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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 13.2x - 14.6x | 13.9x |
| Selected Fwd EBIT Multiple | 9.5x - 10.5x | 10.0x |
| Fair Value | €23.62 - €27.55 | €25.58 |
| Upside | -4.0% - 12.0% | 4.0% |
| Benchmarks | Ticker | Full Ticker |
| Huntsman Corporation | HUN | NYSE:HUN |
| Corteva, Inc. | CTVA | NYSE:CTVA |
| Ashland Inc. | ASH | NYSE:ASH |
| LyondellBasell Industries N.V. | LYB | NYSE:LYB |
| Ecolab Inc. | ECL | NYSE:ECL |
| Dow Inc. | 2OY | BST:2OY |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| HUN | CTVA | ASH | LYB | ECL | 2OY | ||
| NYSE:HUN | NYSE:CTVA | NYSE:ASH | NYSE:LYB | NYSE:ECL | BST:2OY | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | -28.8% | 13.3% | 6.0% | -7.8% | 5.0% | -10.0% | |
| 3Y CAGR | -52.5% | -9.5% | -4.3% | -28.1% | 12.7% | -34.9% | |
| Latest Twelve Months | -21.2% | -2.5% | 30.3% | -22.9% | 22.1% | -15.0% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 5.8% | 11.9% | 8.2% | 10.4% | 14.7% | 9.0% | |
| Prior Fiscal Year | 1.7% | 11.6% | 7.6% | 8.7% | 14.3% | 5.9% | |
| Latest Fiscal Year | 1.4% | 11.5% | 8.1% | 6.8% | 17.0% | 5.2% | |
| Latest Twelve Months | 1.4% | 11.5% | 8.4% | 6.8% | 17.0% | 5.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.69x | 2.45x | 1.76x | 0.60x | 4.75x | 0.73x | |
| EV / LTM EBITDA | 11.4x | 13.0x | 9.9x | 5.8x | 20.7x | 6.2x | |
| EV / LTM EBIT | 50.5x | 21.2x | 20.9x | 8.8x | 28.0x | 13.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 8.8x | 21.2x | 50.5x | ||||
| Historical EV / LTM EBIT | 5.9x | 13.9x | 18.6x | ||||
| Selected EV / LTM EBIT | 13.2x | 13.9x | 14.6x | ||||
| (x) LTM EBIT | 2,244 | 2,244 | 2,244 | ||||
| (=) Implied Enterprise Value | 29,605 | 31,163 | 32,721 | ||||
| (-) Non-shareholder Claims * | (10,917) | (10,917) | (10,917) | ||||
| (=) Equity Value | 18,688 | 20,246 | 21,804 | ||||
| (/) Shares Outstanding | 705.8 | 705.8 | 705.8 | ||||
| Implied Value Range | 26.48 | 28.69 | 30.89 | ||||
| FX Rate: USD/EUR | 1.1 | 1.1 | 1.1 | Market Price | |||
| Implied Value Range (Trading Cur) | 23.46 | 25.42 | 27.38 | 24.60 | |||
| Upside / (Downside) | -4.6% | 3.3% | 11.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | HUN | CTVA | ASH | LYB | ECL | 2OY | |
| Enterprise Value | 4,031 | 40,893 | 3,564 | 24,038 | 74,613 | 30,511 | |
| (+) Cash & Short Term Investments | 340 | 3,169 | 219 | 3,375 | 1,257 | 2,572 | |
| (+) Investments & Other | 346 | 134 | 9 | 4,121 | 0 | 4,679 | |
| (-) Debt | (2,237) | (3,179) | (1,416) | (13,069) | (8,283) | (17,672) | |
| (-) Other Liabilities | (204) | (241) | 0 | (126) | (32) | (496) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 2,276 | 40,776 | 2,376 | 18,339 | 67,556 | 19,594 | |
| (/) Shares Outstanding | 173.7 | 683.0 | 47.2 | 323.4 | 283.6 | 705.8 | |
| Implied Stock Price | 13.10 | 59.70 | 50.36 | 56.70 | 238.18 | 27.76 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.13 | |
| Implied Stock Price (Trading Cur) | 13.10 | 59.70 | 50.36 | 56.70 | 238.18 | 24.60 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.13 | |