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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 34.0x - 37.6x | 35.8x |
| Selected Fwd EBIT Multiple | 22.2x - 24.5x | 23.4x |
| Fair Value | $9.37 - $24.75 | $17.06 |
| Upside | -65.4% - -8.6% | -37.0% |
| Benchmarks | Ticker | Full Ticker |
| Icahn Enterprises L.P. | IEP | NasdaqGS:IEP |
| 3M Company | MMM | NYSE:MMM |
| Honeywell International Inc. | HON | NasdaqGS:HON |
| Hyperscale Data, Inc. | GPUS | NYSEAM:GPUS |
| Jardine Matheson Holdings Limited | JARL.F | OTCPK:JARL.F |
| Brookfield Business Corporation | BBUC | NYSE:BBUC |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| IEP | MMM | HON | GPUS | JARL.F | BBUC | ||
| NasdaqGS:IEP | NYSE:MMM | NasdaqGS:HON | NYSEAM:GPUS | OTCPK:JARL.F | NYSE:BBUC | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | -7.4% | 1.8% | NM- | -9.5% | -9.2% | |
| 3Y CAGR | NM- | -17.9% | 3.2% | NM- | -8.0% | 11.8% | |
| Latest Twelve Months | -77.8% | 0.2% | 8.6% | 19.5% | -19.8% | -49.4% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | -5.3% | 19.9% | 20.8% | -60.5% | 10.3% | 6.1% | |
| Prior Fiscal Year | 0.8% | 17.4% | 20.6% | -38.1% | 11.7% | 8.1% | |
| Latest Fiscal Year | 0.2% | 17.5% | 21.3% | -56.2% | 9.4% | 3.8% | |
| Latest Twelve Months | 0.2% | 17.5% | 21.3% | -44.1% | 9.4% | 3.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.86x | 3.34x | 4.11x | 0.72x | 0.87x | 1.46x | |
| EV / LTM EBITDA | 16.3x | 15.0x | 16.6x | -2.7x | 6.8x | 10.9x | |
| EV / LTM EBIT | 431.0x | 19.1x | 19.3x | -1.6x | 9.2x | 38.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -1.6x | 19.1x | 431.0x | ||||
| Historical EV / LTM EBIT | 26.7x | 38.1x | 40.2x | ||||
| Selected EV / LTM EBIT | 34.0x | 35.8x | 37.6x | ||||
| (x) LTM EBIT | 314 | 314 | 314 | ||||
| (=) Implied Enterprise Value | 10,673 | 11,234 | 11,796 | ||||
| (-) Non-shareholder Claims * | (9,978) | (9,978) | (9,978) | ||||
| (=) Equity Value | 695 | 1,256 | 1,818 | ||||
| (/) Shares Outstanding | 73.0 | 73.0 | 73.0 | ||||
| Implied Value Range | 9.52 | 17.22 | 24.92 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 9.52 | 17.22 | 24.92 | 27.07 | |||
| Upside / (Downside) | -64.8% | -36.4% | -7.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | IEP | MMM | HON | GPUS | JARL.F | BBUC | |
| Enterprise Value | 8,620 | 82,112 | 156,882 | 101 | 30,808 | 11,953 | |
| (+) Cash & Short Term Investments | 2,603 | 7,728 | 10,953 | 23 | 4,897 | 1,008 | |
| (+) Investments & Other | 2,310 | 2,505 | 1,394 | 8 | 21,225 | 198 | |
| (-) Debt | (7,339) | (13,659) | (32,225) | (128) | (19,402) | (8,490) | |
| (-) Other Liabilities | (1,380) | (52) | (542) | (0) | (25,440) | (2,694) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 4,814 | 78,634 | 136,462 | 3 | 12,088 | 1,975 | |
| (/) Shares Outstanding | 522.7 | 542.9 | 648.8 | 1.3 | 291.6 | 73.0 | |
| Implied Stock Price | 9.21 | 144.84 | 210.34 | 2.44 | 41.45 | 27.07 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 9.21 | 144.84 | 210.34 | 2.44 | 41.45 | 27.07 | |
| Trading Currency | USD | USD | USD | USD | USD | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |