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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBITDA Multiple | 12,9x - 14,2x | 13,5x |
Selected Fwd EBITDA Multiple | 12,5x - 13,8x | 13,2x |
Fair Value | €266,11 - €301,13 | €283,62 |
Upside | -26,5% - -16,8% | -21,7% |
Benchmarks | Ticker | Full Ticker |
AGCO Corporation | AGCO | NYSE:AGCO |
Ingersoll Rand Inc. | IR | NYSE:IR |
Crane Company | CR | NYSE:CR |
Westinghouse Air Brake Technologies Corporation | WAB | NYSE:WAB |
Cummins Inc. | CMI | NYSE:CMI |
Caterpillar Inc. | CAT1 | DB:CAT1 |
- | - | - |
Select LTM EBITDA Multiple | |||||||
Benchmark Companies | |||||||
AGCO | IR | CR | WAB | CMI | CAT1 | ||
NYSE:AGCO | NYSE:IR | NYSE:CR | NYSE:WAB | NYSE:CMI | DB:CAT1 | ||
Historical EBITDA Growth | |||||||
5Y CAGR | 9.5% | 36.6% | -7.0% | 14.9% | 8.9% | 7.9% | |
3Y CAGR | -1.2% | 22.8% | 18.1% | 17.0% | 19.2% | 13.8% | |
Latest Twelve Months | -45.7% | 6.8% | 20.5% | 9.2% | 17.3% | -13.0% | |
Historical EBITDA Profit Margin | |||||||
5 Year Average Margin | 11.7% | 22.6% | 15.6% | 18.4% | 13.1% | 21.3% | |
Prior Fiscal Year | 13.9% | 24.7% | 16.8% | 18.4% | 13.1% | 23.6% | |
Latest Fiscal Year | 10.7% | 26.8% | 18.4% | 20.4% | 14.2% | 24.1% | |
Latest Twelve Months | 9.2% | 26.6% | 19.0% | 20.9% | 15.5% | 22.2% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 1.03x | 4.77x | 4.79x | 3.47x | 1.76x | 3.70x | |
EV / LTM EBITDA | 11.3x | 18.0x | 25.2x | 16.6x | 11.4x | 16.7x | |
EV / LTM EBIT | 17.0x | 24.0x | 28.7x | 20.8x | 14.3x | 19.6x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBITDA | 11.3x | 16.6x | 25.2x | ||||
Historical EV / LTM EBITDA | 11.3x | 13.7x | 17.0x | ||||
Selected EV / LTM EBITDA | 12.9x | 13.5x | 14.2x | ||||
(x) LTM EBITDA | 14,007 | 14,007 | 14,007 | ||||
(=) Implied Enterprise Value | 180,249 | 189,736 | 199,222 | ||||
(-) Non-shareholder Claims * | (36,322) | (36,322) | (36,322) | ||||
(=) Equity Value | 143,927 | 153,414 | 162,900 | ||||
(/) Shares Outstanding | 468.5 | 468.5 | 468.5 | ||||
Implied Value Range | 307.22 | 327.47 | 347.72 | ||||
FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
Implied Value Range (Trading Cur) | 263.78 | 281.17 | 298.55 | 362.00 | |||
Upside / (Downside) | -27.1% | -22.3% | -17.5% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | AGCO | IR | CR | WAB | CMI | CAT1 | |
Enterprise Value | 10,504 | 35,135 | 10,664 | 36,633 | 59,287 | 233,840 | |
(+) Cash & Short Term Investments | 784 | 1,322 | 332 | 1,486 | 3,074 | 4,428 | |
(+) Investments & Other | 594 | 22 | 0 | 0 | 2,018 | 0 | |
(-) Debt | (3,154) | (4,994) | (60) | (5,107) | (8,684) | (40,748) | |
(-) Other Liabilities | (304) | (70) | (2) | (44) | (1,084) | (2) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 8,425 | 31,415 | 10,934 | 32,968 | 54,611 | 197,518 | |
(/) Shares Outstanding | 74.6 | 397.5 | 57.5 | 171.0 | 137.8 | 468.5 | |
Implied Stock Price | 112.90 | 79.04 | 190.00 | 192.85 | 396.35 | 421.62 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.16 | |
Implied Stock Price (Trading Cur) | 112.90 | 79.04 | 190.00 | 192.85 | 396.35 | 362.00 | |
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 |