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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 8.5x - 9.4x | 8.9x |
| Selected Fwd EBITDA Multiple | 6.5x - 7.1x | 6.8x |
| Fair Value | €58.94 - €80.79 | €69.86 |
| Upside | -27.8% - -1.1% | -14.4% |
| Benchmarks | Ticker | Full Ticker |
| Mercedes-Benz Group AG | MBG | XTRA:MBG |
| Dr. Ing. h.c. F. Porsche AG | P911 | XTRA:P911 |
| Volkswagen AG | VOW | XTRA:VOW |
| Renault SA | RNL | XTRA:RNL |
| Stellantis N.V. | 8TI | XTRA:8TI |
| Bayerische Motoren Werke Aktiengesellschaft | BMW3 | XTRA:BMW3 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| MBG | P911 | VOW | RNL | 8TI | BMW3 | ||
| XTRA:MBG | XTRA:P911 | XTRA:VOW | XTRA:RNL | XTRA:8TI | XTRA:BMW3 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 16.5% | 8.4% | 2.2% | 3.1% | 11.2% | 6.1% | |
| 3Y CAGR | -4.3% | 3.7% | 3.2% | 17.5% | -18.3% | -1.1% | |
| Latest Twelve Months | -31.0% | -23.0% | -20.3% | -17.5% | -89.7% | -34.0% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 12.7% | 20.9% | 11.2% | 9.7% | 11.5% | 13.4% | |
| Prior Fiscal Year | 14.0% | 22.5% | 10.6% | 11.7% | 14.6% | 15.5% | |
| Latest Fiscal Year | 11.5% | 19.4% | 10.5% | 10.9% | 6.8% | 11.9% | |
| Latest Twelve Months | 9.3% | 16.8% | 8.2% | 9.8% | 1.5% | 10.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.89x | 1.10x | 0.81x | 0.93x | 0.16x | 1.08x | |
| EV / LTM EBITDA | 9.6x | 6.5x | 9.9x | 9.5x | 10.6x | 10.0x | |
| EV / LTM EBIT | 14.5x | 10.7x | 12.8x | 15.9x | -11.2x | 16.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 6.5x | 9.6x | 10.6x | ||||
| Historical EV / LTM EBITDA | 6.2x | 7.5x | 16.4x | ||||
| Selected EV / LTM EBITDA | 8.5x | 8.9x | 9.4x | ||||
| (x) LTM EBITDA | 14,748 | 14,748 | 14,748 | ||||
| (=) Implied Enterprise Value | 124,880 | 131,453 | 138,026 | ||||
| (-) Non-shareholder Claims * | (91,563) | (91,563) | (91,563) | ||||
| (=) Equity Value | 33,317 | 39,890 | 46,463 | ||||
| (/) Shares Outstanding | 615.8 | 615.8 | 615.8 | ||||
| Implied Value Range | 54.10 | 64.78 | 75.45 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 54.10 | 64.78 | 75.45 | 81.65 | |||
| Upside / (Downside) | -33.7% | -20.7% | -7.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | MBG | P911 | VOW | RNL | 8TI | BMW3 | |
| Enterprise Value | 124,585 | 42,803 | 263,224 | 53,030 | 24,025 | 141,844 | |
| (+) Cash & Short Term Investments | 21,208 | 6,604 | 58,463 | 19,679 | 30,971 | 15,465 | |
| (+) Investments & Other | 11,905 | 3,015 | 0 | 6,962 | 10,313 | 1,476 | |
| (-) Debt | (106,017) | (10,853) | (255,918) | (70,078) | (40,849) | (106,344) | |
| (-) Other Liabilities | (889) | (118) | (15,138) | (771) | (406) | (2,160) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 50,792 | 41,451 | 50,631 | 8,822 | 24,054 | 50,281 | |
| (/) Shares Outstanding | 962.0 | 911.0 | 501.3 | 269.9 | 2,888.7 | 615.8 | |
| Implied Stock Price | 52.80 | 45.50 | 101.00 | 32.68 | 8.33 | 81.65 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 52.80 | 45.50 | 101.00 | 32.68 | 8.33 | 81.65 | |
| 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 | |