industrial automation & robotics - 7 mile advisors€¦ · industrial automation & robotics...

SECTORWATCH:

Industrial Automation & RoboticsFebruary 2018

Sector Dashboard

Public Basket Performance

Operational Metrics

Valuation Comparison

Recent Deals

Appendix

7 Mile Advisors appreciates the opportunity to present this confidential information to the Company.This document is meant to be delivered only in conjunction with a verbal presentation, and is notauthorized for distribution. Please see the Confidentiality Notice & Disclaimer at the end of thedocument. All data cited in this document was believed to be accurate at the time of authorship andcame from publicly available sources. Neither 7 Mile Advisors nor 7M Securities make warranties orrepresentations as to the accuracy or completeness of third-party data contained herein. Thisdocument should be treated as confidential and for the use of the intended recipient only. Pleasenotify 7 Mile Advisors if it was distributed in error.

SECTORWATCH:


3 3All Rights Reserved to 7 Mile Advisors

All Rights Reserved to 7 Mile Advisors

About Us7MA provides Investment Banking & Advisory Services to the

Business Services and Technology Industries globally.

We advise on M&A and private capital transactions, and provide

market assessments and benchmarking. As a close knit team with

a long history together and a laser focus on our target markets, we

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SectorwatchWe publish sectorwatch, a review of M&A and operational trends in

the industries we focus.

Let us know if we can helpContact us if there are ways we can assist your M&A or financing

strategy.

