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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 11.0x - 12.1x | 11.6x |
| Selected Fwd EBIT Multiple | 7.4x - 8.2x | 7.8x |
| Fair Value | $70.83 - $82.41 | $76.62 |
| Upside | -20.1% - -7.0% | -13.6% |
| Benchmarks | Ticker | Full Ticker |
| Umicore SA | NVJP | DB:NVJP |
| Syensqo SA/NV | 2NF | DUSE:2NF |
| Kemira Oyj | KEMIRA | HLSE:KEMIRA |
| Novonesis A/S | NZM2 | DB:NZM2 |
| Symrise AG | SY1 | DB:SY1 |
| Arkema S.A. | ARKA.F | OTCPK:ARKA.F |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| NVJP | 2NF | KEMIRA | NZM2 | SY1 | ARKA.F | ||
| DB:NVJP | DUSE:2NF | HLSE:KEMIRA | DB:NZM2 | DB:SY1 | OTCPK:ARKA.F | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | NM- | 13.4% | 11.9% | 8.4% | -4.3% | |
| 3Y CAGR | NM- | -1.0% | 28.7% | 17.2% | 12.6% | -14.8% | |
| Latest Twelve Months | -138.9% | -34.0% | 8.1% | 38.0% | 32.3% | -7.0% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 2.6% | 13.5% | 9.0% | 24.7% | 12.7% | 9.4% | |
| Prior Fiscal Year | 4.3% | 15.3% | 9.9% | 25.4% | 11.3% | 7.6% | |
| Latest Fiscal Year | -2.1% | 10.4% | 12.3% | 22.0% | 14.2% | 7.1% | |
| Latest Twelve Months | -2.1% | 10.4% | 12.3% | 22.0% | 14.2% | 7.1% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.19x | 1.05x | 1.01x | 7.04x | 2.92x | 0.79x | |
| EV / LTM EBITDA | -43.4x | 5.7x | 5.7x | 25.0x | 15.0x | 5.6x | |
| EV / LTM EBIT | -9.0x | 10.1x | 8.2x | 32.0x | 20.6x | 11.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -9.0x | 10.1x | 32.0x | ||||
| Historical EV / LTM EBIT | 6.1x | 11.7x | 12.8x | ||||
| Selected EV / LTM EBIT | 11.0x | 11.6x | 12.1x | ||||
| (x) LTM EBIT | 675 | 675 | 675 | ||||
| (=) Implied Enterprise Value | 7,419 | 7,809 | 8,200 | ||||
| (-) Non-shareholder Claims * | (2,715) | (2,715) | (2,715) | ||||
| (=) Equity Value | 4,704 | 5,094 | 5,485 | ||||
| (/) Shares Outstanding | 75.8 | 75.8 | 75.8 | ||||
| Implied Value Range | 62.06 | 67.21 | 72.36 | ||||
| FX Rate: EUR/USD | 0.9 | 0.9 | 0.9 | Market Price | |||
| Implied Value Range (Trading Cur) | 68.00 | 73.64 | 79.29 | 88.66 | |||
| Upside / (Downside) | -23.3% | -16.9% | -10.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | NVJP | 2NF | KEMIRA | NZM2 | SY1 | ARKA.F | |
| Enterprise Value | 2,762 | 7,806 | 2,967 | 26,902 | 14,539 | 8,848 | |
| (+) Cash & Short Term Investments | 2,013 | 740 | 519 | 280 | 709 | 2,013 | |
| (+) Investments & Other | 611 | 337 | 282 | 24 | 617 | 61 | |
| (-) Debt | (3,437) | (2,115) | (811) | (1,797) | (2,546) | (4,554) | |
| (-) Other Liabilities | 16 | (50) | (18) | 0 | (38) | (235) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 1,965 | 6,718 | 2,939 | 25,409 | 13,281 | 6,133 | |
| (/) Shares Outstanding | 240.5 | 103.5 | 154.4 | 466.4 | 139.8 | 75.8 | |
| Implied Stock Price | 8.17 | 64.92 | 19.03 | 54.48 | 95.02 | 80.91 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.91 | |
| Implied Stock Price (Trading Cur) | 8.17 | 64.92 | 19.03 | 54.48 | 95.02 | 88.66 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.91 | |