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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 2.3x - 2.5x | 2.4x |
| Selected Fwd Revenue Multiple | 2.2x - 2.4x | 2.3x |
| Fair Value | €39.21 - €46.12 | €42.66 |
| Upside | 8.4% - 27.4% | 17.9% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| American Vanguard Corporation | AVD | NYSE:AVD |
| Corteva, Inc. | CTVA | NYSE:CTVA |
| Nutrien Ltd. | NTR | NYSE:NTR |
| Yara International ASA | YRAI.F | OTCPK:YRAI.F |
| Ganfeng Lithium Group Co., Ltd. | GNEN.F | OTCPK:GNEN.F |
| FMC Corporation | FMQ | DB:FMQ |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| AVD | CTVA | NTR | YRAI.F | GNEN.F | FMQ | |||
| NYSE:AVD | NYSE:CTVA | NYSE:NTR | OTCPK:YRAI.F | OTCPK:GNEN.F | DB:FMQ | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 3.2% | 4.1% | 5.3% | 1.5% | 28.8% | -1.6% | ||
| 3Y CAGR | -0.6% | 2.6% | -2.3% | -5.8% | 19.2% | -5.6% | ||
| Latest Twelve Months | -10.5% | 0.0% | -9.5% | -3.4% | -38.4% | 1.5% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 3.6% | 12.0% | 15.1% | 9.0% | 18.6% | 19.4% | ||
| Prior Fiscal Year | 4.2% | 11.6% | 12.7% | 3.1% | 1.1% | 15.1% | ||
| Latest Fiscal Year | -5.8% | 11.5% | 10.4% | 5.1% | -1.3% | 15.0% | ||
| Latest Twelve Months | -7.8% | 12.5% | 9.7% | 5.9% | -0.8% | 14.5% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 0.52x | 3.09x | 1.75x | 0.94x | 5.07x | 2.22x | ||
| EV / LTM EBIT | -6.6x | 24.6x | 17.9x | 15.9x | -648.4x | 15.3x | ||
| Price / LTM Sales | 0.19x | 2.96x | 1.18x | 0.67x | 3.80x | 1.28x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 0.52x | 1.75x | 5.07x | |||||
| Historical EV / LTM Revenue | 2.37x | 3.39x | 3.85x | |||||
| Selected EV / LTM Revenue | 2.30x | 2.42x | 2.54x | |||||
| (x) LTM Revenue | 4,120 | 4,120 | 4,120 | |||||
| (=) Implied Enterprise Value | 9,458 | 9,956 | 10,453 | |||||
| (-) Non-shareholder Claims * | (3,828) | (3,828) | (3,828) | |||||
| (=) Equity Value | 5,630 | 6,128 | 6,625 | |||||
| (/) Shares Outstanding | 124.9 | 124.9 | 124.9 | |||||
| Implied Value Range | 45.07 | 49.06 | 53.04 | |||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | ||||
| Implied Value Range (Trading Cur) | 38.78 | 42.21 | 45.64 | 36.19 | ||||
| Upside / (Downside) | 7.2% | 16.6% | 26.1% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | AVD | CTVA | NTR | YRAI.F | GNEN.F | FMQ | |
| Enterprise Value | 275 | 51,914 | 42,603 | 12,929 | 100,455 | 9,081 | |
| (+) Cash & Short Term Investments | 12 | 2,009 | 895 | 326 | 7,057 | 315 | |
| (+) Investments & Other | 0 | 235 | 495 | 150 | 16,074 | 26 | |
| (-) Debt | (187) | (4,083) | (14,707) | (4,091) | (39,823) | (4,140) | |
| (-) Other Liabilities | 0 | (242) | (32) | (17) | (5,684) | (30) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 100 | 49,833 | 29,254 | 9,297 | 78,080 | 5,253 | |
| (/) Shares Outstanding | 28.8 | 682.2 | 487.5 | 254.7 | 3,310.9 | 124.9 | |
| Implied Stock Price | 3.47 | 73.05 | 60.01 | 36.50 | 23.58 | 42.06 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 7.18 | 1.16 | |
| Implied Stock Price (Trading Cur) | 3.47 | 73.05 | 60.01 | 36.50 | 3.29 | 36.19 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 7.18 | 1.16 | |