OVERVIEW

Dashboard

summary metrics on the sector, with commentary on

market momentum by comparing the most recent 12-

month performance against the last 3-year averages

Valuation Comparison

a more graphical, detailed comparison of valuation

multiples for the public basket

Public Basket Performance

summary valuation and operating metrics for a basket of

comparable public companies

Recent Deals

the most recently announced sector deals

DASHBOARD

4All Rights Reserved to 7 Mile Advisors

Operating Metrics

Valuation

PUBLIC BASKET CONSTITUENTS

XTRA:KRN

TSE:6113

TSE:6268

DB:KU2

NasdaqGS:LECO

TSE:6645

NYSE:ROK

TSE:6954

NYSE:EMR

SWX:ABBN

Revenue Growth Momentum

6.7% 1 - year revenue growth compared to revenue growth

average for last 3 years

Pricing / Gross Margin Momentum

0.8% 1 - year gross profit % compared to gross profit %

average for last 3 years

Profitability Momentum

-0.6% 1 - year EBITDA % compared to EBITDA % average for

last 3 years

Current revenue growth rate exceeds the average of the last 3 years by this

amount, indicating that market momentum is increasing

Current gross profit margin exceeds the average of the last 3 years gross profit

margin by this amount, indicating supplier pricing power

Current EBITDA margin is less than the average of the last 3 years EBITDA

margins, which may signal further consolidation

7.2%

13.5%

41.4%

0% 9% 18% 27% 36% 45%

Median LTM Rev. Growth %

Median LTM EBITDA Margin %

Median LTM GP Margin %

2.1x

14.5x

18.9x

26.2x

0x 7x 14x 21x 28x

Median TEV / LTM Revenue

Median TEV / LTM EBITDA

Median TEV / LTM EBIT

Median Price / LTM Earnings

PUBLIC BASKET PERFORMANCE


Company TEV $m

LTM Rev

$m

Rev

Growth

YoY GP % EBITDA %

TEV / Rev

X

TEV /

EBITDA X # FTEs

Rev / FTE

$k

Krones AG 4,320 4,210 7% 50% 9% 1.0 11.3 14,443 292

Amada Holdings Co., Ltd. 4,702 2,553 1% 44% 15% 1.8 11.8 8,005 319

Nabtesco Corporation 5,757 2,408 0% 28% 14% 2.3 15.2 7,162 336

KUKA Aktiengesellschaft 5,763 4,139 25% 23% 7% 1.3 17.9 12,883 321

Lincoln Electric Holdings, Inc. 6,668 2,441 7% 34% 17% 2.7 16.4 9,000 271

OMRON Corporation 12,276 7,550 8% 41% 14% 1.6 11.5 36,008 210

Rockwell Automation Inc. 24,885 6,408 8% 42% 19% 3.9 20.1 22,000 291

Fanuc Corporation 45,567 6,060 0% 45% 0% 7.3 0.0 6,738 899

Emerson Electric Co. 47,998 15,264 5% 42% 21% 3.1 14.8 76,500 200

ABB Ltd 63,743 34,025 0% 30% 13% 1.8 14.2 132,300 257

Average 22,168 8,506 6% 38% 13% 2.7 13.3 32,504 340

Median 9,472 5,135 6% 41% 14% 2.1 14.5 13,663 291

share price as of 02Feb18


Public Revenue Multiples Over Time

Public EBITDA Multiples Over Time PUBLIC BASKET VALUATION TRENDS

10.6x

1.5x

0x

2x

4x

6x

8x

10x

12x

14x

16x

May

-13

Au

g-1

3

No

v-1

3

Feb

-14

May

-14

Au

g-1

4

No

v-1

4

Feb

-15

May

-15

Au

g-1

5

No

v-1

5

Feb

-16

May

-16

Au

g-1

6

No

v-1

6

Feb

-17

May

-17

Au

g-1

7

No

v-1

7

Feb

-18

TEV/EBITDA - Median TEV/Revenue - Median

TEV/EBITDA - Average TEV/Revenue - Average0.0x

0.4x

0.8x

1.2x

1.6x

2.0x

May

-13

Au

g-1

3

No

v-1

3

Feb

-14

May

-14

Au

g-1

4

No

v-1

4

Feb

-15

May

-15

Au

g-1

5

No

v-1

5

Feb

-16

May

-16

Au

g-1

6

No

v-1

6

Feb

-17

May

-17

Au

g-1

7

No

v-1

7

Feb

-18

TEV/Revenue - Median TEV/Revenue - Average

0x

2x

4x

6x

8x

10x

12x

14x

16x

May

-13

Au

g-1

3

No

v-1

3

Feb

-14

May

-14

Au

g-1

4

No

v-1

4

Feb

-15

May

-15

Au

g-1

5

No

v-1

5

Feb

-16

May

-16

Au

g-1

6

No

v-1

6

Feb

-17

May

-17

Au

g-1

7

No

v-1

7

Feb

-18

TEV/EBITDA - Median TEV/EBITDA - Average


OPERATIONAL METRICS

LTM Revenue Growth % LTM Gross Profit Margin %

(0.5%) 6.0% 12.5% 19.0% 25.5%

Median

ABB Ltd

Amada Holdings Co., Ltd.

Emerson Electric Co.

Lincoln Electric Holdings, Inc.

Krones AG

Rockwell Automation Inc.

OMRON Corporation

KUKA Aktiengesellschaft

- 10.0% 20.0% 30.0% 40.0% 50.0%

Median


Nabtesco Corporation

ABB Ltd


OMRON Corporation




Fanuc Corporation

Krones AG


Accounts Receivable Turnover Average Days Sales Outstanding

OPERATIONAL METRICS

0.0 2.5 5.0 7.5

Median


ABB Ltd

Krones AG


OMRON Corporation


Fanuc Corporation



- 30 60 90 120 150 180

Median



Fanuc Corporation


OMRON Corporation


Krones AG

ABB Ltd



OPERATIONAL METRICS

LTM Revenue per Full Time Employee x 000's LTM EBITDA %

$- $180 $360 $540 $720 $900

Median


OMRON Corporation

ABB Ltd



Krones AG




Fanuc Corporation

- 4.3% 8.6% 12.9% 17.2% 21.5%

Median


Krones AG

ABB Ltd

OMRON Corporation







TEV / LTM Revenue TEV / LTM EBITDA

VALUATION

0.0x 2.5x 5.0x 7.5x

Median

Krones AG


OMRON Corporation


ABB Ltd





Fanuc Corporation

0x 3x 6x 9x 12x 15x 18x 21x

Median

Krones AG

OMRON Corporation


ABB Ltd







TEV / LTM EBIT Price / LTM Earnings

VALUATION

0x 7x 14x 21x 28x

Median


Krones AG

OMRON Corporation



ABB Ltd




Fanuc Corporation

0x 11x 22x 33x 44x 55x

Median

Krones AG


OMRON Corporation


ABB Ltd



Fanuc Corporation



Historical Valuation Multiples versus Gross Profit Historical Valuation Multiples versus Revenue Growth Rate

