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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 1.3x - 1.5x | 1.4x |
| Selected Fwd EBIT Multiple | 1.7x - 1.9x | 1.8x |
| Fair Value | €18.41 - €18.87 | €18.64 |
| Upside | 23.6% - 26.7% | 25.1% |
| Benchmarks | Ticker | Full Ticker |
| Bayerische Motoren Werke Aktiengesellschaft | BAMX.F | OTCPK:BAMX.F |
| Volkswagen AG | VLKA.F | OTCPK:VLKA.F |
| Mazda Motor Corporation | 7261 | TSE:7261 |
| Yamaha Motor Co., Ltd. | 7272 | TSE:7272 |
| Honda Motor Co., Ltd. | 7267 | TSE:7267 |
| Subaru Corporation | FUH | DB:FUH |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| BAMX.F | VLKA.F | 7261 | 7272 | 7267 | FUH | ||
| OTCPK:BAMX.F | OTCPK:VLKA.F | TSE:7261 | TSE:7272 | TSE:7267 | DB:FUH | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 5.3% | 3.7% | 33.7% | 9.7% | 13.9% | 13.7% | |
| 3Y CAGR | -5.7% | 5.9% | 21.3% | 0.2% | 11.7% | 62.8% | |
| Latest Twelve Months | -39.1% | -7.3% | -25.7% | -41.3% | -12.2% | -14.8% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 9.5% | 7.1% | 3.0% | 8.8% | 5.5% | 6.5% | |
| Prior Fiscal Year | 11.8% | 7.5% | 5.2% | 10.4% | 6.8% | 10.1% | |
| Latest Fiscal Year | 7.9% | 7.1% | 3.7% | 7.1% | 5.6% | 8.6% | |
| Latest Twelve Months | 7.4% | 6.5% | 3.7% | 5.8% | 5.6% | 8.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.99x | 0.80x | 0.01x | 0.50x | 0.50x | 0.03x | |
| EV / LTM EBITDA | 8.6x | 8.9x | 0.2x | 5.5x | 5.5x | 0.2x | |
| EV / LTM EBIT | 13.3x | 12.4x | 0.4x | 8.5x | 8.9x | 0.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 0.4x | 8.9x | 13.3x | ||||
| Historical EV / LTM EBIT | 0.3x | 3.7x | 8.9x | ||||
| Selected EV / LTM EBIT | 1.3x | 1.4x | 1.5x | ||||
| (x) LTM EBIT | 405,298 | 405,298 | 405,298 | ||||
| (=) Implied Enterprise Value | 536,470 | 564,706 | 592,941 | ||||
| (-) Non-shareholder Claims * | 1,711,034 | 1,711,034 | 1,711,034 | ||||
| (=) Equity Value | 2,247,504 | 2,275,740 | 2,303,975 | ||||
| (/) Shares Outstanding | 731.0 | 731.0 | 731.0 | ||||
| Implied Value Range | 3,074.42 | 3,113.04 | 3,151.67 | ||||
| FX Rate: JPY/EUR | 166.8 | 166.8 | 166.8 | Market Price | |||
| Implied Value Range (Trading Cur) | 18.43 | 18.67 | 18.90 | 14.90 | |||
| Upside / (Downside) | 23.7% | 25.3% | 26.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | BAMX.F | VLKA.F | 7261 | 7272 | 7267 | FUH | |
| Enterprise Value | 139,476 | 262,871 | (196,749) | 1,273,488 | 10,852,785 | 105,622 | |
| (+) Cash & Short Term Investments | 16,810 | 49,987 | 1,207,379 | 360,756 | 4,737,273 | 1,960,929 | |
| (+) Investments & Other | 1,595 | 0 | 271,063 | 497,745 | 2,116,073 | 150,796 | |
| (-) Debt | (108,495) | (252,054) | (722,999) | (1,016,027) | (11,451,267) | (399,500) | |
| (-) Other Liabilities | (2,723) | (15,541) | (17,349) | (59,387) | (301,293) | (1,191) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 46,663 | 45,263 | 541,345 | 1,056,575 | 5,953,571 | 1,816,656 | |
| (/) Shares Outstanding | 622.3 | 501.3 | 630.3 | 969.3 | 4,150.3 | 731.0 | |
| Implied Stock Price | 74.99 | 90.29 | 858.80 | 1,090.00 | 1,434.50 | 2,485.05 | |
| FX Conversion Rate to Trading Currency | 0.87 | 0.87 | 1.00 | 1.00 | 1.00 | 166.78 | |
| Implied Stock Price (Trading Cur) | 86.13 | 103.70 | 858.80 | 1,090.00 | 1,434.50 | 14.90 | |
| Trading Currency | USD | USD | JPY | JPY | JPY | EUR | |
| FX Rate to Reporting Currency | 0.87 | 0.87 | 1.00 | 1.00 | 1.00 | 166.78 | |