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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 9.9x - 10.9x | 10.4x |
| Selected Fwd EBITDA Multiple | 7.6x - 8.4x | 8.0x |
| Fair Value | $9.94 - $11.41 | $10.68 |
| Upside | -42.3% - -33.7% | -38.0% |
| Benchmarks | Ticker | Full Ticker |
| Crown Electrokinetics Corp. | CRKN | OTCPK:CRKN |
| Intrepid Potash, Inc. | IPI | NYSE:IPI |
| Axalta Coating Systems Ltd. | AXTA | NYSE:AXTA |
| LSB Industries, Inc. | LXU | NYSE:LXU |
| Ecovyst Inc. | ECVT | NYSE:ECVT |
| Perimeter Solutions, Inc. | PRM | NYSE:PRM |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| CRKN | IPI | AXTA | LXU | ECVT | PRM | ||
| OTCPK:CRKN | NYSE:IPI | NYSE:AXTA | NYSE:LXU | NYSE:ECVT | NYSE:PRM | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | NM- | -7.5% | 2.3% | 14.9% | 5.7% | 3.1% | |
| 3Y CAGR | NM- | -18.3% | 6.2% | -22.2% | 10.6% | NM- | |
| Latest Twelve Months | -65.6% | 17.6% | 16.3% | -28.7% | -6.8% | 90.9% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | -12438.5% | 26.3% | 17.8% | 24.6% | 25.8% | 3.1% | |
| Prior Fiscal Year | -11716.3% | 20.2% | 16.1% | 20.9% | 27.2% | 62.1% | |
| Latest Fiscal Year | -116.8% | 17.4% | 18.8% | 15.4% | 27.7% | 11.0% | |
| Latest Twelve Months | -132.8% | 21.0% | 19.3% | 14.3% | 25.6% | 37.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | -0.71x | 1.75x | 1.79x | 1.85x | 2.04x | 5.49x | |
| EV / LTM EBITDA | 0.5x | 8.3x | 9.3x | 13.0x | 8.0x | 14.6x | |
| EV / LTM EBIT | 0.5x | 66.4x | 11.9x | -494.2x | 16.0x | 21.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 0.5x | 8.3x | 13.0x | ||||
| Historical EV / LTM EBITDA | -290.5x | 2.1x | 21.3x | ||||
| Selected EV / LTM EBITDA | 9.9x | 10.4x | 10.9x | ||||
| (x) LTM EBITDA | 215 | 215 | 215 | ||||
| (=) Implied Enterprise Value | 2,130 | 2,242 | 2,354 | ||||
| (-) Non-shareholder Claims * | (607) | (607) | (607) | ||||
| (=) Equity Value | 1,523 | 1,635 | 1,747 | ||||
| (/) Shares Outstanding | 147.7 | 147.7 | 147.7 | ||||
| Implied Value Range | 10.31 | 11.07 | 11.83 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 10.31 | 11.07 | 11.83 | 17.22 | |||
| Upside / (Downside) | -40.1% | -35.7% | -31.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | CRKN | IPI | AXTA | LXU | ECVT | PRM | |
| Enterprise Value | (18) | 379 | 9,397 | 977 | 1,440 | 3,151 | |
| (+) Cash & Short Term Investments | 22 | 46 | 575 | 164 | 138 | 200 | |
| (+) Investments & Other | 0 | 3 | 1 | 0 | 352 | 0 | |
| (-) Debt | (2) | (4) | (3,418) | (527) | (894) | (807) | |
| (-) Other Liabilities | 0 | 0 | (46) | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 2 | 424 | 6,509 | 614 | 1,037 | 2,544 | |
| (/) Shares Outstanding | 1.7 | 12.3 | 218.6 | 71.9 | 117.4 | 147.7 | |
| Implied Stock Price | 1.13 | 34.36 | 29.78 | 8.54 | 8.83 | 17.22 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 1.13 | 34.36 | 29.78 | 8.54 | 8.83 | 17.22 | |
| 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 | |