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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 10,2x - 11,3x | 10,8x |
| Selected Fwd EBIT Multiple | 7,5x - 8,3x | 7,9x |
| Fair Value | $104,55 - $118,70 | $111,62 |
| Upside | 17,1% - 33,0% | 25,0% |
| Benchmarks | Ticker | Full Ticker |
| HELLA GmbH & Co. KGaA | HLE | XTRA:HLE |
| Nokian Renkaat Oyj | NRE | DB:NRE |
| Compagnie Générale des Établissements Michelin Société en commandite par actions | MCHA | DB:MCHA |
| Pirelli & C. S.p.A. | 2PI | DB:2PI |
| Linamar Corporation | LNR | DB:LNR |
| Continental Aktiengesellschaft | CTTA.F | OTCPK:CTTA.F |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| HLE | NRE | MCHA | 2PI | LNR | CTTA.F | ||
| XTRA:HLE | DB:NRE | DB:MCHA | DB:2PI | DB:LNR | OTCPK:CTTA.F | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | -9.5% | -67.2% | 1.5% | 3.5% | 7.4% | -6.0% | |
| 3Y CAGR | -2.5% | -83.8% | 1.6% | 16.5% | 16.5% | 12.3% | |
| Latest Twelve Months | -30.3% | -134.6% | -7.2% | 8.5% | 8.3% | 23.7% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 3.1% | 7.5% | 11.3% | 10.6% | 8.1% | 5.1% | |
| Prior Fiscal Year | 5.1% | 2.7% | 11.8% | 12.3% | 8.2% | 4.9% | |
| Latest Fiscal Year | 3.6% | 0.1% | 11.4% | 13.1% | 8.8% | 5.6% | |
| Latest Twelve Months | 3.6% | -0.6% | 11.4% | 13.2% | 9.0% | 5.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.17x | 1.29x | 0.94x | 0.56x | 0.49x | 0.52x | |
| EV / LTM EBITDA | 12.4x | 23.4x | 5.2x | 2.9x | 3.3x | 5.1x | |
| EV / LTM EBIT | 32.7x | -203.3x | 8.2x | 4.3x | 5.4x | 9.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -203.3x | 5.4x | 32.7x | ||||
| Historical EV / LTM EBIT | 6.4x | 8.7x | 61.5x | ||||
| Selected EV / LTM EBIT | 10.2x | 10.8x | 11.3x | ||||
| (x) LTM EBIT | 2,289 | 2,289 | 2,289 | ||||
| (=) Implied Enterprise Value | 23,438 | 24,672 | 25,906 | ||||
| (-) Non-shareholder Claims * | (5,274) | (5,274) | (5,274) | ||||
| (=) Equity Value | 18,164 | 19,398 | 20,632 | ||||
| (/) Shares Outstanding | 200.0 | 200.0 | 200.0 | ||||
| Implied Value Range | 90.82 | 96.99 | 103.15 | ||||
| FX Rate: EUR/USD | 0.9 | 0.9 | 0.9 | Market Price | |||
| Implied Value Range (Trading Cur) | 103.11 | 110.11 | 117.11 | 89.28 | |||
| Upside / (Downside) | 15.5% | 23.3% | 31.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | HLE | NRE | MCHA | 2PI | LNR | CTTA.F | |
| Enterprise Value | 9,421 | 1,723 | 25,565 | 3,958 | 5,040 | 21,001 | |
| (+) Cash & Short Term Investments | 1,328 | 85 | 4,226 | 1,002 | 909 | 1,673 | |
| (+) Investments & Other | 174 | 3 | 1,504 | 5,338 | 2 | 103 | |
| (-) Debt | (1,189) | (887) | (7,439) | (3,857) | (2,198) | (6,617) | |
| (-) Other Liabilities | (45) | 0 | (9) | (171) | 0 | (433) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 9,689 | 924 | 23,847 | 6,270 | 3,752 | 15,727 | |
| (/) Shares Outstanding | 111.1 | 137.9 | 705.7 | 1,000.0 | 59.9 | 200.0 | |
| Implied Stock Price | 87.20 | 6.70 | 33.79 | 6.27 | 62.64 | 78.63 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.56 | 0.88 | |
| Implied Stock Price (Trading Cur) | 87.20 | 6.70 | 33.79 | 6.27 | 40.20 | 89.28 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.56 | 0.88 | |