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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 12.6x - 13.9x | 13.2x |
| Selected Fwd EBIT Multiple | 13.3x - 14.7x | 14.0x |
| Fair Value | $95.43 - $157.47 | $126.45 |
| Upside | -20.5% - 31.2% | 5.4% |
| 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 EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| BMW3 | MBG | 2FE | 8TI | SUK | VLKA.F | ||
| XTRA:BMW3 | XTRA:MBG | XTRA:2FE | XTRA:8TI | DB:SUK | OTCPK:VLKA.F | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 5.3% | 38.0% | 15.6% | 4.7% | 24.4% | 3.7% | |
| 3Y CAGR | -5.7% | -5.4% | 20.8% | -26.5% | 49.5% | 5.9% | |
| Latest Twelve Months | -45.3% | -42.5% | 16.2% | -112.3% | 19.2% | -9.8% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 9.6% | 9.6% | 25.4% | 9.1% | 7.7% | 7.2% | |
| Prior Fiscal Year | 11.8% | 11.5% | 27.0% | 12.1% | 8.7% | 7.5% | |
| Latest Fiscal Year | 7.9% | 8.6% | 28.2% | 4.0% | 11.0% | 7.1% | |
| Latest Twelve Months | 6.7% | 6.1% | 29.1% | -1.5% | 10.8% | 6.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.09x | 0.90x | 10.51x | 0.17x | 0.50x | 0.81x | |
| EV / LTM EBITDA | 10.1x | 9.6x | 31.4x | 10.9x | 3.3x | 9.9x | |
| EV / LTM EBIT | 16.3x | 14.6x | 36.1x | -11.5x | 4.6x | 12.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -11.5x | 14.6x | 36.1x | ||||
| Historical EV / LTM EBIT | 10.7x | 12.0x | 34.5x | ||||
| Selected EV / LTM EBIT | 12.6x | 13.2x | 13.9x | ||||
| (x) LTM EBIT | 20,552 | 20,552 | 20,552 | ||||
| (=) Implied Enterprise Value | 258,203 | 271,793 | 285,383 | ||||
| (-) Non-shareholder Claims * | (212,593) | (212,593) | (212,593) | ||||
| (=) Equity Value | 45,610 | 59,200 | 72,790 | ||||
| (/) Shares Outstanding | 501.3 | 501.3 | 501.3 | ||||
| Implied Value Range | 90.99 | 118.09 | 145.20 | ||||
| FX Rate: EUR/USD | 0.9 | 0.9 | 0.9 | Market Price | |||
| Implied Value Range (Trading Cur) | 105.97 | 137.54 | 169.12 | 120.00 | |||
| Upside / (Downside) | -11.7% | 14.6% | 40.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | BMW3 | MBG | 2FE | 8TI | SUK | VLKA.F | |
| Enterprise Value | 142,798 | 125,912 | 73,818 | 24,814 | 2,883,556 | 264,242 | |
| (+) Cash & Short Term Investments | 15,465 | 21,208 | 1,469 | 30,971 | 849,278 | 58,463 | |
| (+) Investments & Other | 1,476 | 11,905 | 89 | 10,313 | 1,490,221 | 0 | |
| (-) Debt | (106,344) | (106,017) | (3,158) | (40,849) | (735,694) | (255,918) | |
| (-) Other Liabilities | (2,160) | (889) | (6) | (406) | (723,331) | (15,138) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 51,235 | 52,119 | 72,214 | 24,843 | 3,764,030 | 51,649 | |
| (/) Shares Outstanding | 615.8 | 962.0 | 178.2 | 2,888.7 | 1,929.3 | 501.3 | |
| Implied Stock Price | 83.20 | 54.18 | 405.20 | 8.60 | 1,951.01 | 103.03 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 171.89 | 0.86 | |
| Implied Stock Price (Trading Cur) | 83.20 | 54.18 | 405.20 | 8.60 | 11.35 | 120.00 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 171.89 | 0.86 | |