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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Ps Multiple | 0.4x - 0.5x | 0.5x |
| Selected Fwd Ps Multiple | 0.4x - 0.4x | 0.4x |
| Fair Value | $25.05 - $27.69 | $26.37 |
| Upside | 25.3% - 38.4% | 31.9% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Eastman Chemical Company | - | NYSE:EMN |
| CVR Partners, LP | - | NYSE:UAN |
| CF Industries Holdings, Inc. | - | NYSE:CF |
| Nutrien Ltd. | - | NYSE:NTR |
| Yara International ASA | - | OTCPK:YRAI.F |
| AdvanSix Inc. | - | NYSE:ASIX |
| Select Price / LTM Sales Ratio | ||||||||
| Benchmark Companies | ||||||||
| EMN | UAN | CF | NTR | YRAI.F | ASIX | |||
| NYSE:EMN | NYSE:UAN | NYSE:CF | NYSE:NTR | OTCPK:YRAI.F | NYSE:ASIX | |||
| Historical Sales Growth | ||||||||
| 5Y CAGR | 0.2% | 5.4% | 5.3% | 5.3% | 1.5% | 3.2% | ||
| 3Y CAGR | -3.6% | -0.5% | -3.2% | -2.3% | -5.8% | -3.4% | ||
| Latest Twelve Months | 1.5% | 8.1% | 9.5% | -3.2% | 2.5% | 1.3% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 8.0% | 12.1% | 23.7% | 8.6% | 4.9% | 5.6% | ||
| Prior Fiscal Year | 9.7% | 25.3% | 23.0% | 4.5% | 0.3% | 3.6% | ||
| Latest Fiscal Year | 9.6% | 11.6% | 20.5% | 2.7% | 0.1% | 2.9% | ||
| Latest Twelve Months | 9.0% | 15.3% | 20.2% | 5.4% | 4.8% | 5.1% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 6.9x | 6.9x | 6.5x | 8.6x | 6.7x | 5.6x | ||
| Price / LTM Sales | 0.8x | 1.7x | 2.1x | 1.1x | 0.6x | 0.4x | ||
| LTM P/E Ratio | 9.2x | 10.9x | 10.4x | 20.2x | 13.3x | 7.1x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/S Ratio | 0.6x | 1.1x | 2.1x | |||||
| Historical LTM P/S Ratio | 0.5x | 0.5x | 0.8x | |||||
| Selected Price / Sales Multiple | 0.4x | 0.5x | 0.5x | |||||
| (x) LTM Sales | 1,515 | 1,515 | 1,515 | |||||
| (=) Equity Value | 678 | 714 | 750 | |||||
| (/) Shares Outstanding | 26.8 | 26.8 | 26.8 | |||||
| Implied Value Range | 25.27 | 26.60 | 27.93 | |||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 25.27 | 26.60 | 27.93 | 20.00 | ||||
| Upside / (Downside) | 26.4% | 33.0% | 39.7% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | EMN | UAN | CF | NTR | YRAI.F | ASIX | |
| Value of Common Equity | 7,647 | 953 | 13,837 | 27,715 | 9,504 | 537 | |
| (/) Shares Outstanding | 114.8 | 10.6 | 162.0 | 485.9 | 254.7 | 26.8 | |
| Implied Stock Price | 66.62 | 90.19 | 85.43 | 57.04 | 37.31 | 20.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 66.62 | 90.19 | 85.43 | 57.04 | 37.31 | 20.00 | |
| Trading Currency | USD | USD | USD | USD | USD | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |