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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 14.6x - 16.2x | 15.4x |
| Selected Fwd EBITDA Multiple | 4.4x - 4.9x | 4.7x |
| Fair Value | $3.85 - $4.68 | $4.26 |
| Upside | -44.6% - -32.7% | -38.7% |
| Benchmarks | Ticker | Full Ticker |
| Continental Aktiengesellschaft | CON | DB:CON |
| The Yokohama Rubber Company, Limited | YRB | DB:YRB |
| Pirelli & C. S.p.A. | PC | WBAG:PC |
| Sumitomo Rubber Industries, Ltd. | 108 | DB:108 |
| Toyo Tire Corporation | TYR | DB:TYR |
| Nokian Renkaat Oyj | NKRK.F | OTCPK:NKRK.F |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| CON | YRB | PC | 108 | TYR | NKRK.F | ||
| DB:CON | DB:YRB | WBAG:PC | DB:108 | DB:TYR | OTCPK:NKRK.F | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | -5.4% | 14.2% | 3.4% | 7.0% | 15.2% | -27.9% | |
| 3Y CAGR | 2.0% | 19.3% | 12.3% | 12.4% | 20.1% | -40.9% | |
| Latest Twelve Months | 6.1% | 22.7% | 10.5% | 8.7% | 19.9% | -24.2% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 10.5% | 15.4% | 17.7% | 12.5% | 16.9% | 14.8% | |
| Prior Fiscal Year | 9.2% | 16.1% | 18.4% | 13.1% | 19.5% | 9.0% | |
| Latest Fiscal Year | 10.2% | 17.8% | 20.8% | 13.8% | 22.8% | 6.2% | |
| Latest Twelve Months | 10.2% | 17.8% | 20.8% | 13.8% | 22.8% | 6.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.39x | 0.58x | 1.01x | 0.36x | 0.59x | 1.11x | |
| EV / LTM EBITDA | 3.8x | 3.3x | 4.8x | 2.6x | 2.6x | 18.0x | |
| EV / LTM EBIT | 6.9x | 5.0x | 7.2x | 5.2x | 3.5x | 1196.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 2.6x | 3.3x | 4.8x | ||||
| Historical EV / LTM EBITDA | -7.7x | 12.6x | 18.0x | ||||
| Selected EV / LTM EBITDA | 14.6x | 15.4x | 16.2x | ||||
| (x) LTM EBITDA | 80 | 80 | 80 | ||||
| (=) Implied Enterprise Value | 1,167 | 1,229 | 1,290 | ||||
| (-) Non-shareholder Claims * | (610) | (610) | (610) | ||||
| (=) Equity Value | 557 | 619 | 680 | ||||
| (/) Shares Outstanding | 167.1 | 167.1 | 167.1 | ||||
| Implied Value Range | 3.33 | 3.70 | 4.07 | ||||
| FX Rate: EUR/USD | 0.9 | 0.9 | 0.9 | Market Price | |||
| Implied Value Range (Trading Cur) | 3.66 | 4.07 | 4.47 | 6.96 | |||
| Upside / (Downside) | -47.3% | -41.5% | -35.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | CON | YRB | PC | 108 | TYR | NKRK.F | |
| Enterprise Value | 17,276 | 638,719 | 6,802 | 436,107 | 330,795 | 1,668 | |
| (+) Cash & Short Term Investments | 2,966 | 136,215 | 0 | 100,382 | 86,636 | 176 | |
| (+) Investments & Other | 434 | 90,769 | 0 | 104,083 | 31,711 | 3 | |
| (-) Debt | (6,909) | (438,021) | (1,926) | (252,442) | (102,053) | (789) | |
| (-) Other Liabilities | (447) | (10,042) | (156) | (19,676) | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 13,320 | 417,640 | 4,720 | 368,454 | 347,089 | 1,058 | |
| (/) Shares Outstanding | 200.0 | 159.1 | 1,000.0 | 263.0 | 154.0 | 167.1 | |
| Implied Stock Price | 66.60 | 2,624.52 | 4.72 | 1,400.82 | 2,254.19 | 6.33 | |
| FX Conversion Rate to Trading Currency | 1.00 | 161.01 | 1.00 | 161.01 | 161.01 | 0.91 | |
| Implied Stock Price (Trading Cur) | 66.60 | 16.30 | 4.72 | 8.70 | 14.00 | 6.96 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | USD | |
| FX Rate to Reporting Currency | 1.00 | 161.01 | 1.00 | 161.01 | 161.01 | 0.91 | |