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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 21,6x - 23,9x | 22,8x |
Selected Fwd EBIT Multiple | 20,4x - 22,5x | 21,5x |
Fair Value | $43,52 - $47,64 | $45,58 |
Upside | -10,7% - -2,3% | -6,5% |
Benchmarks | Ticker | Full Ticker |
OPENLANE, Inc. | KAR | NYSE:KAR |
ACV Auctions Inc. | ACVA | NYSE:ACVA |
RB Global, Inc. | RBA | NYSE:RBA |
Liquidity Services, Inc. | LQDT | NasdaqGS:LQDT |
TOMI Environmental Solutions, Inc. | TOMZ | NasdaqCM:TOMZ |
Copart, Inc. | CPRT | NasdaqGS:CPRT |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
KAR | ACVA | RBA | LQDT | TOMZ | CPRT | ||
NYSE:KAR | NYSE:ACVA | NYSE:RBA | NasdaqGS:LQDT | NasdaqCM:TOMZ | NasdaqGS:CPRT | ||
Historical EBIT Growth | |||||||
5Y CAGR | -1.9% | NM- | 29.0% | NM- | NM- | 17.0% | |
3Y CAGR | 30.9% | NM- | 42.8% | -5.6% | NM- | 11.5% | |
Latest Twelve Months | 25.1% | 26.3% | -0.5% | 33.7% | -53.8% | 5.9% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 11.7% | -18.0% | 18.9% | 7.7% | -37.6% | 38.9% | |
Prior Fiscal Year | 14.9% | -18.4% | 18.5% | 8.1% | -45.5% | 38.4% | |
Latest Fiscal Year | 16.0% | -12.3% | 18.4% | 7.0% | -53.0% | 37.1% | |
Latest Twelve Months | 17.3% | -8.8% | 17.4% | 7.1% | -78.6% | 37.0% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 2.88x | 2.74x | 5.76x | 1.44x | 3.14x | 9.34x | |
EV / LTM EBITDA | 12.9x | -45.7x | 20.7x | 17.9x | -4.2x | 22.5x | |
EV / LTM EBIT | 16.7x | -31.0x | 33.0x | 20.4x | -4.0x | 25.2x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | -31.0x | 16.7x | 33.0x | ||||
Historical EV / LTM EBIT | 21.7x | 28.3x | 33.1x | ||||
Selected EV / LTM EBIT | 21.6x | 22.8x | 23.9x | ||||
(x) LTM EBIT | 1,700 | 1,700 | 1,700 | ||||
(=) Implied Enterprise Value | 36,760 | 38,694 | 40,629 | ||||
(-) Non-shareholder Claims * | 4,262 | 4,262 | 4,262 | ||||
(=) Equity Value | 41,021 | 42,956 | 44,891 | ||||
(/) Shares Outstanding | 966.9 | 966.9 | 966.9 | ||||
Implied Value Range | 42.42 | 44.42 | 46.43 | ||||
FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 42.42 | 44.42 | 46.43 | 48.75 | |||
Upside / (Downside) | -13.0% | -8.9% | -4.8% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | KAR | ACVA | RBA | LQDT | TOMZ | CPRT | |
Enterprise Value | 5,319 | 1,935 | 25,458 | 669 | 20 | 42,876 | |
(+) Cash & Short Term Investments | 119 | 305 | 710 | 167 | 1 | 4,384 | |
(+) Investments & Other | 29 | 0 | 0 | 0 | 0 | 0 | |
(-) Debt | (1,782) | (228) | (4,401) | (15) | (3) | (101) | |
(-) Other Liabilities | 0 | 0 | (10) | 0 | 0 | (22) | |
(-) Preferred Stock | (613) | 0 | (482) | 0 | (0) | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 3,073 | 2,012 | 21,275 | 822 | 17 | 47,138 | |
(/) Shares Outstanding | 106.3 | 172.1 | 185.6 | 31.2 | 20.1 | 966.9 | |
Implied Stock Price | 28.91 | 11.69 | 114.63 | 26.30 | 0.84 | 48.75 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 28.91 | 11.69 | 114.63 | 26.30 | 0.84 | 48.75 | |
Trading Currency | USD | USD | USD | USD | USD | USD | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |