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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 14.0x - 15.4x | 14.7x |
Selected Fwd EBIT Multiple | 10.4x - 11.5x | 11.0x |
Fair Value | CHF 12.13 - CHF 13.79 | CHF 12.96 |
Upside | 36.3% - 54.9% | 45.6% |
Benchmarks | Ticker | Full Ticker |
Sika AG | SIKA | SWX:SIKA |
Givaudan SA | GIVN | SWX:GIVN |
Arkema S.A. | AKE | ENXTPA:AKE |
BASF SE | BAS | SWX:BAS |
Umicore SA | NVJP | DB:NVJP |
Clariant AG | CLNz | BATS-CHIXE:CLNz |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
SIKA | GIVN | AKE | BAS | NVJP | CLNz | ||
SWX:SIKA | SWX:GIVN | ENXTPA:AKE | SWX:BAS | DB:NVJP | BATS-CHIXE:CLNz | ||
Historical EBIT Growth | |||||||
5Y CAGR | 9.7% | 8.5% | -4.3% | -5.1% | NM- | 14.7% | |
3Y CAGR | 7.3% | 8.4% | -14.8% | -27.3% | NM- | -7.2% | |
Latest Twelve Months | -1.3% | 13.1% | -4.3% | 0.9% | -138.9% | -14.7% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 14.6% | 16.7% | 9.3% | 6.2% | 2.6% | 9.5% | |
Prior Fiscal Year | 15.6% | 16.1% | 7.6% | 4.1% | 4.3% | 9.7% | |
Latest Fiscal Year | 14.7% | 18.9% | 7.1% | 4.4% | -2.1% | 8.7% | |
Latest Twelve Months | 14.7% | 18.9% | 6.7% | 4.2% | -2.1% | 8.7% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 3.27x | 4.93x | 0.82x | 0.89x | 0.29x | 0.98x | |
EV / LTM EBITDA | 18.0x | 22.0x | 5.8x | 9.5x | -68.1x | 7.3x | |
EV / LTM EBIT | 22.3x | 26.1x | 12.2x | 21.3x | -14.1x | 11.3x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | -14.1x | 21.3x | 26.1x | ||||
Historical EV / LTM EBIT | 9.3x | 11.3x | 16.8x | ||||
Selected EV / LTM EBIT | 14.0x | 14.7x | 15.4x | ||||
(x) LTM EBIT | 361 | 361 | 361 | ||||
(=) Implied Enterprise Value | 5,043 | 5,309 | 5,574 | ||||
(-) Non-shareholder Claims * | (1,175) | (1,175) | (1,175) | ||||
(=) Equity Value | 3,868 | 4,134 | 4,399 | ||||
(/) Shares Outstanding | 328.3 | 328.3 | 328.3 | ||||
Implied Value Range | 11.78 | 12.59 | 13.40 | ||||
FX Rate: CHF/CHF | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 11.78 | 12.59 | 13.40 | 8.90 | |||
Upside / (Downside) | 32.4% | 41.5% | 50.6% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | SIKA | GIVN | AKE | BAS | NVJP | CLNz | |
Enterprise Value | 38,419 | 37,018 | 7,753 | 53,754 | 4,313 | 4,097 | |
(+) Cash & Short Term Investments | 713 | 303 | 1,118 | 2,374 | 2,013 | 395 | |
(+) Investments & Other | 103 | 143 | 59 | 6,390 | 611 | 487 | |
(-) Debt | (5,753) | (4,783) | (3,843) | (24,491) | (3,437) | (1,884) | |
(-) Other Liabilities | (14) | 0 | (220) | (1,266) | 16 | (173) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 33,469 | 32,681 | 4,867 | 36,761 | 3,516 | 2,922 | |
(/) Shares Outstanding | 160.4 | 9.2 | 75.1 | 612.5 | 240.5 | 328.3 | |
Implied Stock Price | 208.60 | 3,541.00 | 64.80 | 60.02 | 14.62 | 8.90 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.07 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 208.60 | 3,541.00 | 64.80 | 56.05 | 14.62 | 8.90 | |
Trading Currency | CHF | CHF | EUR | CHF | EUR | CHF | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.07 | 1.00 | 1.00 |