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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 6.2x - 6.9x | 6.5x |
| Selected Fwd EBITDA Multiple | 5.0x - 5.5x | 5.2x |
| Fair Value | €61.46 - €71.62 | €66.54 |
| Upside | 1.4% - 18.2% | 9.8% |
| Benchmarks | Ticker | Full Ticker |
| BASF SE | BAS | DB:BAS |
| Syensqo SA/NV | 2NF | DUSE:2NF |
| Umicore SA | NVJP | DB:NVJP |
| Evonik Industries AG | EVK | DB:EVK |
| Akzo Nobel N.V. | AKZA | ENXTAM:AKZA |
| Arkema S.A. | V1S | DB:V1S |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| BAS | 2NF | NVJP | EVK | AKZA | V1S | ||
| DB:BAS | DUSE:2NF | DB:NVJP | DB:EVK | ENXTAM:AKZA | DB:V1S | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | -3.5% | NM- | NM- | -3.1% | 1.7% | 0.0% | |
| 3Y CAGR | -16.2% | 1.6% | NM- | -7.7% | -3.4% | -5.9% | |
| Latest Twelve Months | 11.4% | -13.9% | 336.0% | -16.9% | -17.6% | -15.3% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 11.0% | 20.6% | 3.2% | 12.9% | 12.2% | 15.6% | |
| Prior Fiscal Year | 9.0% | 22.6% | 5.7% | 11.8% | 12.4% | 14.0% | |
| Latest Fiscal Year | 9.6% | 18.5% | -0.4% | 11.2% | 11.3% | 14.2% | |
| Latest Twelve Months | 9.6% | 17.8% | 9.9% | 11.3% | 10.7% | 12.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.91x | 1.39x | 0.28x | 0.78x | 1.31x | 0.77x | |
| EV / LTM EBITDA | 9.5x | 7.8x | 2.8x | 6.9x | 12.3x | 6.2x | |
| EV / LTM EBIT | 20.4x | 14.7x | 3.3x | 14.1x | 16.3x | 13.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 2.8x | 7.8x | 12.3x | ||||
| Historical EV / LTM EBITDA | 4.5x | 6.5x | 6.9x | ||||
| Selected EV / LTM EBITDA | 6.2x | 6.5x | 6.9x | ||||
| (x) LTM EBITDA | 1,175 | 1,175 | 1,175 | ||||
| (=) Implied Enterprise Value | 7,286 | 7,670 | 8,053 | ||||
| (-) Non-shareholder Claims * | (2,638) | (2,638) | (2,638) | ||||
| (=) Equity Value | 4,648 | 5,032 | 5,415 | ||||
| (/) Shares Outstanding | 75.4 | 75.4 | 75.4 | ||||
| Implied Value Range | 61.67 | 66.76 | 71.85 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 61.67 | 66.76 | 71.85 | 60.60 | |||
| Upside / (Downside) | 1.8% | 10.2% | 18.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | BAS | 2NF | NVJP | EVK | AKZA | V1S | |
| Enterprise Value | 58,863 | 8,296 | 4,454 | 11,474 | 13,796 | 7,206 | |
| (+) Cash & Short Term Investments | 2,573 | 1,317 | 1,109 | 379 | 1,566 | 1,311 | |
| (+) Investments & Other | 5,799 | 303 | 596 | 500 | 248 | 58 | |
| (-) Debt | (25,443) | (3,069) | (2,865) | (4,529) | (5,846) | (3,791) | |
| (-) Other Liabilities | (1,147) | (42) | 33 | (65) | (213) | (216) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 40,645 | 6,805 | 3,327 | 7,759 | 9,551 | 4,568 | |
| (/) Shares Outstanding | 892.5 | 102.3 | 240.6 | 466.0 | 171.0 | 75.4 | |
| Implied Stock Price | 45.54 | 66.52 | 13.83 | 16.65 | 55.84 | 60.60 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 45.54 | 66.52 | 13.83 | 16.65 | 55.84 | 60.60 | |
| 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 | |