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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 10.1x - 11.2x | 10.7x |
| Selected Fwd EBIT Multiple | 9.9x - 11.0x | 10.5x |
| Fair Value | €16.93 - €18.41 | €17.67 |
| Upside | -15.4% - -8.0% | -11.7% |
| Benchmarks | Ticker | Full Ticker |
| Ball Corporation | BALL | NYSE:BALL |
| Silgan Holdings Inc. | SLGN | NYSE:SLGN |
| Sonoco Products Company | SON | NYSE:SON |
| Packaging Corporation of America | PKG | NYSE:PKG |
| Sealed Air Corporation | SEE | NYSE:SEE |
| Toyo Seikan Group Holdings, Ltd. | TQN | DB:TQN |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| BALL | SLGN | SON | PKG | SEE | TQN | ||
| NYSE:BALL | NYSE:SLGN | NYSE:SON | NYSE:PKG | NYSE:SEE | DB:TQN | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 0.1% | 7.7% | 0.4% | 1.5% | 3.2% | 4.0% | |
| 3Y CAGR | -6.2% | 0.4% | NM- | -3.9% | -2.8% | -0.6% | |
| Latest Twelve Months | 17.2% | 9.4% | 50.7% | 22.4% | -5.6% | -12.7% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 9.8% | 10.5% | 7.9% | 15.1% | 15.9% | 3.2% | |
| Prior Fiscal Year | 9.7% | 10.1% | 10.3% | 14.4% | 15.0% | 3.6% | |
| Latest Fiscal Year | 10.0% | 10.3% | 9.8% | 13.8% | 14.9% | 3.6% | |
| Latest Twelve Months | 10.8% | 10.5% | 10.1% | 14.7% | 14.9% | 3.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.72x | 1.58x | 1.56x | 2.25x | 1.59x | 0.48x | |
| EV / LTM EBITDA | 11.0x | 10.3x | 9.1x | 10.7x | 8.2x | 5.0x | |
| EV / LTM EBIT | 16.0x | 15.0x | 15.4x | 15.3x | 10.7x | 13.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 10.7x | 15.3x | 16.0x | ||||
| Historical EV / LTM EBIT | 3.7x | 9.1x | 35.9x | ||||
| Selected EV / LTM EBIT | 10.1x | 10.7x | 11.2x | ||||
| (x) LTM EBIT | 34,728 | 34,728 | 34,728 | ||||
| (=) Implied Enterprise Value | 352,169 | 370,704 | 389,240 | ||||
| (-) Non-shareholder Claims * | 75,252 | 75,252 | 75,252 | ||||
| (=) Equity Value | 427,421 | 445,956 | 464,492 | ||||
| (/) Shares Outstanding | 153.0 | 153.0 | 153.0 | ||||
| Implied Value Range | 2,793.29 | 2,914.42 | 3,035.55 | ||||
| FX Rate: JPY/EUR | 171.9 | 171.9 | 171.9 | Market Price | |||
| Implied Value Range (Trading Cur) | 16.25 | 16.95 | 17.66 | 20.00 | |||
| Upside / (Downside) | -18.8% | -15.2% | -11.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | BALL | SLGN | SON | PKG | SEE | TQN | |
| Enterprise Value | 21,669 | 9,824 | 10,011 | 19,799 | 8,543 | 450,924 | |
| (+) Cash & Short Term Investments | 296 | 317 | 330 | 880 | 354 | 104,464 | |
| (+) Investments & Other | 0 | 0 | 21 | 76 | 15 | 214,712 | |
| (-) Debt | (7,027) | (5,052) | (5,749) | (2,811) | (4,442) | (216,640) | |
| (-) Other Liabilities | 0 | 0 | (15) | 0 | 0 | (27,284) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 14,938 | 5,090 | 4,598 | 17,944 | 4,470 | 526,176 | |
| (/) Shares Outstanding | 272.1 | 107.0 | 98.6 | 89.4 | 147.1 | 153.0 | |
| Implied Stock Price | 54.89 | 47.57 | 46.62 | 200.79 | 30.39 | 3,438.67 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 171.93 | |
| Implied Stock Price (Trading Cur) | 54.89 | 47.57 | 46.62 | 200.79 | 30.39 | 20.00 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 171.93 | |