Beruflich Dokumente
Kultur Dokumente
GE
United Technologies
Honeywell International
Lockheed Martin
General Dynamics
Rolls-Royce
Northrop Grumman
B/E Aerospace
Zodiac Aerospace
Meggitt
Huntington Ingalls
Avg.
Median
Max
Min
(US$mm)
Market cap
Firm Value
183226
188059
105910
122991
74302
75747
51051
53939
39,779
39,394
34375
32247
25951
27993
9817
11391
9661
11096
6947
7906
4618.5
5655
Safran
26863
29029
14,695
19691.3
33385.70409
EBITDA Euro
EBITDA USD
Valuation
2319
3107.46
29407.87145
Earning Euro
earning USD
Valuation
1386
1857.24
29715.84
1.34
20 SMA
FV/Revenue
2014E
2015E
1.74
1.68
1.88
1.8
1.86
1.78
1.2
1.21
1.3
1.29
1.23
1.19
1.18
1.21
2.75
2.46
1.9
1.77
2.78
2.64
0.83
0.83
1.70
1.62
1.74
1.68
2.78
2.64
0.83
0.83
1.37
1.29
FV/EBITDA
2014E
10.7
10
10.3
8.4
9.3
7.6
7.7
13
11.4
9.4
6.3
9.46
9.4
13
6.3
7.8
FV/EBITDA
2015E
10
9.4
9.4
8.2
8.8
7.2
7.6
11.3
10.4
8.9
5.9
8.83
8.9
11.3
5.9
7
P/E
2014E
2015E
18.4
16.2
16.9
15.2
17.1
15.4
14.6
13.7
15.9
14.7
16.2
14.5
13.2
12.3
21.2
17.8
16.5
14.8
13.4
12.4
12.6
11.1
16.00
14.37
16.2
14.7
21.2
17.8
12.6
11.1
15.5
13.5
Target
Schneller Holdings
Satair
Microtecnica
Vector Aerospace
Pacific Scientific
Satair
TSI
McKechnie Aerospace
Aviation Worldwide Services
Beechcraft
ARINC
Valent Aerostructures
Avio
Landmark Aviation
Volvo Aero
Interturbine
AmSafe
Goodrich
UFC Aerospace Corp
Acquirer
TransDigm
EADS
Goodrich
EADS
Aerospace Meggitt
B/E Aerospace
B/E Aerospace
TransDigm
AAR
Textron
Rockwell Collins
LMI Aerospace
GE
Carlyle Group
GKN
BE Aerospace
TransDigm
United Technologies
BE Aerospace
Average
FV/EBITDA
8.2
14
11.5
9.6
8.7
10
9.5
12.5
4
9.9
11.3
8.6
8.5
11
8.4
9.5
13
12.9
9.5
10.03157895
Safran EBITDA
EURO Dollar conversion rate
EBITDA In USD
Valuation
All figures in Million
2319
1.34
3107.46
31172.73032
20 SMA
Cost of capital
Terminal calculation
8%
Growth rate
4.00%
3.00%
2.00%
1.00%
0.00%
-1.00%
-2.00%
at 2%
Value in USD
2711.98
Firm Value
38515.72298
30609.18836
25482.24052
21888.24166
19229.08448
17182.0017
15557.47702
34146.2023
17% ( in percent)
56%
5% (in percent)
6% (in percent)
9%
1270
8%
6%
8%
2%
22770.26
-1.00%
17182
-2.00% 15557.48
Value of Stock
0.03
0.02
Expected Grow
to the model:
0.02
0.01
-0.01 -0.02
Aerospace Propulsion
Sales
Sale contribution
Recurring operating income
Profit (loss) from operations
Add Depriciation
Total
Ratio
7791
0.530180333
1,359
1345
239
1584
9.54
Aircraft Equipment
4,121
0.280435522
380
378
173
551
7.96
15111.36
4385.96
Total
5.9
6.5
6.9
7.5
7.7
7.9
9.6
9.8
9.8
Average
7.955555556
Defence
1,278
0.086968357
87
94
52
146
7.63
Security
1,502
0.102211637
120
117
39
156
10.1
Other
Total
3
0.000204151
-158
-177
28
-149
1113.98
1575.6
1343
14,695
1788
1757
531
23529
Other Investment
Valuation = asset - Depriciation= 1371-28
6.6
7.4
8.6
9.1
9.1
9.3
9.8
9.9
11.9
13.7
9.54
5.3
7
9.7
10.2
10.2
10.4
11.1
11.1
12.8
13.2
10.1
5.5
6.6
6.9
7
7.4
7.6
8.2
8.6
9.3
9.2
7.63
General dynamics
B/E aerospace
Northrop grumman
United tech.
