01/20/2026 | Press release | Distributed by Public on 01/20/2026 07:28
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Enterprise Value / 2026 EBITDA
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Federal Signal Corporation
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16.8x
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Alamo Group, Inc.
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8.7x
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REV*
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10.8x
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Terex**
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8.4x
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Douglas Dynamics, Inc.
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9.4x
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Toro Corp.
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10.9x
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Oshkosh Corporation
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7.3x
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High (Terex comparables)
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16.8x
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Low (Terex comparables)
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7.3x
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Median (Terex comparables)
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9.4x
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High (REV comparables)
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16.8x
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Low (REV comparables)
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8.7x
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Median (REV comparables)
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10.8x
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* Based on the REV Projections
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** Based on the Terex Projections
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(i) |
the multiple of the firm value (calculated as equity value, plus or minus, as applicable, non-controlling interests, equity investments, net debt or net cash, the "FV") to the analyst consensus estimates of calendar year 2025 post-SBC adjusted EBITDA for the applicable company (the "FV / 2025E Adj. EBITDA Multiple") and
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(ii) |
the multiple of the FV to the analyst consensus estimates of calendar year 2026 post-SBCadjusted EBITDA for the applicable company (the "FV/2026E Adj. EBITDA Multiple").
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Company
Multiple
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FV/2025E Adj. EBITDA Multiple | FV/2026E Adj. EBITDA Multiple |
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Oshkosh Corporation
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8.0x
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7.3x
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Federal Signal Corporation
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18.9x
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16.8x
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The Toro Company
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12.0x
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10.8x
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Alamo Group Inc.
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9.3x
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8.7x
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Douglas Dynamics, Inc.*
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10.6x
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9.4x
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Astec Industries Inc.**
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9.1x
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9.1x
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Hyster-Yale Materials Handling, Inc.
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8.7x
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6.1x
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Thor Industries, Inc.
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9.6x
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9.4x
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Winnebago Industries, Inc.
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11.7x
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9.6x
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| (i) |
a FV/2025E Adj. EBITDA Multiple reference range of 10.0x to 14.5x, which J.P. Morgan determined on the basis of its professional judgment and experience in the industry, and applied such reference range to REV's projected post-SBC adjusted EBITDA for fiscal year 2025 and
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| (ii) |
a FV/2026E Adj. EBITDA Multiple reference range for REV of 9.0x to 11.5x, which J.P. Morgan determined on the basis of its professional judgment and experience in the industry,and applied such reference range to REV's projected post-stock based compensation ("SBC") adjusted EBITDA for fiscal year 2026, in each case as provided in the REV management projections.
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| (i) |
a FV/2025E Adj. EBITDA Multiple reference range of 8.0x to 10.5x, which J.P. Morgan determined on the basis of its professional judgment and experience in the industryand applied such reference range to Terex's projected post-SBC adjusted EBITDA for fiscal year 2025 and
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| (ii) |
a FV/2026E Adj. EBITDA Multiple reference range for Terex of 7.0x to 9.0x, which J.P. Morgan determined on the basis of its professional judgment and experience in the industryand applied such reference range to Terex's projected post-SBC adjusted EBITDA for fiscal year 2026, in each case as provided in the Terex management projections for Terex.
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(in millions)
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2025E(1)
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2026E
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2027E
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2028E
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2029E
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Total Revenue(1)
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$
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5,256
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$
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5,385
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$
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5,955
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$
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6,581
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$
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7,235
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Adj. EBITDA(1)(2)
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$
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620
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$
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704
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$
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840
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$
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1,051
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$
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1,263
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(--) Depreciation & Amortization
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$
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(149
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)
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$
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(157
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)
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$
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(164
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)
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$
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(179
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)
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$
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(189
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)
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|||||
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Adj. EBIT
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$
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479
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$
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548
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$
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676
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$
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872
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$
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1,074
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(--) Taxes(3)
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$
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(91
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)
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$
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(104
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)
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$
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(128
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)
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$
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(166
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)
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$
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(204
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)
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Unlevered Net Income
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$
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388
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$
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444
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$
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548
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$
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707
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$
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870
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(+) Depreciation & Amortization
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$
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149
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$
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157
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$
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164
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$
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179
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$
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189
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(--) Capital Expenditures
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$
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(110
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)
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$
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(137
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)
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$
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(173
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)
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$
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(164
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)
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$
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(132
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)
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(+/-) Change in Net Working Capital
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$
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(4
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)
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$
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80
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$
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(35
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)
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$
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(50
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)
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$
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(69
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)
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Unlevered Free Cash Flow(1)(3)(4)
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$
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422
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$
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543
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$
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503
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$
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672
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$
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857
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| (1) |
Fiscal year 2025 Total Revenue and Adjusted EBITDA figures are presented above on a pro forma basis, assuming the sale of Terex's Tower and Rough Terrain Cranes businesses was completed on January 1, 2025. The sale of Terex's Tower and Rough Terrain Cranes businesses was completed on November 1, 2025. Total Revenue, Adjusted EBITDA and Unlevered Free Cash Flow attributable to these businesses are not included in the figures for fiscal years 2026 through 2029 presented above.
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| (2) |
Adjusted EBITDA is defined as earnings before interest, taxes, depreciation and amortization and is burdened by stock-based compensation and corporate costs. Adjusted EBITDA is a non-GAAP financial measure and should not be considered as an alternative to net income (loss) or other measures derived in accordance with GAAP. Other companies may calculate this non-GAAP measure differently, which limits comparability between companies.
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| (3) |
Tax rate of 19% per Terex management projections for Terex.
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| (4) |
Unlevered Free Cash Flow is defined as net operating profit after taxes, plus depreciation and amortization, minus capital expenditures and plus or minus changes in net working capital. Unlevered Free Cash Flow is a non-GAAP financial measure and should not be considered as an alternative to net cash provided by operating activities or other measures derived in accordance with GAAP. Other companies may calculate this non-GAAP measure differently, which limits comparability between companies.
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