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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 14.3x - 15.8x | 15.0x |
| Selected Fwd EBIT Multiple | 11.9x - 13.2x | 12.6x |
| Fair Value | €104.72 - €117.76 | €111.24 |
| Upside | 12.6% - 26.6% | 19.6% |
| Benchmarks | Ticker | Full Ticker |
| RPM International Inc. | RPM | NYSE:RPM |
| Axalta Coating Systems Ltd. | AXTA | NYSE:AXTA |
| Ingevity Corporation | NGVT | NYSE:NGVT |
| Sealed Air Corporation | SEE | NYSE:SEE |
| Johnson Matthey Plc | JMPL.F | OTCPK:JMPL.F |
| PPG Industries, Inc. | PPQ | DB:PPQ |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| RPM | AXTA | NGVT | SEE | JMPL.F | PPQ | ||
| NYSE:RPM | NYSE:AXTA | NYSE:NGVT | NYSE:SEE | OTCPK:JMPL.F | DB:PPQ | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 12.0% | 6.8% | -2.3% | 3.2% | -8.1% | 4.3% | |
| 3Y CAGR | 6.8% | 14.9% | -4.7% | -2.8% | -8.7% | 8.6% | |
| Latest Twelve Months | 5.1% | 24.8% | -3.8% | -2.3% | -16.8% | 2.7% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 11.1% | 11.7% | 20.6% | 16.0% | 3.2% | 11.7% | |
| Prior Fiscal Year | 10.5% | 12.0% | 16.4% | 15.0% | 3.2% | 13.5% | |
| Latest Fiscal Year | 12.1% | 14.7% | 18.9% | 14.9% | 2.8% | 14.2% | |
| Latest Twelve Months | 12.2% | 14.7% | 18.9% | 14.9% | 2.9% | 14.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.15x | 1.85x | 1.75x | 1.48x | 0.23x | 1.78x | |
| EV / LTM EBITDA | 14.6x | 9.8x | 6.6x | 7.6x | 5.9x | 10.3x | |
| EV / LTM EBIT | 17.6x | 12.6x | 9.2x | 9.9x | 7.8x | 12.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 7.8x | 9.9x | 17.6x | ||||
| Historical EV / LTM EBIT | 12.6x | 22.0x | 24.0x | ||||
| Selected EV / LTM EBIT | 14.3x | 15.0x | 15.8x | ||||
| (x) LTM EBIT | 2,244 | 2,244 | 2,244 | ||||
| (=) Implied Enterprise Value | 32,037 | 33,723 | 35,409 | ||||
| (-) Non-shareholder Claims * | (4,890) | (4,890) | (4,890) | ||||
| (=) Equity Value | 27,147 | 28,833 | 30,519 | ||||
| (/) Shares Outstanding | 227.0 | 227.0 | 227.0 | ||||
| Implied Value Range | 119.60 | 127.03 | 134.46 | ||||
| FX Rate: USD/EUR | 1.1 | 1.1 | 1.1 | Market Price | |||
| Implied Value Range (Trading Cur) | 105.98 | 112.56 | 119.15 | 92.98 | |||
| Upside / (Downside) | 14.0% | 21.1% | 28.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | RPM | AXTA | NGVT | SEE | JMPL.F | PPQ | |
| Enterprise Value | 15,630 | 9,780 | 2,457 | 7,933 | 2,618 | 28,707 | |
| (+) Cash & Short Term Investments | 242 | 593 | 68 | 372 | 621 | 1,367 | |
| (+) Investments & Other | 0 | 0 | 88 | 14 | 73 | 331 | |
| (-) Debt | (2,394) | (3,521) | (1,455) | (4,508) | (1,414) | (6,411) | |
| (-) Other Liabilities | (2) | (44) | 0 | 0 | 0 | (177) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 13,477 | 6,808 | 1,158 | 3,810 | 1,898 | 23,817 | |
| (/) Shares Outstanding | 128.4 | 218.1 | 36.4 | 145.8 | 167.3 | 227.0 | |
| Implied Stock Price | 104.94 | 31.21 | 31.79 | 26.14 | 11.34 | 104.93 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 0.76 | 1.13 | |
| Implied Stock Price (Trading Cur) | 104.94 | 31.21 | 31.79 | 26.14 | 15.00 | 92.98 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 0.76 | 1.13 | |