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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 31,2x - 34,5x | 32,9x |
| Selected Fwd EBIT Multiple | 19,5x - 21,5x | 20,5x |
| Fair Value | €178,17 - €197,67 | €187,92 |
| Upside | -16,0% - -6,8% | -11,4% |
| Benchmarks | Ticker | Full Ticker |
| Curtiss-Wright Corporation | CW | NYSE:CW |
| Leonardo DRS, Inc. | DRS | NasdaqGS:DRS |
| Moog Inc. | MOG.A | NYSE:MOG.A |
| Hexcel Corporation | HXL | NYSE:HXL |
| HEICO Corporation | HEI | NYSE:HEI |
| Woodward, Inc. | WW1 | DB:WW1 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| CW | DRS | MOG.A | HXL | HEI | WW1 | ||
| NYSE:CW | NasdaqGS:DRS | NYSE:MOG.A | NYSE:HXL | NYSE:HEI | DB:WW1 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 6.2% | 10.8% | 7.3% | -11.1% | 12.3% | 5.2% | |
| 3Y CAGR | 11.9% | 7.7% | 16.5% | 49.5% | 27.8% | 20.1% | |
| Latest Twelve Months | 13.8% | 21.1% | 0.4% | -3.6% | 19.8% | -1.9% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 17.4% | 8.4% | 8.9% | 8.8% | 21.5% | 11.0% | |
| Prior Fiscal Year | 18.0% | 8.6% | 9.1% | 12.0% | 21.5% | 9.8% | |
| Latest Fiscal Year | 18.4% | 9.3% | 10.4% | 12.4% | 21.3% | 13.2% | |
| Latest Twelve Months | 19.1% | 9.6% | 10.2% | 11.2% | 22.6% | 12.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 5.78x | 3.36x | 2.01x | 3.11x | 9.59x | 4.51x | |
| EV / LTM EBITDA | 25.6x | 27.4x | 15.7x | 17.6x | 35.5x | 28.1x | |
| EV / LTM EBIT | 30.2x | 35.2x | 19.8x | 27.9x | 42.4x | 35.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 19.8x | 30.2x | 42.4x | ||||
| Historical EV / LTM EBIT | 18.7x | 24.8x | 33.6x | ||||
| Selected EV / LTM EBIT | 31.2x | 32.9x | 34.5x | ||||
| (x) LTM EBIT | 436 | 436 | 436 | ||||
| (=) Implied Enterprise Value | 13,617 | 14,334 | 15,051 | ||||
| (-) Non-shareholder Claims * | (495) | (495) | (495) | ||||
| (=) Equity Value | 13,122 | 13,839 | 14,556 | ||||
| (/) Shares Outstanding | 60.0 | 60.0 | 60.0 | ||||
| Implied Value Range | 218.83 | 230.78 | 242.73 | ||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 187.30 | 197.53 | 207.76 | 212.00 | |||
| Upside / (Downside) | -11.7% | -6.8% | -2.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | CW | DRS | MOG.A | HXL | HEI | WW1 | |
| Enterprise Value | 19,105 | 11,496 | 7,503 | 5,834 | 41,658 | 15,348 | |
| (+) Cash & Short Term Investments | 332 | 278 | 58 | 77 | 262 | 473 | |
| (+) Investments & Other | 0 | 0 | 6 | 5 | 0 | 22 | |
| (-) Debt | (1,129) | (472) | (1,275) | (828) | (2,448) | (990) | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | (509) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 18,307 | 11,302 | 6,292 | 5,089 | 38,963 | 14,853 | |
| (/) Shares Outstanding | 37.7 | 266.1 | 31.7 | 79.6 | 122.5 | 60.0 | |
| Implied Stock Price | 485.89 | 42.47 | 198.64 | 63.96 | 318.07 | 247.69 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.17 | |
| Implied Stock Price (Trading Cur) | 485.89 | 42.47 | 198.64 | 63.96 | 318.07 | 212.00 | |
| 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 | |