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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 5.1x - 5.7x | 5.4x |
| Selected Fwd EBITDA Multiple | 4.8x - 5.3x | 5.0x |
| Fair Value | $37.31 - $42.70 | $40.01 |
| Upside | 5.1% - 20.3% | 12.7% |
| Benchmarks | Ticker | Full Ticker |
| Umicore SA | UMI | ENXTBR:UMI |
| Syensqo SA/NV | SYENS | ENXTBR:SYENS |
| Symrise AG | SY1 | DB:SY1 |
| K+S Aktiengesellschaft | SDF | DB:SDF |
| Novonesis A/S | NZM2 | DB:NZM2 |
| Solvay SA | SVYS.F | OTCPK:SVYS.F |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| UMI | SYENS | SY1 | SDF | NZM2 | SVYS.F | ||
| ENXTBR:UMI | ENXTBR:SYENS | DB:SY1 | DB:SDF | DB:NZM2 | OTCPK:SVYS.F | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | NM- | NM- | 6.7% | -0.5% | 12.0% | -15.2% | |
| 3Y CAGR | NM- | 1.6% | 9.1% | -17.4% | 16.7% | -22.1% | |
| Latest Twelve Months | -106.1% | -21.0% | 22.2% | -44.0% | 43.0% | -39.7% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 3.8% | 21.1% | 19.0% | 20.3% | 31.5% | 24.8% | |
| Prior Fiscal Year | 5.7% | 22.6% | 16.8% | 19.5% | 31.5% | 25.3% | |
| Latest Fiscal Year | -0.4% | 18.5% | 19.4% | 11.6% | 28.2% | 17.9% | |
| Latest Twelve Months | -0.4% | 18.5% | 19.4% | 11.6% | 28.2% | 17.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.21x | 1.11x | 2.95x | 0.61x | 6.97x | 0.94x | |
| EV / LTM EBITDA | -48.0x | 6.0x | 15.2x | 5.3x | 24.7x | 5.2x | |
| EV / LTM EBIT | -9.9x | 10.7x | 20.8x | -51.1x | 31.7x | 8.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -48.0x | 6.0x | 24.7x | ||||
| Historical EV / LTM EBITDA | 3.6x | 5.7x | 7.4x | ||||
| Selected EV / LTM EBITDA | 5.1x | 5.4x | 5.7x | ||||
| (x) LTM EBITDA | 919 | 919 | 919 | ||||
| (=) Implied Enterprise Value | 4,705 | 4,953 | 5,200 | ||||
| (-) Non-shareholder Claims * | (1,340) | (1,340) | (1,340) | ||||
| (=) Equity Value | 3,365 | 3,613 | 3,860 | ||||
| (/) Shares Outstanding | 104.3 | 104.3 | 104.3 | ||||
| Implied Value Range | 32.25 | 34.63 | 37.00 | ||||
| FX Rate: EUR/USD | 0.9 | 0.9 | 0.9 | Market Price | |||
| Implied Value Range (Trading Cur) | 34.99 | 37.57 | 40.14 | 35.50 | |||
| Upside / (Downside) | -1.4% | 5.8% | 13.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | UMI | SYENS | SY1 | SDF | NZM2 | SVYS.F | |
| Enterprise Value | 3,017 | 7,581 | 14,718 | 2,182 | 26,314 | 4,754 | |
| (+) Cash & Short Term Investments | 2,013 | 740 | 709 | 524 | 280 | 555 | |
| (+) Investments & Other | 611 | 337 | 617 | 271 | 24 | 308 | |
| (-) Debt | (3,437) | (2,115) | (2,546) | (746) | (1,797) | (2,138) | |
| (-) Other Liabilities | 16 | (50) | (38) | (4) | 0 | (65) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 2,220 | 6,493 | 13,460 | 2,227 | 24,821 | 3,414 | |
| (/) Shares Outstanding | 240.5 | 103.5 | 139.8 | 179.1 | 466.4 | 104.3 | |
| Implied Stock Price | 9.23 | 62.74 | 96.30 | 12.44 | 53.22 | 32.72 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.92 | |
| Implied Stock Price (Trading Cur) | 9.23 | 62.74 | 96.30 | 12.44 | 53.22 | 35.50 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.92 | |