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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 15,6x - 17,2x | 16,4x |
| Selected Fwd EBITDA Multiple | 9,9x - 11,0x | 10,5x |
| Fair Value | $303,07 - $318,56 | $310,81 |
| Upside | -8,5% - -3,9% | -6,2% |
| Benchmarks | Ticker | Full Ticker |
| Safran SA | SAF | ENXTPA:SAF |
| Thales S.A. | HO | ENXTPA:HO |
| Rheinmetall AG | RHM | DB:RHM |
| Airbus SE | AIR | ENXTPA:AIR |
| BAE Systems plc | BSP | DB:BSP |
| Dassault Aviation société anonyme | DUAV.F | OTCPK:DUAV.F |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| SAF | HO | RHM | AIR | BSP | DUAV.F | ||
| ENXTPA:SAF | ENXTPA:HO | DB:RHM | ENXTPA:AIR | DB:BSP | OTCPK:DUAV.F | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 1.1% | 4.2% | 19.6% | 15.5% | 10.8% | -6.6% | |
| 3Y CAGR | 27.5% | 9.5% | 29.8% | 0.4% | 13.5% | -1.2% | |
| Latest Twelve Months | 20.6% | 12.8% | 57.6% | 12.2% | 15.2% | 32.6% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 18.1% | 12.4% | 14.0% | 9.2% | 11.6% | 10.1% | |
| Prior Fiscal Year | 18.7% | 12.9% | 15.5% | 9.4% | 12.2% | 10.3% | |
| Latest Fiscal Year | 19.2% | 13.1% | 18.0% | 9.9% | 12.4% | 10.6% | |
| Latest Twelve Months | 19.2% | 13.1% | 18.0% | 9.9% | 12.4% | 10.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.51x | 2.51x | 6.08x | 1.55x | 2.01x | 2.39x | |
| EV / LTM EBITDA | 18.3x | 19.2x | 33.8x | 15.6x | 16.3x | 22.4x | |
| EV / LTM EBIT | 24.1x | 29.3x | 41.7x | 22.3x | 21.4x | 28.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 15.6x | 18.3x | 33.8x | ||||
| Historical EV / LTM EBITDA | 3.1x | 6.0x | 22.4x | ||||
| Selected EV / LTM EBITDA | 15.6x | 16.4x | 17.2x | ||||
| (x) LTM EBITDA | 681 | 681 | 681 | ||||
| (=) Implied Enterprise Value | 10,590 | 11,147 | 11,704 | ||||
| (-) Non-shareholder Claims * | 11,286 | 11,286 | 11,286 | ||||
| (=) Equity Value | 21,876 | 22,433 | 22,991 | ||||
| (/) Shares Outstanding | 78.2 | 78.2 | 78.2 | ||||
| Implied Value Range | 279.75 | 286.88 | 294.00 | ||||
| FX Rate: EUR/USD | 0.9 | 0.9 | 0.9 | Market Price | |||
| Implied Value Range (Trading Cur) | 302.17 | 309.87 | 317.57 | 331.39 | |||
| Upside / (Downside) | -8.8% | -6.5% | -4.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | SAF | HO | RHM | AIR | BSP | DUAV.F | |
| Enterprise Value | 97,276 | 51,714 | 58,615 | 107,362 | 54,999 | 12,705 | |
| (+) Cash & Short Term Investments | 6,519 | 4,768 | 1,253 | 18,729 | 3,427 | 8,485 | |
| (+) Investments & Other | 2,692 | 1,809 | 415 | 16,542 | 849 | 3,039 | |
| (-) Debt | (5,078) | (7,823) | (2,423) | (14,279) | (10,316) | (238) | |
| (-) Other Liabilities | (549) | (43) | (414) | (90) | (161) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 100,860 | 50,425 | 57,446 | 128,264 | 48,798 | 23,991 | |
| (/) Shares Outstanding | 416.8 | 205.3 | 43.4 | 788.0 | 2,997.4 | 78.2 | |
| Implied Stock Price | 242.00 | 245.60 | 1,322.50 | 162.78 | 16.28 | 306.80 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 0.84 | 0.93 | |
| Implied Stock Price (Trading Cur) | 242.00 | 245.60 | 1,322.50 | 162.78 | 19.48 | 331.39 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 0.84 | 0.93 | |