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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 6.0x - 6.7x | 6.4x |
| Selected Fwd EBITDA Multiple | 5.4x - 6.0x | 5.7x |
| Fair Value | $27.22 - $33.84 | $30.53 |
| Upside | -12.4% - 8.9% | -1.7% |
| Benchmarks | Ticker | Full Ticker |
| The Sherwin-Williams Company | SHW | NYSE:SHW |
| Eastman Chemical Company | EMN | NYSE:EMN |
| PPG Industries, Inc. | PPG | NYSE:PPG |
| LSB Industries, Inc. | LXU | NYSE:LXU |
| Nano Magic Inc. | NMGX | OTCPK:NMGX |
| Ingevity Corporation | NGVT | NYSE:NGVT |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| SHW | EMN | PPG | LXU | NMGX | NGVT | ||
| NYSE:SHW | NYSE:EMN | NYSE:PPG | NYSE:LXU | OTCPK:NMGX | NYSE:NGVT | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 8.2% | 0.3% | 3.2% | 11.3% | NM- | -0.5% | |
| 3Y CAGR | 10.8% | -7.7% | 5.8% | -26.2% | NM- | -3.5% | |
| Latest Twelve Months | 3.5% | 22.5% | 1.3% | -42.8% | -31.2% | -6.2% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 17.6% | 18.7% | 15.0% | 24.1% | -75.4% | 28.0% | |
| Prior Fiscal Year | 18.4% | 16.8% | 16.6% | 20.2% | -125.8% | 23.6% | |
| Latest Fiscal Year | 19.0% | 20.2% | 17.3% | 13.2% | -98.1% | 26.6% | |
| Latest Twelve Months | 19.0% | 20.2% | 17.3% | 13.2% | -144.3% | 26.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 4.16x | 1.41x | 1.75x | 1.35x | 4.60x | 1.75x | |
| EV / LTM EBITDA | 21.9x | 7.0x | 10.1x | 10.2x | -3.2x | 6.6x | |
| EV / LTM EBIT | 25.5x | 9.6x | 12.4x | -128.0x | -3.1x | 9.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -3.2x | 10.1x | 21.9x | ||||
| Historical EV / LTM EBITDA | 6.6x | 8.2x | 11.5x | ||||
| Selected EV / LTM EBITDA | 6.0x | 6.4x | 6.7x | ||||
| (x) LTM EBITDA | 375 | 375 | 375 | ||||
| (=) Implied Enterprise Value | 2,265 | 2,384 | 2,503 | ||||
| (-) Non-shareholder Claims * | (1,299) | (1,299) | (1,299) | ||||
| (=) Equity Value | 966 | 1,085 | 1,204 | ||||
| (/) Shares Outstanding | 36.4 | 36.4 | 36.4 | ||||
| Implied Value Range | 26.51 | 29.78 | 33.05 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 26.51 | 29.78 | 33.05 | 31.07 | |||
| Upside / (Downside) | -14.7% | -4.2% | 6.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | SHW | EMN | PPG | LXU | NMGX | NGVT | |
| Enterprise Value | 93,996 | 13,116 | 27,229 | 706 | 12 | 2,431 | |
| (+) Cash & Short Term Investments | 210 | 856 | 1,367 | 184 | 0 | 68 | |
| (+) Investments & Other | 744 | 183 | 331 | 0 | 0 | 88 | |
| (-) Debt | (12,103) | (5,220) | (6,411) | (526) | (1) | (1,455) | |
| (-) Other Liabilities | 0 | (73) | (177) | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 82,848 | 8,862 | 22,339 | 364 | 11 | 1,132 | |
| (/) Shares Outstanding | 250.1 | 115.4 | 227.0 | 71.8 | 14.6 | 36.4 | |
| Implied Stock Price | 331.28 | 76.79 | 98.42 | 5.07 | 0.74 | 31.07 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 331.28 | 76.79 | 98.42 | 5.07 | 0.74 | 31.07 | |
| 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 | |