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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 10.0x - 11.1x | 10.5x |
| Selected Fwd EBITDA Multiple | 8.9x - 9.9x | 9.4x |
| Fair Value | €9.23 - €11.20 | €10.22 |
| Upside | -3.9% - 16.7% | 6.4% |
| Benchmarks | Ticker | Full Ticker |
| Westlake Corporation | WLK | NYSE:WLK |
| LyondellBasell Industries N.V. | LYB | NYSE:LYB |
| Dow Inc. | DOW | NYSE:DOW |
| Corteva, Inc. | CTVA | NYSE:CTVA |
| Eastman Chemical Company | EMN | NYSE:EMN |
| Huntsman Corporation | HTR | DB:HTR |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| WLK | LYB | DOW | CTVA | EMN | HTR | ||
| NYSE:WLK | NYSE:LYB | NYSE:DOW | NYSE:CTVA | NYSE:EMN | DB:HTR | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 7.4% | -5.1% | -5.3% | 9.2% | 0.3% | -12.5% | |
| 3Y CAGR | -18.7% | -21.7% | -22.5% | -6.4% | -7.7% | -29.4% | |
| Latest Twelve Months | -10.7% | -23.4% | -11.2% | 10.8% | 24.4% | -1.3% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 21.2% | 13.5% | 14.6% | 19.6% | 18.7% | 9.6% | |
| Prior Fiscal Year | 17.5% | 12.0% | 11.6% | 18.7% | 16.8% | 6.1% | |
| Latest Fiscal Year | 15.9% | 10.2% | 11.8% | 18.8% | 20.2% | 6.0% | |
| Latest Twelve Months | 14.0% | 8.9% | 10.6% | 19.8% | 20.5% | 6.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.07x | 0.69x | 0.76x | 3.09x | 1.47x | 0.65x | |
| EV / LTM EBITDA | 7.6x | 7.7x | 7.2x | 15.6x | 7.1x | 10.3x | |
| EV / LTM EBIT | 18.0x | 12.3x | 19.1x | 24.6x | 9.7x | 40.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 7.1x | 7.6x | 15.6x | ||||
| Historical EV / LTM EBITDA | 4.8x | 13.0x | 16.7x | ||||
| Selected EV / LTM EBITDA | 10.0x | 10.5x | 11.1x | ||||
| (x) LTM EBITDA | 378 | 378 | 378 | ||||
| (=) Implied Enterprise Value | 3,787 | 3,986 | 4,185 | ||||
| (-) Non-shareholder Claims * | (1,924) | (1,924) | (1,924) | ||||
| (=) Equity Value | 1,863 | 2,062 | 2,261 | ||||
| (/) Shares Outstanding | 173.7 | 173.7 | 173.7 | ||||
| Implied Value Range | 10.72 | 11.87 | 13.01 | ||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 9.22 | 10.21 | 11.20 | 9.60 | |||
| Upside / (Downside) | -3.9% | 6.4% | 16.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | WLK | LYB | DOW | CTVA | EMN | HTR | |
| Enterprise Value | 12,855 | 27,247 | 32,475 | 51,914 | 13,726 | 3,862 | |
| (+) Cash & Short Term Investments | 2,480 | 1,895 | 1,474 | 2,009 | 418 | 334 | |
| (+) Investments & Other | 1,075 | 4,114 | 4,511 | 235 | 18 | 317 | |
| (-) Debt | (5,455) | (12,814) | (17,921) | (4,083) | (5,112) | (2,355) | |
| (-) Other Liabilities | (511) | (126) | (507) | (242) | (73) | (220) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 10,444 | 20,316 | 20,032 | 49,833 | 8,977 | 1,938 | |
| (/) Shares Outstanding | 128.2 | 321.4 | 706.9 | 682.2 | 115.5 | 173.7 | |
| Implied Stock Price | 81.44 | 63.21 | 28.34 | 73.05 | 77.75 | 11.16 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.16 | |
| Implied Stock Price (Trading Cur) | 81.44 | 63.21 | 28.34 | 73.05 | 77.75 | 9.60 | |
| 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 | |