ABCDEFGHIJKLMNOPQRSTUVWXYZ
1
Transaction Assumptions
2
ItemValue
3
Offer Premium (%)25%
4
Deal Mix – Stock (%)60%
5
Deal Mix – Cash (%)40%
6
Synergies (% of Combined Revenue)2.00%
7
Integration Costs (€m)€1.8bn
8
New Shares Issued≈ 60m
9
Financing Rate on Debt4.00%
10
Transaction Fees (% EV)1.00%
11
12
Financial Overview (FY2024)
13
ItemValue
14
Siemens Revenue77,800
15
Schneider Revenue36,000
16
Siemens EBIT10,000
17
Schneider EBIT6,200
18
Siemens Net Income7,200
19
Schneider Net Income4,400
20
Siemens Net Debt15,500
21
Schneider Net Debt8,100
22
Siemens WACC8.68%
23
Schneider WACC7.86%
24
25
Forecast & Cash Flow Assumptions (FY2025E–2029E)
26
ItemValue
27
Forecast Period2025E–2029E
28
Siemens Revenue CAGR (%)4.50%
29
Schneider Revenue CAGR (%)5.00%
30
Siemens EBIT Margin (%)12.80%
31
Schneider EBIT Margin (%)16.20%
32
Siemens CapEx (% of Revenue)3.50%
33
Schneider CapEx (% of Revenue)3.00%
34
Siemens D&A (% of Revenue)4.20%
35
Schneider D&A (% of Revenue)3.20%
36
Siemens Working Capital (% of Revenue)
0.50%
37
Schneider Working Capital (% of Revenue)
0.30%
38
Siemens FCF Conversion (%)92%
39
Schneider FCF Conversion (%)95%
40
41
Cost of Capital Inputs (FY2024)
42
Itemvalue
43
Risk-Free Rate2.63%
44
Market Risk Premium5.50%
45
Siemens Beta (Levered)1.1
46
Schneider Beta (Levered)0.95
47
Cost of Debt (Pre-Tax)4.00%
48
Siemens Tax Rate28.00%
49
Schneider Tax Rate27.00%
50
Siemens Target D/E15%
51
Schneider Target D/E15%
52
Siemens Cost of Equity8.68%
53
Schneider Cost of Equity7.86%
54
Siemens WACC7.92%
55
Schneider WACC7.21%
56
57
Derived Calculations (FY2024)
58
temvalue
59
Combined Revenue (€m)113,800
60
Implied Purchase Price (€m)131835
61
Enterprise Value (€m)139,935
62
Siemens Cost of Equity 8.68%
63
Schneider Cost of Equity 7.86%
64
WACC (Weighted Avg. Cost of Capital)
7.92%
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100