 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.88 | |
| Implied Stock Price (Trading Cur) | 138.88 | 62.50 | 250.80 | 219.40 | 1,377.00 | 49.50 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.88 | |