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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 26,6x - 29,4x | 28,0x |
Selected Fwd EBIT Multiple | 26,4x - 29,2x | 27,8x |
Fair Value | €170,82 - €189,16 | €179,99 |
Upside | -8,2% - 1,7% | -3,2% |
Benchmarks | Ticker | Full Ticker |
Kimberly-Clark Corporation | KMB | NasdaqGS:KMB |
Church & Dwight Co., Inc. | CHD | NYSE:CHD |
Reynolds Consumer Products Inc. | REYN | NasdaqGS:REYN |
Colgate-Palmolive Company | CL | NYSE:CL |
The Procter & Gamble Company | PG | NYSE:PG |
WD-40 Company | WD1 | DB:WD1 |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
KMB | CHD | REYN | CL | PG | WD1 | ||
NasdaqGS:KMB | NYSE:CHD | NasdaqGS:REYN | NYSE:CL | NYSE:PG | DB:WD1 | ||
Historical EBIT Growth | |||||||
5Y CAGR | -0.4% | 6.7% | 1.5% | 3.1% | 8.1% | 3.2% | |
3Y CAGR | 3.9% | 5.5% | 4.7% | 3.7% | 4.3% | 2.7% | |
Latest Twelve Months | 3.7% | 7.8% | -1.1% | 4.1% | 2.3% | 4.5% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 15.2% | 18.9% | 14.2% | 21.3% | 24.1% | 17.3% | |
Prior Fiscal Year | 13.9% | 18.0% | 13.6% | 20.3% | 23.2% | 16.7% | |
Latest Fiscal Year | 15.9% | 19.1% | 14.9% | 21.1% | 24.9% | 16.3% | |
Latest Twelve Months | 15.6% | 19.0% | 14.8% | 21.3% | 25.4% | 16.3% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 2.48x | 4.13x | 1.69x | 3.89x | 4.64x | 4.90x | |
EV / LTM EBITDA | 12.7x | 18.4x | 9.2x | 16.0x | 16.1x | 27.8x | |
EV / LTM EBIT | 15.9x | 21.7x | 11.4x | 18.2x | 18.3x | 30.1x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | 11.4x | 18.2x | 21.7x | ||||
Historical EV / LTM EBIT | 33.0x | 35.1x | 38.0x | ||||
Selected EV / LTM EBIT | 26.6x | 28.0x | 29.4x | ||||
(x) LTM EBIT | 100 | 100 | 100 | ||||
(=) Implied Enterprise Value | 2,656 | 2,796 | 2,936 | ||||
(-) Non-shareholder Claims * | (55) | (55) | (55) | ||||
(=) Equity Value | 2,602 | 2,741 | 2,881 | ||||
(/) Shares Outstanding | 13.5 | 13.5 | 13.5 | ||||
Implied Value Range | 192.22 | 202.55 | 212.88 | ||||
FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
Implied Value Range (Trading Cur) | 164.43 | 173.26 | 182.10 | 186.00 | |||
Upside / (Downside) | -11.6% | -6.8% | -2.1% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | KMB | CHD | REYN | CL | PG | WD1 | |
Enterprise Value | 48,534 | 25,083 | 6,203 | 77,543 | 389,553 | 2,997 | |
(+) Cash & Short Term Investments | 563 | 1,075 | 69 | 1,311 | 9,116 | 52 | |
(+) Investments & Other | 354 | 11 | 0 | 0 | 0 | 0 | |
(-) Debt | (7,284) | (2,405) | (1,740) | (8,269) | (34,141) | (106) | |
(-) Other Liabilities | (123) | 0 | 0 | (370) | (273) | 0 | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | (781) | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 42,044 | 23,763 | 4,532 | 70,215 | 363,474 | 2,943 | |
(/) Shares Outstanding | 331.8 | 246.3 | 210.3 | 810.4 | 2,344.5 | 13.5 | |
Implied Stock Price | 126.71 | 96.49 | 21.55 | 86.64 | 155.03 | 217.44 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.17 | |
Implied Stock Price (Trading Cur) | 126.71 | 96.49 | 21.55 | 86.64 | 155.03 | 186.00 | |
Trading Currency | USD | USD | USD | USD | USD | EUR | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.17 |