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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBITDA Multiple | 22,6x - 24,9x | 23,8x |
Selected Fwd EBITDA Multiple | 16,4x - 18,2x | 17,3x |
Fair Value | €168,08 - €186,62 | €177,35 |
Upside | -22,2% - -13,6% | -17,9% |
Benchmarks | Ticker | Full Ticker |
Hexcel Corporation | HXL | NYSE:HXL |
Leonardo DRS, Inc. | DRS | NasdaqGS:DRS |
Moog Inc. | MOG.A | NYSE:MOG.A |
HEICO Corporation | HEI | NYSE:HEI |
General Dynamics Corporation | GD | NYSE:GD |
Woodward, Inc. | WW1 | DB:WW1 |
- | - | - |
Select LTM EBITDA Multiple | |||||||
Benchmark Companies | |||||||
HXL | DRS | MOG.A | HEI | GD | WW1 | ||
NYSE:HXL | NasdaqGS:DRS | NYSE:MOG.A | NYSE:HEI | NYSE:GD | DB:WW1 | ||
Historical EBITDA Growth | |||||||
5Y CAGR | -8.7% | 11.2% | 6.0% | 12.9% | 1.0% | 2.9% | |
3Y CAGR | 20.0% | 9.4% | 12.7% | 27.0% | 2.4% | 13.2% | |
Latest Twelve Months | 6.4% | 16.0% | 3.7% | 23.7% | 18.4% | -0.5% | |
Historical EBITDA Profit Margin | |||||||
5 Year Average Margin | 17.3% | 10.8% | 11.7% | 26.1% | 12.7% | 15.7% | |
Prior Fiscal Year | 19.0% | 11.6% | 11.8% | 25.8% | 10.8% | 13.9% | |
Latest Fiscal Year | 18.9% | 12.1% | 13.0% | 25.9% | 11.9% | 16.7% | |
Latest Twelve Months | 18.6% | 12.1% | 12.7% | 26.7% | 12.1% | 16.3% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 3.05x | 3.80x | 1.96x | 9.99x | 1.86x | 4.73x | |
EV / LTM EBITDA | 16.4x | 31.3x | 15.4x | 37.4x | 15.4x | 29.1x | |
EV / LTM EBIT | 25.2x | 40.6x | 19.4x | 44.9x | 18.2x | 36.7x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBITDA | 15.4x | 16.4x | 37.4x | ||||
Historical EV / LTM EBITDA | 13.2x | 19.4x | 22.6x | ||||
Selected EV / LTM EBITDA | 22.6x | 23.8x | 24.9x | ||||
(x) LTM EBITDA | 547 | 547 | 547 | ||||
(=) Implied Enterprise Value | 12,342 | 12,991 | 13,641 | ||||
(-) Non-shareholder Claims * | (557) | (557) | (557) | ||||
(=) Equity Value | 11,785 | 12,434 | 13,084 | ||||
(/) Shares Outstanding | 59.5 | 59.5 | 59.5 | ||||
Implied Value Range | 198.06 | 208.97 | 219.89 | ||||
FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
Implied Value Range (Trading Cur) | 168.68 | 177.98 | 187.28 | 216.00 | |||
Upside / (Downside) | -21.9% | -17.6% | -13.3% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | HXL | DRS | MOG.A | HEI | GD | WW1 | |
Enterprise Value | 5,701 | 12,696 | 7,141 | 41,634 | 93,497 | 15,647 | |
(+) Cash & Short Term Investments | 96 | 380 | 62 | 242 | 1,523 | 364 | |
(+) Investments & Other | 5 | 0 | 9 | 0 | 0 | 20 | |
(-) Debt | (787) | (452) | (1,352) | (2,278) | (10,619) | (941) | |
(-) Other Liabilities | 0 | 0 | 0 | (504) | 0 | 0 | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 5,014 | 12,624 | 5,860 | 39,094 | 84,401 | 15,090 | |
(/) Shares Outstanding | 80.4 | 266.0 | 31.5 | 122.0 | 268.6 | 59.5 | |
Implied Stock Price | 62.36 | 47.45 | 185.85 | 320.40 | 314.24 | 253.61 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.17 | |
Implied Stock Price (Trading Cur) | 62.36 | 47.45 | 185.85 | 320.40 | 314.24 | 216.00 | |
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 |