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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 8.2x - 9.1x | 8.7x |
| Selected Fwd EBIT Multiple | 6.6x - 7.3x | 7.0x |
| Fair Value | $7.65 - $8.40 | $8.02 |
| Upside | 29.2% - 41.8% | 35.5% |
| Benchmarks | Ticker | Full Ticker |
| 5N Plus Inc. | VNP | TSX:VNP |
| Shin-Etsu Chemical Co., Ltd. | 4063 N | BMV:4063N |
| Nutrien Ltd. | NTR | TSX:NTR |
| AirBoss of America Corp. | BOS | TSX:BOS |
| Methanex Corporation | MX | TSX:MX |
| Neo Performance Materials Inc. | NOPM.F | OTCPK:NOPM.F |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| VNP | 4063 N | NTR | BOS | MX | NOPM.F | ||
| TSX:VNP | BMV:4063N | TSX:NTR | TSX:BOS | TSX:MX | OTCPK:NOPM.F | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 34.2% | 11.7% | 4.9% | NM- | 25.1% | 0.5% | |
| 3Y CAGR | 32.9% | 21.4% | -18.8% | NM- | -15.6% | -14.6% | |
| Latest Twelve Months | 72.2% | -3.1% | -27.0% | 82.3% | 62.3% | 147.1% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 7.4% | 30.3% | 15.1% | 2.5% | 8.6% | 6.6% | |
| Prior Fiscal Year | 8.5% | 35.5% | 12.7% | -7.9% | 7.1% | 2.7% | |
| Latest Fiscal Year | 12.3% | 29.0% | 10.4% | -1.5% | 11.5% | 7.9% | |
| Latest Twelve Months | 12.3% | 28.8% | 10.4% | -1.5% | 11.5% | 7.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.58x | 2.78x | 1.43x | 0.48x | 1.32x | 0.48x | |
| EV / LTM EBITDA | 9.1x | 7.3x | 7.9x | 16.7x | 7.4x | 4.4x | |
| EV / LTM EBIT | 12.8x | 9.6x | 13.8x | -31.3x | 11.5x | 6.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -31.3x | 11.5x | 13.8x | ||||
| Historical EV / LTM EBIT | 3.1x | 6.0x | 36.1x | ||||
| Selected EV / LTM EBIT | 8.2x | 8.7x | 9.1x | ||||
| (x) LTM EBIT | 38 | 38 | 38 | ||||
| (=) Implied Enterprise Value | 311 | 327 | 344 | ||||
| (-) Non-shareholder Claims * | 23 | 23 | 23 | ||||
| (=) Equity Value | 334 | 351 | 367 | ||||
| (/) Shares Outstanding | 41.8 | 41.8 | 41.8 | ||||
| Implied Value Range | 8.00 | 8.39 | 8.78 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 8.00 | 8.39 | 8.78 | 5.92 | |||
| Upside / (Downside) | 35.1% | 41.8% | 48.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | VNP | 4063 N | NTR | BOS | MX | NOPM.F | |
| Enterprise Value | 454 | 7,489,785 | 35,787 | 186 | 4,909 | 224 | |
| (+) Cash & Short Term Investments | 22 | 1,598,150 | 853 | 6 | 892 | 85 | |
| (+) Investments & Other | 3 | 315,635 | 698 | 0 | 101 | 16 | |
| (-) Debt | (152) | (19,060) | (12,807) | (117) | (3,233) | (76) | |
| (-) Other Liabilities | 0 | (172,553) | (35) | 0 | (288) | (3) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 327 | 9,211,957 | 24,496 | 75 | 2,381 | 247 | |
| (/) Shares Outstanding | 89.0 | 1,979.7 | 488.8 | 27.1 | 67.4 | 41.8 | |
| Implied Stock Price | 3.67 | 4,653.20 | 50.11 | 2.77 | 35.33 | 5.92 | |
| FX Conversion Rate to Trading Currency | 0.70 | 7.34 | 0.70 | 0.70 | 0.70 | 1.00 | |
| Implied Stock Price (Trading Cur) | 5.26 | 634.20 | 71.74 | 3.96 | 50.58 | 5.92 | |
| Trading Currency | CAD | MXN | CAD | CAD | CAD | USD | |
| FX Rate to Reporting Currency | 0.70 | 7.34 | 0.70 | 0.70 | 0.70 | 1.00 | |