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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 7.3x - 8.1x | 7.7x |
| Selected Fwd EBITDA Multiple | 7.4x - 8.1x | 7.7x |
| Fair Value | €62.31 - €68.90 | €65.61 |
| Upside | -17.3% - -8.5% | -12.9% |
| Benchmarks | Ticker | Full Ticker |
| Vulcan Materials Company | VMC | NYSE:VMC |
| Martin Marietta Materials, Inc. | MLM | NYSE:MLM |
| Stora Enso Oyj | SEOF.F | PINC:SEOF.F |
| Greif, Inc. | GEF | NYSE:GEF |
| Westlake Corporation | WLK | NYSE:WLK |
| Louisiana-Pacific Corporation | LP3 | DB:LP3 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| VMC | MLM | SEOF.F | GEF | WLK | LP3 | ||
| NYSE:VMC | NYSE:MLM | PINC:SEOF.F | NYSE:GEF | NYSE:WLK | DB:LP3 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 10.8% | 10.5% | -10.4% | 1.3% | 7.4% | 26.9% | |
| 3Y CAGR | 14.9% | 11.5% | -22.4% | -2.6% | -18.7% | -29.2% | |
| Latest Twelve Months | 7.3% | 6.7% | 132.0% | -11.5% | -12.1% | 43.0% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 25.3% | 29.3% | 12.3% | 14.3% | 21.3% | 29.2% | |
| Prior Fiscal Year | 25.7% | 31.2% | 5.3% | 16.0% | 17.5% | 17.9% | |
| Latest Fiscal Year | 27.6% | 31.5% | 8.4% | 12.9% | 15.9% | 22.4% | |
| Latest Twelve Months | 28.4% | 32.7% | 8.5% | 12.9% | 15.9% | 22.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 5.41x | 5.71x | 0.97x | 1.04x | 1.13x | 2.07x | |
| EV / LTM EBITDA | 19.0x | 17.5x | 11.4x | 8.1x | 7.1x | 9.3x | |
| EV / LTM EBIT | 27.7x | 24.1x | 24.8x | 12.8x | 14.3x | 11.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 7.1x | 11.4x | 19.0x | ||||
| Historical EV / LTM EBITDA | 2.7x | 8.2x | 12.7x | ||||
| Selected EV / LTM EBITDA | 7.3x | 7.7x | 8.1x | ||||
| (x) LTM EBITDA | 659 | 659 | 659 | ||||
| (=) Implied Enterprise Value | 4,820 | 5,074 | 5,327 | ||||
| (-) Non-shareholder Claims * | (23) | (23) | (23) | ||||
| (=) Equity Value | 4,797 | 5,051 | 5,304 | ||||
| (/) Shares Outstanding | 69.6 | 69.6 | 69.6 | ||||
| Implied Value Range | 68.88 | 72.52 | 76.16 | ||||
| FX Rate: USD/EUR | 1.1 | 1.1 | 1.1 | Market Price | |||
| Implied Value Range (Trading Cur) | 60.76 | 63.97 | 67.18 | 75.32 | |||
| Upside / (Downside) | -19.3% | -15.1% | -10.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | VMC | MLM | SEOF.F | GEF | WLK | LP3 | |
| Enterprise Value | 40,172 | 37,231 | 9,318 | 5,605 | 13,775 | 5,970 | |
| (+) Cash & Short Term Investments | 181 | 101 | 1,659 | 201 | 2,919 | 340 | |
| (+) Investments & Other | 31 | 0 | 1,607 | 0 | 1,081 | 17 | |
| (-) Debt | (5,533) | (5,807) | (5,737) | (3,149) | (5,403) | (380) | |
| (-) Other Liabilities | (24) | (3) | 150 | (170) | (516) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 34,826 | 31,522 | 6,997 | 2,488 | 11,856 | 5,947 | |
| (/) Shares Outstanding | 132.1 | 60.3 | 678.0 | 47.4 | 128.5 | 69.6 | |
| Implied Stock Price | 263.63 | 522.88 | 10.32 | 52.45 | 92.27 | 85.39 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 0.88 | 1.00 | 1.00 | 1.13 | |
| Implied Stock Price (Trading Cur) | 263.63 | 522.88 | 11.70 | 52.45 | 92.27 | 75.32 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 0.88 | 1.00 | 1.00 | 1.13 | |