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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 7.1x - 7.8x | 7.5x |
| Selected Fwd EBITDA Multiple | 5.5x - 6.1x | 5.8x |
| Fair Value | €28.15 - €34.10 | €31.13 |
| Upside | 18.8% - 43.9% | 31.3% |
| Benchmarks | Ticker | Full Ticker |
| NORMA Group SE | NOEJ | XTRA:NOEJ |
| Dürr Aktiengesellschaft | DUE | XTRA:DUE |
| Jungheinrich Aktiengesellschaft | JUN3 | XTRA:JUN3 |
| KION GROUP AG | KGX | XTRA:KGX |
| DEUTZ Aktiengesellschaft | DEZ | XTRA:DEZ |
| Stabilus SE | STM | XTRA:STM |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| NOEJ | DUE | JUN3 | KGX | DEZ | STM | ||
| XTRA:NOEJ | XTRA:DUE | XTRA:JUN3 | XTRA:KGX | XTRA:DEZ | XTRA:STM | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | -6.9% | -1.3% | 7.4% | 3.5% | -6.3% | 3.3% | |
| 3Y CAGR | -3.3% | 2.1% | 6.0% | 3.3% | 7.1% | 5.8% | |
| Latest Twelve Months | -2.4% | 17.0% | -0.6% | 13.3% | -47.1% | -7.0% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 12.4% | 5.8% | 9.5% | 13.6% | 5.8% | 16.5% | |
| Prior Fiscal Year | 11.3% | 5.3% | 9.3% | 13.3% | 9.1% | 17.5% | |
| Latest Fiscal Year | 11.7% | 6.1% | 9.5% | 15.0% | 5.5% | 15.0% | |
| Latest Twelve Months | 11.7% | 6.1% | 9.5% | 15.0% | 5.5% | 15.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.60x | 0.41x | 1.01x | 0.99x | 0.60x | 0.97x | |
| EV / LTM EBITDA | 5.2x | 6.7x | 10.6x | 6.6x | 11.0x | 6.5x | |
| EV / LTM EBIT | 12.5x | 11.6x | 13.1x | 14.8x | 31.2x | 10.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 5.2x | 6.7x | 11.0x | ||||
| Historical EV / LTM EBITDA | 6.9x | 7.8x | 13.1x | ||||
| Selected EV / LTM EBITDA | 7.1x | 7.5x | 7.8x | ||||
| (x) LTM EBITDA | 199 | 199 | 199 | ||||
| (=) Implied Enterprise Value | 1,410 | 1,485 | 1,559 | ||||
| (-) Non-shareholder Claims * | (699) | (699) | (699) | ||||
| (=) Equity Value | 711 | 786 | 860 | ||||
| (/) Shares Outstanding | 24.7 | 24.7 | 24.7 | ||||
| Implied Value Range | 28.80 | 31.80 | 34.81 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 28.80 | 31.80 | 34.81 | 23.70 | |||
| Upside / (Downside) | 21.5% | 34.2% | 46.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | NOEJ | DUE | JUN3 | KGX | DEZ | STM | |
| Enterprise Value | 696 | 1,755 | 5,442 | 11,424 | 1,094 | 1,284 | |
| (+) Cash & Short Term Investments | 127 | 965 | 703 | 787 | 62 | 97 | |
| (+) Investments & Other | 4 | 29 | 79 | 240 | 51 | 6 | |
| (-) Debt | (472) | (1,325) | (3,014) | (7,692) | (288) | (771) | |
| (-) Other Liabilities | (0) | (5) | 0 | (18) | 0 | (31) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 355 | 1,419 | 3,211 | 4,741 | 919 | 585 | |
| (/) Shares Outstanding | 31.9 | 69.2 | 102.0 | 131.1 | 138.8 | 24.7 | |
| Implied Stock Price | 11.14 | 20.50 | 31.48 | 36.16 | 6.63 | 23.70 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 11.14 | 20.50 | 31.48 | 36.16 | 6.63 | 23.70 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |