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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Ps Multiple | 1.7x - 1.9x | 1.8x |
| Selected Fwd Ps Multiple | 1.6x - 1.8x | 1.7x |
| Fair Value | €82.09 - €90.73 | €86.41 |
| Upside | -13.1% - -4.0% | -8.6% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Ashland Inc. | - | NYSE:ASH |
| Quaker Chemical Corporation | - | NYSE:KWR |
| Element Solutions Inc | - | NYSE:ESI |
| Axalta Coating Systems Ltd. | - | NYSE:AXTA |
| Martin Marietta Materials, Inc. | - | NYSE:MLM |
| RPM International Inc. | - | DB:RP8 |
| Select Price / LTM Sales Ratio | ||||||||
| Benchmark Companies | ||||||||
| ASH | KWR | ESI | AXTA | MLM | RP8 | |||
| NYSE:ASH | NYSE:KWR | NYSE:ESI | NYSE:AXTA | NYSE:MLM | DB:RP8 | |||
| Historical Sales Growth | ||||||||
| 5Y CAGR | -0.3% | 10.2% | 6.0% | 3.3% | 8.1% | 5.7% | ||
| 3Y CAGR | 0.0% | 1.5% | 0.8% | 6.1% | 6.5% | 6.3% | ||
| Latest Twelve Months | -7.7% | -5.7% | 6.1% | 1.0% | -0.5% | -0.6% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 9.7% | 4.2% | 7.3% | 5.0% | 18.2% | 7.5% | ||
| Prior Fiscal Year | 7.7% | 5.7% | 5.0% | 5.2% | 17.7% | 6.6% | ||
| Latest Fiscal Year | 9.4% | 6.3% | 9.9% | 7.4% | 30.5% | 8.0% | ||
| Latest Twelve Months | -4.4% | 5.2% | 11.5% | 8.6% | 16.1% | 8.8% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 9.0x | 9.6x | 14.0x | 9.3x | 18.7x | 15.3x | ||
| Price / LTM Sales | 1.2x | 1.1x | 2.4x | 1.2x | 5.1x | 2.0x | ||
| LTM P/E Ratio | -27.2x | 22.1x | 20.9x | 14.5x | 31.9x | 22.3x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/S Ratio | 1.1x | 1.2x | 5.1x | |||||
| Historical LTM P/S Ratio | 1.4x | 1.8x | 2.1x | |||||
| Selected Price / Sales Multiple | 1.7x | 1.8x | 1.9x | |||||
| (x) LTM Sales | 7,299 | 7,299 | 7,299 | |||||
| (=) Equity Value | 12,380 | 13,032 | 13,683 | |||||
| (/) Shares Outstanding | 128.4 | 128.4 | 128.4 | |||||
| Implied Value Range | 96.40 | 101.48 | 106.55 | |||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | ||||
| Implied Value Range (Trading Cur) | 82.46 | 86.80 | 91.14 | 94.50 | ||||
| Upside / (Downside) | -12.7% | -8.1% | -3.6% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | ASH | KWR | ESI | AXTA | MLM | RP8 | |
| Value of Common Equity | 2,338 | 2,080 | 5,934 | 6,509 | 33,956 | 14,187 | |
| (/) Shares Outstanding | 45.7 | 17.7 | 242.5 | 218.6 | 60.3 | 128.4 | |
| Implied Stock Price | 51.16 | 117.64 | 24.47 | 29.78 | 563.26 | 110.47 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.17 | |
| Implied Stock Price (Trading Cur) | 51.16 | 117.64 | 24.47 | 29.78 | 563.26 | 94.50 | |
| 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 | |