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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 8,5x - 9,4x | 9,0x |
Selected Fwd EBIT Multiple | 6,5x - 7,2x | 6,9x |
Fair Value | €136,08 - €152 | €144,04 |
Upside | -20,0% - -10,6% | -15,3% |
Benchmarks | Ticker | Full Ticker |
Franklin Resources, Inc. | BEN | NYSE:BEN |
SEI Investments Company | SEIC | NasdaqGS:SEIC |
Silvercrest Asset Management Group Inc. | SAMG | NasdaqGM:SAMG |
Virtus Investment Partners, Inc. | VRTS | NYSE:VRTS |
WisdomTree, Inc. | WT | NYSE:WT |
Affiliated Managers Group, Inc. | AFS | DB:AFS |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
BEN | SEIC | SAMG | VRTS | WT | AFS | ||
NYSE:BEN | NasdaqGS:SEIC | NasdaqGM:SAMG | NYSE:VRTS | NYSE:WT | DB:AFS | ||
Historical EBIT Growth | |||||||
5Y CAGR | -4.9% | 3.6% | -1.5% | 7.0% | 20.3% | -0.9% | |
3Y CAGR | -15.7% | -0.2% | -21.2% | -19.2% | 15.5% | -9.3% | |
Latest Twelve Months | -22.3% | 24.7% | -7.9% | 20.2% | 45.1% | -11.2% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 21.1% | 25.7% | 20.6% | 23.9% | 25.3% | 32.8% | |
Prior Fiscal Year | 19.1% | 22.4% | 16.1% | 17.4% | 25.1% | 33.3% | |
Latest Fiscal Year | 14.8% | 25.9% | 14.3% | 19.7% | 32.1% | 32.7% | |
Latest Twelve Months | 13.3% | 26.5% | 13.3% | 20.1% | 32.7% | 29.0% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 1.64x | 4.78x | 1.37x | 1.83x | 4.72x | 3.04x | |
EV / LTM EBITDA | 8.6x | 16.7x | 8.3x | 6.6x | 14.4x | 8.7x | |
EV / LTM EBIT | 12.4x | 18.0x | 10.3x | 9.1x | 14.4x | 10.5x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | 9.1x | 12.4x | 18.0x | ||||
Historical EV / LTM EBIT | 7.6x | 8.2x | 9.5x | ||||
Selected EV / LTM EBIT | 8.5x | 9.0x | 9.4x | ||||
(x) LTM EBIT | 592 | 592 | 592 | ||||
(=) Implied Enterprise Value | 5,049 | 5,315 | 5,581 | ||||
(-) Non-shareholder Claims * | (502) | (502) | (502) | ||||
(=) Equity Value | 4,548 | 4,813 | 5,079 | ||||
(/) Shares Outstanding | 28.4 | 28.4 | 28.4 | ||||
Implied Value Range | 159.97 | 169.32 | 178.66 | ||||
FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
Implied Value Range (Trading Cur) | 137.49 | 145.53 | 153.56 | 170.00 | |||
Upside / (Downside) | -19.1% | -14.4% | -9.7% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | BEN | SEIC | SAMG | VRTS | WT | AFS | |
Enterprise Value | 14,195 | 10,497 | 172 | (732) | 2,061 | 6,125 | |
(+) Cash & Short Term Investments | 2,754 | 742 | 36 | 219 | 256 | 883 | |
(+) Investments & Other | 2,229 | 278 | 1 | 2,380 | 9 | 2,686 | |
(-) Debt | (3,661) | (28) | (21) | (304) | (513) | (2,794) | |
(-) Other Liabilities | (2,832) | 0 | (37) | (123) | 0 | (1,277) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 12,686 | 11,489 | 151 | 1,441 | 1,813 | 5,623 | |
(/) Shares Outstanding | 525.5 | 124.5 | 9.3 | 6.9 | 143.1 | 28.4 | |
Implied Stock Price | 24.14 | 92.29 | 16.35 | 208.45 | 12.67 | 197.79 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.16 | |
Implied Stock Price (Trading Cur) | 24.14 | 92.29 | 16.35 | 208.45 | 12.67 | 170.00 | |
Trading Currency | USD | USD | USD | USD | USD | EUR | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.16 |