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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 13,0x - 14,4x | 13,7x |
| Selected Fwd EBIT Multiple | 15,1x - 16,7x | 15,9x |
| Fair Value | €95,05 - €104,68 | €99,87 |
| Upside | -6,0% - 3,5% | -1,2% |
| Benchmarks | Ticker | Full Ticker |
| C.H. Robinson Worldwide, Inc. | CHRW | NasdaqGS:CHRW |
| United Parcel Service, Inc. | UPS | NYSE:UPS |
| FedEx Corporation | FDX | NYSE:FDX |
| Hub Group, Inc. | HUBG | NasdaqGS:HUBG |
| Forward Air Corporation | FWRD | NasdaqGS:FWRD |
| Expeditors International of Washington, Inc. | EW1 | DB:EW1 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| CHRW | UPS | FDX | HUBG | FWRD | EW1 | ||
| NasdaqGS:CHRW | NYSE:UPS | NYSE:FDX | NasdaqGS:HUBG | NasdaqGS:FWRD | DB:EW1 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | -2.0% | 0.4% | 19.8% | -2.0% | -16.0% | 6.3% | |
| 3Y CAGR | -12.9% | -14.6% | 5.2% | -13.5% | -31.7% | -18.3% | |
| Latest Twelve Months | 41.6% | 1.9% | -3.1% | -5.4% | 16.6% | 30.7% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 4.3% | 11.2% | 7.2% | 5.2% | 8.5% | 10.5% | |
| Prior Fiscal Year | 3.0% | 10.4% | 7.9% | 4.9% | 10.6% | 10.1% | |
| Latest Fiscal Year | 4.0% | 8.8% | 7.7% | 3.6% | 1.9% | 9.8% | |
| Latest Twelve Months | 4.6% | 8.7% | 7.7% | 3.6% | 3.5% | 9.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.97x | 1.04x | 0.97x | 0.69x | 1.20x | 1.42x | |
| EV / LTM EBITDA | 19.9x | 8.2x | 7.7x | 8.0x | 13.7x | 13.6x | |
| EV / LTM EBIT | 21.0x | 12.0x | 12.6x | 18.8x | 34.5x | 14.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 12.0x | 18.8x | 34.5x | ||||
| Historical EV / LTM EBIT | 6.8x | 15.7x | 18.0x | ||||
| Selected EV / LTM EBIT | 13.0x | 13.7x | 14.4x | ||||
| (x) LTM EBIT | 1,116 | 1,116 | 1,116 | ||||
| (=) Implied Enterprise Value | 14,520 | 15,285 | 16,049 | ||||
| (-) Non-shareholder Claims * | 568 | 568 | 568 | ||||
| (=) Equity Value | 15,088 | 15,852 | 16,616 | ||||
| (/) Shares Outstanding | 135.7 | 135.7 | 135.7 | ||||
| Implied Value Range | 111.17 | 116.80 | 122.43 | ||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 94.98 | 99.80 | 104.61 | 101.10 | |||
| Upside / (Downside) | -6.0% | -1.3% | 3.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | CHRW | UPS | FDX | HUBG | FWRD | EW1 | |
| Enterprise Value | 16,421 | 93,886 | 84,603 | 2,606 | 3,048 | 15,492 | |
| (+) Cash & Short Term Investments | 156 | 6,286 | 5,572 | 137 | 95 | 1,156 | |
| (+) Investments & Other | 0 | 299 | 506 | 0 | 0 | 0 | |
| (-) Debt | (1,692) | (28,909) | (37,416) | (463) | (2,163) | (587) | |
| (-) Other Liabilities | 0 | (27) | 0 | (51) | (64) | (2) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 14,885 | 71,535 | 53,265 | 2,229 | 916 | 16,059 | |
| (/) Shares Outstanding | 118.1 | 847.6 | 235.9 | 61.2 | 30.8 | 135.7 | |
| Implied Stock Price | 126.05 | 84.40 | 225.75 | 36.41 | 29.75 | 118.33 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.17 | |
| Implied Stock Price (Trading Cur) | 126.05 | 84.40 | 225.75 | 36.41 | 29.75 | 101.10 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.17 | |