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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 24.3x - 26.8x | 25.6x |
| Selected Fwd EBIT Multiple | 15.6x - 17.3x | 16.5x |
| Fair Value | $143.62 - $159.15 | $151.39 |
| Upside | -9.9% - -0.2% | -5.1% |
| Benchmarks | Ticker | Full Ticker |
| IDEX Corporation | IEX | NYSE:IEX |
| Parker-Hannifin Corporation | PH | NYSE:PH |
| Worthington Enterprises, Inc. | WOR | NYSE:WOR |
| Franklin Electric Co., Inc. | FELE | NasdaqGS:FELE |
| Helios Technologies, Inc. | HLIO | NYSE:HLIO |
| ESCO Technologies Inc. | ESE | NYSE:ESE |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| IEX | PH | WOR | FELE | HLIO | ESE | ||
| NYSE:IEX | NYSE:PH | NYSE:WOR | NasdaqGS:FELE | NYSE:HLIO | NYSE:ESE | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 3.2% | 13.9% | -59.5% | 14.7% | -1.7% | 6.6% | |
| 3Y CAGR | 2.6% | 18.8% | -82.5% | 9.8% | -16.6% | 21.5% | |
| Latest Twelve Months | -6.1% | 0.5% | 20.0% | -4.7% | 8.9% | 19.5% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 23.4% | 17.6% | 3.6% | 11.8% | 14.2% | 12.9% | |
| Prior Fiscal Year | 23.0% | 18.3% | 2.6% | 12.7% | 9.6% | 13.6% | |
| Latest Fiscal Year | 21.6% | 19.9% | 0.1% | 12.4% | 10.8% | 14.3% | |
| Latest Twelve Months | 21.6% | 20.4% | 1.4% | 12.4% | 10.8% | 14.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 4.67x | 4.40x | 1.70x | 2.15x | 1.92x | 3.99x | |
| EV / LTM EBITDA | 17.3x | 17.6x | 30.7x | 14.2x | 10.3x | 19.9x | |
| EV / LTM EBIT | 21.6x | 21.5x | 121.1x | 17.3x | 17.8x | 26.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 17.3x | 21.5x | 121.1x | ||||
| Historical EV / LTM EBIT | 22.1x | 22.2x | 25.0x | ||||
| Selected EV / LTM EBIT | 24.3x | 25.6x | 26.8x | ||||
| (x) LTM EBIT | 156 | 156 | 156 | ||||
| (=) Implied Enterprise Value | 3,799 | 3,999 | 4,199 | ||||
| (-) Non-shareholder Claims * | (99) | (99) | (99) | ||||
| (=) Equity Value | 3,700 | 3,900 | 4,100 | ||||
| (/) Shares Outstanding | 25.8 | 25.8 | 25.8 | ||||
| Implied Value Range | 143.38 | 151.12 | 158.87 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 143.38 | 151.12 | 158.87 | 159.44 | |||
| Upside / (Downside) | -10.1% | -5.2% | -0.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | IEX | PH | WOR | FELE | HLIO | ESE | |
| Enterprise Value | 15,252 | 87,556 | 1,983 | 4,344 | 1,547 | 4,214 | |
| (+) Cash & Short Term Investments | 621 | 396 | 194 | 221 | 44 | 71 | |
| (+) Investments & Other | 0 | 1,203 | 135 | 0 | 0 | 0 | |
| (-) Debt | (2,088) | (9,041) | (319) | (192) | (471) | (171) | |
| (-) Other Liabilities | 1 | (9) | (2) | (4) | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 13,786 | 80,105 | 1,991 | 4,369 | 1,120 | 4,115 | |
| (/) Shares Outstanding | 75.8 | 128.8 | 50.0 | 45.7 | 33.3 | 25.8 | |
| Implied Stock Price | 181.91 | 622.10 | 39.78 | 95.56 | 33.64 | 159.44 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 181.91 | 622.10 | 39.78 | 95.56 | 33.64 | 159.44 | |
| 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 | |