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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 19.6x - 21.6x | 20.6x |
| Selected Fwd EBIT Multiple | 8.2x - 9.0x | 8.6x |
| Fair Value | CHF 6.61 - CHF 7.81 | CHF 7.21 |
| Upside | -19.6% - -5.1% | -12.3% |
| Benchmarks | Ticker | Full Ticker |
| Sika AG | SIKA | SWX:SIKA |
| Givaudan SA | GIVN | SWX:GIVN |
| BASF SE | BAS | SWX:BAS |
| Arkema S.A. | AKE | ENXTPA:AKE |
| Umicore SA | NVJP | DB:NVJP |
| Clariant AG | CLNz | BATS-CHIXE:CLNz |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| SIKA | GIVN | BAS | AKE | NVJP | CLNz | ||
| SWX:SIKA | SWX:GIVN | SWX:BAS | ENXTPA:AKE | DB:NVJP | BATS-CHIXE:CLNz | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 9.7% | 8.5% | -5.1% | -4.3% | NM- | 14.7% | |
| 3Y CAGR | 7.3% | 8.4% | -27.3% | -14.8% | NM- | -7.2% | |
| Latest Twelve Months | -6.3% | 13.1% | 32.6% | -26.1% | 245.5% | -54.8% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 14.8% | 16.7% | 6.2% | 9.3% | 2.0% | 9.8% | |
| Prior Fiscal Year | 15.6% | 16.1% | 4.1% | 7.6% | 4.3% | 9.7% | |
| Latest Fiscal Year | 14.7% | 18.9% | 4.4% | 7.1% | -2.1% | 8.7% | |
| Latest Twelve Months | 14.7% | 18.9% | 4.5% | 5.7% | 8.5% | 4.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.16x | 4.75x | 0.91x | 0.78x | 0.28x | 1.05x | |
| EV / LTM EBITDA | 17.3x | 21.2x | 9.4x | 6.3x | 2.8x | 11.2x | |
| EV / LTM EBIT | 21.6x | 25.1x | 20.4x | 13.8x | 3.3x | 24.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 3.3x | 20.4x | 25.1x | ||||
| Historical EV / LTM EBIT | 9.3x | 13.0x | 16.8x | ||||
| Selected EV / LTM EBIT | 19.6x | 20.6x | 21.6x | ||||
| (x) LTM EBIT | 176 | 176 | 176 | ||||
| (=) Implied Enterprise Value | 3,443 | 3,624 | 3,805 | ||||
| (-) Non-shareholder Claims * | (1,552) | (1,552) | (1,552) | ||||
| (=) Equity Value | 1,891 | 2,072 | 2,253 | ||||
| (/) Shares Outstanding | 328.3 | 328.3 | 328.3 | ||||
| Implied Value Range | 5.76 | 6.31 | 6.86 | ||||
| FX Rate: CHF/CHF | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 5.76 | 6.31 | 6.86 | 8.22 | |||
| Upside / (Downside) | -30.0% | -23.2% | -16.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | SIKA | GIVN | BAS | AKE | NVJP | CLNz | |
| Enterprise Value | 36,669 | 35,679 | 58,365 | 7,338 | 4,478 | 4,251 | |
| (+) Cash & Short Term Investments | 520 | 303 | 2,573 | 1,311 | 1,109 | 449 | |
| (+) Investments & Other | 3 | 143 | 5,799 | 58 | 596 | 215 | |
| (-) Debt | (6,215) | (4,783) | (25,443) | (3,791) | (2,865) | (2,048) | |
| (-) Other Liabilities | (11) | 0 | (1,147) | (216) | 33 | (168) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 30,966 | 31,342 | 40,147 | 4,700 | 3,351 | 2,699 | |
| (/) Shares Outstanding | 160.4 | 9.2 | 674.0 | 75.4 | 240.6 | 328.3 | |
| Implied Stock Price | 193.00 | 3,396.00 | 59.57 | 62.35 | 13.93 | 8.22 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.06 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 193.00 | 3,396.00 | 56.05 | 62.35 | 13.93 | 8.22 | |
| Trading Currency | CHF | CHF | CHF | EUR | EUR | CHF | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.06 | 1.00 | 1.00 | 1.00 | |