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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 19.4x - 21.4x | 20.4x |
| Selected Fwd EBIT Multiple | 12.3x - 13.6x | 12.9x |
| Fair Value | €22.03 - €25.13 | €23.58 |
| Upside | 19.0% - 35.8% | 27.4% |
| Benchmarks | Ticker | Full Ticker |
| Symrise AG | SY1 | DB:SY1 |
| Evonik Industries AG | EVK | DB:EVK |
| Sensient Technologies Corporation | SSF | DB:SSF |
| Akzo Nobel N.V. | AKZA | ENXTAM:AKZA |
| Holland Colours N.V. | HOLCO | ENXTAM:HOLCO |
| Corbion N.V. | CSUA | DB:CSUA |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| SY1 | EVK | SSF | AKZA | HOLCO | CSUA | ||
| DB:SY1 | DB:EVK | DB:SSF | ENXTAM:AKZA | ENXTAM:HOLCO | DB:CSUA | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 8.5% | -6.9% | 4.9% | 1.8% | -5.9% | -6.4% | |
| 3Y CAGR | 12.6% | -13.2% | 5.6% | -4.7% | -16.4% | 8.1% | |
| Latest Twelve Months | 32.3% | 13.5% | 11.7% | -23.2% | 4.0% | 44.7% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 12.7% | 6.8% | 12.6% | 9.7% | 9.4% | 8.1% | |
| Prior Fiscal Year | 11.3% | 4.0% | 12.3% | 10.0% | 7.4% | 5.0% | |
| Latest Fiscal Year | 14.2% | 5.5% | 12.7% | 8.8% | 7.1% | 7.0% | |
| Latest Twelve Months | 14.2% | 5.8% | 12.9% | 8.2% | 7.1% | 7.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.94x | 0.76x | 3.03x | 1.30x | 0.69x | 1.17x | |
| EV / LTM EBITDA | 15.1x | 6.7x | 18.0x | 12.1x | 7.1x | 9.4x | |
| EV / LTM EBIT | 20.7x | 13.1x | 23.5x | 15.9x | 9.7x | 16.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 9.7x | 15.9x | 23.5x | ||||
| Historical EV / LTM EBIT | 16.6x | 25.6x | 33.4x | ||||
| Selected EV / LTM EBIT | 19.4x | 20.4x | 21.4x | ||||
| (x) LTM EBIT | 91 | 91 | 91 | ||||
| (=) Implied Enterprise Value | 1,754 | 1,846 | 1,938 | ||||
| (-) Non-shareholder Claims * | (433) | (433) | (433) | ||||
| (=) Equity Value | 1,320 | 1,412 | 1,505 | ||||
| (/) Shares Outstanding | 58.1 | 58.1 | 58.1 | ||||
| Implied Value Range | 22.71 | 24.30 | 25.88 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 22.71 | 24.30 | 25.88 | 18.51 | |||
| Upside / (Downside) | 22.7% | 31.3% | 39.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | SY1 | EVK | SSF | AKZA | HOLCO | CSUA | |
| Enterprise Value | 14,640 | 11,555 | 4,784 | 14,007 | 77 | 1,509 | |
| (+) Cash & Short Term Investments | 709 | 733 | 33 | 1,772 | 21 | 49 | |
| (+) Investments & Other | 617 | 475 | 0 | 234 | 0 | 27 | |
| (-) Debt | (2,546) | (4,274) | (702) | (5,887) | (1) | (509) | |
| (-) Other Liabilities | (38) | (82) | 0 | (238) | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 13,382 | 8,407 | 4,115 | 9,888 | 97 | 1,076 | |
| (/) Shares Outstanding | 139.8 | 466.0 | 42.5 | 170.9 | 0.9 | 58.1 | |
| Implied Stock Price | 95.74 | 18.04 | 96.91 | 57.86 | 113.00 | 18.51 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.16 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 95.74 | 18.04 | 83.50 | 57.86 | 113.00 | 18.51 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.16 | 1.00 | 1.00 | 1.00 | |