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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 18.5x - 20.4x | 19.5x |
| Selected Fwd EBIT Multiple | 9.1x - 10.1x | 9.6x |
| Fair Value | $4.71 - $6 | $5.35 |
| Upside | -45.1% - -30.1% | -37.6% |
| Benchmarks | Ticker | Full Ticker |
| Commercial Vehicle Group, Inc. | CVGI | NasdaqGS:CVGI |
| Caterpillar Inc. | CAT | NYSE:CAT |
| Gencor Industries, Inc. | GENC | NYSEAM:GENC |
| Stratasys Ltd. | SSYS | NasdaqGS:SSYS |
| Proto Labs, Inc. | PRLB | NYSE:PRLB |
| Titan International, Inc. | TWI | NYSE:TWI |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| CVGI | CAT | GENC | SSYS | PRLB | TWI | ||
| NasdaqGS:CVGI | NYSE:CAT | NYSEAM:GENC | NasdaqGS:SSYS | NYSE:PRLB | NYSE:TWI | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | -25.1% | 10.8% | -0.7% | NM- | -20.4% | NM- | |
| 3Y CAGR | -43.5% | 17.9% | 34.4% | NM- | -2.0% | -22.0% | |
| Latest Twelve Months | -77.8% | -0.8% | 27.4% | 4.8% | -10.2% | -72.6% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 3.3% | 16.7% | 7.1% | -10.5% | 8.1% | 4.5% | |
| Prior Fiscal Year | 4.9% | 20.4% | 4.0% | -10.9% | 5.6% | 8.1% | |
| Latest Fiscal Year | 1.2% | 20.9% | 12.8% | -11.3% | 5.1% | 2.2% | |
| Latest Twelve Months | 1.2% | 20.9% | 13.4% | -11.3% | 5.1% | 2.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.25x | 2.94x | 0.60x | 0.92x | 1.50x | 0.56x | |
| EV / LTM EBITDA | 6.8x | 12.2x | 3.8x | -26.9x | 12.2x | 10.1x | |
| EV / LTM EBIT | 20.0x | 14.0x | 4.5x | -8.1x | 29.4x | 25.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -8.1x | 14.0x | 29.4x | ||||
| Historical EV / LTM EBIT | -20.4x | 6.8x | 25.3x | ||||
| Selected EV / LTM EBIT | 18.5x | 19.5x | 20.4x | ||||
| (x) LTM EBIT | 41 | 41 | 41 | ||||
| (=) Implied Enterprise Value | 750 | 790 | 829 | ||||
| (-) Non-shareholder Claims * | (477) | (477) | (477) | ||||
| (=) Equity Value | 274 | 313 | 353 | ||||
| (/) Shares Outstanding | 63.2 | 63.2 | 63.2 | ||||
| Implied Value Range | 4.33 | 4.95 | 5.58 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 4.33 | 4.95 | 5.58 | 8.58 | |||
| Upside / (Downside) | -49.6% | -42.3% | -35.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | CVGI | CAT | GENC | SSYS | PRLB | TWI | |
| Enterprise Value | 179 | 190,418 | 68 | 527 | 749 | 1,019 | |
| (+) Cash & Short Term Investments | 27 | 6,165 | 117 | 151 | 103 | 199 | |
| (+) Investments & Other | 1 | 0 | 0 | 80 | 18 | 8 | |
| (-) Debt | (166) | (39,011) | (0) | (32) | (4) | (686) | |
| (-) Other Liabilities | 0 | (3) | 0 | 0 | 0 | 2 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 40 | 157,569 | 184 | 726 | 867 | 542 | |
| (/) Shares Outstanding | 32.4 | 477.9 | 14.7 | 71.8 | 24.2 | 63.2 | |
| Implied Stock Price | 1.25 | 329.69 | 12.56 | 10.12 | 35.76 | 8.58 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 1.25 | 329.69 | 12.56 | 10.12 | 35.76 | 8.58 | |
| 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 | |