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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 10,7x - 11,9x | 11,3x |
| Selected Fwd EBIT Multiple | 11,1x - 12,2x | 11,7x |
| Fair Value | €82,01 - €133,76 | €107,88 |
| Upside | -13,3% - 41,5% | 14,1% |
| Benchmarks | Ticker | Full Ticker |
| Porsche Automobil Holding SE | PAH3 | XTRA:PAH3 |
| Stellantis N.V. | 8TI | XTRA:8TI |
| BYD Company Limited | BY6 | DB:BY6 |
| Continental Aktiengesellschaft | CON | XTRA:CON |
| Mazda Motor Corporation | MZA | DB:MZA |
| Volkswagen AG | 1VOW3 | BIT:1VOW3 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| PAH3 | 8TI | BY6 | CON | MZA | 1VOW3 | ||
| XTRA:PAH3 | XTRA:8TI | DB:BY6 | XTRA:CON | DB:MZA | BIT:1VOW3 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | 4.7% | 57.5% | -6.0% | 24.7% | 3.7% | |
| 3Y CAGR | NM- | -26.5% | 92.8% | 12.3% | 205.1% | 5.9% | |
| Latest Twelve Months | -116.8% | -72.6% | 32.9% | 11.4% | -14.7% | -4.9% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 37.4% | 9.8% | 5.0% | 4.9% | 2.9% | 7.2% | |
| Prior Fiscal Year | NA | 12.1% | 5.7% | 4.9% | 3.7% | 7.5% | |
| Latest Fiscal Year | NA | 4.0% | 5.9% | 5.6% | 5.2% | 7.1% | |
| Latest Twelve Months | NA | 4.0% | 5.9% | 5.6% | 4.0% | 7.1% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | NA | 0.13x | 1.27x | 0.43x | 0.05x | 0.78x | |
| EV / LTM EBITDA | -524.6x | 1.9x | 9.1x | 4.2x | 0.7x | 7.5x | |
| EV / LTM EBIT | -507.7x | 3.2x | 21.4x | 7.6x | 1.2x | 11.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -507.7x | 3.2x | 21.4x | ||||
| Historical EV / LTM EBIT | 9.2x | 11.1x | 31.1x | ||||
| Selected EV / LTM EBIT | 10.7x | 11.3x | 11.9x | ||||
| (x) LTM EBIT | 22,918 | 22,918 | 22,918 | ||||
| (=) Implied Enterprise Value | 246,330 | 259,295 | 272,259 | ||||
| (-) Non-shareholder Claims * | (205,319) | (205,319) | (205,319) | ||||
| (=) Equity Value | 41,011 | 53,976 | 66,940 | ||||
| (/) Shares Outstanding | 501.3 | 501.3 | 501.3 | ||||
| Implied Value Range | 81.81 | 107.67 | 133.53 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 81.81 | 107.67 | 133.53 | 94.56 | |||
| Upside / (Downside) | -13.5% | 13.9% | 41.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | PAH3 | 8TI | BY6 | CON | MZA | 1VOW3 | |
| Enterprise Value | (24,680) | 20,075 | 1,142,351 | 17,028 | (52,010) | 252,721 | |
| (+) Cash & Short Term Investments | 2,405 | 35,392 | 143,242 | 2,966 | 1,068,348 | 47,199 | |
| (+) Investments & Other | 40,419 | 11,888 | 30,239 | 434 | 285,623 | 16,000 | |
| (-) Debt | (7,597) | (37,251) | (40,460) | (6,909) | (699,077) | (254,081) | |
| (-) Other Liabilities | 0 | (423) | (13,437) | (447) | (17,848) | (14,437) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 10,547 | 29,681 | 1,261,935 | 13,072 | 585,036 | 47,402 | |
| (/) Shares Outstanding | 306.3 | 2,880.5 | 3,512.1 | 200.0 | 630.4 | 501.3 | |
| Implied Stock Price | 34.44 | 10.30 | 359.31 | 65.36 | 928.11 | 94.56 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 7.85 | 1.00 | 161.30 | 1.00 | |
| Implied Stock Price (Trading Cur) | 34.44 | 10.30 | 45.78 | 65.36 | 5.75 | 94.56 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 7.85 | 1.00 | 161.30 | 1.00 | |