REV Group, Inc. (REVG)

Industry: Agricultural - Machinery 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
600582.SS	34	Tiandi Science & T	4,117	8.81	7.40	9.41	8.93	25.32	3.75
HY	35	Hyster-Yale Materi	3,914	241.87	384.47	9.48	9.23	60.96	19.46
3339.HK	36	Lonking Holdings L	2,925	4.14	3.39	1.84	1.85	2.07	2.33
042670.KS	37	HD Hyundai Infraco	2,745	54.14	67.67	6.45	6.85	8.14	24.03
600761.SS	38	Anhui Heli Co.,Ltd	2,675	14.58	13.01	11.66	10.34	13.36	10.64
603298.SS	39	Hangcha Group Co.,	2,516	17.09	13.93	14.76	12.08	14.74	12.01
WAC.DE	40	Wacker Neuson SE	2,510	24.57	22.29	8.14	7.89	12.19	17.93
REVG	41	REV Group, Inc.	2,464	26.12	26.12	14.88	9.76	10.89	13.04
267270.KS	42	Hyundai Constructi	2,451	17.87	17.87	10.04	9.14	9.26	10.40
RAPT4.SA	43	Randoncorp S.A.	2,389	21.81	25.78	5.23	4.40	6.48	7.10
MTW	44	The Manitowoc Comp	2,160	6.23	6.23	7.85	7.06	11.73	16.11
6395.T	45	Tadano Ltd.	1,988	16.32	16.13	5.88	5.24	8.54	7.20
TWI	46	Titan Internationa	1,802	-	-	9.83	7.23	21.96	58.29
POMO3.SA	47	Marcopolo S.A.	1,658	8.39	4.11	5.59	3.34	6.69	5.44
WNC	48	Wabash National Co	1,638	1.58	1.58	1.96	1.96	3.38	2.10
ALG	49	Alamo Group Inc.	1,615	19.73	17.17	10.20	9.30	15.06	12.42

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	15.45	13.47	7.85	7.06	9.26	10.40
Full Range Median Multiple	16.70	15.03	8.14	7.23	11.73	10.64
Industry Multiple	32.65	42.93	7.89	6.99	14.66	13.95
Market Implied Multiple	34.55	34.55	19.64	12.88	14.37	17.22
Company (REVG) Multiple	26.12	26.12	14.88	9.76	10.89	13.04
(*) Net Income / EBITDA / Revenue	95	95	169	257	230	192
Winsorized Enterprise Value	N/A	N/A	1,323	1,815	2,133	1,999
Full Range Median Enterprise Value	N/A	N/A	1,372	1,857	2,703	2,047
(-) Net Debt	21	21	21	21	21	21
Winsorized Equity Value	1,471	1,282	1,302	1,793	2,112	1,978
Full Range Median Equity Value	1,590	1,431	1,351	1,835	2,682	2,026
(/) Shares Outstanding	49	49	49	49	49	49
Winsorized Fair Value	$30.32	$26.44	$26.84	$36.97	$43.53	$40.77
Full Range Median Fair Value	$32.78	$29.51	$27.85	$37.84	$55.28	$41.76
Current Price	$67.81	$67.81	$67.81	$67.81	$67.81	$67.81
Upside / Downside	-55.28%	-61.01%	-60.42%	-45.48%	-35.80%	-39.87%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$21.23	$18.51	$18.79	$25.88	$30.47	$28.54
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy