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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 0.2x - 0.2x | 0.2x |
| Selected Fwd Revenue Multiple | 0.2x - 0.2x | 0.2x |
| Fair Value | CHF 25.60 - CHF 27.85 | CHF 26.72 |
| Upside | 21.9% - 32.6% | 27.3% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Mikron Holding AG | MIKN | SWX:MIKN |
| StarragTornos Group AG | STGN | SWX:STGN |
| Bystronic AG | BYS | SWX:BYS |
| Schindler Holding AG | SCHN | SWX:SCHN |
| Bucher Industries AG | BUCN | SWX:BUCN |
| Schlatter Industries AG | STRN | SWX:STRN |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| MIKN | STGN | BYS | SCHN | BUCN | STRN | |||
| SWX:MIKN | SWX:STGN | SWX:BYS | SWX:SCHN | SWX:BUCN | SWX:STRN | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 2.6% | 3.4% | -16.2% | -0.1% | 0.3% | 2.9% | ||
| 3Y CAGR | 8.9% | 19.1% | -11.6% | 0.0% | -0.2% | 17.7% | ||
| Latest Twelve Months | 1.0% | 20.8% | -30.3% | -2.2% | -11.7% | -2.8% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 4.6% | 3.2% | 4.3% | 9.9% | 10.2% | 2.1% | ||
| Prior Fiscal Year | 9.0% | 8.8% | 6.0% | 10.3% | 11.6% | 5.0% | ||
| Latest Fiscal Year | 8.6% | 3.2% | -7.0% | 11.2% | 8.9% | 5.5% | ||
| Latest Twelve Months | 8.6% | 3.2% | -7.0% | 11.2% | 8.9% | 3.8% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 0.40x | 0.41x | 0.40x | 2.27x | 1.01x | 0.15x | ||
| EV / LTM EBIT | 4.7x | 12.7x | -5.7x | 20.3x | 11.3x | 4.1x | ||
| Price / LTM Sales | 0.72x | 0.41x | 0.90x | 2.60x | 1.13x | 0.19x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 0.40x | 0.41x | 2.27x | |||||
| Historical EV / LTM Revenue | 0.17x | 0.30x | 0.52x | |||||
| Selected EV / LTM Revenue | 0.19x | 0.20x | 0.21x | |||||
| (x) LTM Revenue | 123 | 123 | 123 | |||||
| (=) Implied Enterprise Value | 23 | 25 | 26 | |||||
| (-) Non-shareholder Claims * | 5 | 5 | 5 | |||||
| (=) Equity Value | 28 | 29 | 31 | |||||
| (/) Shares Outstanding | 1.1 | 1.1 | 1.1 | |||||
| Implied Value Range | 25.45 | 26.56 | 27.68 | |||||
| FX Rate: CHF/CHF | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 25.45 | 26.56 | 27.68 | 21.00 | ||||
| Upside / (Downside) | 21.2% | 26.5% | 31.8% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | MIKN | STGN | BYS | SCHN | BUCN | STRN | |
| Enterprise Value | 135 | 196 | 231 | 23,989 | 2,941 | 19 | |
| (+) Cash & Short Term Investments | 123 | 61 | 323 | 4,065 | 433 | 10 | |
| (+) Investments & Other | 0 | 0 | 3 | 507 | 21 | 0 | |
| (-) Debt | (3) | (61) | 0 | (812) | (31) | (5) | |
| (-) Other Liabilities | 0 | 0 | 0 | (95) | 0 | (0) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 256 | 196 | 557 | 27,654 | 3,364 | 23 | |
| (/) Shares Outstanding | 16.7 | 5.5 | 2.1 | 107.4 | 10.2 | 1.1 | |
| Implied Stock Price | 15.35 | 35.80 | 269.50 | 257.50 | 329.00 | 21.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 15.35 | 35.80 | 269.50 | 257.50 | 329.00 | 21.00 | |
| Trading Currency | CHF | CHF | CHF | CHF | CHF | CHF | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |