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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 7.2x - 8.0x | 7.6x |
| Selected Fwd EBIT Multiple | 7.8x - 8.6x | 8.2x |
| Fair Value | €19.65 - €21.56 | €20.61 |
| Upside | 2.9% - 12.9% | 7.9% |
| Benchmarks | Ticker | Full Ticker |
| Aptiv PLC | APTV | NYSE:APTV |
| Taiho Kogyo Co., Ltd. | 6470 | TSE:6470 |
| Akebono Brake Industry Co., Ltd. | 7238 | TSE:7238 |
| DENSO Corporation | 6902 | TSE:6902 |
| Serendip Holdings Co.,Ltd. | 7318 | TSE:7318 |
| Sumitomo Electric Industries, Ltd. | SMO | DB:SMO |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| APTV | 6470 | 7238 | 6902 | 7318 | SMO | ||
| NYSE:APTV | TSE:6470 | TSE:7238 | TSE:6902 | TSE:7318 | DB:SMO | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 8.4% | -25.6% | -3.4% | 50.0% | 20.4% | 20.3% | |
| 3Y CAGR | 20.4% | -23.4% | -9.7% | 11.6% | 63.6% | 37.9% | |
| Latest Twelve Months | 9.7% | -76.9% | -0.9% | 29.4% | 67.8% | 41.5% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 8.3% | 1.0% | 1.3% | 4.9% | 2.0% | 4.5% | |
| Prior Fiscal Year | 9.2% | 2.1% | 1.9% | 5.3% | 2.2% | 5.1% | |
| Latest Fiscal Year | 10.7% | 0.5% | 1.9% | 6.9% | 2.9% | 6.9% | |
| Latest Twelve Months | 10.9% | 0.5% | 1.9% | 6.9% | 2.9% | 6.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.08x | 0.13x | 0.25x | 0.48x | 0.74x | 0.52x | |
| EV / LTM EBITDA | 6.8x | 1.9x | 4.2x | 4.0x | 9.3x | 4.6x | |
| EV / LTM EBIT | 9.9x | 26.6x | 13.0x | 7.0x | 25.4x | 7.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 7.0x | 13.0x | 26.6x | ||||
| Historical EV / LTM EBIT | 7.5x | 9.5x | 14.8x | ||||
| Selected EV / LTM EBIT | 7.2x | 7.6x | 8.0x | ||||
| (x) LTM EBIT | 320,663 | 320,663 | 320,663 | ||||
| (=) Implied Enterprise Value | 2,311,148 | 2,432,788 | 2,554,427 | ||||
| (-) Non-shareholder Claims * | 198,606 | 198,606 | 198,606 | ||||
| (=) Equity Value | 2,509,754 | 2,631,394 | 2,753,033 | ||||
| (/) Shares Outstanding | 779.9 | 779.9 | 779.9 | ||||
| Implied Value Range | 3,218.21 | 3,374.19 | 3,530.16 | ||||
| FX Rate: JPY/EUR | 172.2 | 172.2 | 172.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 18.69 | 19.59 | 20.50 | 19.10 | |||
| Upside / (Downside) | -2.2% | 2.6% | 7.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | APTV | 6470 | 7238 | 6902 | 7318 | SMO | |
| Enterprise Value | 21,247 | 14,690 | 40,695 | 3,456,248 | 18,662 | 2,366,822 | |
| (+) Cash & Short Term Investments | 1,100 | 19,952 | 18,303 | 986,531 | 6,502 | 295,903 | |
| (+) Investments & Other | 1,620 | 7,882 | 9,835 | 1,847,360 | 3,572 | 899,308 | |
| (-) Debt | (8,439) | (26,115) | (35,270) | (738,579) | (13,576) | (756,562) | |
| (-) Other Liabilities | (293) | (612) | (6,422) | (210,652) | (121) | (240,043) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 15,235 | 15,797 | 27,141 | 5,340,908 | 15,039 | 2,565,428 | |
| (/) Shares Outstanding | 217.7 | 28.3 | 271.4 | 2,753.0 | 4.5 | 779.9 | |
| Implied Stock Price | 69.97 | 558.00 | 100.00 | 1,940.00 | 3,330.00 | 3,289.60 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 172.23 | |
| Implied Stock Price (Trading Cur) | 69.97 | 558.00 | 100.00 | 1,940.00 | 3,330.00 | 19.10 | |
| Trading Currency | USD | JPY | JPY | JPY | JPY | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 172.23 | |