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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 40.0x - 44.3x | 42.1x |
| Selected Fwd EBIT Multiple | 14.0x - 15.4x | 14.7x |
| Fair Value | €9.39 - €11.41 | €10.40 |
| Upside | -10.6% - 8.6% | -1.0% |
| Benchmarks | Ticker | Full Ticker |
| Corteva, Inc. | CTVA | NYSE:CTVA |
| LyondellBasell Industries N.V. | LYB | NYSE:LYB |
| Westlake Corporation | WLK | NYSE:WLK |
| Dow Inc. | DOW | NYSE:DOW |
| Eastman Chemical Company | EMN | NYSE:EMN |
| Huntsman Corporation | HTR | DB:HTR |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| CTVA | LYB | WLK | DOW | EMN | HTR | ||
| NYSE:CTVA | NYSE:LYB | NYSE:WLK | NYSE:DOW | NYSE:EMN | DB:HTR | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 13.3% | -7.8% | 6.9% | -10.0% | 2.1% | -28.8% | |
| 3Y CAGR | -9.5% | -28.1% | -29.8% | -34.9% | -9.5% | -52.5% | |
| Latest Twelve Months | -2.5% | -31.9% | -22.4% | -31.4% | 33.2% | -17.9% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 11.9% | 10.2% | 13.5% | 8.7% | 13.3% | 5.6% | |
| Prior Fiscal Year | 11.6% | 8.7% | 9.8% | 5.9% | 11.6% | 1.7% | |
| Latest Fiscal Year | 11.5% | 6.8% | 8.0% | 5.2% | 14.7% | 1.4% | |
| Latest Twelve Months | 11.5% | 5.6% | 5.9% | 4.0% | 15.1% | 1.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.55x | 0.63x | 1.04x | 0.78x | 1.46x | 0.67x | |
| EV / LTM EBITDA | 13.5x | 7.1x | 7.4x | 7.3x | 7.1x | 10.7x | |
| EV / LTM EBIT | 22.1x | 11.4x | 17.6x | 19.4x | 9.6x | 42.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 9.6x | 17.6x | 22.1x | ||||
| Historical EV / LTM EBIT | 6.0x | 34.5x | 126.6x | ||||
| Selected EV / LTM EBIT | 40.0x | 42.1x | 44.3x | ||||
| (x) LTM EBIT | 96 | 96 | 96 | ||||
| (=) Implied Enterprise Value | 3,844 | 4,046 | 4,248 | ||||
| (-) Non-shareholder Claims * | (1,924) | (1,924) | (1,924) | ||||
| (=) Equity Value | 1,920 | 2,122 | 2,324 | ||||
| (/) Shares Outstanding | 173.7 | 173.7 | 173.7 | ||||
| Implied Value Range | 11.05 | 12.21 | 13.38 | ||||
| FX Rate: USD/EUR | 1.1 | 1.1 | 1.1 | Market Price | |||
| Implied Value Range (Trading Cur) | 9.76 | 10.79 | 11.82 | 10.50 | |||
| Upside / (Downside) | -7.0% | 2.8% | 12.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | CTVA | LYB | WLK | DOW | EMN | HTR | |
| Enterprise Value | 42,894 | 25,694 | 12,651 | 33,955 | 13,742 | 3,988 | |
| (+) Cash & Short Term Investments | 3,169 | 1,895 | 2,480 | 1,465 | 418 | 334 | |
| (+) Investments & Other | 134 | 4,114 | 1,075 | 4,511 | 18 | 317 | |
| (-) Debt | (3,179) | (12,814) | (5,455) | (17,921) | (5,112) | (2,355) | |
| (-) Other Liabilities | (241) | (126) | (511) | (507) | (73) | (220) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 42,777 | 18,763 | 10,240 | 21,503 | 8,993 | 2,064 | |
| (/) Shares Outstanding | 683.0 | 321.4 | 128.2 | 706.9 | 115.4 | 173.7 | |
| Implied Stock Price | 62.63 | 58.38 | 79.85 | 30.42 | 77.92 | 11.88 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.13 | |
| Implied Stock Price (Trading Cur) | 62.63 | 58.38 | 79.85 | 30.42 | 77.92 | 10.50 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.13 | |