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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM P/E Multiple | 61.0x - 67.4x | 64.2x |
| Selected Fwd P/E Multiple | 22.5x - 24.8x | 23.6x |
| Fair Value | €45.03 - €49.77 | €47.40 |
| Upside | -15.4% - -6.5% | -10.9% |
| Benchmarks | - | Full Ticker |
| DSM-Firmenich AG | - | ENXTAM:DSFIR |
| Corbion N.V. | - | DB:CSUA |
| Kemira Oyj | - | HLSE:KEMIRA |
| Evonik Industries AG | - | DB:EVK |
| Solvay SA | - | ENXTBR:SOLB |
| Novonesis A/S | - | DB:NZM2 |
| - | - | - |
| Select Price / LTM EPS Ratio | ||||||||
| Benchmark Companies | ||||||||
| DSFIR | CSUA | KEMIRA | EVK | SOLB | NZM2 | |||
| ENXTAM:DSFIR | DB:CSUA | HLSE:KEMIRA | DB:EVK | ENXTBR:SOLB | DB:NZM2 | |||
| Historical Net Income Growth | ||||||||
| 5Y CAGR | -18.0% | 12.2% | 17.7% | -21.7% | NM- | -6.2% | ||
| 3Y CAGR | -32.7% | -16.3% | 32.1% | -33.3% | -38.2% | -10.2% | ||
| Latest Twelve Months | 138.0% | 6.5% | 25.3% | 147.7% | 702.7% | -24.7% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 14.9% | 7.7% | 6.0% | 3.6% | 23.0% | 18.1% | ||
| Prior Fiscal Year | -6.2% | 3.4% | 5.9% | -3.0% | -0.6% | 16.9% | ||
| Latest Fiscal Year | 2.0% | 3.6% | 8.5% | 1.5% | 4.3% | 8.0% | ||
| Latest Twelve Months | 2.0% | 3.6% | 8.5% | 1.5% | 4.3% | 8.0% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 16.6x | 9.8x | 6.2x | 7.1x | 5.2x | 24.7x | ||
| Price / LTM Sales | 1.9x | 0.9x | 1.1x | 0.6x | 0.7x | 6.6x | ||
| LTM P/E Ratio | 97.4x | 24.8x | 12.6x | 42.0x | 15.6x | 82.5x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/E Ratio | 12.6x | 24.8x | 97.4x | |||||
| Historical LTM P/E Ratio | 28.5x | 32.1x | 82.5x | |||||
| Selected P/E Multiple | 61.0x | 64.2x | 67.4x | |||||
| (x) LTM Net Income | 306 | 306 | 306 | |||||
| (=) Equity Value | 18,651 | 19,633 | 20,614 | |||||
| (/) Shares Outstanding | 466.4 | 466.4 | 466.4 | |||||
| Implied Value Range | 39.99 | 42.10 | 44.20 | |||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 39.99 | 42.10 | 44.20 | 53.22 | ||||
| Upside / (Downside) | -24.9% | -20.9% | -16.9% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | DSFIR | CSUA | KEMIRA | EVK | SOLB | NZM2 | |
| Value of Common Equity | 24,049 | 1,131 | 3,154 | 9,385 | 3,366 | 24,821 | |
| (/) Shares Outstanding | 264.3 | 58.1 | 154.4 | 466.0 | 104.3 | 466.4 | |
| Implied Stock Price | 91.00 | 19.45 | 20.42 | 20.14 | 32.26 | 53.22 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 91.00 | 19.45 | 20.42 | 20.14 | 32.26 | 53.22 | |
| 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 | |