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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 12,0x - 13,2x | 12,6x |
| Selected Fwd EBITDA Multiple | 12,1x - 13,3x | 12,7x |
| Fair Value | €258,84 - €293,05 | €275,95 |
| Upside | -17,6% - -6,7% | -12,1% |
| Benchmarks | Ticker | Full Ticker |
| Allison Transmission Holdings, Inc. | ALSN | NYSE:ALSN |
| AGCO Corporation | AGCO | NYSE:AGCO |
| Westinghouse Air Brake Technologies Corporation | WAB | NYSE:WAB |
| Ingersoll Rand Inc. | IR | NYSE:IR |
| Crane Company | CR | NYSE:CR |
| Caterpillar Inc. | CAT1 | XTRA:CAT1 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| ALSN | AGCO | WAB | IR | CR | CAT1 | ||
| NYSE:ALSN | NYSE:AGCO | NYSE:WAB | NYSE:IR | NYSE:CR | XTRA:CAT1 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 1.2% | 9.5% | 14.9% | 36.6% | -7.0% | 7.9% | |
| 3Y CAGR | 11.1% | -1.2% | 17.0% | 22.8% | 18.1% | 13.8% | |
| Latest Twelve Months | 3.8% | -45.4% | 13.9% | 10.7% | 27.2% | -7.6% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 34.8% | 11.6% | 18.1% | 22.1% | 15.4% | 21.1% | |
| Prior Fiscal Year | 35.6% | 13.9% | 18.4% | 24.7% | 16.8% | 23.6% | |
| Latest Fiscal Year | 35.2% | 10.7% | 20.4% | 26.8% | 18.4% | 24.1% | |
| Latest Twelve Months | 35.4% | 9.6% | 20.8% | 26.7% | 18.7% | 23.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.90x | 0.92x | 3.61x | 4.91x | 4.64x | 3.25x | |
| EV / LTM EBITDA | 8.2x | 9.6x | 17.3x | 18.4x | 24.8x | 13.9x | |
| EV / LTM EBIT | 9.2x | 14.0x | 21.9x | 24.4x | 28.3x | 16.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 8.2x | 17.3x | 24.8x | ||||
| Historical EV / LTM EBITDA | 11.3x | 13.7x | 17.0x | ||||
| Selected EV / LTM EBITDA | 12.0x | 12.6x | 13.2x | ||||
| (x) LTM EBITDA | 14,790 | 14,790 | 14,790 | ||||
| (=) Implied Enterprise Value | 176,998 | 186,314 | 195,629 | ||||
| (-) Non-shareholder Claims * | (35,850) | (35,850) | (35,850) | ||||
| (=) Equity Value | 141,148 | 150,464 | 159,779 | ||||
| (/) Shares Outstanding | 470.3 | 470.3 | 470.3 | ||||
| Implied Value Range | 300.11 | 319.92 | 339.73 | ||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 260.53 | 277.72 | 294.92 | 314.00 | |||
| Upside / (Downside) | -17.0% | -11.6% | -6.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | ALSN | AGCO | WAB | IR | CR | CAT1 | |
| Enterprise Value | 9,290 | 9,939 | 37,890 | 35,724 | 10,108 | 205,967 | |
| (+) Cash & Short Term Investments | 757 | 563 | 690 | 1,631 | 435 | 2,741 | |
| (+) Investments & Other | 22 | 551 | 0 | 15 | 0 | 0 | |
| (-) Debt | (2,419) | (3,127) | (4,312) | (4,866) | (260) | (38,588) | |
| (-) Other Liabilities | 0 | (300) | (46) | (69) | (2) | (3) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 7,650 | 7,625 | 34,222 | 32,434 | 10,281 | 170,117 | |
| (/) Shares Outstanding | 84.3 | 74.6 | 171.1 | 403.5 | 57.5 | 470.3 | |
| Implied Stock Price | 90.80 | 102.23 | 199.98 | 80.39 | 178.80 | 361.71 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.15 | |
| Implied Stock Price (Trading Cur) | 90.80 | 102.23 | 199.98 | 80.39 | 178.80 | 314.00 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.15 | |