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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 22,1x - 24,4x | 23,2x |
Selected Fwd EBIT Multiple | 19,1x - 21,1x | 20,1x |
Fair Value | €91,43 - €103,16 | €97,30 |
Upside | -26,4% - -17,0% | -21,7% |
Benchmarks | Ticker | Full Ticker |
Acuity Inc. | AYI | NYSE:AYI |
ABB Ltd | ABLZ.F | OTCPK:ABLZ.F |
Generac Holdings Inc. | GNRC | NYSE:GNRC |
Eaton Corporation plc | ETN | NYSE:ETN |
Vicor Corporation | VICR | NasdaqGS:VICR |
Emerson Electric Co. | EMR | DB:EMR |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
AYI | ABLZ.F | GNRC | ETN | VICR | EMR | ||
NYSE:AYI | OTCPK:ABLZ.F | NYSE:GNRC | NYSE:ETN | NasdaqGS:VICR | DB:EMR | ||
Historical EBIT Growth | |||||||
5Y CAGR | 3.7% | 17.1% | 7.5% | 10.3% | 6.8% | -0.3% | |
3Y CAGR | 9.0% | 12.2% | -10.3% | 23.1% | -29.9% | 14.1% | |
Latest Twelve Months | 14.0% | 19.0% | 35.5% | 17.5% | -56.5% | 9.7% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 12.8% | 13.3% | 14.7% | 14.5% | 9.4% | 17.7% | |
Prior Fiscal Year | 12.5% | 15.2% | 9.6% | 17.0% | 12.7% | 19.1% | |
Latest Fiscal Year | 14.4% | 16.5% | 12.5% | 18.8% | 5.3% | 17.2% | |
Latest Twelve Months | 14.2% | 17.7% | 12.7% | 19.2% | 5.0% | 19.0% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 2.30x | 3.70x | 2.36x | 6.20x | 5.04x | 5.35x | |
EV / LTM EBITDA | 13.7x | 18.5x | 14.1x | 27.1x | 49.6x | 19.4x | |
EV / LTM EBIT | 16.3x | 20.8x | 18.6x | 32.3x | 101.7x | 28.2x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | 16.3x | 20.8x | 101.7x | ||||
Historical EV / LTM EBIT | 15.9x | 20.7x | 26.1x | ||||
Selected EV / LTM EBIT | 22.1x | 23.2x | 24.4x | ||||
(x) LTM EBIT | 3,337 | 3,337 | 3,337 | ||||
(=) Implied Enterprise Value | 73,680 | 77,558 | 81,436 | ||||
(-) Non-shareholder Claims * | (13,130) | (13,130) | (13,130) | ||||
(=) Equity Value | 60,550 | 64,428 | 68,306 | ||||
(/) Shares Outstanding | 562.5 | 562.5 | 562.5 | ||||
Implied Value Range | 107.64 | 114.54 | 121.43 | ||||
FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
Implied Value Range (Trading Cur) | 92.63 | 98.56 | 104.49 | 124.24 | |||
Upside / (Downside) | -25.4% | -20.7% | -15.9% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | AYI | ABLZ.F | GNRC | ETN | VICR | EMR | |
Enterprise Value | 9,595 | 124,845 | 10,248 | 157,011 | 1,856 | 94,344 | |
(+) Cash & Short Term Investments | 372 | 5,112 | 187 | 1,939 | 296 | 1,887 | |
(+) Investments & Other | 0 | 394 | 35 | 3 | 3 | 0 | |
(-) Debt | (1,086) | (9,838) | (1,420) | (10,758) | (7) | (15,000) | |
(-) Other Liabilities | 0 | (525) | (4) | (41) | (0) | (17) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 8,881 | 119,988 | 9,046 | 148,154 | 2,148 | 81,214 | |
(/) Shares Outstanding | 30.3 | 1,824.6 | 59.1 | 391.3 | 45.2 | 562.5 | |
Implied Stock Price | 292.66 | 65.76 | 153.11 | 378.62 | 47.51 | 144.38 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.16 | |
Implied Stock Price (Trading Cur) | 292.66 | 65.76 | 153.11 | 378.62 | 47.51 | 124.24 | |
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 |