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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 11.4x - 12.6x | 12.0x |
| Selected Fwd EBIT Multiple | 11.2x - 12.4x | 11.8x |
| Fair Value | 54.36€ - 76.34€ | 65.35€ |
| Upside | -28.4% - 0.5% | -13.9% |
| Benchmarks | Ticker | Full Ticker |
| Dr. Ing. h.c. F. Porsche AG | P911 | XTRA:P911 |
| Mercedes-Benz Group AG | MBG | XTRA:MBG |
| Volkswagen AG | VOW | XTRA:VOW |
| Renault SA | RNL | XTRA:RNL |
| Stellantis N.V. | 8TI | XTRA:8TI |
| Bayerische Motoren Werke Aktiengesellschaft | BMWG | XTRA:BMWG |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| P911 | MBG | VOW | RNL | 8TI | BMWG | ||
| XTRA:P911 | XTRA:MBG | XTRA:VOW | XTRA:RNL | XTRA:8TI | XTRA:BMWG | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 7.3% | 38.0% | 3.7% | 9.5% | 4.7% | 5.3% | |
| 3Y CAGR | 0.6% | -5.4% | 5.9% | 54.7% | -26.5% | -5.7% | |
| Latest Twelve Months | -23.0% | -28.0% | -4.9% | 4.1% | -72.6% | -38.4% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 17.2% | 9.0% | 7.2% | 4.2% | 9.8% | 9.5% | |
| Prior Fiscal Year | 18.3% | 11.5% | 7.5% | 7.7% | 12.1% | 11.8% | |
| Latest Fiscal Year | 14.3% | 8.6% | 7.1% | 7.4% | 4.0% | 7.9% | |
| Latest Twelve Months | 14.3% | 8.6% | 7.1% | 7.4% | 4.0% | 7.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.11x | 0.93x | 0.78x | 0.81x | 0.13x | 1.01x | |
| EV / LTM EBITDA | 5.7x | 8.1x | 7.5x | 7.4x | 1.9x | 8.4x | |
| EV / LTM EBIT | 7.8x | 10.7x | 11.1x | 10.9x | 3.3x | 12.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 3.3x | 10.7x | 11.1x | ||||
| Historical EV / LTM EBIT | 8.2x | 11.7x | 29.1x | ||||
| Selected EV / LTM EBIT | 11.4x | 12.0x | 12.6x | ||||
| (x) LTM EBIT | 11,319 | 11,319 | 11,319 | ||||
| (=) Implied Enterprise Value | 129,493 | 136,308 | 143,123 | ||||
| (-) Non-shareholder Claims * | (96,113) | (96,113) | (96,113) | ||||
| (=) Equity Value | 33,380 | 40,195 | 47,010 | ||||
| (/) Shares Outstanding | 622.3 | 622.3 | 622.3 | ||||
| Implied Value Range | 53.64 | 64.60 | 75.55 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 53.64 | 64.60 | 75.55 | 75.94 | |||
| Upside / (Downside) | -29.4% | -14.9% | -0.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | P911 | MBG | VOW | RNL | 8TI | BMWG | |
| Enterprise Value | 44,306 | 135,727 | 255,073 | 45,274 | 20,801 | 143,367 | |
| (+) Cash & Short Term Investments | 9,151 | 18,610 | 47,199 | 23,075 | 35,392 | 16,184 | |
| (+) Investments & Other | 1,519 | 13,105 | 16,000 | 17,070 | 11,888 | 1,652 | |
| (-) Debt | (11,335) | (112,798) | (254,081) | (71,690) | (37,251) | (111,261) | |
| (-) Other Liabilities | (13) | (1,005) | (14,437) | (793) | (423) | (2,688) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 43,628 | 53,639 | 49,754 | 12,936 | 30,407 | 47,254 | |
| (/) Shares Outstanding | 911.0 | 962.1 | 501.3 | 272.7 | 2,880.5 | 622.3 | |
| Implied Stock Price | 47.89 | 55.75 | 99.25 | 47.43 | 10.56 | 75.94 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 47.89 | 55.75 | 99.25 | 47.43 | 10.56 | 75.94 | |
| 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 | |