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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 11,6x - 12,8x | 12,2x |
Selected Fwd EBIT Multiple | 13,7x - 15,1x | 14,4x |
Fair Value | $69,15 - $85,99 | $77,57 |
Upside | 7,9% - 34,1% | 21,0% |
Benchmarks | Ticker | Full Ticker |
Bayerische Motoren Werke Aktiengesellschaft | BMW | XTRA:BMW |
Dr. Ing. h.c. F. Porsche AG | P911 | XTRA:P911 |
Volkswagen AG | VOW | XTRA:VOW |
Renault SA | RNL | XTRA:RNL |
Stellantis N.V. | 8TI | XTRA:8TI |
Mercedes-Benz Group AG | MBGA.F | OTCPK:MBGA.F |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
BMW | P911 | VOW | RNL | 8TI | MBGA.F | ||
XTRA:BMW | XTRA:P911 | XTRA:VOW | XTRA:RNL | XTRA:8TI | OTCPK:MBGA.F | ||
Historical EBIT Growth | |||||||
5Y CAGR | 5.3% | 7.3% | 3.7% | 9.5% | 4.7% | 38.0% | |
3Y CAGR | -5.7% | 0.6% | 5.9% | 54.7% | -26.5% | -5.4% | |
Latest Twelve Months | -39.1% | -24.3% | 1.4% | 4.1% | -72.6% | -28.6% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 9.5% | 16.9% | 7.1% | 4.2% | 9.8% | 9.3% | |
Prior Fiscal Year | 11.8% | 18.3% | 7.5% | 7.7% | 12.1% | 11.5% | |
Latest Fiscal Year | 7.9% | 14.3% | 7.1% | 7.4% | 4.0% | 8.6% | |
Latest Twelve Months | 7.4% | 13.0% | 6.6% | 7.4% | 4.0% | 7.9% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 1.04x | 0.98x | 0.81x | 0.74x | 0.09x | 0.88x | |
EV / LTM EBITDA | 9.0x | 5.3x | 8.9x | 6.8x | 1.4x | 8.1x | |
EV / LTM EBIT | 14.0x | 7.5x | 12.3x | 10.0x | 2.3x | 11.2x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | 2.3x | 10.0x | 14.0x | ||||
Historical EV / LTM EBIT | 7.7x | 10.0x | 225.4x | ||||
Selected EV / LTM EBIT | 11.6x | 12.2x | 12.8x | ||||
(x) LTM EBIT | 11,222 | 11,222 | 11,222 | ||||
(=) Implied Enterprise Value | 130,124 | 136,972 | 143,821 | ||||
(-) Non-shareholder Claims * | (74,173) | (74,173) | (74,173) | ||||
(=) Equity Value | 55,951 | 62,799 | 69,648 | ||||
(/) Shares Outstanding | 962.0 | 962.0 | 962.0 | ||||
Implied Value Range | 58.16 | 65.28 | 72.40 | ||||
FX Rate: EUR/USD | 0.8 | 0.8 | 0.8 | Market Price | |||
Implied Value Range (Trading Cur) | 68.49 | 76.88 | 85.26 | 64.11 | |||
Upside / (Downside) | 6.8% | 19.9% | 33.0% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | BMW | P911 | VOW | RNL | 8TI | MBGA.F | |
Enterprise Value | 146,303 | 38,818 | 266,434 | 41,505 | 15,163 | 126,544 | |
(+) Cash & Short Term Investments | 16,810 | 8,376 | 49,987 | 23,075 | 35,392 | 20,035 | |
(+) Investments & Other | 1,595 | 4,269 | 0 | 17,070 | 11,888 | 13,137 | |
(-) Debt | (108,495) | (11,248) | (252,054) | (71,690) | (37,251) | (106,316) | |
(-) Other Liabilities | (2,723) | (13) | (15,541) | (793) | (423) | (1,029) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 53,490 | 40,202 | 48,826 | 9,167 | 24,769 | 52,371 | |
(/) Shares Outstanding | 617.0 | 911.0 | 501.3 | 269.9 | 2,880.5 | 962.0 | |
Implied Stock Price | 86.70 | 44.13 | 97.40 | 33.96 | 8.60 | 54.44 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.85 | |
Implied Stock Price (Trading Cur) | 86.70 | 44.13 | 97.40 | 33.96 | 8.60 | 64.11 | |
Trading Currency | EUR | EUR | EUR | EUR | EUR | USD | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.85 |