VALUATION

11x 12x 12x 14x 15x 15x 16x 18x 20x

50.0%

41.0%

43.6%

29.5%

42.4%

28.5%

34.4%

23.2%

41.8%

0%

10%

20%

30%

40%

50%

60%

0x

5x

10x

15x

20x

25x

LTM

GP

%

EBIT

DA

(x)

Series1 Series2

11x 12x 12x 14x 15x 15x 16x 18x 20x

7.3%

7.9%

0.6%

(0.2%)

5.1%

-

7.1%

24.6%

7.8%

-5%

0%

5%

10%

15%

20%

25%

30%

0x

5x

10x

15x

20x

25x

LTM

RG

R%

EBIT

DA

(x)

Series1 Series2


RECENT TRANSACTIONS

Date Target Buyer Total Transaction Value Target Revenue TEV / Revenue TEV / EBITDA

18Dec17 Shenzhen Ou Sheng Automation Co., Ltd. - 16.32 10.56 1.7x -

6Dec17 Canvas Technology, Inc. Morado Venture Partners; Xplorer Capital;

AME Cloud Ventures; Playground Global, LLC

15.00 - - -

1Nov17 PaR Systems, Inc. - - - - -

9Oct17 Qihan Technology Co., Ltd. Jiangsu Nonghua Intelligent Agriculture

Technology Co., Ltd.

30.19 100.47 - -

16Aug17 Tianjin YangTian Technology Co. GSR Ventures Management Co. Ltd.;

Yinxinggu Capital; Lenovo Capital and

Incubator Group

7.47 - - -

2Aug17 Rockwell Automation Inc. Emerson Electric Co. 31,290.65 6,311.30 4.6x -

21Jun17 Hyundai Robotics Co., Ltd. - 328.54 - - -

31Mar17 Novarc Technologies Inc. Seaspan ULC; BDC Venture Capital 0.75 - - -

29Mar17 Huazhang Technology Holding Limited Kaiser Asset Management Limited 12.87 64.22 - -

28Mar17 BVR Technologies Co. Kaney Aerospace, Inc. - - - -

23Mar17 Vanderlande Industries Holding B.V. Toyota Industries Corporation 1,258.65 1,168.75 1.1x -

22Mar17 Nikki Denso Co., Ltd. CKD Corporation - - - -

31Dec16 Eurosei S.r.l. Duplomatic Oleodinamica S.p.A. - - - -

1Jan17 Design Facts, Inc. (nka:DF Automation, LLC) Roembke Mfg. & Design, INC. - - - -

2Feb17 Bastian Solutions, LLC Toyota Industries Corporation 260.00 - - -

20Jan17 DST Robot Co., Ltd. Beijing Linksun Technology Co., Ltd.; Lead

Dragon Limited

3.51 39.55 - -

11Jan17 SMCore Inc. SK Holdings Co., Ltd. - 42.01 - -

31Dec16 Arc Machines, Inc. Colfax Corporation 26.00 - - -

9Jan17 SMCore Inc. - - 41.88 - -

2Jan17 RRRobotica s.r.l. Shanghai Turin Robot Co. - - - -

9Dec16 Saimo Electric Co., Ltd. - 19.20 39.37 - -

29Nov16 Robot Technologies/Systems Australia Pty. Ltd. Diverseco Pty Ltd - - - -

18Nov16 Shanghai Welltech Automation Co., Ltd. Shanghai Zizhu Hi-Tech Zone (Group) Co.,

Ltd.

