Analysts Offer Insights on Industrial Goods Companies: Leonardo Drs (NASDAQ: DRS), Illinois Tool Works (NYSE: ITW) and Compass Diversified Holdings (NYSE: CODI)We await restated financials but our sum-of-the-parts analysis excluding Lugano suggests value of at least $10.00 per share; every $50 million of recovery from Lugano adds about $0.65 per share. Our analysis is based on $350 million of EBITDA and assumes the branded consumer businesses trade at 12.2 times EBITDA, while the niche industrials trade at 9.2 times EBITDA. With $1.9 billion of net debt, the analysis is sensitive given common equity represents less than 25% of enterprise value. On a reported basis, leverage exceeds 6 times, but excluding Lugano, leverage goes to about 5.6 times, and when incorporating subsidiary EBITDA and free cash flow it is expected to be 5.2 to 5.3 times exiting 2025; this compares to the current debt covenant of 5 times and management's long- term target of 3.0-3.5 times.