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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 10,1x - 11,2x | 10,7x |
Selected Fwd EBIT Multiple | 7,9x - 8,8x | 8,4x |
Fair Value | €20,20 - €22,36 | €21,28 |
Upside | -6,7% - 3,3% | -1,7% |
Benchmarks | Ticker | Full Ticker |
Silvercrest Asset Management Group Inc. | SAMG | NasdaqGM:SAMG |
Affiliated Managers Group, Inc. | AMG | NYSE:AMG |
SEI Investments Company | SEIC | NasdaqGS:SEIC |
Cohen & Steers, Inc. | CNS | NYSE:CNS |
BlackRock, Inc. | BLK | NYSE:BLK |
Franklin Resources, Inc. | FRK | DB:FRK |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
SAMG | AMG | SEIC | CNS | BLK | FRK | ||
NasdaqGM:SAMG | NYSE:AMG | NasdaqGS:SEIC | NYSE:CNS | NYSE:BLK | DB:FRK | ||
Historical EBIT Growth | |||||||
5Y CAGR | -1.5% | -0.9% | 3.6% | 1.5% | 6.5% | -4.9% | |
3Y CAGR | -21.2% | -9.3% | -0.2% | -12.8% | 0.9% | -15.7% | |
Latest Twelve Months | -8.7% | -20.8% | 23.7% | 16.1% | 15.3% | -18.8% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 20.1% | 32.7% | 25.7% | 34.9% | 37.0% | 20.4% | |
Prior Fiscal Year | 16.1% | 33.3% | 22.4% | 33.6% | 35.5% | 19.1% | |
Latest Fiscal Year | 14.3% | 32.7% | 25.9% | 33.4% | 37.6% | 14.8% | |
Latest Twelve Months | 12.3% | 26.2% | 26.8% | 33.6% | 36.4% | 12.6% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 1.33x | 3.10x | 4.46x | 6.43x | 8.44x | 1.54x | |
EV / LTM EBITDA | 8.5x | 11.0x | 15.4x | 18.0x | 21.3x | 8.1x | |
EV / LTM EBIT | 10.8x | 11.8x | 16.6x | 19.1x | 23.2x | 12.2x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | 10.8x | 16.6x | 23.2x | ||||
Historical EV / LTM EBIT | 3.8x | 7.7x | 8.2x | ||||
Selected EV / LTM EBIT | 10.1x | 10.7x | 11.2x | ||||
(x) LTM EBIT | 1,085 | 1,085 | 1,085 | ||||
(=) Implied Enterprise Value | 10,989 | 11,567 | 12,146 | ||||
(-) Non-shareholder Claims * | (192) | (192) | (192) | ||||
(=) Equity Value | 10,797 | 11,375 | 11,954 | ||||
(/) Shares Outstanding | 519.2 | 519.2 | 519.2 | ||||
Implied Value Range | 20.80 | 21.91 | 23.02 | ||||
FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
Implied Value Range (Trading Cur) | 17.86 | 18.82 | 19.77 | 21.64 | |||
Upside / (Downside) | -17.5% | -13.0% | -8.6% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | SAMG | AMG | SEIC | CNS | BLK | FRK | |
Enterprise Value | 163 | 6,279 | 9,816 | 3,516 | 178,137 | 13,273 | |
(+) Cash & Short Term Investments | 30 | 361 | 778 | 230 | 7,894 | 3,254 | |
(+) Investments & Other | 0 | 3,262 | 290 | 223 | 0 | 2,620 | |
(-) Debt | (21) | (2,621) | (29) | (142) | (14,259) | (3,835) | |
(-) Other Liabilities | (35) | (1,236) | 0 | (14) | 0 | (2,231) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 136 | 6,045 | 10,856 | 3,814 | 171,772 | 13,081 | |
(/) Shares Outstanding | 8.4 | 28.4 | 123.6 | 51.0 | 154.8 | 519.2 | |
Implied Stock Price | 16.14 | 212.65 | 87.81 | 74.78 | 1,109.64 | 25.20 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.16 | |
Implied Stock Price (Trading Cur) | 16.14 | 212.65 | 87.81 | 74.78 | 1,109.64 | 21.64 | |
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 |