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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 11.2x - 12.3x | 11.8x |
| Selected Fwd EBITDA Multiple | 7.4x - 8.1x | 7.7x |
| Fair Value | $46.97 - $57.71 | $52.34 |
| Upside | 6.4% - 30.8% | 18.6% |
| Benchmarks | Ticker | Full Ticker |
| AptarGroup, Inc. | ATR | NYSE:ATR |
| Ball Corporation | BALL | NYSE:BALL |
| Berry Global Group, Inc. | BERY | NYSE:BERY |
| Silgan Holdings Inc. | SLGN | NYSE:SLGN |
| Crown Holdings, Inc. | CCK | NYSE:CCK |
| Sonoco Products Company | SON | NYSE:SON |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| ATR | BALL | BERY | SLGN | CCK | SON | ||
| NYSE:ATR | NYSE:BALL | NYSE:BERY | NYSE:SLGN | NYSE:CCK | NYSE:SON | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 5.7% | -0.6% | 6.3% | 7.1% | 5.2% | 3.6% | |
| 3Y CAGR | 8.7% | -5.4% | -3.3% | 1.3% | 89.5% | 65.3% | |
| Latest Twelve Months | 10.8% | 1.0% | 3.6% | 1.4% | 4.3% | -0.9% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 19.6% | 15.0% | 16.1% | 14.9% | 12.6% | 12.9% | |
| Prior Fiscal Year | 20.1% | 14.7% | 15.8% | 14.5% | 15.2% | 16.6% | |
| Latest Fiscal Year | 21.6% | 15.2% | 16.2% | 15.0% | 16.1% | 16.9% | |
| Latest Twelve Months | 21.6% | 15.2% | 16.2% | 15.0% | 16.1% | 16.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.88x | 1.57x | 1.26x | 1.50x | 1.35x | 2.11x | |
| EV / LTM EBITDA | 13.3x | 10.3x | 7.8x | 10.0x | 8.4x | 12.5x | |
| EV / LTM EBIT | 20.1x | 15.7x | 13.7x | 14.5x | 11.0x | 21.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 7.8x | 10.0x | 13.3x | ||||
| Historical EV / LTM EBITDA | 8.6x | 10.2x | 35.2x | ||||
| Selected EV / LTM EBITDA | 11.2x | 11.8x | 12.3x | ||||
| (x) LTM EBITDA | 895 | 895 | 895 | ||||
| (=) Implied Enterprise Value | 10,002 | 10,528 | 11,055 | ||||
| (-) Non-shareholder Claims * | (5,431) | (5,431) | (5,431) | ||||
| (=) Equity Value | 4,571 | 5,098 | 5,624 | ||||
| (/) Shares Outstanding | 98.6 | 98.6 | 98.6 | ||||
| Implied Value Range | 46.35 | 51.69 | 57.02 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 46.35 | 51.69 | 57.02 | 44.13 | |||
| Upside / (Downside) | 5.0% | 17.1% | 29.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | ATR | BALL | BERY | SLGN | CCK | SON | |
| Enterprise Value | 10,346 | 18,743 | 15,527 | 8,825 | 15,903 | 9,783 | |
| (+) Cash & Short Term Investments | 226 | 889 | 1,181 | 823 | 918 | 431 | |
| (+) Investments & Other | 152 | 233 | 1 | 0 | 22 | 1,504 | |
| (-) Debt | (1,093) | (6,017) | (8,801) | (4,357) | (6,422) | (7,351) | |
| (-) Other Liabilities | (14) | (68) | 0 | 0 | (472) | (15) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 9,617 | 13,780 | 7,908 | 5,291 | 9,949 | 4,352 | |
| (/) Shares Outstanding | 66.0 | 282.4 | 115.8 | 106.8 | 115.6 | 98.6 | |
| Implied Stock Price | 145.79 | 48.80 | 68.29 | 49.54 | 86.04 | 44.13 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 145.79 | 48.80 | 68.29 | 49.54 | 86.04 | 44.13 | |
| 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 | |