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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 0.9x - 0.9x | 0.9x |
| Selected Fwd Revenue Multiple | 0.9x - 1.0x | 1.0x |
| Fair Value | €185.68 - €208.21 | €196.94 |
| Upside | -5.0% - 6.5% | 0.7% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| L'Air Liquide S.A. | AI | ENXTPA:AI |
| Robertet SA | RBT | ENXTPA:RBT |
| SergeFerrari Group SA | SEFER | ENXTPA:SEFER |
| Arkema S.A. | AKE | ENXTPA:AKE |
| Fermentalg SA | ALGAE | ENXTPA:ALGAE |
| EPC Groupe | 9Z50 | DB:9Z50 |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| AI | RBT | SEFER | AKE | ALGAE | 9Z50 | |||
| ENXTPA:AI | ENXTPA:RBT | ENXTPA:SEFER | ENXTPA:AKE | ENXTPA:ALGAE | DB:9Z50 | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 4.3% | 6.6% | 12.1% | 1.8% | 26.3% | 8.5% | ||
| 3Y CAGR | 5.1% | 10.2% | 18.8% | 0.1% | 32.4% | 12.6% | ||
| Latest Twelve Months | -2.0% | 5.4% | -8.8% | 0.3% | 183.3% | 0.4% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 17.0% | 14.5% | 4.6% | 9.4% | -175.3% | 2.6% | ||
| Prior Fiscal Year | 17.4% | 14.6% | 7.4% | 7.6% | -299.1% | 4.0% | ||
| Latest Fiscal Year | 18.9% | 15.3% | 2.8% | 7.1% | -94.5% | 3.3% | ||
| Latest Twelve Months | 18.9% | 16.0% | -0.3% | 7.1% | -94.5% | 3.6% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 4.22x | 2.20x | 0.62x | 0.89x | 2.09x | 1.02x | ||
| EV / LTM EBIT | 22.3x | 13.7x | -230.5x | 12.6x | -2.2x | 28.3x | ||
| Price / LTM Sales | 3.81x | 2.02x | 0.22x | 0.60x | 2.78x | 0.90x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 0.62x | 2.09x | 4.22x | |||||
| Historical EV / LTM Revenue | 0.55x | 0.65x | 1.24x | |||||
| Selected EV / LTM Revenue | 0.86x | 0.90x | 0.95x | |||||
| (x) LTM Revenue | 488 | 488 | 488 | |||||
| (=) Implied Enterprise Value | 417 | 439 | 461 | |||||
| (-) Non-shareholder Claims * | (60) | (60) | (60) | |||||
| (=) Equity Value | 357 | 379 | 401 | |||||
| (/) Shares Outstanding | 2.1 | 2.1 | 2.1 | |||||
| Implied Value Range | 169.92 | 180.36 | 190.79 | |||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 169.92 | 180.36 | 190.79 | 195.50 | ||||
| Upside / (Downside) | -13.1% | -7.7% | -2.4% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | AI | RBT | SEFER | AKE | ALGAE | 9Z50 | |
| Enterprise Value | 113,737 | 1,699 | 195 | 8,461 | 24 | 471 | |
| (+) Cash & Short Term Investments | 1,916 | 195 | 27 | 2,013 | 21 | 28 | |
| (+) Investments & Other | 522 | 4 | 2 | 61 | 0 | 43 | |
| (-) Debt | (12,451) | (334) | (144) | (4,554) | (13) | (124) | |
| (-) Other Liabilities | (761) | (1) | (11) | (235) | 0 | (6) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 102,963 | 1,562 | 70 | 5,746 | 32 | 411 | |
| (/) Shares Outstanding | 576.1 | 2.0 | 11.8 | 75.8 | 86.0 | 2.1 | |
| Implied Stock Price | 178.72 | 800.00 | 5.90 | 75.80 | 0.37 | 195.50 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 178.72 | 800.00 | 5.90 | 75.80 | 0.37 | 195.50 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |