Looks like there`s been an error while trying to load this page.
Our team has been notified but please contact us using the email support widget if the problem persists.
| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 0.6x - 0.7x | 0.7x |
| Selected Fwd Revenue Multiple | 0.6x - 0.7x | 0.6x |
| Fair Value | $24.55 - $28.44 | $26.50 |
| Upside | 22.0% - 41.3% | 31.6% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| CVR Partners, LP | UAN | NYSE:UAN |
| Eastman Chemical Company | EMN | NYSE:EMN |
| CF Industries Holdings, Inc. | CF | NYSE:CF |
| Nutrien Ltd. | NTR | NYSE:NTR |
| Yara International ASA | YRAI.F | OTCPK:YRAI.F |
| AdvanSix Inc. | ASIX | NYSE:ASIX |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| UAN | EMN | CF | NTR | YRAI.F | ASIX | |||
| NYSE:UAN | NYSE:EMN | NYSE:CF | NYSE:NTR | OTCPK:YRAI.F | NYSE:ASIX | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 5.4% | 0.2% | 5.3% | 5.3% | 1.5% | 3.2% | ||
| 3Y CAGR | -0.5% | -3.6% | -3.2% | -2.3% | -5.8% | -3.4% | ||
| Latest Twelve Months | -22.9% | 1.9% | -10.5% | -10.9% | -10.6% | -1.0% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 21.1% | 13.3% | 31.5% | 15.1% | 9.1% | 7.1% | ||
| Prior Fiscal Year | 29.9% | 11.6% | 34.1% | 12.7% | 3.1% | 4.5% | ||
| Latest Fiscal Year | 19.9% | 14.7% | 29.1% | 10.4% | 5.1% | 3.9% | ||
| Latest Twelve Months | 19.9% | 14.7% | 29.1% | 10.4% | 5.1% | 3.9% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 2.27x | 1.39x | 2.71x | 1.41x | 0.78x | 0.57x | ||
| EV / LTM EBIT | 11.4x | 9.4x | 9.3x | 13.6x | 15.5x | 14.8x | ||
| Price / LTM Sales | 1.36x | 0.94x | 2.00x | 0.94x | 0.52x | 0.36x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 0.78x | 1.41x | 2.71x | |||||
| Historical EV / LTM Revenue | 0.57x | 0.68x | 1.00x | |||||
| Selected EV / LTM Revenue | 0.65x | 0.68x | 0.72x | |||||
| (x) LTM Revenue | 1,518 | 1,518 | 1,518 | |||||
| (=) Implied Enterprise Value | 982 | 1,034 | 1,086 | |||||
| (-) Non-shareholder Claims * | (332) | (332) | (332) | |||||
| (=) Equity Value | 651 | 702 | 754 | |||||
| (/) Shares Outstanding | 26.7 | 26.7 | 26.7 | |||||
| Implied Value Range | 24.33 | 26.26 | 28.19 | |||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 24.33 | 26.26 | 28.19 | 20.13 | ||||
| Upside / (Downside) | 20.9% | 30.5% | 40.1% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | UAN | EMN | CF | NTR | YRAI.F | ASIX | |
| Enterprise Value | 1,192 | 13,030 | 16,072 | 34,912 | 10,934 | 870 | |
| (+) Cash & Short Term Investments | 91 | 856 | 1,614 | 853 | 317 | 20 | |
| (+) Investments & Other | 19 | 183 | 29 | 698 | 222 | 0 | |
| (-) Debt | (585) | (5,220) | (3,246) | (12,807) | (4,047) | (351) | |
| (-) Other Liabilities | (0) | (73) | (2,607) | (35) | (16) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 717 | 8,776 | 11,862 | 23,621 | 7,410 | 538 | |
| (/) Shares Outstanding | 10.6 | 115.4 | 169.5 | 488.8 | 254.7 | 26.7 | |
| Implied Stock Price | 67.84 | 76.04 | 69.97 | 48.32 | 29.09 | 20.13 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 67.84 | 76.04 | 69.97 | 48.32 | 29.09 | 20.13 | |
| 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 | |