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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 5,4x - 6,0x | 5,7x |
| Selected Fwd EBITDA Multiple | 4,3x - 4,8x | 4,5x |
| Fair Value | €29,92 - €33,59 | €31,75 |
| Upside | -3,3% - 8,6% | 2,7% |
| Benchmarks | Ticker | Full Ticker |
| Valeo SE | FR | ENXTPA:FR |
| Pirelli & C. S.p.A. | PC | WBAG:PC |
| Nokian Renkaat Oyj | TYRES | HLSE:TYRES |
| Continental Aktiengesellschaft | CON | DB:CON |
| Toyo Tire Corporation | TYR | DB:TYR |
| Compagnie Générale des Établissements Michelin Société en commandite par actions | ML | ENXTPA:ML |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| FR | PC | TYRES | CON | TYR | ML | ||
| ENXTPA:FR | WBAG:PC | HLSE:TYRES | DB:CON | DB:TYR | ENXTPA:ML | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 0.0% | 2.5% | -27.9% | -5.4% | 15.2% | 1.9% | |
| 3Y CAGR | 4.9% | 10.7% | -40.9% | 2.0% | 20.1% | 2.9% | |
| Latest Twelve Months | -0.1% | 4.4% | -15.3% | 17.7% | -0.8% | -11.8% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 8.9% | 17.8% | 13.2% | 10.7% | 17.5% | 18.0% | |
| Prior Fiscal Year | 8.9% | 18.4% | 9.0% | 9.2% | 19.5% | 18.0% | |
| Latest Fiscal Year | 9.2% | 19.1% | 6.2% | 10.2% | 22.8% | 18.1% | |
| Latest Twelve Months | 9.5% | 19.1% | 6.2% | 9.8% | 22.6% | 17.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.34x | 1.23x | 1.47x | 0.55x | 0.92x | 0.95x | |
| EV / LTM EBITDA | 3.5x | 6.4x | 23.6x | 5.6x | 4.0x | 5.5x | |
| EV / LTM EBIT | 7.2x | 9.5x | -986.1x | 10.5x | 5.6x | 9.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 3.5x | 5.6x | 23.6x | ||||
| Historical EV / LTM EBITDA | 4.7x | 5.3x | 6.7x | ||||
| Selected EV / LTM EBITDA | 5.4x | 5.7x | 6.0x | ||||
| (x) LTM EBITDA | 4,596 | 4,596 | 4,596 | ||||
| (=) Implied Enterprise Value | 24,896 | 26,206 | 27,516 | ||||
| (-) Non-shareholder Claims * | (3,522) | (3,522) | (3,522) | ||||
| (=) Equity Value | 21,374 | 22,684 | 23,994 | ||||
| (/) Shares Outstanding | 704.4 | 704.4 | 704.4 | ||||
| Implied Value Range | 30.34 | 32.20 | 34.06 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 30.34 | 32.20 | 34.06 | 30.93 | |||
| Upside / (Downside) | -1.9% | 4.1% | 10.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | FR | PC | TYRES | CON | TYR | ML | |
| Enterprise Value | 7,094 | 8,765 | 1,969 | 21,864 | 523,270 | 25,309 | |
| (+) Cash & Short Term Investments | 2,424 | 931 | 125 | 1,991 | 93,370 | 3,119 | |
| (+) Investments & Other | 366 | 205 | 3 | 125 | 37,211 | 895 | |
| (-) Debt | (6,588) | (3,868) | (989) | (8,518) | (76,721) | (7,523) | |
| (-) Other Liabilities | (765) | (161) | 0 | (378) | 0 | (13) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 2,531 | 5,872 | 1,108 | 15,084 | 577,130 | 21,787 | |
| (/) Shares Outstanding | 244.4 | 1,000.0 | 137.9 | 200.0 | 154.0 | 704.4 | |
| Implied Stock Price | 10.36 | 5.87 | 8.04 | 75.42 | 3,747.67 | 30.93 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 171.91 | 1.00 | |
| Implied Stock Price (Trading Cur) | 10.36 | 5.87 | 8.04 | 75.42 | 21.80 | 30.93 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 171.91 | 1.00 | |