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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 12,0x - 13,2x | 12,6x |
| Selected Fwd EBIT Multiple | 13,1x - 14,5x | 13,8x |
| Fair Value | €86,79 - €95,54 | €91,16 |
| Upside | -16,7% - -8,3% | -12,5% |
| 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% | 34.5% | -2.0% | -16.0% | 6.3% | |
| 3Y CAGR | -12.9% | -14.6% | -4.3% | -13.5% | -31.7% | -18.3% | |
| Latest Twelve Months | 34.4% | -15.0% | -4.6% | -31.6% | -67.8% | 10.8% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 4.2% | 11.4% | 7.1% | 5.2% | 9.0% | 10.4% | |
| Prior Fiscal Year | 3.0% | 10.4% | 7.1% | 4.9% | 10.6% | 10.1% | |
| Latest Fiscal Year | 4.0% | 8.8% | 7.9% | 3.6% | 1.9% | 9.8% | |
| Latest Twelve Months | 4.0% | 8.8% | 7.6% | 3.6% | 1.9% | 9.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.69x | 1.12x | 0.94x | 0.61x | 1.04x | 1.36x | |
| EV / LTM EBITDA | 16.0x | 8.8x | 7.5x | 7.3x | 13.7x | 13.0x | |
| EV / LTM EBIT | 17.1x | 12.8x | 12.4x | 17.1x | 54.8x | 13.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 12.4x | 17.1x | 54.8x | ||||
| Historical EV / LTM EBIT | 6.8x | 13.8x | 18.0x | ||||
| Selected EV / LTM EBIT | 12.0x | 12.6x | 13.2x | ||||
| (x) LTM EBIT | 1,041 | 1,041 | 1,041 | ||||
| (=) Implied Enterprise Value | 12,465 | 13,121 | 13,778 | ||||
| (-) Non-shareholder Claims * | 577 | 577 | 577 | ||||
| (=) Equity Value | 13,042 | 13,698 | 14,354 | ||||
| (/) Shares Outstanding | 137.8 | 137.8 | 137.8 | ||||
| Implied Value Range | 94.67 | 99.44 | 104.20 | ||||
| FX Rate: USD/EUR | 1.1 | 1.1 | 1.1 | Market Price | |||
| Implied Value Range (Trading Cur) | 83.39 | 87.58 | 91.78 | 104.15 | |||
| Upside / (Downside) | -19.9% | -15.9% | -11.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | CHRW | UPS | FDX | HUBG | FWRD | EW1 | |
| Enterprise Value | 12,206 | 101,995 | 82,067 | 2,427 | 2,570 | 15,712 | |
| (+) Cash & Short Term Investments | 146 | 6,318 | 5,207 | 98 | 105 | 1,148 | |
| (+) Investments & Other | 0 | 346 | 447 | 0 | 0 | 0 | |
| (-) Debt | (1,741) | (25,652) | (37,031) | (509) | (2,146) | (569) | |
| (-) Other Liabilities | 0 | (25) | 0 | (47) | (84) | (3) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 10,611 | 82,982 | 50,690 | 1,970 | 444 | 16,289 | |
| (/) Shares Outstanding | 118.2 | 847.5 | 239.6 | 61.3 | 30.4 | 137.8 | |
| Implied Stock Price | 89.75 | 97.91 | 211.56 | 32.15 | 14.62 | 118.24 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.14 | |
| Implied Stock Price (Trading Cur) | 89.75 | 97.91 | 211.56 | 32.15 | 14.62 | 104.15 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.14 | |