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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 7.5x - 8.3x | 7.9x |
| Selected Fwd EBITDA Multiple | 5.5x - 6.1x | 5.8x |
| Fair Value | €9.56 - €12.82 | €11.19 |
| Upside | -4.5% - 28.1% | 11.8% |
| Benchmarks | Ticker | Full Ticker |
| Kronos Worldwide, Inc. | KRO | NYSE:KRO |
| Cabot Corporation | CBT | NYSE:CBT |
| Orbia Advance Corporation, S.A.B. de C.V. | MXCH.F | OTCPK:MXCH.F |
| Syensqo SA/NV | SHBB.F | OTCPK:SHBB.F |
| DIC Corporation | DICC.F | OTCPK:DICC.F |
| The Chemours Company | 2CU | DB:2CU |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| KRO | CBT | MXCH.F | SHBB.F | DICC.F | 2CU | ||
| NYSE:KRO | NYSE:CBT | OTCPK:MXCH.F | OTCPK:SHBB.F | OTCPK:DICC.F | DB:2CU | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 0.6% | 8.8% | -4.7% | NM- | 5.7% | 0.7% | |
| 3Y CAGR | -6.2% | 9.5% | -18.8% | 1.6% | 6.7% | -9.7% | |
| Latest Twelve Months | 707.2% | 9.7% | -13.6% | -15.7% | 38.0% | -18.1% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 7.8% | 16.7% | 18.4% | 20.8% | 8.9% | 15.0% | |
| Prior Fiscal Year | -0.7% | 17.0% | 16.7% | 22.6% | 6.8% | 16.1% | |
| Latest Fiscal Year | 9.6% | 19.5% | 14.0% | 18.5% | 9.2% | 12.8% | |
| Latest Twelve Months | 11.3% | 20.5% | 13.4% | 18.1% | 9.6% | 12.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.67x | 1.37x | 0.93x | 1.18x | 0.60x | 0.95x | |
| EV / LTM EBITDA | 6.0x | 6.7x | 6.9x | 6.5x | 6.3x | 7.7x | |
| EV / LTM EBIT | 8.5x | 8.2x | 15.3x | 12.1x | 13.2x | 13.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 6.0x | 6.5x | 6.9x | ||||
| Historical EV / LTM EBITDA | 5.4x | 8.9x | 11.6x | ||||
| Selected EV / LTM EBITDA | 7.5x | 7.9x | 8.3x | ||||
| (x) LTM EBITDA | 715 | 715 | 715 | ||||
| (=) Implied Enterprise Value | 5,350 | 5,632 | 5,913 | ||||
| (-) Non-shareholder Claims * | (3,754) | (3,754) | (3,754) | ||||
| (=) Equity Value | 1,596 | 1,878 | 2,159 | ||||
| (/) Shares Outstanding | 149.7 | 149.7 | 149.7 | ||||
| Implied Value Range | 10.66 | 12.54 | 14.43 | ||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 9.11 | 10.72 | 12.32 | 10.01 | |||
| Upside / (Downside) | -9.0% | 7.1% | 23.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | KRO | CBT | MXCH.F | SHBB.F | DICC.F | 2CU | |
| Enterprise Value | 1,276 | 5,345 | 6,359 | 8,073 | 666,986 | 5,507 | |
| (+) Cash & Short Term Investments | 21 | 213 | 860 | 610 | 61,718 | 464 | |
| (+) Investments & Other | 2 | 14 | 76 | 316 | 57,002 | 164 | |
| (-) Debt | (578) | (1,302) | (5,562) | (2,072) | (472,466) | (4,381) | |
| (-) Other Liabilities | 0 | (163) | (544) | (53) | (18,916) | (1) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 721 | 4,107 | 1,189 | 6,874 | 294,324 | 1,753 | |
| (/) Shares Outstanding | 115.0 | 53.7 | 1,906.2 | 102.4 | 107.4 | 149.7 | |
| Implied Stock Price | 6.27 | 76.45 | 0.62 | 67.14 | 2,740.56 | 11.71 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 0.85 | 144.76 | 1.17 | |
| Implied Stock Price (Trading Cur) | 6.27 | 76.45 | 0.62 | 78.59 | 18.93 | 10.01 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 0.85 | 144.76 | 1.17 | |