63.72 13.92 38.0x NM

15Nov16 Shanghai Nengchuan Electrics Co., Ltd. Nancal Energy-Saving Technology Co., Ltd. 4.86 - - -

8Nov16 Ventek, Inc. US Natural Resources, Inc. - - - -

1Nov16 Hitachi Zosen Fukui Corporation Hitachi Zosen Corporation 92.51 237.54 0.5x 4.0x

31Oct16 AMETEK, Inc. - 823.35 3,855.12 - -

24Oct16 DST Robot Co., Ltd. Daeduck Newbiz Fund 2; SR Investment

Fund; Daeduck Newbiz Fund 3

6.45 29.61 2.1x 22.3x

18Oct16 DST Robot Co., Ltd. - 12.64 29.42 - -

1Sep16 DST Robot Co., Ltd. Daeduck Newbiz Fund 1; Daeduck Newbiz

Fund 2; SR Investment Fund

4.02 30.47 2.0x 15.3x

Appendix: Public Basket

Constituents

7 Mile Advisors appreciates the opportunity to present this confidential information to the Company.This document is meant to be delivered only in conjunction with a verbal presentation, and is notauthorized for distribution. Please see the Confidentiality Notice & Disclaimer at the end of thedocument. All data cited in this document was believed to be accurate at the time of authorship andcame from publicly available sources. Neither 7 Mile Advisors nor 7M Securities make warranties orrepresentations as to the accuracy or completeness of third-party data contained herein. Thisdocument should be treated as confidential and for the use of the intended recipient only. Pleasenotify 7 Mile Advisors if it was distributed in error.

SECTORWATCH:


Krones AG


Krones AG, together with its subsidiaries, engages in planning,

developing, and manufacturing machinery and systems for the fields of

process technology, filling and packaging technology, and intralogistics

in Germany and internationally. The company operates through three

segments: Machines and Lines for Product Filling and Decoration,

Machines and Lines for Beverage Production/Process Technology, and

Machines and Lines for the Compact Class. It provides plant

engineering solutions, such as planning new plants, plant expansion,

plant structural planning, and energy and media optimization; and

process technology systems for use in beer, soft drink, water, milk,

spirit, and juice and milk with fruit chunks. It also provides filling

technology products for bottle design, stretch blow moulder, PET

recycling, bottle washing machine, filling technology, inspection

technology, labeling, conveyor, product treatment, and block technology

applications; and packaging, palletising, block, and robot technology

products. In addition, the company offers logistics services for the food

and beverage industries; and IT solutions for filling and packaging,

business intelligence, manufacturing intelligence, maintenance,

planning, infrastructure, quality, processing, quality, and manufacturing

execution systems. It serves breweries, the soft-drinks sector, and

producers of still or sparkling wines and spirits, as well as food and

luxury-goods, chemical, cosmetics, and pharmaceutical industries.

Krones AG was founded in 1951 and is headquartered in Neutraubling,

Germany.


0.0x

0.5x

1.0x

1.5x

Revenue Multiples - Krones AG

TEV/Revenue Average

0x

3x

6x

9x

12x

15x

EBITDA Multiples - Krones AG

TEV/EBITDA Average

0x

7x

14x

21x

28x

35xP/E Multiples - Krones AG

P/E Average



Amada Holdings Co., Ltd., together with its subsidiaries, engages in the

manufacture, sale, lease, repair, maintenance, checking, and inspection

of metalworking machinery and equipment in Japan and internationally.

It offers sheet metal fabrication machines, including laser machines,

turret punch presses, press brakes, and welders, as well as software

solutions; metal cutting machines, such as band saw and structural

steel machines that are used in the fabrication of steel frames for high-

rise buildings, bridges, and other structures; and machine tools, which

include multiprocess centers, grinding machines, and electrical

discharge machines for precision finishing of medical devices and other

equipment. The company also provides stamping presses for

manufacturing electronic parts from thin metal sheets and automotive

parts; and precision welding machines, such as laser welders and

markers, resistance welders, and systems for automotive electrical

equipment, secondary batteries, household electrical appliances, LCD

displays, personal computers, medical devices, and other product

applications. In addition, it offers saw blades; conveyor devices, power

transmission devices, automatic control units, and other equipment;

tooling peripheral machines; and tools for punching and bending, and

hydraulic punch presses. The company was formerly known as Amada

Co., Ltd. and changed its name to Amada Holdings Co., Ltd. in April

2015. Amada Holdings Co., Ltd. was founded in 1946 and is

headquartered in Isehara, Japan.