Honeywell
lockheed martin
Average
GE
General dynamics
B/E aerospace
Northrop grumman
United tech.
Honeywell
lockheed martin
Rolls Royce
Average
GE
Leverage Ratio
D\E
26.96
75.1
55.84
63.52
50.55
125.09
66.17666667
293.37
Liquidty Analysis
Current
1.47
3.59
1.63
1.29
1.49
1.2
1.28
1.707142857
2.86
age Ratio
Debt\Total Capital
21.23
42.89
35.83
38.85
33.58
55.57
37.99166667
Debt\Total asset
11.03
34.4
22.48
22.34
19.43
17
21.11333333
74.58
58.3
Quick
0.83
1.38
1.51
0.84
1.19
0.93
0.9
1.082857143
Cash
0.43
0.73
0.89
0.2
0.45
0.24
0.49
2.73
0.67
ty Analysis
Sales
Operating income (EBITDA)
Operating profit (EBIT)
Pre-Tax Profit (EBT)
Net Income
EPS()
GE
146
43.523
33.751
16.151
14.055
1.37
Safran
19.6913
3.10746
2.39592
2.57146
1.85724
4.4622
Consolidated
165.6913
46.63046
36.14692
18.72246
15.91224
100% EQUITY
Consolidated Income statement
GE
Sales
146
Operating income (EBITDA)
43.523
Operating profit (EBIT) 33.751
Pre-Tax Profit (EBT)
16.151
Net Income
14.055
No. of shares
10.06
Share issues
Total Share
EPS (USD)
1.397117296
Safran
19.6913
3.10746
2.39592
2.57146
1.85724
165.6913
46.63046
36.14692
18.72246
15.91224
1.16
11.22
1.418203209
Sales
146
Operating income (EBITDA)
43.523
Operating profit (EBIT) 33.751
Additional Interest from Debt raised
19.6913
3.10746
2.39592
2.57146
1.85724
100% Debt
165.6913
46.63046
36.14692
0.4284315
0.149951025
15.63375953
0
10.06
1.554051643
Total Debt
Cost of Debt
37.339
5.25%
Sales
146
Operating income (EBITDA)
43.523
Operating profit (EBIT) 33.751
Additional Interest from Debt raised
19.6913
3.10746
2.39592
2.57146
1.85724
165.6913
46.63046
36.14692
1.9891725
0.696210375
14.61927788
0
10.06
1.453208536
37.339
18.6695
Safran
19.6913
3.10746
2.39592
2.57146
1.85724
165.6913
46.63046
36.14692
18.72246
15.91224
0.58
10.64
1.495511278
Number of shares
GE Share Price
Safran Share Price
Per Share GE shares
Safran Total Share
New Shared Shares
25.64
71.3575
2.783053822
417,029,585
1160615780
86.57
43.981
206.883
0.49
101.37267
43.883
57.3916
29.1784
29.1784
37.339
8.1606
1.16 bil
GE Share Price
Safran Share Price
Per Share GE shares
Total share
Safran Total Share
New Shared Shares
Shares Issued
25.64
71.3575
2.783053822
417,029,585
208514792.5
580307890.2
.58 bil
Deal
Transportation
Cash
Sales
Operating income (EBITDA)
Operating profit (EBIT)
Pre-Tax Profit (EBT)
Net Income
Less Transporation profit
Interest Benefit
Total profit
No. of shares
Share issues
Total Share
EPS
37.339
15.239
22.1
GE
146
43.523
33.751
16.151
14.055
Safran
19.6913
3.10746
2.39592
2.57146
1.85724
10.06
0
1.397117296
165.6913
46.63046
36.14692
18.72246
15.91224
1.166
14.74624
0.57462
15.32086
10.06
1.52294831
103602
5885
0.056804