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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | -38.0x - -42.0x | -40.0x |
| Selected Fwd EBIT Multiple | 23.9x - 26.5x | 25.2x |
| Fair Value | €32.71 - €38.87 | €35.79 |
| Upside | -53.2% - -44.4% | -48.8% |
| Benchmarks | Ticker | Full Ticker |
| Huntsman Corporation | HUN | NYSE:HUN |
| Eastman Chemical Company | EMN | NYSE:EMN |
| LyondellBasell Industries N.V. | LYB | NYSE:LYB |
| Westlake Corporation | WLK | NYSE:WLK |
| Stepan Company | SCL | NYSE:SCL |
| Albemarle Corporation | AMC | DB:AMC |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| HUN | EMN | LYB | WLK | SCL | AMC | ||
| NYSE:HUN | NYSE:EMN | NYSE:LYB | NYSE:WLK | NYSE:SCL | DB:AMC | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | -28.8% | 2.1% | -7.8% | 6.9% | -10.0% | NM- | |
| 3Y CAGR | -52.5% | -9.5% | -28.1% | -29.8% | -25.9% | NM- | |
| Latest Twelve Months | 138.5% | 23.4% | -52.7% | -66.7% | 7.7% | 86.4% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 5.5% | 13.4% | 10.0% | 13.3% | 5.8% | 12.2% | |
| Prior Fiscal Year | 1.7% | 11.6% | 8.7% | 9.8% | 3.1% | 4.9% | |
| Latest Fiscal Year | 1.4% | 14.7% | 6.8% | 8.0% | 3.3% | -11.1% | |
| Latest Twelve Months | 1.1% | 14.4% | 4.0% | 2.6% | 3.5% | -3.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.62x | 1.32x | 0.62x | 1.10x | 0.78x | 2.61x | |
| EV / LTM EBITDA | 10.6x | 6.7x | 8.5x | 9.9x | 9.1x | 27.6x | |
| EV / LTM EBIT | 58.1x | 9.2x | 15.6x | 41.6x | 22.6x | -70.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 9.2x | 22.6x | 58.1x | ||||
| Historical EV / LTM EBIT | -9.0x | 14.2x | 54.2x | ||||
| Selected EV / LTM EBIT | -38.0x | -40.0x | -42.0x | ||||
| (x) LTM EBIT | (184) | (184) | (184) | ||||
| (=) Implied Enterprise Value | 6,981 | 7,349 | 7,716 | ||||
| (-) Non-shareholder Claims * | (3,543) | (3,543) | (3,543) | ||||
| (=) Equity Value | 3,439 | 3,806 | 4,174 | ||||
| (/) Shares Outstanding | 117.7 | 117.7 | 117.7 | ||||
| Implied Value Range | 29.22 | 32.34 | 35.46 | ||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 25.01 | 27.68 | 30.36 | 69.91 | |||
| Upside / (Downside) | -64.2% | -60.4% | -56.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | HUN | EMN | LYB | WLK | SCL | AMC | |
| Enterprise Value | 3,545 | 12,009 | 23,236 | 12,643 | 1,733 | 13,154 | |
| (+) Cash & Short Term Investments | 399 | 423 | 1,718 | 2,277 | 89 | 1,807 | |
| (+) Investments & Other | 299 | 0 | 4,080 | 1,074 | 0 | 890 | |
| (-) Debt | (2,436) | (5,351) | (13,360) | (5,620) | (723) | (3,746) | |
| (-) Other Liabilities | (233) | (71) | (126) | (513) | 0 | (258) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | (2,235) | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 1,574 | 7,010 | 15,548 | 9,861 | 1,099 | 9,611 | |
| (/) Shares Outstanding | 173.8 | 114.8 | 321.6 | 128.2 | 22.6 | 117.7 | |
| Implied Stock Price | 9.06 | 61.07 | 48.34 | 76.89 | 48.61 | 81.67 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.17 | |
| Implied Stock Price (Trading Cur) | 9.06 | 61.07 | 48.34 | 76.89 | 48.61 | 69.91 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.17 | |