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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 10,7x - 11,8x | 11,3x |
| Selected Fwd EBITDA Multiple | 13,1x - 14,5x | 13,8x |
| Fair Value | €88,39 - €97,20 | €92,79 |
| Upside | -5,3% - 4,1% | -0,6% |
| 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 EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| CHRW | UPS | FDX | HUBG | FWRD | EW1 | ||
| NasdaqGS:CHRW | NYSE:UPS | NYSE:FDX | NasdaqGS:HUBG | NasdaqGS:FWRD | DB:EW1 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | -2.7% | 2.7% | 17.9% | 4.1% | 5.0% | 6.2% | |
| 3Y CAGR | -12.7% | -9.8% | -1.4% | -1.5% | 1.5% | -17.5% | |
| Latest Twelve Months | 42.5% | -3.6% | -2.4% | -7.2% | 27.9% | 21.8% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 4.6% | 14.7% | 11.7% | 8.9% | 12.1% | 11.0% | |
| Prior Fiscal Year | 3.4% | 14.1% | 11.8% | 9.3% | 14.6% | 10.8% | |
| Latest Fiscal Year | 4.3% | 12.8% | 12.8% | 8.5% | 7.6% | 10.4% | |
| Latest Twelve Months | 4.6% | 12.8% | 12.5% | 8.6% | 8.5% | 10.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.78x | 1.17x | 0.99x | 0.68x | 1.06x | 1.40x | |
| EV / LTM EBITDA | 16.8x | 9.2x | 7.9x | 7.9x | 12.5x | 13.4x | |
| EV / LTM EBIT | 17.8x | 13.3x | 13.0x | 18.4x | 38.8x | 14.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 7.9x | 9.2x | 16.8x | ||||
| Historical EV / LTM EBITDA | 6.6x | 14.7x | 16.8x | ||||
| Selected EV / LTM EBITDA | 10.7x | 11.3x | 11.8x | ||||
| (x) LTM EBITDA | 1,153 | 1,153 | 1,153 | ||||
| (=) Implied Enterprise Value | 12,343 | 12,993 | 13,642 | ||||
| (-) Non-shareholder Claims * | 728 | 728 | 728 | ||||
| (=) Equity Value | 13,072 | 13,721 | 14,371 | ||||
| (/) Shares Outstanding | 136.9 | 136.9 | 136.9 | ||||
| Implied Value Range | 95.45 | 100.19 | 104.94 | ||||
| FX Rate: USD/EUR | 1.1 | 1.1 | 1.1 | Market Price | |||
| Implied Value Range (Trading Cur) | 85.61 | 89.86 | 94.12 | 93.34 | |||
| Upside / (Downside) | -8.3% | -3.7% | 0.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | CHRW | UPS | FDX | HUBG | FWRD | EW1 | |
| Enterprise Value | 13,505 | 106,026 | 86,367 | 2,623 | 2,692 | 13,524 | |
| (+) Cash & Short Term Investments | 130 | 5,065 | 5,207 | 113 | 116 | 1,319 | |
| (+) Investments & Other | 0 | 325 | 447 | 0 | 0 | 0 | |
| (-) Debt | (1,729) | (25,594) | (37,031) | (485) | (2,153) | (588) | |
| (-) Other Liabilities | 0 | (24) | 0 | (48) | (72) | (2) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 11,906 | 85,798 | 54,990 | 2,202 | 583 | 14,252 | |
| (/) Shares Outstanding | 118.7 | 846.8 | 239.6 | 61.2 | 30.4 | 136.9 | |
| Implied Stock Price | 100.28 | 101.32 | 229.51 | 35.96 | 19.17 | 104.07 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.11 | |
| Implied Stock Price (Trading Cur) | 100.28 | 101.32 | 229.51 | 35.96 | 19.17 | 93.34 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.11 | |