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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Ps Multiple | 1.5x - 1.7x | 1.6x |
| Selected Fwd Ps Multiple | 1.6x - 1.7x | 1.6x |
| Fair Value | €93.26 - €103.08 | €98.17 |
| Upside | -2.4% - 7.9% | 2.8% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| H.B. Fuller Company | - | NYSE:FUL |
| The Sherwin-Williams Company | - | NYSE:SHW |
| RPM International Inc. | - | NYSE:RPM |
| Axalta Coating Systems Ltd. | - | NYSE:AXTA |
| Ingevity Corporation | - | NYSE:NGVT |
| PPG Industries, Inc. | - | DB:PPQ |
| Select Price / LTM Sales Ratio | ||||||||
| Benchmark Companies | ||||||||
| FUL | SHW | RPM | AXTA | NGVT | PPQ | |||
| NYSE:FUL | NYSE:SHW | NYSE:RPM | NYSE:AXTA | NYSE:NGVT | DB:PPQ | |||
| Historical Sales Growth | ||||||||
| 5Y CAGR | 4.3% | 5.2% | 6.0% | 3.3% | 1.7% | 0.9% | ||
| 3Y CAGR | 2.9% | 5.0% | 3.2% | 6.1% | 0.4% | -1.9% | ||
| Latest Twelve Months | -0.1% | 0.3% | 0.5% | -1.0% | -14.4% | 3.8% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 4.5% | 10.3% | 7.7% | 5.3% | 0.4% | 7.9% | ||
| Prior Fiscal Year | 4.1% | 10.4% | 8.0% | 5.2% | -0.3% | 7.5% | ||
| Latest Fiscal Year | 3.6% | 11.6% | 9.3% | 7.4% | -30.6% | 8.5% | ||
| Latest Twelve Months | 2.9% | 11.0% | 9.3% | 8.6% | -16.3% | 8.1% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 10.1x | 24.2x | 16.9x | 9.5x | 8.4x | 12.3x | ||
| Price / LTM Sales | 0.9x | 3.9x | 2.2x | 1.3x | 1.6x | 1.6x | ||
| LTM P/E Ratio | 32.3x | 35.8x | 23.5x | 15.3x | -9.6x | 20.0x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/S Ratio | 0.9x | 1.6x | 3.9x | |||||
| Historical LTM P/S Ratio | 1.7x | 2.0x | 2.5x | |||||
| Selected Price / Sales Multiple | 1.5x | 1.6x | 1.7x | |||||
| (x) LTM Sales | 15,640 | 15,640 | 15,640 | |||||
| (=) Equity Value | 23,750 | 25,000 | 26,250 | |||||
| (/) Shares Outstanding | 225.7 | 225.7 | 225.7 | |||||
| Implied Value Range | 105.23 | 110.77 | 116.31 | |||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | ||||
| Implied Value Range (Trading Cur) | 90.39 | 95.15 | 99.91 | 95.52 | ||||
| Upside / (Downside) | -5.4% | -0.4% | 4.6% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | FUL | SHW | RPM | AXTA | NGVT | PPQ | |
| Value of Common Equity | 3,326 | 91,114 | 16,105 | 6,811 | 2,078 | 25,098 | |
| (/) Shares Outstanding | 54.0 | 248.6 | 128.3 | 216.6 | 36.5 | 225.7 | |
| Implied Stock Price | 61.63 | 366.46 | 125.53 | 31.45 | 56.99 | 111.20 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.16 | |
| Implied Stock Price (Trading Cur) | 61.63 | 366.46 | 125.53 | 31.45 | 56.99 | 95.52 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.16 | |