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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 9.2x - 10.1x | 9.6x |
| Selected Fwd EBIT Multiple | 7.9x - 8.8x | 8.4x |
| Fair Value | $40.88 - $51.94 | $46.41 |
| Upside | -1.4% - 25.3% | 12.0% |
| Benchmarks | Ticker | Full Ticker |
| Guoco Group Limited | 53 | SEHK:53 |
| Jardine Cycle & Carriage Limited | C07 | SGX:C07 |
| 3M Company | MMM | NYSE:MMM |
| Icahn Enterprises L.P. | IEP | NasdaqGS:IEP |
| Honeywell International Inc. | HON | NasdaqGS:HON |
| Jardine Matheson Holdings Limited | JARL.F | OTCPK:JARL.F |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 53 | C07 | MMM | IEP | HON | JARL.F | ||
| SEHK:53 | SGX:C07 | NYSE:MMM | NasdaqGS:IEP | NasdaqGS:HON | OTCPK:JARL.F | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 3.6% | 3.5% | -7.4% | NM- | 1.8% | -9.5% | |
| 3Y CAGR | 71.2% | 15.4% | -17.9% | NM- | 3.2% | -8.0% | |
| Latest Twelve Months | 22.6% | -16.0% | 0.2% | -77.8% | 8.6% | -19.8% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 13.6% | 11.8% | 19.9% | -5.3% | 20.8% | 10.3% | |
| Prior Fiscal Year | 11.0% | 14.0% | 17.4% | 0.8% | 20.6% | 11.7% | |
| Latest Fiscal Year | 18.1% | 11.7% | 17.5% | 0.2% | 21.3% | 9.4% | |
| Latest Twelve Months | 18.2% | 11.7% | 17.5% | 0.2% | 21.3% | 9.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.56x | 0.65x | 3.53x | 0.86x | 4.14x | 0.87x | |
| EV / LTM EBITDA | 7.3x | 4.1x | 15.9x | 16.4x | 16.7x | 6.9x | |
| EV / LTM EBIT | 8.6x | 5.6x | 20.2x | 432.8x | 19.4x | 9.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 5.6x | 19.4x | 432.8x | ||||
| Historical EV / LTM EBIT | 7.3x | 9.2x | 15.4x | ||||
| Selected EV / LTM EBIT | 9.2x | 9.6x | 10.1x | ||||
| (x) LTM EBIT | 3,379 | 3,379 | 3,379 | ||||
| (=) Implied Enterprise Value | 30,960 | 32,590 | 34,219 | ||||
| (-) Non-shareholder Claims * | (18,720) | (18,720) | (18,720) | ||||
| (=) Equity Value | 12,240 | 13,870 | 15,499 | ||||
| (/) Shares Outstanding | 291.6 | 291.6 | 291.6 | ||||
| Implied Value Range | 41.97 | 47.56 | 53.15 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 41.97 | 47.56 | 53.15 | 41.45 | |||
| Upside / (Downside) | 1.3% | 14.7% | 28.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 53 | C07 | MMM | IEP | HON | JARL.F | |
| Enterprise Value | 4,575 | 14,262 | 86,813 | 8,657 | 158,037 | 30,808 | |
| (+) Cash & Short Term Investments | 3,119 | 2,842 | 7,728 | 2,603 | 10,953 | 4,897 | |
| (+) Investments & Other | 2,901 | 8,015 | 2,505 | 2,310 | 1,394 | 21,225 | |
| (-) Debt | (5,410) | (7,295) | (13,659) | (7,339) | (32,225) | (19,402) | |
| (-) Other Liabilities | (2,307) | (10,127) | (52) | (1,380) | (542) | (25,440) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 2,878 | 7,697 | 83,335 | 4,851 | 137,617 | 12,088 | |
| (/) Shares Outstanding | 329.1 | 395.2 | 542.9 | 522.7 | 648.8 | 291.6 | |
| Implied Stock Price | 8.75 | 19.47 | 153.50 | 9.28 | 212.12 | 41.45 | |
| FX Conversion Rate to Trading Currency | 0.13 | 0.75 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 68.00 | 26.02 | 153.50 | 9.28 | 212.12 | 41.45 | |
| Trading Currency | HKD | SGD | USD | USD | USD | USD | |
| FX Rate to Reporting Currency | 0.13 | 0.75 | 1.00 | 1.00 | 1.00 | 1.00 | |