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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 9.9x - 10.9x | 10.4x |
| Selected Fwd EBITDA Multiple | 8.8x - 9.7x | 9.3x |
| Fair Value | €7.43 - €8.69 | €8.06 |
| Upside | -16.6% - -2.5% | -9.6% |
| Benchmarks | Ticker | Full Ticker |
| SIG Group AG | SCBG.F | OTCPK:SCBG.F |
| International Paper Company | IP | NYSE:IP |
| Berry Global Group, Inc. | BERY | NYSE:BERY |
| Graphic Packaging Holding Company | GPK | NYSE:GPK |
| Winpak Ltd. | WIPK.F | OTCPK:WIPK.F |
| Amcor plc | 485 | DB:485 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| SCBG.F | IP | BERY | GPK | WIPK.F | 485 | ||
| OTCPK:SCBG.F | NYSE:IP | NYSE:BERY | NYSE:GPK | OTCPK:WIPK.F | DB:485 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 10.0% | -5.9% | 6.3% | 11.5% | 4.3% | 4.7% | |
| 3Y CAGR | 13.7% | -10.2% | -3.3% | 17.3% | 9.3% | -2.4% | |
| Latest Twelve Months | -3.2% | -6.7% | 3.6% | -10.0% | 7.4% | 3.7% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 24.0% | 13.5% | 16.1% | 16.5% | 20.5% | 14.3% | |
| Prior Fiscal Year | 23.9% | 11.5% | 15.8% | 19.8% | 20.0% | 13.3% | |
| Latest Fiscal Year | 22.5% | 10.9% | 16.2% | 19.1% | 21.7% | 13.6% | |
| Latest Twelve Months | 22.5% | 10.9% | 16.2% | 19.1% | 21.7% | 14.1% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.68x | 1.76x | 1.27x | 1.49x | 1.09x | 1.55x | |
| EV / LTM EBITDA | 11.9x | 16.1x | 7.9x | 7.8x | 5.0x | 11.0x | |
| EV / LTM EBIT | 23.8x | 34.1x | 13.8x | 11.5x | 6.4x | 15.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 5.0x | 7.9x | 16.1x | ||||
| Historical EV / LTM EBITDA | 11.0x | 11.7x | 13.5x | ||||
| Selected EV / LTM EBITDA | 9.9x | 10.4x | 10.9x | ||||
| (x) LTM EBITDA | 1,907 | 1,907 | 1,907 | ||||
| (=) Implied Enterprise Value | 18,830 | 19,821 | 20,812 | ||||
| (-) Non-shareholder Claims * | (7,047) | (7,047) | (7,047) | ||||
| (=) Equity Value | 11,783 | 12,774 | 13,765 | ||||
| (/) Shares Outstanding | 1,444.3 | 1,444.3 | 1,444.3 | ||||
| Implied Value Range | 8.16 | 8.84 | 9.53 | ||||
| FX Rate: USD/EUR | 1.1 | 1.1 | 1.1 | Market Price | |||
| Implied Value Range (Trading Cur) | 7.54 | 8.17 | 8.80 | 8.91 | |||
| Upside / (Downside) | -15.4% | -8.3% | -1.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | SCBG.F | IP | BERY | GPK | WIPK.F | 485 | |
| Enterprise Value | 9,391 | 32,674 | 15,664 | 13,142 | 1,269 | 20,981 | |
| (+) Cash & Short Term Investments | 303 | 1,170 | 1,181 | 157 | 497 | 445 | |
| (+) Investments & Other | 1 | 160 | 1 | 0 | 0 | 0 | |
| (-) Debt | (2,471) | (6,009) | (8,801) | (5,456) | (18) | (7,485) | |
| (-) Other Liabilities | 0 | 0 | 0 | (1) | (35) | (7) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 7,224 | 27,995 | 8,045 | 7,842 | 1,714 | 13,934 | |
| (/) Shares Outstanding | 382.2 | 526.1 | 115.8 | 300.2 | 61.8 | 1,444.3 | |
| Implied Stock Price | 18.90 | 53.21 | 69.47 | 26.12 | 27.75 | 9.65 | |
| FX Conversion Rate to Trading Currency | 0.92 | 1.00 | 1.00 | 1.00 | 1.00 | 1.08 | |
| Implied Stock Price (Trading Cur) | 20.46 | 53.21 | 69.47 | 26.12 | 27.75 | 8.91 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 0.92 | 1.00 | 1.00 | 1.00 | 1.00 | 1.08 | |