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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 7.9x - 8.7x | 8.3x |
| Selected Fwd EBITDA Multiple | 5.3x - 5.8x | 5.5x |
| Fair Value | €2.57 - €3.04 | €2.81 |
| Upside | -9.7% - 7.0% | -1.3% |
| Benchmarks | Ticker | Full Ticker |
| Canfor Pulp Products Inc. | 8CP | DB:8CP |
| Rottneros AB (publ) | RROS | OM:RROS |
| Altri, SGPS, S.A. | ALTR | ENXTLS:ALTR |
| UPM-Kymmene Oyj | RPL | DB:RPL |
| The Navigator Company, S.A. | NVG | ENXTLS:NVG |
| ENCE Energía y Celulosa, S.A. | ENC | BME:ENC |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 8CP | RROS | ALTR | RPL | NVG | ENC | ||
| DB:8CP | OM:RROS | ENXTLS:ALTR | DB:RPL | ENXTLS:NVG | BME:ENC | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | -8.7% | -14.9% | -1.6% | 3.9% | 7.8% | 0.3% | |
| 3Y CAGR | -31.2% | -23.1% | -3.5% | 6.3% | 14.7% | 26.8% | |
| Latest Twelve Months | 232.5% | -36.2% | 89.5% | 27.5% | 7.9% | 87.8% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 3.0% | 11.5% | 21.4% | 16.8% | 23.9% | 14.2% | |
| Prior Fiscal Year | -5.2% | 9.3% | 13.2% | 13.6% | 25.1% | 9.1% | |
| Latest Fiscal Year | 4.6% | 6.0% | 22.5% | 20.1% | 25.3% | 16.2% | |
| Latest Twelve Months | 7.4% | 6.0% | 22.5% | 18.4% | 25.3% | 16.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.16x | 0.44x | 1.88x | 1.34x | 1.47x | 1.32x | |
| EV / LTM EBITDA | 2.2x | 7.3x | 8.4x | 7.3x | 5.8x | 8.1x | |
| EV / LTM EBIT | 22.8x | 27.9x | 11.3x | 15.6x | 8.2x | 23.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 2.2x | 7.3x | 8.4x | ||||
| Historical EV / LTM EBITDA | 4.3x | 8.1x | 26.6x | ||||
| Selected EV / LTM EBITDA | 7.9x | 8.3x | 8.7x | ||||
| (x) LTM EBITDA | 143 | 143 | 143 | ||||
| (=) Implied Enterprise Value | 1,134 | 1,194 | 1,254 | ||||
| (-) Non-shareholder Claims * | (477) | (477) | (477) | ||||
| (=) Equity Value | 657 | 717 | 777 | ||||
| (/) Shares Outstanding | 242.7 | 242.7 | 242.7 | ||||
| Implied Value Range | 2.71 | 2.96 | 3.20 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 2.71 | 2.96 | 3.20 | 2.84 | |||
| Upside / (Downside) | -4.7% | 3.9% | 12.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 8CP | RROS | ALTR | RPL | NVG | ENC | |
| Enterprise Value | 127 | 1,210 | 1,575 | 13,811 | 3,088 | 1,167 | |
| (+) Cash & Short Term Investments | 3 | 19 | 281 | 772 | 296 | 264 | |
| (+) Investments & Other | 0 | 98 | 3 | 2,238 | 0 | 0 | |
| (-) Debt | (77) | (412) | (584) | (3,860) | (1,036) | (644) | |
| (-) Other Liabilities | 0 | 0 | (4) | (390) | (0) | (97) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 54 | 915 | 1,271 | 12,571 | 2,348 | 690 | |
| (/) Shares Outstanding | 74.0 | 152.6 | 205.1 | 527.3 | 711.2 | 242.7 | |
| Implied Stock Price | 0.72 | 6.00 | 6.20 | 23.84 | 3.30 | 2.84 | |
| FX Conversion Rate to Trading Currency | 1.57 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 0.46 | 6.00 | 6.20 | 23.84 | 3.30 | 2.84 | |
| Trading Currency | EUR | SEK | EUR | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.57 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |