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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 8.5x - 9.4x | 9.0x |
| Selected Fwd EBIT Multiple | 8.3x - 9.2x | 8.7x |
| Fair Value | €14.33 - €15.62 | €14.98 |
| Upside | 0.9% - 10.0% | 5.5% |
| Benchmarks | Ticker | Full Ticker |
| Silgan Holdings Inc. | SLGN | NYSE:SLGN |
| Ball Corporation | BALL | NYSE:BALL |
| Sonoco Products Company | SON | NYSE:SON |
| Sealed Air Corporation | SEE | NYSE:SEE |
| Packaging Corporation of America | PKG | NYSE:PKG |
| Toyo Seikan Group Holdings, Ltd. | TQN | DB:TQN |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| SLGN | BALL | SON | SEE | PKG | TQN | ||
| NYSE:SLGN | NYSE:BALL | NYSE:SON | NYSE:SEE | NYSE:PKG | DB:TQN | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 7.7% | 0.1% | 0.4% | 3.2% | 1.5% | 5.9% | |
| 3Y CAGR | 0.4% | -6.2% | NM- | -2.8% | -3.9% | 10.7% | |
| Latest Twelve Months | -0.2% | 1.0% | -7.4% | -2.3% | 3.0% | 42.3% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 10.5% | 9.9% | 8.0% | 16.0% | 15.1% | 3.1% | |
| Prior Fiscal Year | 10.1% | 9.7% | 10.3% | 15.0% | 14.4% | 0.8% | |
| Latest Fiscal Year | 10.3% | 10.0% | 9.8% | 14.9% | 13.8% | 3.6% | |
| Latest Twelve Months | 10.3% | 10.0% | 9.8% | 14.9% | 13.8% | 4.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.45x | 1.50x | 2.07x | 1.44x | 2.10x | 0.35x | |
| EV / LTM EBITDA | 9.7x | 9.8x | 12.3x | 7.5x | 10.5x | 3.4x | |
| EV / LTM EBIT | 14.1x | 14.9x | 21.1x | 9.7x | 15.2x | 8.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 9.7x | 14.9x | 21.1x | ||||
| Historical EV / LTM EBIT | 3.7x | 6.6x | 35.9x | ||||
| Selected EV / LTM EBIT | 8.5x | 9.0x | 9.4x | ||||
| (x) LTM EBIT | 37,413 | 37,413 | 37,413 | ||||
| (=) Implied Enterprise Value | 318,568 | 335,334 | 352,101 | ||||
| (-) Non-shareholder Claims * | 52,716 | 52,716 | 52,716 | ||||
| (=) Equity Value | 371,284 | 388,050 | 404,817 | ||||
| (/) Shares Outstanding | 159.1 | 159.1 | 159.1 | ||||
| Implied Value Range | 2,333.66 | 2,439.05 | 2,544.43 | ||||
| FX Rate: JPY/EUR | 160.3 | 160.3 | 160.3 | Market Price | |||
| Implied Value Range (Trading Cur) | 14.56 | 15.21 | 15.87 | 14.20 | |||
| Upside / (Downside) | 2.5% | 7.1% | 11.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | SLGN | BALL | SON | SEE | PKG | TQN | |
| Enterprise Value | 8,392 | 17,653 | 9,435 | 7,611 | 17,610 | 309,452 | |
| (+) Cash & Short Term Investments | 823 | 889 | 431 | 372 | 787 | 89,545 | |
| (+) Investments & Other | 0 | 233 | 1,504 | 14 | 65 | 212,729 | |
| (-) Debt | (4,357) | (6,017) | (7,351) | (4,508) | (2,772) | (223,323) | |
| (-) Other Liabilities | 0 | (68) | (15) | 0 | 0 | (26,235) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 4,857 | 12,690 | 4,004 | 3,488 | 15,690 | 362,168 | |
| (/) Shares Outstanding | 106.8 | 282.4 | 98.6 | 145.8 | 89.2 | 159.1 | |
| Implied Stock Price | 45.48 | 44.94 | 40.60 | 23.93 | 175.97 | 2,276.37 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 160.31 | |
| Implied Stock Price (Trading Cur) | 45.48 | 44.94 | 40.60 | 23.93 | 175.97 | 14.20 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 160.31 | |