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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 23.4x - 25.8x | 24.6x |
| Selected Fwd EBITDA Multiple | 19.1x - 21.1x | 20.1x |
| Fair Value | $163.32 - $179.47 | $171.40 |
| Upside | -14.1% - -5.6% | -9.9% |
| Benchmarks | Ticker | Full Ticker |
| Itron, Inc. | ITRI | NasdaqGS:ITRI |
| Teledyne Technologies Incorporated | TDY | NYSE:TDY |
| Landis+Gyr Group AG | LGYR.F | OTCPK:LGYR.F |
| Yokogawa Electric Corporation | YOKE.F | OTCPK:YOKE.F |
| Bel Fuse Inc. | BELF.A | NasdaqGS:BELF.A |
| Badger Meter, Inc. | BMI | NYSE:BMI |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| ITRI | TDY | LGYR.F | YOKE.F | BELF.A | BMI | ||
| NasdaqGS:ITRI | NYSE:TDY | OTCPK:LGYR.F | OTCPK:YOKE.F | NasdaqGS:BELF.A | NYSE:BMI | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 5.2% | 17.2% | -1.5% | 14.4% | 33.0% | 17.2% | |
| 3Y CAGR | 38.5% | 6.9% | 24.2% | 27.3% | 31.8% | 21.3% | |
| Latest Twelve Months | 41.7% | -0.1% | 10.8% | 2.6% | -9.5% | 30.2% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 8.3% | 23.3% | 10.9% | 14.6% | 11.1% | 21.0% | |
| Prior Fiscal Year | 10.4% | 24.2% | 8.6% | 14.0% | 16.7% | 20.8% | |
| Latest Fiscal Year | 13.2% | 24.0% | 11.6% | 18.8% | 18.1% | 23.0% | |
| Latest Twelve Months | 13.2% | 24.0% | 11.6% | 18.3% | 18.1% | 23.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.04x | 4.47x | 1.03x | 1.05x | 2.35x | 6.42x | |
| EV / LTM EBITDA | 15.5x | 18.6x | 8.9x | 5.7x | 13.0x | 27.9x | |
| EV / LTM EBIT | 18.8x | 24.1x | 13.3x | 7.4x | 15.7x | 33.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 5.7x | 13.0x | 18.6x | ||||
| Historical EV / LTM EBITDA | 26.9x | 29.7x | 32.3x | ||||
| Selected EV / LTM EBITDA | 23.4x | 24.6x | 25.8x | ||||
| (x) LTM EBITDA | 190 | 190 | 190 | ||||
| (=) Implied Enterprise Value | 4,443 | 4,677 | 4,911 | ||||
| (-) Non-shareholder Claims * | 289 | 289 | 289 | ||||
| (=) Equity Value | 4,732 | 4,966 | 5,200 | ||||
| (/) Shares Outstanding | 29.4 | 29.4 | 29.4 | ||||
| Implied Value Range | 160.90 | 168.85 | 176.80 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 160.90 | 168.85 | 176.80 | 190.21 | |||
| Upside / (Downside) | -15.4% | -11.2% | -7.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | ITRI | TDY | LGYR.F | YOKE.F | BELF.A | BMI | |
| Enterprise Value | 4,983 | 25,354 | 1,739 | 776,139 | 1,072 | 5,305 | |
| (+) Cash & Short Term Investments | 1,051 | 650 | 112 | 173,543 | 69 | 295 | |
| (+) Investments & Other | 0 | 0 | 73 | 65,812 | 12 | 0 | |
| (-) Debt | (1,282) | (2,789) | (411) | (24,129) | (320) | (6) | |
| (-) Other Liabilities | (21) | (6) | (2) | (10,767) | (81) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 4,731 | 23,209 | 1,510 | 980,598 | 753 | 5,594 | |
| (/) Shares Outstanding | 45.6 | 46.8 | 25.4 | 346.5 | 10.3 | 29.4 | |
| Implied Stock Price | 103.82 | 495.52 | 59.50 | 2,830.32 | 72.83 | 190.21 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 149.76 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 103.82 | 495.52 | 59.50 | 18.90 | 72.83 | 190.21 | |
| Trading Currency | USD | USD | USD | USD | USD | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 149.76 | 1.00 | 1.00 | |