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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 32.6x - 36.0x | 34.3x |
| Selected Fwd EBIT Multiple | 18.6x - 20.5x | 19.5x |
| Fair Value | zł17.78 - zł19.77 | zł18.78 |
| Upside | -31.6% - -24.0% | -27.8% |
| Benchmarks | Ticker | Full Ticker |
| Arctic Paper S.A. | ATC | WSE:ATC |
| KLON Spólka Akcyjna | KLN | WSE:KLN |
| Koszalinskie Przedsiebiorstwo Przemyslu Drzewnego Spólka Akcyjna | KPD | WSE:KPD |
| Standrew S.A. | STD | WSE:STD |
| Holmen AB (publ) | HOLM A | OM:HOLMA |
| Przedsiebiorstwo Produkcyjno - Handlowe KOMPAP S.A. | KMP | WSE:KMP |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| ATC | KLN | KPD | STD | HOLM A | KMP | ||
| WSE:ATC | WSE:KLN | WSE:KPD | WSE:STD | OM:HOLMA | WSE:KMP | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | -1.6% | NM- | NM- | 8.4% | 11.1% | -17.3% | |
| 3Y CAGR | -9.2% | NM- | NM- | 5.3% | -1.9% | -27.0% | |
| Latest Twelve Months | -77.9% | -7065.0% | 10.4% | 6.6% | -17.2% | -40.1% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 8.5% | -0.2% | 2.0% | 5.5% | 16.4% | 6.9% | |
| Prior Fiscal Year | 9.8% | 0.4% | -6.1% | 5.2% | 17.7% | 4.5% | |
| Latest Fiscal Year | 4.5% | -15.8% | -12.0% | 6.5% | 11.7% | 2.5% | |
| Latest Twelve Months | 1.8% | -16.5% | -10.8% | 7.2% | 11.5% | 2.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.37x | 1.69x | 0.25x | 2.23x | 2.47x | 1.17x | |
| EV / LTM EBITDA | 7.0x | -17.5x | -5.4x | 19.6x | 14.7x | 10.9x | |
| EV / LTM EBIT | 19.9x | -10.2x | -2.3x | 31.0x | 21.4x | 47.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -10.2x | 19.9x | 31.0x | ||||
| Historical EV / LTM EBIT | 6.3x | 11.9x | 36.2x | ||||
| Selected EV / LTM EBIT | 32.6x | 34.3x | 36.0x | ||||
| (x) LTM EBIT | 3 | 3 | 3 | ||||
| (=) Implied Enterprise Value | 87 | 91 | 96 | ||||
| (-) Non-shareholder Claims * | (5) | (5) | (5) | ||||
| (=) Equity Value | 81 | 86 | 91 | ||||
| (/) Shares Outstanding | 4.7 | 4.7 | 4.7 | ||||
| Implied Value Range | 17.40 | 18.37 | 19.34 | ||||
| FX Rate: PLN/PLN | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 17.40 | 18.37 | 19.34 | 26.00 | |||
| Upside / (Downside) | -33.1% | -29.3% | -25.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | ATC | KLN | KPD | STD | HOLM A | KMP | |
| Enterprise Value | 1,203 | 41 | 83 | 35 | 58,155 | 127 | |
| (+) Cash & Short Term Investments | 231 | 1 | 0 | 0 | 1,565 | 5 | |
| (+) Investments & Other | 5 | 0 | 0 | 0 | 1,698 | 0 | |
| (-) Debt | (314) | (9) | (32) | (9) | (5,238) | (10) | |
| (-) Other Liabilities | (311) | 0 | 0 | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 813 | 32 | 51 | 27 | 56,180 | 122 | |
| (/) Shares Outstanding | 69.3 | 23.4 | 1.6 | 1.5 | 157.4 | 4.7 | |
| Implied Stock Price | 11.74 | 1.35 | 31.40 | 17.50 | 357.00 | 26.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 11.74 | 1.35 | 31.40 | 17.50 | 357.00 | 26.00 | |
| Trading Currency | PLN | PLN | PLN | PLN | SEK | PLN | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |