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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 7.2x - 8.0x | 7.6x |
| Selected Fwd EBIT Multiple | 6.0x - 6.6x | 6.3x |
| Fair Value | €21.35 - €22.60 | €21.98 |
| Upside | 7.3% - 13.6% | 10.4% |
| Benchmarks | Ticker | Full Ticker |
| The Navigator Company, S.A. | NVG | ENXTLS:NVG |
| UPM-Kymmene Oyj | RPL | DB:RPL |
| Metsä Board Oyj | METSA | HLSE:METSA |
| Miquel y Costas & Miquel, S.A. | MCM | BME:MCM |
| Koskisen Oyj | EZ8 | DB:EZ8 |
| Iberpapel Gestión, S.A. | IBG | BME:IBG |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| NVG | RPL | METSA | MCM | EZ8 | IBG | ||
| ENXTLS:NVG | DB:RPL | HLSE:METSA | BME:MCM | DB:EZ8 | BME:IBG | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 12.6% | -4.5% | -18.0% | 2.4% | NM- | -4.4% | |
| 3Y CAGR | 18.2% | -8.2% | -42.2% | -5.5% | -37.5% | 85.4% | |
| Latest Twelve Months | 2.3% | 8.0% | 32.2% | 1.9% | -44.1% | -58.2% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 16.3% | 12.3% | 7.9% | 19.2% | 10.3% | 5.9% | |
| Prior Fiscal Year | 18.8% | 9.3% | 1.8% | 18.4% | 8.5% | 16.9% | |
| Latest Fiscal Year | 18.2% | 10.2% | 2.4% | 18.8% | 4.5% | 7.4% | |
| Latest Twelve Months | 18.2% | 10.2% | 2.4% | 18.8% | 4.5% | 7.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.45x | 1.30x | 0.51x | 1.32x | 0.64x | 0.47x | |
| EV / LTM EBITDA | 5.8x | 6.5x | 6.8x | 5.3x | 7.6x | 3.6x | |
| EV / LTM EBIT | 7.9x | 12.8x | 21.4x | 7.0x | 14.2x | 6.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 7.0x | 12.8x | 21.4x | ||||
| Historical EV / LTM EBIT | -13.3x | 6.3x | 86.1x | ||||
| Selected EV / LTM EBIT | 7.2x | 7.6x | 8.0x | ||||
| (x) LTM EBIT | 18 | 18 | 18 | ||||
| (=) Implied Enterprise Value | 128 | 134 | 141 | ||||
| (-) Non-shareholder Claims * | 104 | 104 | 104 | ||||
| (=) Equity Value | 231 | 238 | 245 | ||||
| (/) Shares Outstanding | 10.9 | 10.9 | 10.9 | ||||
| Implied Value Range | 21.24 | 21.86 | 22.48 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 21.24 | 21.86 | 22.48 | 19.90 | |||
| Upside / (Downside) | 6.7% | 9.8% | 12.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | NVG | RPL | METSA | MCM | EZ8 | IBG | |
| Enterprise Value | 3,037 | 13,415 | 1,463 | 411 | 176 | 113 | |
| (+) Cash & Short Term Investments | 287 | 893 | 183 | 53 | 43 | 122 | |
| (+) Investments & Other | 0 | 2,267 | 737 | 78 | 0 | 0 | |
| (-) Debt | (1,016) | (3,913) | (527) | (55) | (66) | (18) | |
| (-) Other Liabilities | (0) | (401) | (165) | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 2,307 | 12,261 | 1,690 | 486 | 153 | 217 | |
| (/) Shares Outstanding | 711.2 | 528.7 | 291.4 | 38.0 | 23.0 | 10.9 | |
| Implied Stock Price | 3.24 | 23.19 | 5.80 | 12.80 | 6.66 | 19.90 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 3.24 | 23.19 | 5.80 | 12.80 | 6.66 | 19.90 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |