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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 12.7x - 14.1x | 13.4x |
| Selected Fwd EBITDA Multiple | 11.2x - 12.3x | 11.7x |
| Fair Value | $132.11 - $148.31 | $140.21 |
| Upside | -19.1% - -9.1% | -14.1% |
| Benchmarks | Ticker | Full Ticker |
| Crane Company | CR | NYSE:CR |
| ITT Inc. | ITT | NYSE:ITT |
| Mueller Water Products, Inc. | MWA | NYSE:MWA |
| Lincoln Electric Holdings, Inc. | LECO | NasdaqGS:LECO |
| Flowserve Corporation | FLS | NYSE:FLS |
| Enpro Inc. | NPO | NYSE:NPO |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| CR | ITT | MWA | LECO | FLS | NPO | ||
| NYSE:CR | NYSE:ITT | NYSE:MWA | NasdaqGS:LECO | NYSE:FLS | NYSE:NPO | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | -7.0% | 8.3% | 7.8% | 11.2% | 3.5% | 8.5% | |
| 3Y CAGR | 18.1% | 12.0% | 10.7% | 5.5% | 15.6% | 17.5% | |
| Latest Twelve Months | 25.2% | 20.4% | 48.8% | 0.4% | 23.2% | 6.9% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 15.3% | 19.2% | 17.8% | 17.8% | 11.2% | 19.6% | |
| Prior Fiscal Year | 16.8% | 19.4% | 15.2% | 18.8% | 11.2% | 22.3% | |
| Latest Fiscal Year | 18.4% | 21.1% | 20.8% | 19.8% | 13.1% | 24.1% | |
| Latest Twelve Months | 18.4% | 21.1% | 21.2% | 19.8% | 13.1% | 24.1% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 4.11x | 2.98x | 3.03x | 2.87x | 1.64x | 3.71x | |
| EV / LTM EBITDA | 22.3x | 14.1x | 14.3x | 14.5x | 12.6x | 15.4x | |
| EV / LTM EBIT | 25.7x | 17.2x | 17.9x | 16.3x | 14.7x | 25.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 12.6x | 14.3x | 22.3x | ||||
| Historical EV / LTM EBITDA | 11.2x | 14.8x | 15.4x | ||||
| Selected EV / LTM EBITDA | 12.7x | 13.4x | 14.1x | ||||
| (x) LTM EBITDA | 253 | 253 | 253 | ||||
| (=) Implied Enterprise Value | 3,225 | 3,395 | 3,565 | ||||
| (-) Non-shareholder Claims * | (458) | (458) | (458) | ||||
| (=) Equity Value | 2,767 | 2,937 | 3,106 | ||||
| (/) Shares Outstanding | 21.0 | 21.0 | 21.0 | ||||
| Implied Value Range | 131.50 | 139.57 | 147.63 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 131.50 | 139.57 | 147.63 | 163.24 | |||
| Upside / (Downside) | -19.4% | -14.5% | -9.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | CR | ITT | MWA | LECO | FLS | NPO | |
| Enterprise Value | 8,754 | 10,768 | 4,134 | 11,511 | 7,483 | 3,893 | |
| (+) Cash & Short Term Investments | 307 | 439 | 338 | 377 | 675 | 236 | |
| (+) Investments & Other | 0 | 49 | 0 | 0 | 0 | 0 | |
| (-) Debt | (319) | (757) | (477) | (1,151) | (1,688) | (695) | |
| (-) Other Liabilities | (2) | (7) | 0 | 0 | (44) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 8,739 | 10,492 | 3,995 | 10,737 | 6,427 | 3,435 | |
| (/) Shares Outstanding | 57.5 | 81.5 | 156.6 | 56.4 | 131.7 | 21.0 | |
| Implied Stock Price | 152.02 | 128.71 | 25.51 | 190.29 | 48.78 | 163.24 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 152.02 | 128.71 | 25.51 | 190.29 | 48.78 | 163.24 | |
| 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 | |