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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 11.0x - 12.1x | 11.6x |
| Selected Fwd EBITDA Multiple | 8.8x - 9.7x | 9.3x |
| Fair Value | $11.54 - $12.81 | $12.18 |
| Upside | 14.2% - 26.8% | 20.5% |
| Benchmarks | Ticker | Full Ticker |
| Johnson Matthey Plc | JMAT | LSE:JMAT |
| Synthomer plc | SYNT | LSE:SYNT |
| Elementis plc | ELM | LSE:ELM |
| International Flavors & Fragrances Inc. | IFF | NYSE:IFF |
| DuPont de Nemours, Inc. | 0A6B | LSE:0A6B |
| Victrex plc | VTXP.F | OTCPK:VTXP.F |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| JMAT | SYNT | ELM | IFF | 0A6B | VTXP.F | ||
| LSE:JMAT | LSE:SYNT | LSE:ELM | NYSE:IFF | LSE:0A6B | OTCPK:VTXP.F | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | -5.6% | -14.7% | -0.6% | 10.9% | -2.3% | -9.9% | |
| 3Y CAGR | -8.0% | -46.1% | 6.0% | -1.4% | 0.6% | -10.5% | |
| Latest Twelve Months | 2.2% | 8.9% | 15.6% | -0.7% | 12.1% | -15.0% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 4.1% | 10.3% | 19.0% | 17.1% | 24.0% | 32.4% | |
| Prior Fiscal Year | 3.9% | 3.3% | 19.7% | 15.3% | 23.6% | 34.7% | |
| Latest Fiscal Year | 4.4% | 3.6% | 22.0% | 15.1% | 24.8% | 25.9% | |
| Latest Twelve Months | 4.4% | 3.6% | 22.0% | 15.4% | 25.4% | 24.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.33x | 0.42x | 2.10x | 2.47x | 2.92x | 2.22x | |
| EV / LTM EBITDA | 7.4x | 11.8x | 9.5x | 16.0x | 11.5x | 9.3x | |
| EV / LTM EBIT | 9.9x | -346.7x | 13.4x | 35.7x | 18.4x | 13.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 7.4x | 11.5x | 16.0x | ||||
| Historical EV / LTM EBITDA | 11.0x | 12.9x | 20.7x | ||||
| Selected EV / LTM EBITDA | 11.0x | 11.6x | 12.1x | ||||
| (x) LTM EBITDA | 72 | 72 | 72 | ||||
| (=) Implied Enterprise Value | 786 | 827 | 868 | ||||
| (-) Non-shareholder Claims * | (35) | (35) | (35) | ||||
| (=) Equity Value | 750 | 792 | 833 | ||||
| (/) Shares Outstanding | 87.0 | 87.0 | 87.0 | ||||
| Implied Value Range | 8.63 | 9.10 | 9.58 | ||||
| FX Rate: GBP/USD | 0.7 | 0.7 | 0.7 | Market Price | |||
| Implied Value Range (Trading Cur) | 11.55 | 12.19 | 12.82 | 10.10 | |||
| Upside / (Downside) | 14.4% | 20.7% | 27.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | JMAT | SYNT | ELM | IFF | 0A6B | VTXP.F | |
| Enterprise Value | 3,807 | 820 | 1,508 | 28,162 | 36,497 | 691 | |
| (+) Cash & Short Term Investments | 911 | 227 | 60 | 613 | 1,762 | 25 | |
| (+) Investments & Other | 113 | 15 | 0 | 11 | 1,071 | 5 | |
| (-) Debt | (1,713) | (879) | (254) | (9,911) | (7,580) | (66) | |
| (-) Other Liabilities | 0 | (15) | 0 | (36) | (434) | 1 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 3,118 | 168 | 1,314 | 18,839 | 31,316 | 656 | |
| (/) Shares Outstanding | 167.5 | 163.5 | 585.1 | 255.8 | 418.5 | 87.0 | |
| Implied Stock Price | 18.61 | 1.03 | 2.25 | 73.65 | 74.83 | 7.54 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.34 | 1.00 | 1.00 | 0.75 | |
| Implied Stock Price (Trading Cur) | 18.61 | 1.03 | 1.68 | 73.65 | 74.83 | 10.10 | |
| Trading Currency | GBP | GBP | GBP | USD | USD | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.34 | 1.00 | 1.00 | 0.75 | |