Fortive Corporation (0IRE.L)

Industry: Industrial - Capital Goods 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
0I58.L	2	Cummins Inc.	33,581	21.58	19.45	12.44	11.08	15.91	13.10
0J76.L	3	Huntington Ingalls	12,012	19.89	20.07	12.20	11.90	23.37	25.12
0KBI.L	4	Knorr-Bremse AG	9,221	31.35	32.19	12.92	12.75	16.47	17.46
0M29.L	5	Xylem Inc.	8,894	37.89	28.39	20.46	16.60	27.46	25.96
0A0C.L	6	Stadler Rail AG	8,772	12.73	12.73	4.42	4.42	16.05	8.08
0QQN.L	7	Bucher Industries	6,990	8.90	8.53	5.22	5.18	10.53	6.72
0QZP.L	8	Bombardier Inc.	6,332	18.63	18.63	10.85	8.43	15.13	8.23
0IRE.L	9	Fortive Corporatio	5,640	26.36	26.36	13.52	11.41	29.38	14.99
0L7G.L	10	Snap-on Incorporat	5,115	17.60	15.78	11.84	10.79	12.66	12.15
0J46.L	11	HEICO Corporation	4,289	70.66	62.13	41.26	34.84	44.84	40.37
0JOE.L	12	KUKA AG	4,100	54.06	61.32	11.24	11.19	37.04	30.75
0K1G.L	13	The Middleby Corpo	3,880	-	-	217.46	362.37	-	-
0QNN.L	14	Burckhardt Compres	2,612	10.25	9.16	6.06	5.48	4.67	6.12
0QKA.L	15	Rieter Holding AG	2,333	0.71	0.83	1.61	1.67	-	4.90
0QOL.L	16	Kardex Holding AG	1,981	15.06	12.38	9.85	7.81	11.11	9.05
0QLM.L	17	Feintool Internati	1,825	-	-	3.05	3.27	-	-

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	17.60	15.78	10.85	8.43	15.52	9.05
Full Range Median Multiple	18.63	18.63	11.24	10.79	15.98	12.15
Industry Multiple	24.56	23.20	25.39	33.85	19.60	16.00
Market Implied Multiple	30.23	30.23	15.20	12.82	33.02	16.85
Company (0IRE.L) Multiple	26.36	26.36	13.52	11.41	29.38	14.99
(*) Net Income / EBITDA / Revenue	602	602	1,387	1,644	638	1,251
Winsorized Enterprise Value	N/A	N/A	15,051	13,860	9,907	11,329
Full Range Median Enterprise Value	N/A	N/A	15,590	17,736	10,201	15,207
(-) Net Debt	2,876	2,876	2,876	2,876	2,876	2,876
Winsorized Equity Value	10,598	9,505	12,175	10,984	7,032	8,454
Full Range Median Equity Value	11,223	11,223	12,715	14,860	7,325	12,331
(/) Shares Outstanding	331	331	331	331	331	331
Winsorized Fair Value	$32.04	$28.73	$36.81	$33.20	$21.26	$25.55
Full Range Median Fair Value	$33.93	$33.93	$38.44	$44.92	$22.14	$37.28
Current Price	$55.04	$55.04	$55.04	$55.04	$55.04	$55.04
Upside / Downside	-41.79%	-47.79%	-33.12%	-39.67%	-61.38%	-53.57%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$22.43	$20.11	$25.76	$23.24	$14.88	$17.89
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy