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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 25.3x - 28.0x | 26.6x |
| Selected Fwd EBIT Multiple | 17.4x - 19.2x | 18.3x |
| Fair Value | €47.82 - €55.37 | €51.59 |
| Upside | 5.8% - 22.5% | 14.1% |
| Benchmarks | Ticker | Full Ticker |
| Eastman Chemical Company | EMN | NYSE:EMN |
| Dow Inc. | DOW | NYSE:DOW |
| RPM International Inc. | RPM | NYSE:RPM |
| International Flavors & Fragrances Inc. | IFF | NYSE:IFF |
| Albemarle Corporation | ALB | NYSE:ALB |
| Ashland Inc. | AHT | DB:AHT |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| EMN | DOW | RPM | IFF | ALB | AHT | ||
| NYSE:EMN | NYSE:DOW | NYSE:RPM | NYSE:IFF | NYSE:ALB | DB:AHT | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 2.1% | -10.0% | 10.4% | 0.2% | NM- | 6.0% | |
| 3Y CAGR | -9.5% | -34.9% | 11.9% | 3.1% | NM- | -4.3% | |
| Latest Twelve Months | 23.4% | -55.6% | 3.6% | 10.8% | 86.4% | 29.8% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 13.4% | 8.5% | 11.3% | 7.7% | 12.2% | 8.5% | |
| Prior Fiscal Year | 11.6% | 5.9% | 12.1% | 5.3% | 4.9% | 7.6% | |
| Latest Fiscal Year | 14.7% | 5.2% | 12.4% | 6.3% | -11.1% | 8.1% | |
| Latest Twelve Months | 14.4% | 2.4% | 12.4% | 7.1% | -3.7% | 7.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.30x | 0.65x | 2.45x | 1.98x | 2.46x | 1.96x | |
| EV / LTM EBITDA | 6.5x | 7.1x | 16.3x | 12.6x | 26.0x | 10.5x | |
| EV / LTM EBIT | 9.0x | 27.3x | 19.7x | 27.9x | -67.1x | 24.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -67.1x | 19.7x | 27.9x | ||||
| Historical EV / LTM EBIT | 19.1x | 40.6x | 88.2x | ||||
| Selected EV / LTM EBIT | 25.3x | 26.6x | 28.0x | ||||
| (x) LTM EBIT | 148 | 148 | 148 | ||||
| (=) Implied Enterprise Value | 3,744 | 3,941 | 4,138 | ||||
| (-) Non-shareholder Claims * | (1,275) | (1,275) | (1,275) | ||||
| (=) Equity Value | 2,469 | 2,666 | 2,863 | ||||
| (/) Shares Outstanding | 45.7 | 45.7 | 45.7 | ||||
| Implied Value Range | 54.02 | 58.33 | 62.64 | ||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 46.40 | 50.10 | 53.80 | 45.20 | |||
| Upside / (Downside) | 2.6% | 10.8% | 19.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | EMN | DOW | RPM | IFF | ALB | AHT | |
| Enterprise Value | 12,072 | 27,283 | 18,069 | 22,340 | 12,302 | 3,680 | |
| (+) Cash & Short Term Investments | 423 | 2,738 | 306 | 816 | 1,807 | 207 | |
| (+) Investments & Other | 0 | 4,488 | 20 | 16 | 890 | 3 | |
| (-) Debt | (5,351) | (18,106) | (3,034) | (6,850) | (3,623) | (1,485) | |
| (-) Other Liabilities | (71) | (1,361) | (1) | (32) | (258) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | (2,235) | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 7,073 | 15,042 | 15,360 | 16,290 | 8,883 | 2,405 | |
| (/) Shares Outstanding | 114.8 | 708.8 | 128.4 | 256.3 | 117.7 | 45.7 | |
| Implied Stock Price | 61.62 | 21.22 | 119.65 | 63.56 | 75.48 | 52.63 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.16 | |
| Implied Stock Price (Trading Cur) | 61.62 | 21.22 | 119.65 | 63.56 | 75.48 | 45.20 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.16 | |