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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 2,6x - 2,8x | 2,7x |
| Selected Fwd Revenue Multiple | 2,4x - 2,7x | 2,5x |
| Fair Value | €19,37 - €21,69 | €20,53 |
| Upside | -10,2% - 0,5% | -4,8% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Epiroc AB (publ) | EPI A | OM:EPIA |
| Beijer Alma AB (publ) | BEIA B | OM:BEIAB |
| Trelleborg AB (publ) | TREL B | OM:TRELB |
| Troax Group AB (publ) | TROAX | OM:TROAX |
| FLSmidth & Co. A/S | FLS | CPSE:FLS |
| Sandvik AB (publ) | SVKB | DB:SVKB |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| EPI A | BEIA B | TREL B | TROAX | FLS | SVKB | |||
| OM:EPIA | OM:BEIAB | OM:TRELB | OM:TROAX | CPSE:FLS | DB:SVKB | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 9.3% | 9.3% | -1.4% | 10.6% | -0.4% | 3.5% | ||
| 3Y CAGR | 17.1% | 16.3% | 12.8% | 3.4% | 4.7% | 12.8% | ||
| Latest Twelve Months | 3.9% | 6.0% | 2.4% | 0.7% | -12.4% | -1.8% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 21.3% | 13.6% | 15.6% | 18.2% | 4.7% | 17.6% | ||
| Prior Fiscal Year | 21.9% | 12.5% | 16.1% | 18.8% | 4.6% | 18.2% | ||
| Latest Fiscal Year | 19.1% | 12.8% | 16.0% | 16.0% | 8.5% | 15.5% | ||
| Latest Twelve Months | 19.5% | 13.0% | 15.9% | 12.7% | 9.8% | 17.4% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 3.78x | 2.53x | 2.62x | 2.96x | 1.18x | 2.81x | ||
| EV / LTM EBIT | 19.4x | 19.5x | 16.5x | 23.3x | 12.1x | 16.2x | ||
| Price / LTM Sales | 3.58x | 2.09x | 2.37x | 2.72x | 1.14x | 2.50x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 1.18x | 2.62x | 3.78x | |||||
| Historical EV / LTM Revenue | 2.34x | 2.63x | 4.06x | |||||
| Selected EV / LTM Revenue | 2.55x | 2.69x | 2.82x | |||||
| (x) LTM Revenue | 121,458 | 121,458 | 121,458 | |||||
| (=) Implied Enterprise Value | 309,906 | 326,217 | 342,527 | |||||
| (-) Non-shareholder Claims * | (37,317) | (37,317) | (37,317) | |||||
| (=) Equity Value | 272,589 | 288,900 | 305,210 | |||||
| (/) Shares Outstanding | 1,254.4 | 1,254.4 | 1,254.4 | |||||
| Implied Value Range | 217.31 | 230.31 | 243.31 | |||||
| FX Rate: SEK/EUR | 11.2 | 11.2 | 11.2 | Market Price | ||||
| Implied Value Range (Trading Cur) | 19.44 | 20.61 | 21.77 | 21.58 | ||||
| Upside / (Downside) | -9.9% | -4.5% | 0.9% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | EPI A | BEIA B | TREL B | TROAX | FLS | SVKB | |
| Enterprise Value | 247,006 | 18,920 | 90,195 | 807 | 23,908 | 339,848 | |
| (+) Cash & Short Term Investments | 9,004 | 461 | 2,073 | 25 | 859 | 3,449 | |
| (+) Investments & Other | 2,315 | 0 | 14 | 0 | 91 | 9,793 | |
| (-) Debt | (21,346) | (3,650) | (10,770) | (90) | (1,837) | (50,490) | |
| (-) Other Liabilities | (17) | (123) | (4) | 0 | 15 | (69) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 236,962 | 15,608 | 81,508 | 742 | 23,036 | 302,531 | |
| (/) Shares Outstanding | 1,209.0 | 60.3 | 227.4 | 59.8 | 56.4 | 1,254.4 | |
| Implied Stock Price | 196.00 | 259.00 | 358.40 | 12.40 | 408.80 | 241.18 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 0.09 | 1.00 | 11.18 | |
| Implied Stock Price (Trading Cur) | 196.00 | 259.00 | 358.40 | 138.60 | 408.80 | 21.58 | |
| Trading Currency | SEK | SEK | SEK | SEK | DKK | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 0.09 | 1.00 | 11.18 | |