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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 4.8x - 5.3x | 5.0x |
| Selected Fwd EBITDA Multiple | 4.8x - 5.3x | 5.0x |
| Fair Value | €19 - €20.97 | €19.98 |
| Upside | 31.0% - 44.6% | 37.8% |
| Benchmarks | Ticker | Full Ticker |
| Fuchs SE | FPE | XTRA:FPE |
| LANXESS Aktiengesellschaft | LXS | XTRA:LXS |
| K+S Aktiengesellschaft | SDF | XTRA:SDF |
| AlzChem Group AG | ACT | XTRA:ACT |
| Evonik Industries AG | EVK | XTRA:EVK |
| Nabaltec AG | NTG | DB:NTG |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| FPE | LXS | SDF | ACT | EVK | NTG | ||
| XTRA:FPE | XTRA:LXS | XTRA:SDF | XTRA:ACT | XTRA:EVK | DB:NTG | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 5.9% | -11.2% | -0.5% | 16.6% | -3.1% | 1.7% | |
| 3Y CAGR | 6.4% | -11.0% | -17.4% | 18.8% | -7.7% | 10.1% | |
| Latest Twelve Months | 4.8% | 24.0% | -44.0% | 27.7% | -5.6% | 11.4% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 14.7% | 10.4% | 20.3% | 13.1% | 13.3% | 17.1% | |
| Prior Fiscal Year | 14.0% | 6.3% | 19.5% | 14.1% | 11.8% | 19.1% | |
| Latest Fiscal Year | 14.8% | 8.2% | 11.6% | 17.5% | 11.2% | 15.7% | |
| Latest Twelve Months | 14.8% | 8.2% | 11.6% | 17.5% | 11.2% | 17.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.29x | 0.58x | 0.59x | 1.68x | 0.75x | 0.63x | |
| EV / LTM EBITDA | 8.7x | 7.1x | 5.1x | 9.6x | 6.7x | 3.7x | |
| EV / LTM EBIT | 10.4x | 160.2x | -49.4x | 12.6x | 13.6x | 5.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 5.1x | 7.1x | 9.6x | ||||
| Historical EV / LTM EBITDA | 5.2x | 9.8x | 12.7x | ||||
| Selected EV / LTM EBITDA | 4.8x | 5.0x | 5.3x | ||||
| (x) LTM EBITDA | 35 | 35 | 35 | ||||
| (=) Implied Enterprise Value | 166 | 174 | 183 | ||||
| (-) Non-shareholder Claims * | 2 | 2 | 2 | ||||
| (=) Equity Value | 168 | 177 | 186 | ||||
| (/) Shares Outstanding | 8.8 | 8.8 | 8.8 | ||||
| Implied Value Range | 19.10 | 20.09 | 21.08 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 19.10 | 20.09 | 21.08 | 14.50 | |||
| Upside / (Downside) | 31.7% | 38.6% | 45.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | FPE | LXS | SDF | ACT | EVK | NTG | |
| Enterprise Value | 4,483 | 3,686 | 2,153 | 947 | 11,306 | 125 | |
| (+) Cash & Short Term Investments | 153 | 615 | 524 | 62 | 618 | 94 | |
| (+) Investments & Other | 68 | 706 | 271 | 0 | 509 | 0 | |
| (-) Debt | (112) | (3,012) | (746) | (53) | (3,781) | (91) | |
| (-) Other Liabilities | (3) | (6) | (4) | (2) | (80) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 4,589 | 1,989 | 2,198 | 954 | 8,572 | 128 | |
| (/) Shares Outstanding | 150.2 | 86.3 | 179.1 | 10.2 | 466.0 | 8.8 | |
| Implied Stock Price | 30.55 | 23.03 | 12.28 | 94.00 | 18.40 | 14.50 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 30.55 | 23.03 | 12.28 | 94.00 | 18.40 | 14.50 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |