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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 7.6x - 8.4x | 8.0x |
| Selected Fwd EBIT Multiple | 8.5x - 9.4x | 8.9x |
| Fair Value | $15.81 - $18.23 | $17.02 |
| Upside | 4.8% - 20.9% | 12.9% |
| Benchmarks | Ticker | Full Ticker |
| Winpak Ltd. | WPK | TSX:WPK |
| Sealed Air Corporation | SEE * | BMV:SEE* |
| Sonoco Products Company | SON | NYSE:SON |
| Amcor plc | AMCR | NYSE:AMCR |
| CCL Industries Inc. | CCL.A | TSX:CCL.A |
| Transcontinental Inc. | TCLA.F | OTCPK:TCLA.F |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| WPK | SEE * | SON | AMCR | CCL.A | TCLA.F | ||
| TSX:WPK | BMV:SEE* | NYSE:SON | NYSE:AMCR | TSX:CCL.A | OTCPK:TCLA.F | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 4.5% | 3.2% | 0.4% | 3.0% | 7.6% | -2.9% | |
| 3Y CAGR | 11.0% | -2.8% | NM- | -3.9% | 8.4% | 1.4% | |
| Latest Twelve Months | 11.4% | -6.2% | 21.0% | 8.3% | 15.0% | 49.9% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 15.8% | 16.0% | 7.9% | 10.1% | 14.2% | 8.8% | |
| Prior Fiscal Year | 15.7% | 15.0% | 10.3% | 9.4% | 13.8% | 7.1% | |
| Latest Fiscal Year | 17.1% | 14.9% | 9.8% | 9.3% | 14.5% | 8.9% | |
| Latest Twelve Months | 17.1% | 15.0% | 10.2% | 10.1% | 14.6% | 12.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.50x | 1.66x | 2.08x | 2.20x | 2.12x | 0.91x | |
| EV / LTM EBITDA | 6.8x | 8.5x | 12.0x | 15.6x | 10.7x | 5.0x | |
| EV / LTM EBIT | 8.7x | 11.1x | 20.4x | 21.7x | 14.5x | 7.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 8.7x | 14.5x | 21.7x | ||||
| Historical EV / LTM EBIT | 8.0x | 10.0x | 11.6x | ||||
| Selected EV / LTM EBIT | 7.6x | 8.0x | 8.4x | ||||
| (x) LTM EBIT | 348 | 348 | 348 | ||||
| (=) Implied Enterprise Value | 2,654 | 2,794 | 2,934 | ||||
| (-) Non-shareholder Claims * | (827) | (827) | (827) | ||||
| (=) Equity Value | 1,827 | 1,967 | 2,107 | ||||
| (/) Shares Outstanding | 83.6 | 83.6 | 83.6 | ||||
| Implied Value Range | 21.85 | 23.52 | 25.19 | ||||
| FX Rate: CAD/USD | 1.4 | 1.4 | 1.4 | Market Price | |||
| Implied Value Range (Trading Cur) | 15.98 | 17.20 | 18.42 | 15.08 | |||
| Upside / (Downside) | 6.0% | 14.1% | 22.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | WPK | SEE * | SON | AMCR | CCL.A | TCLA.F | |
| Enterprise Value | 1,716 | 9,755 | 10,403 | 29,387 | 15,684 | 2,551 | |
| (+) Cash & Short Term Investments | 356 | 335 | 182 | 2,045 | 821 | 43 | |
| (+) Investments & Other | 0 | 14 | 1,461 | 0 | 68 | 0 | |
| (-) Debt | (16) | (4,503) | (7,461) | (9,316) | (2,574) | (865) | |
| (-) Other Liabilities | (35) | 0 | (14) | (8) | 0 | (6) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 2,021 | 5,601 | 4,571 | 22,108 | 13,999 | 1,724 | |
| (/) Shares Outstanding | 61.5 | 147.1 | 98.6 | 2,283.9 | 175.0 | 83.6 | |
| Implied Stock Price | 32.86 | 38.09 | 46.35 | 9.68 | 80.00 | 20.62 | |
| FX Conversion Rate to Trading Currency | 0.73 | 0.05 | 1.00 | 1.00 | 1.00 | 1.37 | |
| Implied Stock Price (Trading Cur) | 44.93 | 712.71 | 46.35 | 9.68 | 80.00 | 15.08 | |
| Trading Currency | CAD | MXN | USD | USD | CAD | USD | |
| FX Rate to Reporting Currency | 0.73 | 0.05 | 1.00 | 1.00 | 1.00 | 1.37 | |