0.0x

0.5x

1.0x

1.5x

2.0xRevenue Multiples - Amada Holdings Co., Ltd.

TEV/Revenue Average

0

6

12

18

24

EBITDA Multiples - Amada Holdings Co., Ltd.

TEV/EBITDA Average

0

20

40

60

80P/E Multiples - Amada Holdings Co., Ltd.

P/E Average



Nabtesco Corporation manufactures and sells equipment in the

industrial, daily life, and environmental fields in Japan and

internationally. It operates through four segments: Precision Equipment,

Transport Equipment, Aircraft and Oil Hydraulic Equipment, and

Industrial Equipment. The Precision Equipment segment offers high

precision reducers and actuators, wafer transfer units, vacuum pumps,

vacuum valves, vacuum devices, rapid prototyping systems, solar

tracking equipment, and actuation units for industrial robots, machine

tools, factory automation systems, electronic devices, semiconductor

manufacturing equipment, automobiles, and home electronic

appliances. The Transport Equipment segment provides automatic door

drive units, automobile air brake systems, automatic testing and training

equipment, and remote control systems for railway vehicle, automobile,

and marine vessels. The Aircraft and Oil Hydraulic Equipment segment

offers flight control systems; various types of actuators; oil hydraulic

drive motors; and various types of motors for aircraft, space,

construction equipment, agricultural, and other vehicles. The Industrial

Equipment segment provides automatic door systems, prosthetic

products, automatic measuring and packing machines, multi-forming

machines, and constant velocity joint processing machines for building

and general industry, welfare, food, medicine, cleaning material,

chemicals, precision equipment, automobiles, and home electronic

appliances. Nabtesco Corporation was founded in 2003 and is

headquartered in Tokyo, Japan.

Date Key Development Headline

1/30/17 Nabtesco Corporation (TSE:6268) entered into a definitive

agreement to acquire Ovalo Gmbh from INTERGLOBAL

Industrieholding GmbH for €82 million.


0.0x

0.5x

1.0x

1.5x

2.0x

2.5xRevenue Multiples - Nabtesco Corporation

TEV/Revenue Average

0

4

8

12

16EBITDA Multiples - Nabtesco Corporation

TEV/EBITDA Average

0

7

14

21

28

35

P/E Multiples - Nabtesco Corporation

P/E Average



KUKA Aktiengesellschaft, an automation company, provides robot-

based automation solutions worldwide. It operates through three

segments: KUKA Robotics, KUKA Systems, and Swisslog. The KUKA

Robotics segment develops, manufactures, and distributes industrial

and service robots, as well as robot controllers and software. The KUKA

Systems segment plans, designs, and builds automated production

systems, including individual system components, tools and fixtures,

automated production cells, and turnkey systems; and automates

individual production processes, such as welding and joining,

processing various materials, and integrating various production stages

to form an automatic system. The Swisslog segment offers automated

solutions for hospitals, warehouses, and distribution centers. The

company sells its products under the KUKA brand to customers in the

automotive, electronics, consumer goods, healthcare, e-commerce, and

logistics markets, as well as metal industry. The company was formerly

known as Industrie-Werke Karlsruhe Augsburg Aktiengesellschaft and

changed its name to KUKA Aktiengesellschaft in 2007. The company

was founded in 1898 and is headquartered in Augsburg, Germany.

KUKA Aktiengesellschaft is a subsidiary Mecca International (BVI)

Limited.


12/19/17 KUKA Aktiengesellschaft (DB:KU2) acquired Visual

Components Oy.

