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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 8.9x - 9.9x | 9.4x |
| Selected Fwd EBITDA Multiple | 7.8x - 8.6x | 8.2x |
| Fair Value | €28.81 - €35.85 | €32.33 |
| Upside | -27.6% - -9.9% | -18.8% |
| Benchmarks | Ticker | Full Ticker |
| Sonoco Products Company | SON | NYSE:SON |
| AptarGroup, Inc. | ATR | NYSE:ATR |
| Crown Holdings, Inc. | CCK | NYSE:CCK |
| Ball Corporation | BALL | NYSE:BALL |
| Avery Dennison Corporation | AVY | NYSE:AVY |
| Silgan Holdings Inc. | SL3 | DB:SL3 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| SON | ATR | CCK | BALL | AVY | SL3 | ||
| NYSE:SON | NYSE:ATR | NYSE:CCK | NYSE:BALL | NYSE:AVY | DB:SL3 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 3.6% | 5.7% | 5.2% | -0.7% | 7.8% | 7.1% | |
| 3Y CAGR | 65.3% | 8.7% | 89.5% | -5.6% | 4.0% | 1.3% | |
| Latest Twelve Months | 38.9% | 8.4% | 13.3% | 10.5% | 5.0% | 10.6% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 13.4% | 19.8% | 12.8% | 14.8% | 15.3% | 15.0% | |
| Prior Fiscal Year | 16.6% | 20.1% | 15.2% | 14.7% | 14.8% | 14.5% | |
| Latest Fiscal Year | 16.9% | 21.6% | 16.1% | 15.2% | 16.2% | 15.0% | |
| Latest Twelve Months | 17.2% | 22.1% | 17.1% | 15.7% | 16.4% | 15.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.55x | 2.81x | 1.49x | 1.73x | 1.90x | 1.57x | |
| EV / LTM EBITDA | 9.0x | 12.7x | 8.7x | 11.0x | 11.6x | 10.2x | |
| EV / LTM EBIT | 15.3x | 19.2x | 11.1x | 16.0x | 14.5x | 14.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 8.7x | 11.0x | 12.7x | ||||
| Historical EV / LTM EBITDA | 9.7x | 10.1x | 10.6x | ||||
| Selected EV / LTM EBITDA | 8.9x | 9.4x | 9.9x | ||||
| (x) LTM EBITDA | 949 | 949 | 949 | ||||
| (=) Implied Enterprise Value | 8,476 | 8,923 | 9,369 | ||||
| (-) Non-shareholder Claims * | (4,735) | (4,735) | (4,735) | ||||
| (=) Equity Value | 3,742 | 4,188 | 4,634 | ||||
| (/) Shares Outstanding | 107.0 | 107.0 | 107.0 | ||||
| Implied Value Range | 34.97 | 39.14 | 43.31 | ||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 30.04 | 33.62 | 37.20 | 39.80 | |||
| Upside / (Downside) | -24.5% | -15.5% | -6.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | SON | ATR | CCK | BALL | AVY | SL3 | |
| Enterprise Value | 9,894 | 10,133 | 17,923 | 21,443 | 16,607 | 9,693 | |
| (+) Cash & Short Term Investments | 330 | 170 | 936 | 296 | 256 | 317 | |
| (+) Investments & Other | 21 | 160 | 0 | 0 | 7 | 0 | |
| (-) Debt | (5,749) | (1,172) | (6,703) | (7,027) | (3,550) | (5,052) | |
| (-) Other Liabilities | (15) | (18) | (481) | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 4,481 | 9,273 | 11,675 | 14,712 | 13,320 | 4,958 | |
| (/) Shares Outstanding | 98.6 | 65.9 | 115.0 | 272.1 | 78.0 | 107.0 | |
| Implied Stock Price | 45.43 | 140.75 | 101.48 | 54.06 | 170.81 | 46.34 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.16 | |
| Implied Stock Price (Trading Cur) | 45.43 | 140.75 | 101.48 | 54.06 | 170.81 | 39.80 | |
| 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 | |