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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 11.0x - 12.1x | 11.5x |
| Selected Fwd EBIT Multiple | 10.4x - 11.4x | 10.9x |
| Fair Value | €24.29 - €28.16 | €26.23 |
| Upside | -2.1% - 13.6% | 5.8% |
| Benchmarks | Ticker | Full Ticker |
| Oil-Dri Corporation of America | ODC | NYSE:ODC |
| The Procter & Gamble Company | PG | NYSE:PG |
| The Clorox Company | CLX | NYSE:CLX |
| Church & Dwight Co., Inc. | CHD | NYSE:CHD |
| Spectrum Brands Holdings, Inc. | SPB | NYSE:SPB |
| Central Garden & Pet Company | GP7A | DB:GP7A |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| ODC | PG | CLX | CHD | SPB | GP7A | ||
| NYSE:ODC | NYSE:PG | NYSE:CLX | NYSE:CHD | NYSE:SPB | DB:GP7A | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 38.2% | 8.1% | -3.6% | 6.7% | 17.6% | 8.0% | |
| 3Y CAGR | 57.6% | 4.3% | -9.2% | 5.5% | 10.3% | -4.4% | |
| Latest Twelve Months | 15.9% | 2.3% | 17.1% | 7.8% | 11.7% | -1.1% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 7.2% | 24.1% | 13.6% | 18.9% | 4.2% | 7.4% | |
| Prior Fiscal Year | 10.1% | 23.2% | 11.0% | 18.0% | 2.8% | 6.5% | |
| Latest Fiscal Year | 11.8% | 24.9% | 13.0% | 19.1% | 6.2% | 7.0% | |
| Latest Twelve Months | 13.8% | 25.4% | 15.0% | 19.0% | 6.2% | 7.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.81x | 4.75x | 2.53x | 4.13x | 0.66x | 0.91x | |
| EV / LTM EBITDA | 9.8x | 16.5x | 14.1x | 18.4x | 6.8x | 8.7x | |
| EV / LTM EBIT | 13.1x | 18.7x | 16.9x | 21.7x | 10.6x | 11.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 10.6x | 16.9x | 21.7x | ||||
| Historical EV / LTM EBIT | 12.0x | 12.7x | 14.2x | ||||
| Selected EV / LTM EBIT | 11.0x | 11.5x | 12.1x | ||||
| (x) LTM EBIT | 242 | 242 | 242 | ||||
| (=) Implied Enterprise Value | 2,652 | 2,792 | 2,932 | ||||
| (-) Non-shareholder Claims * | (910) | (910) | (910) | ||||
| (=) Equity Value | 1,742 | 1,882 | 2,021 | ||||
| (/) Shares Outstanding | 63.4 | 63.4 | 63.4 | ||||
| Implied Value Range | 27.48 | 29.68 | 31.88 | ||||
| FX Rate: USD/EUR | 1.1 | 1.1 | 1.1 | Market Price | |||
| Implied Value Range (Trading Cur) | 23.91 | 25.83 | 27.75 | 24.80 | |||
| Upside / (Downside) | -3.6% | 4.2% | 11.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | ODC | PG | CLX | CHD | SPB | GP7A | |
| Enterprise Value | 857 | 399,049 | 17,766 | 25,068 | 1,923 | 2,717 | |
| (+) Cash & Short Term Investments | 36 | 9,116 | 226 | 1,075 | 96 | 517 | |
| (+) Investments & Other | 0 | 0 | 0 | 11 | 0 | 0 | |
| (-) Debt | (57) | (34,141) | (2,944) | (2,405) | (716) | (1,425) | |
| (-) Other Liabilities | 0 | (273) | (163) | 0 | (1) | (2) | |
| (-) Preferred Stock | 0 | (781) | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 836 | 372,970 | 14,885 | 23,749 | 1,303 | 1,807 | |
| (/) Shares Outstanding | 14.6 | 2,344.5 | 123.3 | 246.3 | 25.0 | 63.4 | |
| Implied Stock Price | 57.11 | 159.08 | 120.77 | 96.43 | 52.10 | 28.49 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.15 | |
| Implied Stock Price (Trading Cur) | 57.11 | 159.08 | 120.77 | 96.43 | 52.10 | 24.80 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.15 | |