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Metrics | Range | Conclusion |
---|---|---|
Selected LTM Revenue Multiple | 0.9x - 1.0x | 0.9x |
Selected Fwd Revenue Multiple | 0.8x - 0.9x | 0.8x |
Fair Value | €9.03 - €11.78 | €10.40 |
Upside | 41.0% - 84.0% | 62.5% |
Benchmarks | Ticker | Full Ticker |
---|---|---|
Eastman Chemical Company | EMN | NYSE:EMN |
Rayonier Advanced Materials Inc. | RYAM | NYSE:RYAM |
Sealed Air Corporation | SEE | NYSE:SEE |
Myers Industries, Inc. | MYE | NYSE:MYE |
Greif, Inc. | GEF | NYSE:GEF |
Mativ Holdings, Inc. | MH2 | DB:MH2 |
Select LTM Revenue Multiple | ||||||||
Benchmark Companies | ||||||||
EMN | RYAM | SEE | MYE | GEF | MH2 | |||
NYSE:EMN | NYSE:RYAM | NYSE:SEE | NYSE:MYE | NYSE:GEF | DB:MH2 | |||
Historical Revenue Growth | ||||||||
5Y CAGR | 0.2% | 2.6% | 2.4% | 10.2% | 3.5% | 14.1% | ||
3Y CAGR | -3.6% | 5.0% | -0.9% | 3.2% | -0.7% | 28.6% | ||
Latest Twelve Months | 2.8% | 2.2% | -2.5% | 3.9% | 5.9% | -0.6% | ||
Historical EBIT Profit Margin | ||||||||
5 Year Average Margin | 13.3% | 0.9% | 16.0% | 8.2% | 9.8% | 4.7% | ||
Prior Fiscal Year | 11.6% | 0.4% | 15.0% | 8.1% | 11.6% | 0.5% | ||
Latest Fiscal Year | 14.7% | 5.1% | 14.9% | 9.2% | 8.2% | 2.2% | ||
Latest Twelve Months | 15.1% | 3.5% | 15.0% | 9.3% | 8.9% | 1.6% | ||
Current Trading Multiples | ||||||||
EV / LTM Revenue | 1.47x | 0.59x | 1.64x | 1.15x | 1.13x | 0.77x | ||
EV / LTM EBIT | 9.8x | 16.9x | 10.9x | 12.4x | 12.7x | 49.5x | ||
Price / LTM Sales | 0.97x | 0.18x | 0.86x | 0.68x | 0.58x | 0.21x | ||
Low | Mid | High | ||||||
Benchmark EV / LTM Revenue | 0.59x | 1.15x | 1.64x | |||||
Historical EV / LTM Revenue | 0.83x | 1.64x | 1.93x | |||||
Selected EV / LTM Revenue | 0.87x | 0.91x | 0.96x | |||||
(x) LTM Revenue | 1,966 | 1,966 | 1,966 | |||||
(=) Implied Enterprise Value | 1,703 | 1,792 | 1,882 | |||||
(-) Non-shareholder Claims * | (1,097) | (1,097) | (1,097) | |||||
(=) Equity Value | 606 | 695 | 785 | |||||
(/) Shares Outstanding | 54.6 | 54.6 | 54.6 | |||||
Implied Value Range | 11.09 | 12.73 | 14.37 | |||||
FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | ||||
Implied Value Range (Trading Cur) | 9.44 | 10.84 | 12.23 | 6.40 | ||||
Upside / (Downside) | 47.5% | 69.3% | 91.1% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | EMN | RYAM | SEE | MYE | GEF | MH2 | |
Enterprise Value | 13,791 | 936 | 8,719 | 959 | 6,146 | 1,508 | |
(+) Cash & Short Term Investments | 418 | 130 | 335 | 35 | 253 | 84 | |
(+) Investments & Other | 18 | 0 | 14 | 0 | 0 | 6 | |
(-) Debt | (5,112) | (767) | (4,503) | (426) | (3,073) | (1,186) | |
(-) Other Liabilities | (73) | (11) | 0 | 0 | (172) | 0 | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 9,042 | 288 | 4,565 | 568 | 3,153 | 411 | |
(/) Shares Outstanding | 115.5 | 66.8 | 147.1 | 37.4 | 47.5 | 54.6 | |
Implied Stock Price | 78.31 | 4.32 | 31.04 | 15.19 | 66.44 | 7.52 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.17 | |
Implied Stock Price (Trading Cur) | 78.31 | 4.32 | 31.04 | 15.19 | 66.44 | 6.40 | |
Trading Currency | USD | USD | USD | USD | USD | EUR | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.17 |