Federal Signal Corporation (FSS)

Industry: Industrial - Pollution & Treatment Controls Model: Peers Multiples Valuation

Valuation Snapshot

Ticker	Rank	Name	Rev TTM (M)	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
VLTO	1	Veralto Corporatio	5,452	29.16	29.16	20.51	20.51	21.11	21.69
7004.T	2	Kanadevia Corp	3,947	7.70	5.78	5.73	4.91	-	8.54
6370.T	3	Kurita Water Indus	2,644	24.59	22.78	6.56	5.73	9.49	10.16
FSS	4	Federal Signal Cor	2,055	30.63	25.80	18.64	15.84	19.38	18.82
AQUA	5	Evoqua Water Techn	1,858	79.39	61.15	20.37	17.77	75.56	86.99
0586.HK	6	China Conch Ventur	1,836	3.56	3.66	7.68	5.62	11.32	9.53
ATMU	7	Atmus Filtration T	1,724	18.53	18.53	12.79	12.79	12.38	14.33
MTRS.ST	8	Munters Group AB (	1,665	68.78	67.28	12.05	10.07	15.50	14.75
ZWS	9	Zurn Elkay Water S	1,659	40.78	39.17	22.01	21.94	25.11	30.20
1296.HK	10	Guodian Technology	1,649	-	-	6.42	7.68	11.24	13.12
600388.SS	11	Fujian Longking Co	1,593	19.78	19.36	14.83	13.99	14.60	19.67
6368.T	12	Organo Corporation	1,091	16.47	12.49	11.50	8.89	15.15	9.46
300390.SZ	13	Canmax Technologie	955	-	-	90.20	96.49	40.75	-
6332.T	14	Tsukishima Kikai C	916	7.10	5.40	3.25	2.51	16.90	9.83
603279.SS	15	Jingjin Equipment	799	14.94	13.93	8.43	7.76	14.50	9.09
603408.SS	16	Runner (Xiamen) Co	702	12.63	12.10	11.29	11.34	12.00	11.17

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	16.47	13.93	11.29	8.89	14.55	10.67
Full Range Median Multiple	18.53	18.53	11.50	10.07	14.88	12.15
Industry Multiple	26.42	23.91	16.91	16.53	21.11	19.18
Market Implied Multiple	29.48	24.83	17.95	15.26	18.67	18.13
Company (FSS) Multiple	30.63	25.80	18.64	15.84	19.38	18.82
(*) Net Income / EBITDA / Revenue	236	280	398	468	382	394
Winsorized Enterprise Value	N/A	N/A	4,489	4,160	5,565	4,202
Full Range Median Enterprise Value	N/A	N/A	4,574	4,711	5,689	4,784
(-) Net Debt	189	189	189	189	189	189
Winsorized Equity Value	3,884	3,900	4,300	3,971	5,376	4,013
Full Range Median Equity Value	4,370	5,189	4,386	4,522	5,500	4,596
(/) Shares Outstanding	61	61	61	61	61	61
Winsorized Fair Value	$63.99	$64.26	$70.85	$65.42	$88.56	$66.11
Full Range Median Fair Value	$72.00	$85.49	$72.25	$74.50	$90.61	$75.71
Current Price	$114.51	$114.51	$114.51	$114.51	$114.51	$114.51
Upside / Downside	-44.12%	-43.88%	-38.13%	-42.87%	-22.66%	-42.27%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$44.79	$44.98	$49.59	$45.79	$61.99	$46.28
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy