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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 12.2x - 13.4x | 12.8x |
| Selected Fwd EBIT Multiple | 9.0x - 10.0x | 9.5x |
| Fair Value | ¥11.20 - ¥12.22 | ¥11.71 |
| Upside | -0.7% - 8.4% | 3.9% |
| Benchmarks | Ticker | Full Ticker |
| Sonoco Products Company | SON | NYSE:SON |
| Silgan Holdings Inc. | SLGN | NYSE:SLGN |
| CCL Industries Inc. | CCL.A | TSX:CCL.A |
| Crown Holdings, Inc. | CCK | NYSE:CCK |
| Ball Corporation | BALL | NYSE:BALL |
| Huangshan Novel Co.,Ltd | 2014 | SZSE:002014 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| SON | SLGN | CCL.A | CCK | BALL | 2014 | ||
| NYSE:SON | NYSE:SLGN | TSX:CCL.A | NYSE:CCK | NYSE:BALL | SZSE:002014 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 0.4% | 7.7% | 7.6% | 8.0% | 0.1% | 12.5% | |
| 3Y CAGR | NM- | 0.4% | 8.4% | NM- | -6.2% | 15.4% | |
| Latest Twelve Months | 50.7% | 9.4% | 10.1% | 21.1% | 17.2% | 7.9% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 7.9% | 10.5% | 14.2% | 8.8% | 9.8% | 12.1% | |
| Prior Fiscal Year | 10.3% | 10.1% | 13.8% | 11.0% | 9.7% | 13.7% | |
| Latest Fiscal Year | 9.8% | 10.3% | 14.5% | 12.3% | 10.0% | 14.2% | |
| Latest Twelve Months | 10.1% | 10.5% | 14.7% | 13.4% | 10.8% | 14.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.55x | 1.58x | 2.11x | 1.48x | 1.70x | 1.71x | |
| EV / LTM EBITDA | 9.0x | 10.2x | 10.5x | 8.7x | 10.9x | 9.3x | |
| EV / LTM EBIT | 15.3x | 14.9x | 14.3x | 11.0x | 15.8x | 12.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 11.0x | 14.9x | 15.8x | ||||
| Historical EV / LTM EBIT | 10.7x | 12.0x | 13.2x | ||||
| Selected EV / LTM EBIT | 12.2x | 12.8x | 13.4x | ||||
| (x) LTM EBIT | 503 | 503 | 503 | ||||
| (=) Implied Enterprise Value | 6,110 | 6,432 | 6,754 | ||||
| (-) Non-shareholder Claims * | 919 | 919 | 919 | ||||
| (=) Equity Value | 7,030 | 7,351 | 7,673 | ||||
| (/) Shares Outstanding | 612.5 | 612.5 | 612.5 | ||||
| Implied Value Range | 11.48 | 12.00 | 12.53 | ||||
| FX Rate: CNY/CNY | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 11.48 | 12.00 | 12.53 | 11.27 | |||
| Upside / (Downside) | 1.8% | 6.5% | 11.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | SON | SLGN | CCL.A | CCK | BALL | 2014 | |
| Enterprise Value | 10,011 | 9,824 | 15,111 | 18,078 | 21,669 | 5,983 | |
| (+) Cash & Short Term Investments | 330 | 317 | 963 | 936 | 296 | 1,763 | |
| (+) Investments & Other | 21 | 0 | 71 | 0 | 0 | 104 | |
| (-) Debt | (5,749) | (5,052) | (2,666) | (6,703) | (7,027) | (900) | |
| (-) Other Liabilities | (15) | 0 | 0 | (481) | 0 | (48) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 4,598 | 5,090 | 13,479 | 11,830 | 14,938 | 6,903 | |
| (/) Shares Outstanding | 98.6 | 107.0 | 174.4 | 115.0 | 272.1 | 612.5 | |
| Implied Stock Price | 46.62 | 47.57 | 77.29 | 102.83 | 54.89 | 11.27 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 46.62 | 47.57 | 77.29 | 102.83 | 54.89 | 11.27 | |
| Trading Currency | USD | USD | CAD | USD | USD | CNY | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |