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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Pb Multiple | 1.7x - 1.9x | 1.8x |
| Historical Pb Multiple | 1.6x - 5.3x | 3.0x |
| Fair Value | €21.18 - €23.41 | €22.30 |
| Upside | 26.7% - 40.0% | 33.4% |
| Benchmarks | - | Full Ticker |
| Evonik Industries AG | - | DB:EVK |
| Symrise AG | - | DB:SY1 |
| Sensient Technologies Corporation | - | DB:SSF |
| Akzo Nobel N.V. | - | ENXTAM:AKZA |
| Holland Colours N.V. | - | ENXTAM:HOLCO |
| Corbion N.V. | - | DB:CSUA |
| Select Price / Book Ratio | ||||||||
| Benchmark Companies | ||||||||
| EVK | SY1 | SSF | AKZA | HOLCO | CSUA | |||
| DB:EVK | DB:SY1 | DB:SSF | ENXTAM:AKZA | ENXTAM:HOLCO | DB:CSUA | |||
| Historical Net Income Growth | ||||||||
| 5Y CAGR | -21.7% | 10.4% | 8.7% | 0.9% | -5.6% | 12.2% | ||
| 3Y CAGR | -33.3% | 8.4% | 1.6% | -13.0% | -16.7% | -16.3% | ||
| Latest Twelve Months | 570.0% | 29.2% | 54.0% | -29.9% | 13.7% | 30.4% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 2.3% | 8.5% | 8.1% | 6.0% | 7.0% | 8.4% | ||
| Prior Fiscal Year | -3.0% | 7.2% | 6.4% | 4.2% | 5.0% | 3.4% | ||
| Latest Fiscal Year | 1.5% | 9.6% | 8.0% | 5.1% | 5.2% | 3.6% | ||
| Latest Twelve Months | 2.9% | 10.2% | 8.6% | 3.9% | 5.2% | 5.1% | ||
| Return on Equity | ||||||||
| 5 Year Average Margin | 3.7% | 11.4% | 11.9% | 11.0% | 12.9% | 11.3% | ||
| Prior Fiscal Year | -4.7% | 9.5% | 9.1% | 10.3% | 8.6% | 6.8% | ||
| Latest Twelve Months | 4.9% | 13.6% | 12.2% | 9.6% | 9.4% | 8.8% | ||
| Next Fiscal Year | 7.2% | 12.8% | 13.4% | 14.4% | 14.7% | 10.0% | ||
| Two Fiscal Years Forward | 8.1% | 12.9% | 14.2% | 15.1% | 13.4% | 9.9% | ||
| Current Trading Multiples | ||||||||
| Price / LTM Sales | 0.5x | 2.2x | 3.1x | 0.9x | 0.8x | 0.7x | ||
| Price / LTM EPS | 18.5x | 21.7x | 36.5x | 22.8x | 15.3x | 14.5x | ||
| Price / Book | 0.9x | 3.0x | 4.3x | 2.3x | 1.4x | 1.3x | ||
| Price / Fwd Book | 0.9x | 2.6x | 4.4x | 1.9x | 1.3x | 1.2x | ||
| Low | Mid | High | ||||||
| Benchmark P/B Ratio | 0.9x | 2.3x | 4.3x | |||||
| Historical P/B Ratio | 1.6x | 3.0x | 5.3x | |||||
| Selected P/B Multiple | 1.7x | 1.8x | 1.9x | |||||
| (x) Book Value | 726 | 726 | 726 | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | EVK | SY1 | SSF | AKZA | HOLCO | CSUA | |
| Value of Common Equity | 7,889 | 11,101 | 5,011 | 9,479 | 90 | 973 | |
| (/) Shares Outstanding | 466.0 | 139.8 | 42.5 | 171.0 | 0.9 | 58.2 | |
| Implied Stock Price | 16.93 | 79.42 | 117.99 | 55.42 | 105.00 | 16.72 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.17 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 16.93 | 79.42 | 101.00 | 55.42 | 105.00 | 16.72 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.17 | 1.00 | 1.00 | 1.00 | |