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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Ps Multiple | 0.8x - 0.9x | 0.9x |
| Selected Fwd Ps Multiple | 0.8x - 0.9x | 0.9x |
| Fair Value | $53.30 - $58.91 | $56.11 |
| Upside | 4.3% - 15.2% | 9.8% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Quaker Chemical Corporation | - | NYSE:KWR |
| Element Solutions Inc | - | NYSE:ESI |
| RPM International Inc. | - | NYSE:RPM |
| Axalta Coating Systems Ltd. | - | NYSE:AXTA |
| Evonik Industries AG | - | OTCPK:EVKI.F |
| H.B. Fuller Company | - | NYSE:FUL |
| Select Price / LTM Sales Ratio | ||||||||
| Benchmark Companies | ||||||||
| KWR | ESI | RPM | AXTA | EVKI.F | FUL | |||
| NYSE:KWR | NYSE:ESI | NYSE:RPM | NYSE:AXTA | OTCPK:EVKI.F | NYSE:FUL | |||
| Historical Sales Growth | ||||||||
| 5Y CAGR | 10.2% | 6.0% | 5.7% | 3.3% | 2.9% | 4.3% | ||
| 3Y CAGR | 1.5% | 0.8% | 6.3% | 6.1% | 0.4% | 2.9% | ||
| Latest Twelve Months | -5.8% | 5.3% | 0.1% | 1.8% | -0.7% | 1.0% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 3.9% | 7.0% | 7.3% | 4.9% | 3.6% | 4.5% | ||
| Prior Fiscal Year | 5.7% | 5.0% | 6.6% | 5.2% | -3.0% | 4.1% | ||
| Latest Fiscal Year | 6.3% | 9.9% | 8.0% | 7.4% | 1.5% | 3.6% | ||
| Latest Twelve Months | 6.3% | 9.9% | 8.9% | 7.4% | 1.5% | 3.2% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 8.2x | 11.8x | 14.5x | 9.5x | 6.5x | 9.2x | ||
| Price / LTM Sales | 1.0x | 1.8x | 1.9x | 1.2x | 0.5x | 0.8x | ||
| LTM P/E Ratio | 16.1x | 18.3x | 21.4x | 16.6x | 37.5x | 25.4x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/S Ratio | 0.5x | 1.2x | 1.9x | |||||
| Historical LTM P/S Ratio | 1.0x | 1.2x | 1.2x | |||||
| Selected Price / Sales Multiple | 0.8x | 0.9x | 0.9x | |||||
| (x) LTM Sales | 3,547 | 3,547 | 3,547 | |||||
| (=) Equity Value | 2,869 | 3,020 | 3,171 | |||||
| (/) Shares Outstanding | 54.2 | 54.2 | 54.2 | |||||
| Implied Value Range | 52.93 | 55.72 | 58.51 | |||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 52.93 | 55.72 | 58.51 | 51.12 | ||||
| Upside / (Downside) | 3.5% | 9.0% | 14.4% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | KWR | ESI | RPM | AXTA | EVKI.F | FUL | |
| Value of Common Equity | 1,801 | 4,459 | 13,718 | 6,455 | 8,413 | 2,770 | |
| (/) Shares Outstanding | 17.7 | 242.5 | 128.6 | 218.1 | 466.0 | 54.2 | |
| Implied Stock Price | 101.90 | 18.39 | 106.70 | 29.59 | 18.05 | 51.12 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 0.91 | 1.00 | |
| Implied Stock Price (Trading Cur) | 101.90 | 18.39 | 106.70 | 29.59 | 19.81 | 51.12 | |
| Trading Currency | USD | USD | USD | USD | USD | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 0.91 | 1.00 | |