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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 7,9x - 8,7x | 8,3x |
| Selected Fwd EBITDA Multiple | 6,0x - 6,7x | 6,4x |
| Fair Value | $63,52 - $87,81 | $75,66 |
| Upside | -22,4% - 7,3% | -7,5% |
| Benchmarks | Ticker | Full Ticker |
| Dr. Ing. h.c. F. Porsche AG | P911 | XTRA:P911 |
| Mercedes-Benz Group AG | MBG | XTRA:MBG |
| Volkswagen AG | VOW | XTRA:VOW |
| Renault SA | RNL | XTRA:RNL |
| Stellantis N.V. | 8TI | XTRA:8TI |
| Bayerische Motoren Werke Aktiengesellschaft | BAMX.F | OTCPK:BAMX.F |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| P911 | MBG | VOW | RNL | 8TI | BAMX.F | ||
| XTRA:P911 | XTRA:MBG | XTRA:VOW | XTRA:RNL | XTRA:8TI | OTCPK:BAMX.F | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 8.4% | 16.5% | 2.2% | 3.1% | 11.2% | 6.1% | |
| 3Y CAGR | 3.7% | -4.3% | 3.2% | 17.5% | -18.3% | -1.1% | |
| Latest Twelve Months | -14.7% | -21.6% | -0.9% | 0.6% | -61.4% | -29.6% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 21.3% | 12.1% | 11.2% | 9.2% | 12.1% | 13.4% | |
| Prior Fiscal Year | 22.5% | 14.0% | 10.6% | 11.7% | 14.6% | 15.5% | |
| Latest Fiscal Year | 19.4% | 11.5% | 10.5% | 10.9% | 6.8% | 11.9% | |
| Latest Twelve Months | 19.4% | 11.5% | 10.5% | 10.9% | 6.8% | 11.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.11x | 0.93x | 0.79x | 0.81x | 0.14x | 1.01x | |
| EV / LTM EBITDA | 5.7x | 8.1x | 7.5x | 7.4x | 2.0x | 8.5x | |
| EV / LTM EBIT | 7.8x | 10.8x | 11.2x | 11.0x | 3.4x | 12.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 2.0x | 7.4x | 8.1x | ||||
| Historical EV / LTM EBITDA | 6.1x | 8.5x | 15.9x | ||||
| Selected EV / LTM EBITDA | 7.9x | 8.3x | 8.7x | ||||
| (x) LTM EBITDA | 16,982 | 16,982 | 16,982 | ||||
| (=) Implied Enterprise Value | 134,096 | 141,153 | 148,211 | ||||
| (-) Non-shareholder Claims * | (96,113) | (96,113) | (96,113) | ||||
| (=) Equity Value | 37,983 | 45,040 | 52,098 | ||||
| (/) Shares Outstanding | 622.3 | 622.3 | 622.3 | ||||
| Implied Value Range | 61.04 | 72.38 | 83.72 | ||||
| FX Rate: EUR/USD | 0.9 | 0.9 | 0.9 | Market Price | |||
| Implied Value Range (Trading Cur) | 66.07 | 78.35 | 90.63 | 81.83 | |||
| Upside / (Downside) | -19.3% | -4.2% | 10.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | P911 | MBG | VOW | RNL | 8TI | BAMX.F | |
| Enterprise Value | 44,306 | 135,727 | 255,073 | 45,274 | 20,801 | 143,152 | |
| (+) Cash & Short Term Investments | 9,151 | 18,610 | 47,199 | 23,075 | 35,392 | 16,184 | |
| (+) Investments & Other | 1,519 | 13,105 | 16,000 | 17,070 | 11,888 | 1,652 | |
| (-) Debt | (11,335) | (112,798) | (254,081) | (71,690) | (37,251) | (111,261) | |
| (-) Other Liabilities | (13) | (1,005) | (14,437) | (793) | (423) | (2,688) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 43,628 | 53,639 | 49,754 | 12,936 | 30,407 | 47,039 | |
| (/) Shares Outstanding | 911.0 | 962.1 | 501.3 | 272.7 | 2,880.5 | 622.3 | |
| Implied Stock Price | 47.89 | 55.75 | 99.25 | 47.43 | 10.56 | 75.59 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.92 | |
| Implied Stock Price (Trading Cur) | 47.89 | 55.75 | 99.25 | 47.43 | 10.56 | 81.83 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.92 | |