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Metrics | Range | Conclusion |
---|---|---|
Selected LTM Revenue Multiple | 1.6x - 1.8x | 1.7x |
Selected Fwd Revenue Multiple | 1.6x - 1.8x | 1.7x |
Fair Value | €26.56 - €31.92 | €29.24 |
Upside | -1.6% - 18.2% | 8.3% |
Benchmarks | Ticker | Full Ticker |
---|---|---|
TriMas Corporation | TRS | NasdaqGS:TRS |
Greif, Inc. | GEF | NYSE:GEF |
International Paper Company | IP | NYSE:IP |
Packaging Corporation of America | PKG | NYSE:PKG |
Silgan Holdings Inc. | SLGN | NYSE:SLGN |
Sealed Air Corporation | SDA | DB:SDA |
Select LTM Revenue Multiple | ||||||||
Benchmark Companies | ||||||||
TRS | GEF | IP | PKG | SLGN | SDA | |||
NasdaqGS:TRS | NYSE:GEF | NYSE:IP | NYSE:PKG | NYSE:SLGN | DB:SDA | |||
Historical Revenue Growth | ||||||||
5Y CAGR | 5.0% | 3.5% | 0.3% | 3.8% | 5.5% | 2.4% | ||
3Y CAGR | 2.6% | -0.7% | -1.3% | 2.7% | 1.0% | -0.9% | ||
Latest Twelve Months | 3.8% | 5.9% | 7.5% | 9.5% | 2.0% | -2.5% | ||
Historical EBIT Profit Margin | ||||||||
5 Year Average Margin | 9.7% | 9.8% | 7.6% | 15.1% | 10.5% | 16.0% | ||
Prior Fiscal Year | 8.7% | 11.6% | 6.2% | 14.4% | 10.1% | 15.0% | ||
Latest Fiscal Year | 5.8% | 8.2% | 5.2% | 13.8% | 10.3% | 14.9% | ||
Latest Twelve Months | 6.1% | 8.9% | 4.9% | 14.5% | 10.3% | 15.0% | ||
Current Trading Multiples | ||||||||
EV / LTM Revenue | 1.80x | 1.13x | 1.84x | 2.35x | 1.69x | 1.66x | ||
EV / LTM EBIT | 29.5x | 12.7x | 37.7x | 16.2x | 16.3x | 11.1x | ||
Price / LTM Sales | 1.31x | 0.58x | 1.38x | 2.13x | 0.98x | 0.87x | ||
Low | Mid | High | ||||||
Benchmark EV / LTM Revenue | 1.13x | 1.80x | 2.35x | |||||
Historical EV / LTM Revenue | 1.70x | 1.85x | 2.52x | |||||
Selected EV / LTM Revenue | 1.63x | 1.71x | 1.80x | |||||
(x) LTM Revenue | 5,336 | 5,336 | 5,336 | |||||
(=) Implied Enterprise Value | 8,673 | 9,129 | 9,586 | |||||
(-) Non-shareholder Claims * | (4,154) | (4,154) | (4,154) | |||||
(=) Equity Value | 4,519 | 4,975 | 5,431 | |||||
(/) Shares Outstanding | 147.1 | 147.1 | 147.1 | |||||
Implied Value Range | 30.73 | 33.83 | 36.94 | |||||
FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | ||||
Implied Value Range (Trading Cur) | 26.49 | 29.16 | 31.84 | 27.00 | ||||
Upside / (Downside) | -1.9% | 8.0% | 17.9% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | TRS | GEF | IP | PKG | SLGN | SDA | |
Enterprise Value | 1,651 | 6,081 | 36,058 | 19,728 | 10,059 | 8,760 | |
(+) Cash & Short Term Investments | 33 | 253 | 1,156 | 843 | 353 | 335 | |
(+) Investments & Other | 0 | 0 | 0 | 71 | 0 | 14 | |
(-) Debt | (491) | (3,073) | (10,328) | (2,803) | (4,629) | (4,503) | |
(-) Other Liabilities | 0 | (172) | 0 | 0 | 0 | 0 | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 1,193 | 3,088 | 26,886 | 17,840 | 5,783 | 4,606 | |
(/) Shares Outstanding | 40.7 | 47.5 | 527.9 | 89.3 | 107.0 | 147.1 | |
Implied Stock Price | 29.34 | 65.07 | 50.93 | 199.68 | 54.05 | 31.32 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.16 | |
Implied Stock Price (Trading Cur) | 29.34 | 65.07 | 50.93 | 199.68 | 54.05 | 27.00 | |
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 |