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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 11,3x - 12,5x | 11,9x |
| Selected Fwd EBIT Multiple | 8,4x - 9,3x | 8,8x |
| Fair Value | €169,69 - €184,62 | €177,16 |
| Upside | 9,5% - 19,1% | 14,3% |
| Benchmarks | Ticker | Full Ticker |
| Hurco Companies, Inc. | HC2 | DB:HC2 |
| Komatsu Ltd. | KOM1 | DB:KOM1 |
| DMG Mori Co., Ltd. | 0MO | DB:0MO |
| Singulus Technologies AG | SNG | DB:SNG |
| MS Industrie AG | MSAG | DB:MSAG |
| Maschinenfabrik Berthold Hermle AG | MBH3 | DB:MBH3 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| HC2 | KOM1 | 0MO | SNG | MSAG | MBH3 | ||
| DB:HC2 | DB:KOM1 | DB:0MO | DB:SNG | DB:MSAG | DB:MBH3 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | 20.4% | 1.4% | NM- | NM- | -6.1% | |
| 3Y CAGR | NM- | 26.6% | 23.3% | NM- | NM- | 5.1% | |
| Latest Twelve Months | -69.9% | 2.7% | -56.1% | 59.3% | 59.7% | -43.2% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 1.0% | 12.9% | 6.7% | -22.1% | -1.1% | 18.4% | |
| Prior Fiscal Year | 2.9% | 15.9% | 9.7% | -13.8% | 3.1% | 20.9% | |
| Latest Fiscal Year | -4.7% | 16.0% | 7.1% | -1.1% | -2.5% | 16.4% | |
| Latest Twelve Months | -4.0% | 15.8% | 4.4% | -5.0% | -4.8% | 12.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.35x | 1.20x | 0.95x | 0.63x | 0.31x | 1.35x | |
| EV / LTM EBITDA | -10.3x | 6.1x | 10.3x | -24.6x | 60.1x | 9.1x | |
| EV / LTM EBIT | -8.6x | 7.6x | 21.7x | -12.7x | -6.5x | 11.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -12.7x | -6.5x | 21.7x | ||||
| Historical EV / LTM EBIT | 7.5x | 9.4x | 20.2x | ||||
| Selected EV / LTM EBIT | 11.3x | 11.9x | 12.5x | ||||
| (x) LTM EBIT | 57 | 57 | 57 | ||||
| (=) Implied Enterprise Value | 648 | 682 | 716 | ||||
| (-) Non-shareholder Claims * | 140 | 140 | 140 | ||||
| (=) Equity Value | 787 | 822 | 856 | ||||
| (/) Shares Outstanding | 5.0 | 5.0 | 5.0 | ||||
| Implied Value Range | 157.50 | 164.32 | 171.14 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 157.50 | 164.32 | 171.14 | 155.00 | |||
| Upside / (Downside) | 1.6% | 6.0% | 10.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | HC2 | KOM1 | 0MO | SNG | MSAG | MBH3 | |
| Enterprise Value | 62 | 4,777,159 | 477,950 | 42 | 41 | 635 | |
| (+) Cash & Short Term Investments | 44 | 448,891 | 28,014 | 6 | 1 | 140 | |
| (+) Investments & Other | 9 | 1,033,251 | 32,773 | 0 | 19 | 0 | |
| (-) Debt | (12) | (1,427,402) | (109,980) | (34) | (18) | 0 | |
| (-) Other Liabilities | 0 | (166,173) | (1,502) | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 103 | 4,665,726 | 427,255 | 13 | 42 | 775 | |
| (/) Shares Outstanding | 5.9 | 910.1 | 141.8 | 8.3 | 29.7 | 5.0 | |
| Implied Stock Price | 17.25 | 5,126.83 | 3,013.75 | 1.59 | 1.42 | 155.00 | |
| FX Conversion Rate to Trading Currency | 1.17 | 173.20 | 173.20 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 14.70 | 29.60 | 17.40 | 1.59 | 1.42 | 155.00 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.17 | 173.20 | 173.20 | 1.00 | 1.00 | 1.00 | |