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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 8,7x - 9,7x | 9,2x |
| Selected Fwd EBITDA Multiple | 6,1x - 6,8x | 6,4x |
| Fair Value | $56,98 - $114,64 | $85,81 |
| Upside | -45,7% - 9,2% | -18,3% |
| Benchmarks | Ticker | Full Ticker |
| Bayerische Motoren Werke Aktiengesellschaft | BMW3 | XTRA:BMW3 |
| Mercedes-Benz Group AG | MBG | XTRA:MBG |
| Ferrari N.V. | 2FE | XTRA:2FE |
| Stellantis N.V. | 8TI | XTRA:8TI |
| Suzuki Motor Corporation | SUK | DB:SUK |
| Volkswagen AG | VLKA.F | OTCPK:VLKA.F |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| BMW3 | MBG | 2FE | 8TI | SUK | VLKA.F | ||
| XTRA:BMW3 | XTRA:MBG | XTRA:2FE | XTRA:8TI | DB:SUK | OTCPK:VLKA.F | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 6.1% | 16.5% | 11.6% | 11.2% | 18.6% | 2.2% | |
| 3Y CAGR | -1.1% | -4.3% | 18.6% | -18.3% | 36.1% | 3.2% | |
| Latest Twelve Months | -34.0% | -31.0% | 13.6% | -86.9% | 34.2% | -20.3% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 13.4% | 12.7% | 31.0% | 11.5% | 11.5% | 11.2% | |
| Prior Fiscal Year | 15.5% | 14.0% | 32.0% | 14.6% | 12.3% | 10.6% | |
| Latest Fiscal Year | 11.9% | 11.5% | 32.8% | 6.8% | 15.3% | 10.5% | |
| Latest Twelve Months | 10.8% | 9.3% | 33.4% | 2.0% | 15.3% | 8.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.05x | 0.87x | 10.15x | 0.15x | 0.42x | 0.80x | |
| EV / LTM EBITDA | 9.7x | 9.3x | 30.4x | 7.7x | 2.7x | 9.7x | |
| EV / LTM EBIT | 15.7x | 14.1x | 34.9x | -14.5x | 3.8x | 12.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 2.7x | 9.3x | 30.4x | ||||
| Historical EV / LTM EBITDA | 6.6x | 8.0x | 12.7x | ||||
| Selected EV / LTM EBITDA | 8.7x | 9.2x | 9.7x | ||||
| (x) LTM EBITDA | 26,626 | 26,626 | 26,626 | ||||
| (=) Implied Enterprise Value | 232,977 | 245,239 | 257,501 | ||||
| (-) Non-shareholder Claims * | (212,593) | (212,593) | (212,593) | ||||
| (=) Equity Value | 20,384 | 32,646 | 44,908 | ||||
| (/) Shares Outstanding | 501.3 | 501.3 | 501.3 | ||||
| Implied Value Range | 40.66 | 65.12 | 89.58 | ||||
| FX Rate: EUR/USD | 0.9 | 0.9 | 0.9 | Market Price | |||
| Implied Value Range (Trading Cur) | 47.06 | 75.37 | 103.67 | 105.01 | |||
| Upside / (Downside) | -55.2% | -28.2% | -1.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | BMW3 | MBG | 2FE | 8TI | SUK | VLKA.F | |
| Enterprise Value | 139,750 | 121,324 | 70,682 | 21,885 | 2,424,710 | 258,080 | |
| (+) Cash & Short Term Investments | 15,465 | 21,208 | 1,469 | 30,971 | 842,710 | 58,463 | |
| (+) Investments & Other | 1,476 | 11,905 | 89 | 10,313 | 1,499,589 | 0 | |
| (-) Debt | (106,344) | (106,017) | (3,158) | (40,849) | (725,298) | (255,918) | |
| (-) Other Liabilities | (2,160) | (889) | (6) | (406) | (717,410) | (15,138) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 48,187 | 47,531 | 69,077 | 21,914 | 3,324,301 | 45,487 | |
| (/) Shares Outstanding | 615.8 | 962.0 | 178.2 | 2,888.7 | 1,929.6 | 501.3 | |
| Implied Stock Price | 78.25 | 49.41 | 387.60 | 7.59 | 1,722.76 | 90.74 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 170.82 | 0.86 | |
| Implied Stock Price (Trading Cur) | 78.25 | 49.41 | 387.60 | 7.59 | 10.09 | 105.01 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 170.82 | 0.86 | |