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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | -7.6x - -8.4x | -8.0x |
| Selected Fwd EBIT Multiple | -29.8x - -33.0x | -31.4x |
| Fair Value | €1.03 - €1.45 | €1.24 |
| Upside | -14.7% - 20.2% | 2.7% |
| Benchmarks | Ticker | Full Ticker |
| CIR S.p.A. - Compagnie Industriali Riunite | CIR | BIT:CIR |
| Pirelli & C. S.p.A. | PIRC | BIT:PIRC |
| hGears AG | HGEA | DB:HGEA |
| AD Plastik d.d. | ADPL | ZGSE:ADPL |
| Polytec Holding AG | PYT | WBAG:PYT |
| Landi Renzo S.p.A. | ARQ0 | DB:ARQ0 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| CIR | PIRC | HGEA | ADPL | PYT | ARQ0 | ||
| BIT:CIR | BIT:PIRC | DB:HGEA | ZGSE:ADPL | WBAG:PYT | DB:ARQ0 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 2.3% | 4.0% | NM- | NM- | NM- | NM- | |
| 3Y CAGR | 45.4% | 17.4% | NM- | NM- | NM- | NM- | |
| Latest Twelve Months | -17.1% | 13.0% | -90.8% | 66.4% | 6.5% | -165.8% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 3.0% | 10.6% | -0.7% | -1.7% | 0.5% | -1.9% | |
| Prior Fiscal Year | 5.1% | 12.1% | -6.1% | -4.9% | 0.1% | -2.0% | |
| Latest Fiscal Year | 5.5% | 14.0% | -13.6% | -1.4% | -1.1% | -5.5% | |
| Latest Twelve Months | 5.5% | 14.0% | -13.6% | -1.4% | -0.4% | -7.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.77x | 1.11x | 0.30x | 0.48x | 0.26x | 0.65x | |
| EV / LTM EBITDA | 5.2x | 5.4x | -7.4x | 8.2x | 7.1x | -18.9x | |
| EV / LTM EBIT | 14.0x | 8.0x | -2.2x | -35.1x | -72.7x | -8.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -72.7x | -2.2x | 14.0x | ||||
| Historical EV / LTM EBIT | -58.8x | -29.0x | 258.8x | ||||
| Selected EV / LTM EBIT | -7.6x | -8.0x | -8.4x | ||||
| (x) LTM EBIT | (22) | (22) | (22) | ||||
| (=) Implied Enterprise Value | 166 | 174 | 183 | ||||
| (-) Non-shareholder Claims * | (128) | (128) | (128) | ||||
| (=) Equity Value | 38 | 46 | 55 | ||||
| (/) Shares Outstanding | 43.0 | 43.0 | 43.0 | ||||
| Implied Value Range | 0.87 | 1.08 | 1.28 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 0.87 | 1.08 | 1.28 | 1.21 | |||
| Upside / (Downside) | -27.5% | -10.7% | 6.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | CIR | PIRC | HGEA | ADPL | PYT | ARQ0 | |
| Enterprise Value | 1,404 | 7,538 | 27 | 72 | 174 | 180 | |
| (+) Cash & Short Term Investments | 497 | 0 | 17 | 4 | 46 | 15 | |
| (+) Investments & Other | 66 | 0 | 0 | 12 | 0 | 3 | |
| (-) Debt | (1,133) | (1,926) | (26) | (46) | (158) | (144) | |
| (-) Other Liabilities | (279) | (156) | 0 | 0 | (2) | (3) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 554 | 5,456 | 18 | 42 | 60 | 52 | |
| (/) Shares Outstanding | 1,014.3 | 1,000.0 | 11.7 | 4.2 | 22.0 | 43.0 | |
| Implied Stock Price | 0.55 | 5.46 | 1.51 | 10.10 | 2.74 | 1.21 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 0.55 | 5.46 | 1.51 | 10.10 | 2.74 | 1.21 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |