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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 5.5x - 6.1x | 5.8x |
| Selected Fwd EBIT Multiple | 4.5x - 4.9x | 4.7x |
| Fair Value | €76.21 - €80.55 | €78.38 |
| Upside | 16.8% - 23.5% | 20.1% |
| Benchmarks | Ticker | Full Ticker |
| DWS Group GmbH & Co. KGaA | DWS | DB:DWS |
| BlackRock, Inc. | BLK2 | WBAG:BLK2 |
| Ashmore Group Plc | A1B | DB:A1B |
| WisdomTree, Inc. | 1WT | DB:1WT |
| T. Rowe Price Group, Inc. | TROW | DB:TROW |
| Amundi S.A. | AMUN | ENXTPA:AMUN |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| DWS | BLK2 | A1B | 1WT | TROW | AMUN | ||
| DB:DWS | WBAG:BLK2 | DB:A1B | DB:1WT | DB:TROW | ENXTPA:AMUN | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 6.0% | 6.5% | -17.4% | 20.3% | -0.3% | 6.1% | |
| 3Y CAGR | -2.7% | 0.9% | -26.8% | 15.5% | -14.4% | 1.5% | |
| Latest Twelve Months | 20.7% | 15.2% | -23.7% | 28.4% | 8.8% | 7.8% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 25.5% | 37.0% | 55.1% | 25.9% | 37.6% | 25.8% | |
| Prior Fiscal Year | 23.0% | 35.5% | 50.8% | 25.1% | 29.1% | 25.3% | |
| Latest Fiscal Year | 25.3% | 37.6% | 38.5% | 32.1% | 33.1% | 25.8% | |
| Latest Twelve Months | 26.5% | 36.4% | 35.6% | 33.0% | 32.0% | 25.1% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.21x | 8.19x | 2.30x | 4.82x | 2.38x | 0.90x | |
| EV / LTM EBITDA | 4.6x | 20.6x | 6.4x | 14.6x | 6.1x | 3.5x | |
| EV / LTM EBIT | 4.6x | 22.5x | 6.5x | 14.6x | 7.4x | 3.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 4.6x | 7.4x | 22.5x | ||||
| Historical EV / LTM EBIT | 5.5x | 6.7x | 9.2x | ||||
| Selected EV / LTM EBIT | 5.5x | 5.8x | 6.1x | ||||
| (x) LTM EBIT | 1,714 | 1,714 | 1,714 | ||||
| (=) Implied Enterprise Value | 9,443 | 9,940 | 10,437 | ||||
| (-) Non-shareholder Claims * | 7,131 | 7,131 | 7,131 | ||||
| (=) Equity Value | 16,574 | 17,071 | 17,568 | ||||
| (/) Shares Outstanding | 203.8 | 203.8 | 203.8 | ||||
| Implied Value Range | 81.33 | 83.77 | 86.21 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 81.33 | 83.77 | 86.21 | 65.25 | |||
| Upside / (Downside) | 24.6% | 28.4% | 32.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | DWS | BLK2 | A1B | 1WT | TROW | AMUN | |
| Enterprise Value | 5,335 | 178,858 | 389 | 2,142 | 17,130 | 6,166 | |
| (+) Cash & Short Term Investments | 3,145 | 9,767 | 696 | 291 | 3,059 | 23,850 | |
| (+) Investments & Other | 2,745 | 6,484 | 62 | 14 | 5,349 | 3,651 | |
| (-) Debt | (184) | (14,710) | (6) | (515) | (522) | (20,324) | |
| (-) Other Liabilities | (21) | (2,461) | (9) | 0 | (1,252) | (46) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 11,020 | 177,938 | 1,132 | 1,932 | 23,763 | 13,298 | |
| (/) Shares Outstanding | 200.0 | 154.9 | 655.8 | 143.2 | 219.7 | 203.8 | |
| Implied Stock Price | 55.10 | 1,149.08 | 1.73 | 13.50 | 108.16 | 65.25 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.17 | 0.86 | 1.17 | 1.17 | 1.00 | |
| Implied Stock Price (Trading Cur) | 55.10 | 982.00 | 2.00 | 11.54 | 92.43 | 65.25 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.17 | 0.86 | 1.17 | 1.17 | 1.00 | |