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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 9.1x - 10.1x | 9.6x |
| Selected Fwd EBITDA Multiple | 5.8x - 6.5x | 6.2x |
| Fair Value | €27.76 - €36.03 | €31.89 |
| Upside | 0.9% - 31.0% | 16.0% |
| Benchmarks | Ticker | Full Ticker |
| Carbios SAS | ALCRB | ENXTPA:ALCRB |
| Rayonier Advanced Materials Inc. | RYQ | DB:RYQ |
| ALPEK, S.A.B. de C.V. | 27A | DB:27A |
| DuPont de Nemours, Inc. | DDPN | WBAG:DDPN |
| Eastman Chemical Company | EAC | DB:EAC |
| Lenzing Aktiengesellschaft | LEN | DB:LEN |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| ALCRB | RYQ | 27A | DDPN | EAC | LEN | ||
| ENXTPA:ALCRB | DB:RYQ | DB:27A | WBAG:DDPN | DB:EAC | DB:LEN | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | NM- | 13.9% | -2.8% | -2.3% | 0.3% | 2.3% | |
| 3Y CAGR | NM- | 17.6% | -22.7% | 0.6% | -7.7% | -0.6% | |
| Latest Twelve Months | -28.1% | 51.1% | 25.0% | 7.4% | 22.5% | 48.9% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | -19409.4% | 9.6% | 10.4% | 23.7% | 18.7% | 11.6% | |
| Prior Fiscal Year | -31881.4% | 8.7% | 5.9% | 23.6% | 16.8% | 9.0% | |
| Latest Fiscal Year | -100062.5% | 13.2% | 7.4% | 24.8% | 20.2% | 12.7% | |
| Latest Twelve Months | -39694.8% | 13.2% | 7.4% | 24.8% | 20.2% | 12.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 167.65x | 0.63x | 0.48x | 2.92x | 1.53x | 1.11x | |
| EV / LTM EBITDA | -0.4x | 4.8x | 6.4x | 11.8x | 7.6x | 8.7x | |
| EV / LTM EBIT | -0.4x | 12.3x | 10.0x | 19.3x | 10.4x | 59.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -0.4x | 6.4x | 11.8x | ||||
| Historical EV / LTM EBITDA | 8.7x | 11.5x | 20.0x | ||||
| Selected EV / LTM EBITDA | 9.1x | 9.6x | 10.1x | ||||
| (x) LTM EBITDA | 339 | 339 | 339 | ||||
| (=) Implied Enterprise Value | 3,084 | 3,246 | 3,409 | ||||
| (-) Non-shareholder Claims * | (1,965) | (1,965) | (1,965) | ||||
| (=) Equity Value | 1,119 | 1,281 | 1,444 | ||||
| (/) Shares Outstanding | 38.6 | 38.6 | 38.6 | ||||
| Implied Value Range | 28.97 | 33.18 | 37.38 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 28.97 | 33.18 | 37.38 | 27.50 | |||
| Upside / (Downside) | 5.4% | 20.6% | 35.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | ALCRB | RYQ | 27A | DDPN | EAC | LEN | |
| Enterprise Value | 13 | 1,010 | 65,267 | 36,007 | 14,237 | 3,027 | |
| (+) Cash & Short Term Investments | 121 | 125 | 6,382 | 1,850 | 856 | 454 | |
| (+) Investments & Other | 9 | 0 | 63 | 1,081 | 183 | 32 | |
| (-) Debt | (47) | (761) | (44,674) | (7,577) | (5,220) | (2,108) | |
| (-) Other Liabilities | 0 | (11) | (5,252) | (443) | (73) | (342) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 96 | 363 | 21,786 | 30,918 | 9,983 | 1,062 | |
| (/) Shares Outstanding | 16.8 | 66.0 | 2,101.5 | 418.0 | 115.4 | 38.6 | |
| Implied Stock Price | 5.70 | 5.51 | 10.37 | 73.96 | 86.50 | 27.50 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.08 | 21.96 | 1.08 | 1.08 | 1.00 | |
| Implied Stock Price (Trading Cur) | 5.70 | 5.10 | 0.47 | 68.47 | 80.08 | 27.50 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.08 | 21.96 | 1.08 | 1.08 | 1.00 | |