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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 11,9x - 13,1x | 12,5x |
| Selected Fwd EBIT Multiple | 8,0x - 8,9x | 8,5x |
| Fair Value | €242,85 - €251,84 | €247,35 |
| Upside | -7,9% - -4,5% | -6,2% |
| Benchmarks | Ticker | Full Ticker |
| Thales S.A. | HO | ENXTPA:HO |
| Safran SA | SAF | ENXTPA:SAF |
| Rheinmetall AG | RHM | DB:RHM |
| Leonardo S.p.a. | LDO | BIT:LDO |
| Saab AB (publ) | SAAB B | OM:SAABB |
| Dassault Aviation société anonyme | DAU0 | DB:DAU0 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| HO | SAF | RHM | LDO | SAAB B | DAU0 | ||
| ENXTPA:HO | ENXTPA:SAF | DB:RHM | BIT:LDO | OM:SAABB | DB:DAU0 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 5.7% | 1.8% | 23.5% | 3.4% | 14.8% | -7.7% | |
| 3Y CAGR | 13.3% | 48.0% | 31.5% | 11.1% | 23.2% | -0.4% | |
| Latest Twelve Months | 19.8% | 26.9% | 67.6% | 24.6% | 25.4% | 53.9% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 8.0% | 11.4% | 10.9% | 7.2% | 7.1% | 7.5% | |
| Prior Fiscal Year | 8.6% | 13.4% | 12.0% | 7.1% | 8.7% | 6.8% | |
| Latest Fiscal Year | 8.6% | 14.6% | 14.6% | 7.9% | 8.5% | 8.3% | |
| Latest Twelve Months | 9.0% | 14.6% | 14.2% | 7.8% | 8.9% | 8.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.38x | 4.05x | 7.74x | 1.70x | 4.01x | 1.27x | |
| EV / LTM EBITDA | 18.7x | 21.1x | 44.1x | 16.6x | 36.1x | 12.3x | |
| EV / LTM EBIT | 26.3x | 27.8x | 54.7x | 21.7x | 45.2x | 15.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 21.7x | 27.8x | 54.7x | ||||
| Historical EV / LTM EBIT | 4.2x | 7.7x | 8.8x | ||||
| Selected EV / LTM EBIT | 11.9x | 12.5x | 13.1x | ||||
| (x) LTM EBIT | 549 | 549 | 549 | ||||
| (=) Implied Enterprise Value | 6,513 | 6,856 | 7,198 | ||||
| (-) Non-shareholder Claims * | 12,308 | 12,308 | 12,308 | ||||
| (=) Equity Value | 18,821 | 19,164 | 19,507 | ||||
| (/) Shares Outstanding | 78.2 | 78.2 | 78.2 | ||||
| Implied Value Range | 240.61 | 245.00 | 249.38 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 240.61 | 245.00 | 249.38 | 263.80 | |||
| Upside / (Downside) | -8.8% | -7.1% | -5.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | HO | SAF | RHM | LDO | SAAB B | DAU0 | |
| Enterprise Value | 51,022 | 112,030 | 80,049 | 30,924 | 280,804 | 8,327 | |
| (+) Cash & Short Term Investments | 3,887 | 6,519 | 1,083 | 1,869 | 7,934 | 9,572 | |
| (+) Investments & Other | 1,743 | 2,692 | 328 | 0 | 5,911 | 2,940 | |
| (-) Debt | (7,314) | (5,078) | (1,704) | (4,206) | (9,904) | (204) | |
| (-) Other Liabilities | (28) | (549) | (462) | (1,172) | (326) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 49,310 | 115,614 | 79,294 | 27,415 | 284,419 | 20,635 | |
| (/) Shares Outstanding | 205.4 | 416.6 | 45.8 | 576.4 | 536.6 | 78.2 | |
| Implied Stock Price | 240.10 | 277.50 | 1,732.50 | 47.56 | 530.00 | 263.80 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 240.10 | 277.50 | 1,732.50 | 47.56 | 530.00 | 263.80 | |
| Trading Currency | EUR | EUR | EUR | EUR | SEK | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |