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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Pb Multiple | 1.6x - 1.8x | 1.7x |
| Historical Pb Multiple | 1.1x - 1.4x | 1.1x |
| Fair Value | €1.66 - €1.84 | €1.75 |
| Upside | -13.9% - -4.8% | -9.3% |
| Benchmarks | - | Full Ticker |
| Ashland Inc. | - | NYSE:ASH |
| Minerals Technologies Inc. | - | NYSE:MTX |
| Eastman Chemical Company | - | LSE:0IF3 |
| Quaker Chemical Corporation | - | NYSE:KWR |
| International Flavors & Fragrances Inc. | - | NYSE:IFF |
| Elementis plc | - | DB:E3E |
| Select Price / Book Ratio | ||||||||
| Benchmark Companies | ||||||||
| ASH | MTX | 0IF3 | KWR | IFF | E3E | |||
| NYSE:ASH | NYSE:MTX | LSE:0IF3 | NYSE:KWR | NYSE:IFF | DB:E3E | |||
| Historical Net Income Growth | ||||||||
| 5Y CAGR | NM- | 4.7% | 3.6% | 29.8% | -11.8% | NM- | ||
| 3Y CAGR | 4.8% | 0.5% | 1.8% | -1.3% | -3.2% | NM- | ||
| Latest Twelve Months | -586.0% | -97.6% | -5.8% | -105.8% | 83.3% | -232.8% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 7.6% | 6.0% | 8.0% | 4.3% | -6.2% | -3.9% | ||
| Prior Fiscal Year | 7.7% | 3.9% | 9.7% | 5.7% | -22.3% | 4.0% | ||
| Latest Fiscal Year | 9.4% | 7.9% | 9.6% | 6.3% | 2.1% | -6.5% | ||
| Latest Twelve Months | -44.7% | 0.1% | 9.0% | -0.4% | -3.5% | -5.6% | ||
| Return on Equity | ||||||||
| 5 Year Average Margin | 0.5% | 7.3% | 13.6% | 5.7% | -4.3% | -2.2% | ||
| Prior Fiscal Year | 5.3% | 5.2% | 16.9% | 8.4% | -15.9% | 3.5% | ||
| Latest Twelve Months | -34.4% | 0.1% | 14.5% | -0.5% | -2.7% | -5.6% | ||
| Next Fiscal Year | 6.0% | 9.8% | 12.0% | 9.4% | 7.7% | 10.5% | ||
| Two Fiscal Years Forward | 7.7% | 10.4% | 13.8% | 10.8% | 7.8% | 10.6% | ||
| Current Trading Multiples | ||||||||
| Price / LTM Sales | 1.3x | 0.9x | 0.8x | 1.2x | 1.4x | 1.8x | ||
| Price / LTM EPS | -2.8x | 866.3x | 8.5x | -309.3x | -41.4x | -32.1x | ||
| Price / Book | 1.3x | 1.1x | 1.2x | 1.6x | 1.1x | 1.9x | ||
| Price / Fwd Book | 0.9x | 1.0x | 1.2x | 1.6x | 1.1x | 1.6x | ||
| Low | Mid | High | ||||||
| Benchmark P/B Ratio | 1.1x | 1.2x | 1.6x | |||||
| Historical P/B Ratio | 1.1x | 1.1x | 1.4x | |||||
| Selected P/B Multiple | 1.6x | 1.7x | 1.8x | |||||
| (x) Book Value | 682 | 682 | 682 | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | ASH | MTX | 0IF3 | KWR | IFF | E3E | |
| Value of Common Equity | 2,379 | 1,819 | 7,115 | 2,206 | 16,290 | 1,305 | |
| (/) Shares Outstanding | 45.7 | 31.4 | 114.8 | 17.4 | 256.3 | 580.9 | |
| Implied Stock Price | 52.04 | 57.98 | 61.99 | 126.84 | 63.56 | 2.25 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.16 | |
| Implied Stock Price (Trading Cur) | 52.04 | 57.98 | 61.99 | 126.84 | 63.56 | 1.93 | |
| 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 | |