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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Ps Multiple | 2.9x - 3.2x | 3.1x |
| Selected Fwd Ps Multiple | 2.7x - 3.0x | 2.9x |
| Fair Value | €140.34 - €155.11 | €147.73 |
| Upside | -17.2% - -8.5% | -12.8% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Evonik Industries AG | - | DB:EVK |
| BASF SE | - | DB:BAS |
| DSM-Firmenich AG | - | ENXTAM:DSFIR |
| Umicore SA | - | DB:NVJP |
| LANXESS Aktiengesellschaft | - | DB:LXS |
| L'Air Liquide S.A. | - | DB:AIL |
| Select Price / LTM Sales Ratio | ||||||||
| Benchmark Companies | ||||||||
| EVK | BAS | DSFIR | NVJP | LXS | AIL | |||
| DB:EVK | DB:BAS | ENXTAM:DSFIR | DB:NVJP | DB:LXS | DB:AIL | |||
| Historical Sales Growth | ||||||||
| 5Y CAGR | 2.9% | 1.9% | 9.9% | -3.2% | -1.3% | 4.3% | ||
| 3Y CAGR | 0.4% | -6.0% | 20.8% | -14.8% | 1.4% | 5.1% | ||
| Latest Twelve Months | -0.7% | -5.3% | 20.4% | -18.7% | -5.2% | -2.0% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 3.6% | 2.3% | 14.9% | -0.1% | 5.2% | 11.4% | ||
| Prior Fiscal Year | -3.0% | 0.3% | -6.2% | 2.1% | -12.6% | 11.1% | ||
| Latest Fiscal Year | 1.5% | 2.0% | 2.0% | -10.0% | -2.8% | 12.2% | ||
| Latest Twelve Months | 1.5% | 2.0% | 2.0% | -10.0% | -2.8% | 12.2% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 6.7x | 8.3x | 16.1x | -43.4x | 7.1x | 15.2x | ||
| Price / LTM Sales | 0.6x | 0.6x | 1.8x | 0.1x | 0.3x | 3.7x | ||
| LTM P/E Ratio | 38.6x | 28.5x | 94.2x | -1.3x | -11.2x | 30.2x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/S Ratio | 0.1x | 0.6x | 1.8x | |||||
| Historical LTM P/S Ratio | 2.4x | 3.2x | 3.7x | |||||
| Selected Price / Sales Multiple | 2.9x | 3.1x | 3.2x | |||||
| (x) LTM Sales | 27,058 | 27,058 | 27,058 | |||||
| (=) Equity Value | 79,469 | 83,652 | 87,835 | |||||
| (/) Shares Outstanding | 576.1 | 576.1 | 576.1 | |||||
| Implied Value Range | 137.94 | 145.20 | 152.46 | |||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 137.94 | 145.20 | 152.46 | 169.44 | ||||
| Upside / (Downside) | -18.6% | -14.3% | -10.0% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | EVK | BAS | DSFIR | NVJP | LXS | AIL | |
| Value of Common Equity | 8,661 | 37,040 | 23,552 | 1,965 | 2,000 | 97,617 | |
| (/) Shares Outstanding | 466.0 | 892.5 | 264.3 | 240.5 | 86.3 | 576.1 | |
| Implied Stock Price | 18.59 | 41.50 | 89.12 | 8.17 | 23.16 | 169.44 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 18.59 | 41.50 | 89.12 | 8.17 | 23.16 | 169.44 | |
| 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 | |