10/26/17 KUKA Aktiengesellschaft (DB:KU2) acquired stake in

Device Insight GmbH & Co. KG.


0.0

0.5

1.0

1.5

2.0

2.5Revenue Multiples - KUKA Aktiengesellschaft

TEV/Revenue Average

0

6

12

18

24

30

EBITDA Multiples - KUKA Aktiengesellschaft

TEV/EBITDA Average

0

13

26

39

52

65P/E Multiples - KUKA Aktiengesellschaft

P/E Average



Lincoln Electric Holdings, Inc., through its subsidiaries, designs,

manufactures, and sells welding, cutting, and brazing products

worldwide. It operates through three segments: Americas Welding,

International Welding, and The Harris Products Group. The company’s

welding products include arc welding power sources, plasma cutters,

wire feeding systems, robotic welding packages, integrated automation

systems, fume extraction equipment, consumable electrodes, fluxes

and welding accessories, and specialty welding consumables and

fabrication products. It also provides computer numeric controlled

plasma and oxy-fuel cutting systems, and regulators and torches used

in oxy-fuel welding, cutting, and brazing; and consumables used in the

brazing and soldering alloys market. In addition, the company is

involved in the retail business in the United States. It serves general

metal fabrication, power generation and process industry, structural

steel construction, heavy equipment fabrication, shipbuilding,

automotive, pipe mills and pipelines, and offshore oil and gas

exploration and extraction markets. The company sells its products

directly to users of welding products, as well as through industrial

distributors, retailers, and agents. Lincoln Electric Holdings, Inc. was

founded in 1895 and is headquartered in Cleveland, Ohio.


11/8/17 Lincoln Electric Seeks Acquisitions

10/27/17 Lincoln Electric Seeks Acquisitions

7/30/17 Lincoln Electric Holdings, Inc. (NasdaqGS:LECO)

completed the acquisition of Air Liquide Welding France SA

from Air Liquide SA (ENXTPA:AI).

5/10/17 Lincoln Electric Holdings Seeks Acquisitions

4/28/17 Air Liquide Welding SA, Lincoln Electric Holdings, Inc. -

M&A Call


0.0

0.7

1.4

2.1

2.8

3.5Revenue Multiples - Lincoln Electric Holdings, Inc.

TEV/Revenue Average

0

5

10

15

20EBITDA Multiples - Lincoln Electric Holdings, Inc.

TEV/EBITDA Average

0

15

30

45

60

75P/E Multiples - Lincoln Electric Holdings, Inc.

P/E Average

OMRON Corporation


OMRON Corporation manufactures and sells sensing and control

products worldwide. The company operates through Industrial

Automation Business; Electronic and Mechanical Components

Business; Automotive Electronic Components Business; Social

Systems, Solutions, and Service Business; Healthcare Business; and

Other Business segments. The Industrial Automation Business segment

offers control equipment for factory automation, including vision and

fiber sensors; temperature, programmable, motion, and safety

controllers; inverters; servomotors and servo drivers; and switches,

safety light curtains, and parallel robots. The Electronic and Mechanical

Components Business segment provides surface-mounted switches,

power relays for printed circuit boards, FPC connectors, power supply

units for amusement devices, and image sensing products. The Social

Systems, Solutions, and Service Business segment provides automated

ticket gates and ticket vending machines; road traffic management

systems, etc.; engineering and environmental solutions; and software

development services, etc. OMRON Corporation was founded in 1933

and is headquartered in Kyoto, Japan.


10/1/17 OMRON Corporation (TSE:6645) acquired Microscan

Systems, Inc. from Spectris plc (LSE:SXS).

8/29/17 OMRON Corporation (TSE:6645) signed an agreement to

acquire Microscan Systems, Inc. from Spectris plc

(LSE:SXS) for approximately $160 million.

6/1/17 OMRON Corporation and RIKEN Research Institute Agree

to Set Up RIKEN BSI-Omron Collaboration Center

4/26/17 OMRON Corporation (TSE:6645) entered into an

agreement to acquire Sensor Technology Co., Ltd.


0.0

0.6

1.2

1.8Revenue Multiples - OMRON Corporation

TEV/Revenue Average

0

3

6

9

12

15EBITDA Multiples - OMRON Corporation

TEV/EBITDA Average

0

7

14

21

28

35P/E Multiples - OMRON Corporation

P/E Average



Rockwell Automation Inc. provides industrial automation and

information solutions worldwide. It operates in two segments,

Architecture & Software; and Control Products & Solutions. The

Architecture & Software segment provides control platforms, including

controllers, electronic operator interface devices, electronic input/output

devices, communication and networking products, and industrial

computers that perform multiple control disciplines and monitoring of

applications, such as discrete, batch and continuous process, drives

control, motion control, and machine safety control. This segment also

offers software products that include configuration and visualization

software, which is used to operate and supervise control platforms,

process control software, and manufacturing execution systems and

information solution software to enhance productivity and meet

regulatory requirements; and other products comprising sensors,

machine safety components, and linear motion control products.

Rockwell Automation Inc. was founded in 1903 and is headquartered in

Milwaukee, Wisconsin.


11/30/17 Rockwell Automation Inc. (NYSE:ROK) acquired Odos

Imaging Ltd. on December 1, 2017.

11/28/17 Emerson Electric Co., Rockwell Automation Inc. - M&A Call

11/27/17 Emerson Electric Co. (NYSE:EMR) cancelled the

acquisition of Rockwell Automation, Inc. (NYSE:ROK).

10/1/17 Weidmüller Holding AG & Co. KGaA acquired W

Interconnections Canada Inc from Rockwell Automation

Inc. (NYSE:ROK).

9/14/17 Rockwell Seeks Acquisitions


0.0

1.0

2.0

3.0

4.0

5.0

6.0Revenue Multiples - Rockwell Automation Inc.

TEV/Revenue Average

0

7

14

21

28EBITDA Multiples - Rockwell Automation Inc.

TEV/EBITDA Average

0

8

16

24

32

40P/E Multiples - Rockwell Automation Inc.

P/E Average

Fanuc Corporation


Fanuc Corporation provides factory automation products worldwide.

The company offers CNC series, servo motors, lasers, robots, compact

machining centers, electric injection molding machines, wire-cut electric

discharge machines, and super nano machines. Fanuc Corporation was

founded 1972 and is headquartered in Minamitsuru-gun, Japan.


10/24/17 Fanuc Corporation (TSE:6954) agreed to acquire remaining

33.4% stake in Mold Institute Ltd. from Kuroda Precision

Industries Ltd. (TSE:7726), Makino Milling Machine Co.,

Ltd. (TSE:6135) and other shareholders for approximately

¥410 million.


0.0

3.0

6.0

9.0

Revenue Multiples - Fanuc Corporation

TEV/Revenue Average

0

6

12

18

24

EBITDA Multiples - Fanuc Corporation

TEV/EBITDA Average

0

9

18

27

36

45

P/E Multiples - Fanuc Corporation

P/E Average



Emerson Electric Co., a technology and engineering company, provides

various solutions to industrial, commercial, and residential markets

worldwide. The company’s Automation Solutions segment offers

software; measurement and analytical instrumentation; valves,

actuators, and regulators; industry services and solutions; process

control systems and solutions; and digital plant solutions. This segment

serves oil and gas, refining, chemicals, power generation,

pharmaceuticals, food and beverages, automotive, pulp and paper,

metal and mining, and municipal water supplies markets. Its

Commercial & Residential Solutions segment provides services for

climate control industry, such as residential heating and cooling,

commercial air conditioning, and commercial and industrial

refrigeration. This segment supplies compressors; thermostats;

monitoring equipment and electronic controls for gas and electric

heating systems; gas valves for furnaces and water heaters; ignition

systems for furnaces; sensors and thermistors for home appliances;

and temperature sensors and controls. Emerson Electric Co. was

founded in 1890 and is headquartered in St. Louis, Missouri.


1/9/18 Emerson Electric Co. (NYSE:EMR) completed the

acquisition of Cooper-Atkins Corporation.

