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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 21.1x - 23.3x | 22.2x |
| Selected Fwd EBITDA Multiple | 13.5x - 14.9x | 14.2x |
| Fair Value | kr350.22 - kr389.60 | kr369.91 |
| Upside | -11.9% - -2.0% | -7.0% |
| Benchmarks | Ticker | Full Ticker |
| DSM-Firmenich AG | DSFIR | ENXTAM:DSFIR |
| Corbion N.V. | CSUA | DB:CSUA |
| Kemira Oyj | KEMIRA | HLSE:KEMIRA |
| Evonik Industries AG | EVK | DB:EVK |
| Solvay SA | SOLB | ENXTBR:SOLB |
| Novonesis A/S | NSIS B | CPSE:NSISB |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| DSFIR | CSUA | KEMIRA | EVK | SOLB | NSIS B | ||
| ENXTAM:DSFIR | DB:CSUA | HLSE:KEMIRA | DB:EVK | ENXTBR:SOLB | CPSE:NSISB | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 4.5% | -2.9% | 8.1% | -3.1% | -17.0% | 12.0% | |
| 3Y CAGR | 7.0% | 6.5% | 15.4% | -7.7% | -25.0% | 16.7% | |
| Latest Twelve Months | 363.5% | 22.9% | 3.0% | -5.6% | -47.0% | 43.0% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 12.5% | 13.4% | 14.6% | 13.3% | 24.8% | 31.5% | |
| Prior Fiscal Year | 3.2% | 10.3% | 14.8% | 11.8% | 25.7% | 31.5% | |
| Latest Fiscal Year | 12.5% | 12.4% | 17.5% | 11.2% | 16.0% | 28.2% | |
| Latest Twelve Months | 12.5% | 12.4% | 17.5% | 11.2% | 16.0% | 28.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.96x | 1.14x | 1.00x | 0.73x | 0.86x | 6.87x | |
| EV / LTM EBITDA | 15.7x | 9.2x | 5.7x | 6.5x | 5.4x | 24.3x | |
| EV / LTM EBIT | 49.2x | 16.2x | 8.1x | 13.3x | 7.7x | 31.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 5.4x | 6.5x | 15.7x | ||||
| Historical EV / LTM EBITDA | 18.9x | 20.8x | 29.5x | ||||
| Selected EV / LTM EBITDA | 21.1x | 22.2x | 23.3x | ||||
| (x) LTM EBITDA | 1,082 | 1,082 | 1,082 | ||||
| (=) Implied Enterprise Value | 22,855 | 24,058 | 25,261 | ||||
| (-) Non-shareholder Claims * | (1,493) | (1,493) | (1,493) | ||||
| (=) Equity Value | 21,362 | 22,565 | 23,768 | ||||
| (/) Shares Outstanding | 466.2 | 466.2 | 466.2 | ||||
| Implied Value Range | 45.82 | 48.40 | 50.98 | ||||
| FX Rate: EUR/DKK | 0.1 | 0.1 | 0.1 | Market Price | |||
| Implied Value Range (Trading Cur) | 342.12 | 361.38 | 380.65 | 397.60 | |||
| Upside / (Downside) | -14.0% | -9.1% | -4.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | DSFIR | CSUA | KEMIRA | EVK | SOLB | NSIS B | |
| Enterprise Value | 25,035 | 1,462 | 2,936 | 11,127 | 4,416 | 26,319 | |
| (+) Cash & Short Term Investments | 2,717 | 49 | 519 | 618 | 621 | 280 | |
| (+) Investments & Other | 568 | 27 | 282 | 509 | 308 | 24 | |
| (-) Debt | (5,280) | (509) | (811) | (3,781) | (2,138) | (1,797) | |
| (-) Other Liabilities | (186) | 0 | (18) | (80) | (65) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 22,854 | 1,028 | 2,908 | 8,393 | 3,142 | 24,826 | |
| (/) Shares Outstanding | 264.3 | 58.1 | 154.4 | 466.0 | 104.5 | 466.2 | |
| Implied Stock Price | 86.48 | 17.69 | 18.83 | 18.01 | 30.08 | 53.25 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.13 | |
| Implied Stock Price (Trading Cur) | 86.48 | 17.69 | 18.83 | 18.01 | 30.08 | 397.60 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | DKK | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.13 | |