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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM P/E Multiple | 38.6x - 42.7x | 40.7x |
| Selected Fwd P/E Multiple | 15.6x - 17.3x | 16.5x |
| Fair Value | €45.99 - €50.83 | €48.41 |
| Upside | -7.6% - 2.2% | -2.7% |
| Benchmarks | - | Full Ticker |
| Dow Inc. | - | NYSE:DOW |
| Huntsman Corporation | - | NYSE:HUN |
| FMC Corporation | - | NYSE:FMC |
| Eastman Chemical Company | - | NYSE:EMN |
| LyondellBasell Industries N.V. | - | NYSE:LYB |
| Corteva, Inc. | - | BST:2X0 |
| - | - | - |
| Select Price / LTM EPS Ratio | ||||||||
| Benchmark Companies | ||||||||
| DOW | HUN | FMC | EMN | LYB | 2X0 | |||
| NYSE:DOW | NYSE:HUN | NYSE:FMC | NYSE:EMN | NYSE:LYB | BST:2X0 | |||
| Historical Net Income Growth | ||||||||
| 5Y CAGR | NM- | NM- | -5.7% | 3.6% | -16.8% | NM- | ||
| 3Y CAGR | -44.0% | NM- | -20.7% | 1.8% | -37.8% | -22.3% | ||
| Latest Twelve Months | 91.0% | -852.9% | -71.7% | 1.2% | -36.1% | -8.4% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 4.6% | 8.8% | 15.7% | 7.8% | 7.4% | 6.0% | ||
| Prior Fiscal Year | 1.3% | -0.3% | 31.6% | 9.7% | 5.1% | 5.4% | ||
| Latest Fiscal Year | 2.6% | -2.7% | 9.5% | 9.6% | 3.3% | 5.0% | ||
| Latest Twelve Months | 2.6% | -2.7% | 9.5% | 9.6% | 3.3% | 5.0% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 5.7x | 11.1x | 9.1x | 6.7x | 5.6x | 12.7x | ||
| Price / LTM Sales | 0.4x | 0.4x | 1.0x | 0.9x | 0.4x | 2.4x | ||
| LTM P/E Ratio | 16.5x | -14.0x | 10.6x | 9.3x | 12.8x | 47.1x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/E Ratio | -14.0x | 10.6x | 16.5x | |||||
| Historical LTM P/E Ratio | 19.6x | 30.2x | 48.6x | |||||
| Selected P/E Multiple | 38.6x | 40.7x | 42.7x | |||||
| (x) LTM Net Income | 851 | 851 | 851 | |||||
| (=) Equity Value | 32,864 | 34,593 | 36,323 | |||||
| (/) Shares Outstanding | 683.0 | 683.0 | 683.0 | |||||
| Implied Value Range | 48.12 | 50.65 | 53.18 | |||||
| FX Rate: USD/EUR | 1.1 | 1.1 | 1.1 | Market Price | ||||
| Implied Value Range (Trading Cur) | 43.49 | 45.78 | 48.07 | 49.76 | ||||
| Upside / (Downside) | -12.6% | -8.0% | -3.4% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | DOW | HUN | FMC | EMN | LYB | 2X0 | |
| Value of Common Equity | 21,074 | 2,478 | 4,655 | 9,404 | 19,352 | 37,600 | |
| (/) Shares Outstanding | 705.8 | 173.7 | 124.9 | 115.4 | 323.4 | 683.0 | |
| Implied Stock Price | 29.86 | 14.26 | 37.27 | 81.48 | 59.83 | 55.05 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.11 | |
| Implied Stock Price (Trading Cur) | 29.86 | 14.26 | 37.27 | 81.48 | 59.83 | 49.76 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.11 | |