Looks like there`s been an error while trying to load this page.
Our team has been notified but please contact us using the email support widget if the problem persists.
| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 9.8x - 10.8x | 10.3x |
| Selected Fwd EBITDA Multiple | 8.1x - 9.0x | 8.5x |
| Fair Value | €47.01 - €61.42 | €54.21 |
| Upside | 13.0% - 47.6% | 30.3% |
| Benchmarks | Ticker | Full Ticker |
| Dow Inc. | DOW | NYSE:DOW |
| Koppers Holdings Inc. | KOP | NYSE:KOP |
| Huntsman Corporation | HUN | NYSE:HUN |
| Westlake Corporation | WLK | NYSE:WLK |
| Stepan Company | SCL | NYSE:SCL |
| Celanese Corporation | DG3 | DB:DG3 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| DOW | KOP | HUN | WLK | SCL | DG3 | ||
| NYSE:DOW | NYSE:KOP | NYSE:HUN | NYSE:WLK | NYSE:SCL | DB:DG3 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | -5.3% | 5.5% | -12.5% | 7.4% | -1.7% | 5.6% | |
| 3Y CAGR | -22.5% | 9.5% | -29.4% | -18.7% | -11.6% | -9.5% | |
| Latest Twelve Months | -21.2% | 4.4% | 15.6% | -31.9% | 7.6% | -3.3% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 14.3% | 11.6% | 9.6% | 20.9% | 10.1% | 20.4% | |
| Prior Fiscal Year | 11.6% | 11.6% | 6.1% | 17.5% | 7.7% | 16.9% | |
| Latest Fiscal Year | 11.8% | 11.6% | 6.0% | 15.9% | 8.4% | 17.5% | |
| Latest Twelve Months | 9.2% | 12.9% | 5.8% | 11.0% | 8.6% | 17.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.64x | 0.79x | 0.60x | 1.07x | 0.77x | 1.66x | |
| EV / LTM EBITDA | 6.9x | 6.2x | 10.4x | 9.7x | 8.9x | 9.5x | |
| EV / LTM EBIT | 26.8x | 8.2x | 56.9x | 40.7x | 22.2x | 15.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 6.2x | 8.9x | 10.4x | ||||
| Historical EV / LTM EBITDA | 5.7x | 10.9x | 17.7x | ||||
| Selected EV / LTM EBITDA | 9.8x | 10.3x | 10.8x | ||||
| (x) LTM EBITDA | 1,750 | 1,750 | 1,750 | ||||
| (=) Implied Enterprise Value | 17,127 | 18,028 | 18,930 | ||||
| (-) Non-shareholder Claims * | (11,404) | (11,404) | (11,404) | ||||
| (=) Equity Value | 5,723 | 6,624 | 7,526 | ||||
| (/) Shares Outstanding | 109.4 | 109.4 | 109.4 | ||||
| Implied Value Range | 52.31 | 60.55 | 68.79 | ||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 45.07 | 52.17 | 59.27 | 41.60 | |||
| Upside / (Downside) | 8.3% | 25.4% | 42.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | DOW | KOP | HUN | WLK | SCL | DG3 | |
| Enterprise Value | 27,283 | 1,603 | 3,615 | 12,913 | 1,740 | 16,686 | |
| (+) Cash & Short Term Investments | 2,738 | 39 | 399 | 2,277 | 89 | 951 | |
| (+) Investments & Other | 4,488 | 0 | 299 | 1,074 | 0 | 1,220 | |
| (-) Debt | (18,106) | (1,074) | (2,436) | (5,620) | (723) | (13,146) | |
| (-) Other Liabilities | (1,361) | (0) | (233) | (513) | 0 | (429) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 15,042 | 569 | 1,644 | 10,131 | 1,106 | 5,282 | |
| (/) Shares Outstanding | 708.8 | 19.7 | 173.8 | 128.2 | 22.6 | 109.4 | |
| Implied Stock Price | 21.22 | 28.84 | 9.46 | 79.00 | 48.91 | 48.28 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.16 | |
| Implied Stock Price (Trading Cur) | 21.22 | 28.84 | 9.46 | 79.00 | 48.91 | 41.60 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.16 | |