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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 10.4x - 11.5x | 10.9x |
| Selected Fwd EBITDA Multiple | 8.6x - 9.5x | 9.0x |
| Fair Value | $42.87 - $50.02 | $46.45 |
| Upside | 1.6% - 18.5% | 10.0% |
| Benchmarks | Ticker | Full Ticker |
| Corteva, Inc. | CTVA | NYSE:CTVA |
| Sociedad Química y Minera de Chile S.A. | SQM | NYSE:SQM |
| Yara International ASA | YRAI.F | OTCPK:YRAI.F |
| Nutrien Ltd. | NTR | NYSE:NTR |
| Evonik Industries AG | EVKI.F | OTCPK:EVKI.F |
| FMC Corporation | FMC | NYSE:FMC |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| CTVA | SQM | YRAI.F | NTR | EVKI.F | FMC | ||
| NYSE:CTVA | NYSE:SQM | OTCPK:YRAI.F | NYSE:NTR | OTCPK:EVKI.F | NYSE:FMC | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 9.2% | 17.1% | -3.6% | 4.6% | -3.1% | -7.8% | |
| 3Y CAGR | -6.4% | 7.1% | -16.8% | -11.4% | -7.7% | -13.3% | |
| Latest Twelve Months | -1.1% | -55.8% | 17.5% | -15.4% | -5.6% | -6.0% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 19.4% | 39.6% | 14.4% | 21.8% | 13.3% | 23.4% | |
| Prior Fiscal Year | 18.7% | 42.3% | 8.4% | 19.0% | 11.8% | 19.2% | |
| Latest Fiscal Year | 18.8% | 30.8% | 11.1% | 18.0% | 11.2% | 19.1% | |
| Latest Twelve Months | 18.8% | 30.8% | 11.1% | 18.0% | 11.2% | 19.1% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.48x | 2.94x | 0.84x | 1.43x | 0.81x | 1.99x | |
| EV / LTM EBITDA | 13.2x | 9.5x | 7.6x | 7.9x | 7.3x | 10.4x | |
| EV / LTM EBIT | 21.5x | 12.3x | 16.5x | 13.8x | 14.7x | 13.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 7.3x | 7.9x | 13.2x | ||||
| Historical EV / LTM EBITDA | 10.2x | 13.9x | 14.1x | ||||
| Selected EV / LTM EBITDA | 10.4x | 10.9x | 11.5x | ||||
| (x) LTM EBITDA | 811 | 811 | 811 | ||||
| (=) Implied Enterprise Value | 8,410 | 8,853 | 9,296 | ||||
| (-) Non-shareholder Claims * | (3,134) | (3,134) | (3,134) | ||||
| (=) Equity Value | 5,276 | 5,719 | 6,161 | ||||
| (/) Shares Outstanding | 124.9 | 124.9 | 124.9 | ||||
| Implied Value Range | 42.24 | 45.78 | 49.33 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 42.24 | 45.78 | 49.33 | 42.21 | |||
| Upside / (Downside) | 0.1% | 8.5% | 16.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | CTVA | SQM | YRAI.F | NTR | EVKI.F | FMC | |
| Enterprise Value | 41,822 | 13,294 | 10,934 | 35,782 | 12,432 | 8,406 | |
| (+) Cash & Short Term Investments | 3,169 | 2,439 | 317 | 853 | 618 | 357 | |
| (+) Investments & Other | 134 | 644 | 222 | 698 | 509 | 26 | |
| (-) Debt | (3,179) | (4,848) | (4,047) | (12,807) | (3,781) | (3,496) | |
| (-) Other Liabilities | (241) | (37) | (16) | (35) | (80) | (21) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 41,705 | 11,491 | 7,410 | 24,491 | 9,698 | 5,272 | |
| (/) Shares Outstanding | 683.0 | 285.6 | 254.7 | 488.8 | 466.0 | 124.9 | |
| Implied Stock Price | 61.06 | 40.23 | 29.09 | 50.10 | 20.81 | 42.21 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 0.92 | 1.00 | |
| Implied Stock Price (Trading Cur) | 61.06 | 40.23 | 29.09 | 50.10 | 22.53 | 42.21 | |
| Trading Currency | USD | USD | USD | USD | USD | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 0.92 | 1.00 | |