12/19/17 Emerson Electric Co. (NYSE:EMR) agreed to acquire

Cooper-Atkins Corporation.

11/28/17 Emerson Electric Co., Rockwell Automation Inc. - M&A Call

11/27/17 Emerson Electric Co. (NYSE:EMR) cancelled the

acquisition of Rockwell Automation, Inc. (NYSE:ROK).

11/3/17 Emerson Electric Co. Seeks Acquisition


0.0

1.0

2.0

3.0

4.0Revenue Multiples - Emerson Electric Co.

TEV/Revenue Average

0

5

10

15

20EBITDA Multiples - Emerson Electric Co.

TEV/EBITDA Average

0

8

16

24

32

40

P/E Multiples - Emerson Electric Co.

P/E Average

ABB Ltd


ABB Ltd manufactures and sells electrification, robotics and motion,

power grid, and industrial automation products for utilities,

transportation, infrastructure, and industrial customers worldwide. The

company provides modular substation packages, distribution

automation products, circuit breakers, measuring and sensing devices,

control products, wiring accessories, enclosures and cabling systems,

low- and medium-voltage switchgears, switches, DIN rail components,

and installation materials for building, data center, rail, wind and solar,

food and beverage, marine, and oil and gas industries. It also offers

motors, generators, variable speed drives, robots and robotics, solar

inverters, wind converters, rectifiers, and excitation systems, as well as

power quality and protection solutions, electric vehicle fast charging

infrastructure solutions, and components and subsystems for railways,

and related services for discrete automation, process industries,

transportation, and utilities. ABB Ltd was founded in 1883 and is

headquartered in Zurich, Switzerland.


12/20/17 SNC-Lavalin to Form a Joint Venture with ABB

9/26/17 ABB and Northvolt Close Collaboration on Development of

Battery Solutions and R&D Activities

9/25/17 ABB Ltd, GE Industrial Solutions - M&A Call

9/24/17 ABB Ltd (SWX:ABBN) agreed to acquire GE Industrial

Systems from General Electric Company (NYSE:GE) for

$2.6 billion.

9/14/17 ABB Ltd (SWX:ABBN) completed the acquisition of

mission-critical communication business from KEYMILE

GmbH.


0.0

0.5

1.0

1.5

2.0

2.5Revenue Multiples - ABB Ltd

TEV/Revenue Average

0

4

8

12

16

20EBITDA Multiples - ABB Ltd

TEV/EBITDA Average

0

8

16

24

32

40

P/E Multiples - ABB Ltd

P/E Average

7MA provides Investment Banking & Advisory Services to the Business Services and Technology Industries globally.

We advise on M&A and private capital transactions, and provide market assessments and benchmarking. As a

close-knit team with a long history together and a laser focus on our target markets, we help our clients sell their

companies, raise capital, grow through acquisitions, and evaluate new markets. Securities offered through 7M

Securities LLC.

CONTACT INFORMATION


Charlotte | Los Angeles | Tampa | Houston | Chicago

Leroy Davis, Partner 704.899.5962 [email protected]

Tripp Davis, Partner 704.899.5762 [email protected]

Andy Johnston, Partner 704.899.5961 [email protected]

Tom Dinnegan, Managing Director 310. 426.2410 [email protected]

Ben Lunka, Managing Director 704.496.2995 [email protected]

Jeff Stoecklein, Managing Director 312-373-3737 [email protected]

Kristina Sergueeva, Director 704.899.5149 [email protected]

Neil Churman, Director 704.899.5960 x 121 [email protected]

John Cooper, Director 704.973.3996 [email protected]

Tim Frye, Director 704.973.3994 [email protected]

Casey Augustine, Business Development - Manager 704.973.3999 [email protected]

Nicholas Prendergast, Financial Analyst 704.899.5960 [email protected]

Ariail Siggins, Marketing Director 704.899.5960 x 123 [email protected]

Rory Julyan, Associate 704.899.5960 [email protected]

Chevonese Dacres, Analyst 360.499.1502 [email protected]

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