Looks like there`s been an error while trying to load this page.
Our team has been notified but please contact us using the email support widget if the problem persists.
| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 6.3x - 7.0x | 6.6x |
| Selected Fwd EBITDA Multiple | 4.8x - 5.3x | 5.1x |
| Fair Value | €33.24 - €38.26 | €35.75 |
| Upside | 13.9% - 31.1% | 22.5% |
| Benchmarks | Ticker | Full Ticker |
| Umicore SA | UMI | ENXTBR:UMI |
| K+S Aktiengesellschaft | SDF | DB:SDF |
| Novozymes A/S | NZM2 | DB:NZM2 |
| Evonik Industries AG | EVK | DB:EVK |
| LANXESS Aktiengesellschaft | LXS | DB:LXS |
| Solvay SA | SOL | DB:SOL |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| UMI | SDF | NZM2 | EVK | LXS | SOL | ||
| ENXTBR:UMI | DB:SDF | DB:NZM2 | DB:EVK | DB:LXS | DB:SOL | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | NM- | -0.5% | 12.0% | -3.1% | -11.2% | -17.0% | |
| 3Y CAGR | NM- | -17.4% | 16.7% | -7.7% | -11.0% | -25.0% | |
| Latest Twelve Months | -106.1% | 24.8% | 37.2% | -10.5% | 75.7% | -40.1% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 3.8% | 20.4% | 31.6% | 13.1% | 10.2% | 24.6% | |
| Prior Fiscal Year | 5.7% | 19.5% | 31.5% | 11.8% | 6.3% | 25.7% | |
| Latest Fiscal Year | -0.4% | 11.6% | 28.2% | 11.2% | 8.2% | 16.0% | |
| Latest Twelve Months | -0.4% | 14.0% | 29.1% | 11.3% | 8.6% | 15.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.25x | 0.77x | 7.61x | 0.76x | 0.63x | 0.89x | |
| EV / LTM EBITDA | -59.2x | 5.5x | 26.1x | 6.7x | 7.3x | 5.8x | |
| EV / LTM EBIT | -12.3x | 66.0x | 33.5x | 13.1x | 70.4x | 8.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -59.2x | 6.7x | 26.1x | ||||
| Historical EV / LTM EBITDA | 3.6x | 5.7x | 7.4x | ||||
| Selected EV / LTM EBITDA | 6.3x | 6.6x | 7.0x | ||||
| (x) LTM EBITDA | 789 | 789 | 789 | ||||
| (=) Implied Enterprise Value | 4,968 | 5,229 | 5,491 | ||||
| (-) Non-shareholder Claims * | (1,508) | (1,508) | (1,508) | ||||
| (=) Equity Value | 3,460 | 3,721 | 3,983 | ||||
| (/) Shares Outstanding | 104.5 | 104.5 | 104.5 | ||||
| Implied Value Range | 33.12 | 35.62 | 38.12 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 33.12 | 35.62 | 38.12 | 29.18 | |||
| Upside / (Downside) | 13.5% | 22.1% | 30.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | UMI | SDF | NZM2 | EVK | LXS | SOL | |
| Enterprise Value | 3,776 | 2,804 | 30,663 | 11,597 | 4,030 | 4,556 | |
| (+) Cash & Short Term Investments | 2,013 | 614 | 250 | 733 | 420 | 467 | |
| (+) Investments & Other | 611 | 284 | 23 | 475 | 657 | 311 | |
| (-) Debt | (3,437) | (740) | (1,699) | (4,274) | (3,001) | (2,220) | |
| (-) Other Liabilities | 16 | (4) | 0 | (82) | (6) | (66) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 2,980 | 2,959 | 29,236 | 8,449 | 2,100 | 3,048 | |
| (/) Shares Outstanding | 240.5 | 179.1 | 465.7 | 466.0 | 86.3 | 104.5 | |
| Implied Stock Price | 12.39 | 16.52 | 62.78 | 18.13 | 24.32 | 29.18 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 12.39 | 16.52 | 62.78 | 18.13 | 24.32 | 29.18 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |