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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 27.5x - 30.4x | 28.9x |
| Selected Fwd EBIT Multiple | 18.4x - 20.4x | 19.4x |
| Fair Value | kr350.54 - kr389.95 | kr370.25 |
| Upside | -7.8% - 2.6% | -2.6% |
| Benchmarks | Ticker | Full Ticker |
| DSM-Firmenich AG | DSFIR | ENXTAM:DSFIR |
| Corbion N.V. | CSUA | DB:CSUA |
| Kemira Oyj | KEMIRA | HLSE:KEMIRA |
| Evonik Industries AG | EVK | DB:EVK |
| Solvay SA | SOLB | ENXTBR:SOLB |
| Novonesis A/S | NSIS B | CPSE:NSISB |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| DSFIR | CSUA | KEMIRA | EVK | SOLB | NSIS B | ||
| ENXTAM:DSFIR | DB:CSUA | HLSE:KEMIRA | DB:EVK | ENXTBR:SOLB | CPSE:NSISB | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | -8.8% | -6.4% | 13.4% | -6.9% | -12.4% | 11.9% | |
| 3Y CAGR | -10.5% | 8.1% | 28.7% | -13.2% | -20.8% | 17.2% | |
| Latest Twelve Months | 190.9% | 44.7% | 8.1% | 37.4% | -30.0% | 38.0% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 5.1% | 8.1% | 9.0% | 6.9% | 8.6% | 24.7% | |
| Prior Fiscal Year | -5.3% | 5.0% | 9.9% | 4.0% | 13.6% | 25.4% | |
| Latest Fiscal Year | 4.0% | 7.0% | 12.3% | 5.5% | 11.2% | 22.0% | |
| Latest Twelve Months | 4.0% | 7.0% | 12.3% | 5.5% | 11.2% | 22.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.93x | 1.15x | 0.97x | 0.72x | 0.84x | 6.62x | |
| EV / LTM EBITDA | 15.4x | 9.3x | 5.6x | 6.5x | 5.3x | 23.5x | |
| EV / LTM EBIT | 48.4x | 16.4x | 7.9x | 13.2x | 7.5x | 30.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 7.5x | 13.2x | 48.4x | ||||
| Historical EV / LTM EBIT | 24.2x | 26.0x | 38.3x | ||||
| Selected EV / LTM EBIT | 27.5x | 28.9x | 30.4x | ||||
| (x) LTM EBIT | 843 | 843 | 843 | ||||
| (=) Implied Enterprise Value | 23,154 | 24,372 | 25,591 | ||||
| (-) Non-shareholder Claims * | (1,493) | (1,493) | (1,493) | ||||
| (=) Equity Value | 21,661 | 22,880 | 24,098 | ||||
| (/) Shares Outstanding | 466.4 | 466.4 | 466.4 | ||||
| Implied Value Range | 46.44 | 49.06 | 51.67 | ||||
| FX Rate: EUR/DKK | 0.1 | 0.1 | 0.1 | Market Price | |||
| Implied Value Range (Trading Cur) | 346.69 | 366.19 | 385.70 | 380.20 | |||
| Upside / (Downside) | -8.8% | -3.7% | 1.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | DSFIR | CSUA | KEMIRA | EVK | SOLB | NSIS B | |
| Enterprise Value | 24,406 | 1,452 | 2,853 | 11,290 | 4,420 | 25,247 | |
| (+) Cash & Short Term Investments | 2,717 | 49 | 519 | 618 | 621 | 280 | |
| (+) Investments & Other | 568 | 27 | 282 | 509 | 308 | 24 | |
| (-) Debt | (5,280) | (509) | (811) | (3,781) | (2,138) | (1,797) | |
| (-) Other Liabilities | (186) | 0 | (18) | (80) | (65) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 22,225 | 1,019 | 2,825 | 8,556 | 3,146 | 23,755 | |
| (/) Shares Outstanding | 264.3 | 58.1 | 154.4 | 466.0 | 104.5 | 466.4 | |
| Implied Stock Price | 84.10 | 17.53 | 18.29 | 18.36 | 30.12 | 50.93 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.13 | |
| Implied Stock Price (Trading Cur) | 84.10 | 17.53 | 18.29 | 18.36 | 30.12 | 380.20 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | DKK | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.13 | |