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Metrics | Range | Conclusion |
---|---|---|
Selected LTM Ps Multiple | 1.9x - 2.1x | 2.0x |
Selected Fwd Ps Multiple | 2.0x - 2.2x | 2.1x |
Fair Value | €97.68 - €107.96 | €102.82 |
Upside | -0.3% - 10.1% | 4.9% |
Benchmarks | Ticker | Full Ticker |
---|---|---|
Symrise AG | - | DB:SY1 |
Akzo Nobel N.V. | - | ENXTAM:AKZA |
Evonik Industries AG | - | DB:EVK |
Syensqo SA/NV | - | DUSE:2NF |
Umicore SA | - | DB:NVJP |
DSM-Firmenich AG | - | ENXTAM:DSFIR |
Select Price / LTM Sales Ratio | ||||||||
Benchmark Companies | ||||||||
SY1 | AKZA | EVK | 2NF | NVJP | DSFIR | |||
DB:SY1 | ENXTAM:AKZA | DB:EVK | DUSE:2NF | DB:NVJP | ENXTAM:DSFIR | |||
Historical Sales Growth | ||||||||
5Y CAGR | 8.0% | 2.9% | 2.9% | NM- | -3.2% | 9.9% | ||
3Y CAGR | 9.3% | 3.8% | 0.4% | 4.3% | -14.8% | 20.8% | ||
Latest Twelve Months | 5.7% | 0.3% | 0.5% | -1.2% | -18.7% | 20.4% | ||
Historical Net Income Profit Margin | ||||||||
5 Year Average Margin | 8.4% | 6.1% | 2.9% | 2.2% | -0.1% | 14.9% | ||
Prior Fiscal Year | 7.2% | 4.2% | -3.0% | 2.7% | 2.1% | -6.2% | ||
Latest Fiscal Year | 9.6% | 5.1% | 1.5% | -0.1% | -10.0% | 2.0% | ||
Latest Twelve Months | 9.6% | 4.4% | 2.0% | -1.6% | -10.0% | 2.0% | ||
Current Trading Multiples | ||||||||
EV / LTM EBITDA | 16.3x | 12.4x | 7.0x | 6.6x | -48.7x | 17.6x | ||
Price / LTM Sales | 2.9x | 1.0x | 0.6x | 1.0x | 0.2x | 2.0x | ||
LTM P/E Ratio | 30.4x | 21.7x | 29.7x | -63.8x | -1.6x | 103.8x | ||
Low | Mid | High | ||||||
Benchmark LTM P/S Ratio | 0.2x | 1.0x | 2.9x | |||||
Historical LTM P/S Ratio | 2.0x | 2.5x | 4.1x | |||||
Selected Price / Sales Multiple | 1.9x | 2.0x | 2.1x | |||||
(x) LTM Sales | 12,799 | 12,799 | 12,799 | |||||
(=) Equity Value | 24,388 | 25,672 | 26,956 | |||||
(/) Shares Outstanding | 264.3 | 264.3 | 264.3 | |||||
Implied Value Range | 92.29 | 97.14 | 102.00 | |||||
FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | ||||
Implied Value Range (Trading Cur) | 92.29 | 97.14 | 102.00 | 98.02 | ||||
Upside / (Downside) | -5.9% | -0.9% | 4.1% |
Equity Value | |||||||
Benchmark Companies | |||||||
(in millions) | SY1 | AKZA | EVK | 2NF | NVJP | DSFIR | |
Value of Common Equity | 14,627 | 10,247 | 8,943 | 5,764 | 2,336 | 25,904 | |
(/) Shares Outstanding | 139.8 | 170.9 | 466.0 | 89.3 | 240.5 | 264.3 | |
Implied Stock Price | 104.65 | 59.96 | 19.19 | 64.58 | 9.72 | 98.02 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 104.65 | 59.96 | 19.19 | 64.58 | 9.72 | 98.02 | |
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 |