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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 11.7x - 12.9x | 12.3x |
Selected Fwd EBIT Multiple | 10.4x - 11.5x | 11.0x |
Fair Value | €5.99 - €7.93 | €6.96 |
Upside | -1.0% - 31.1% | 15.0% |
Benchmarks | Ticker | Full Ticker |
CCL Industries Inc. | CCL.A | TSX:CCL.A |
Winpak Ltd. | WPK | TSX:WPK |
Supremex Inc. | SXP | TSX:SXP |
Myers Industries, Inc. | MYE | NYSE:MYE |
Greif, Inc. | GEF | NYSE:GEF |
Cascades Inc. | CS6 | DB:CS6 |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
CCL.A | WPK | SXP | MYE | GEF | CS6 | ||
TSX:CCL.A | TSX:WPK | TSX:SXP | NYSE:MYE | NYSE:GEF | DB:CS6 | ||
Historical EBIT Growth | |||||||
5Y CAGR | 7.6% | 4.5% | 8.9% | 14.6% | -0.3% | -4.3% | |
3Y CAGR | 8.4% | 11.0% | -3.3% | 16.5% | -5.5% | 17.5% | |
Latest Twelve Months | 10.1% | 3.4% | -21.0% | -2.2% | 20.5% | 21.8% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 14.2% | 15.7% | 10.0% | 8.3% | 9.7% | 4.7% | |
Prior Fiscal Year | 13.8% | 15.7% | 10.0% | 8.1% | 11.6% | 6.1% | |
Latest Fiscal Year | 14.5% | 17.1% | 7.5% | 9.2% | 8.2% | 4.6% | |
Latest Twelve Months | 14.7% | 16.1% | 6.0% | 8.8% | 8.3% | 5.4% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 2.13x | 1.39x | 0.69x | 1.21x | 1.10x | 0.64x | |
EV / LTM EBITDA | 10.6x | 6.6x | 6.6x | 8.9x | 8.3x | 6.6x | |
EV / LTM EBIT | 14.4x | 8.6x | 11.5x | 13.8x | 13.2x | 11.8x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | 8.6x | 13.2x | 14.4x | ||||
Historical EV / LTM EBIT | 11.5x | 14.7x | 42.0x | ||||
Selected EV / LTM EBIT | 11.7x | 12.3x | 12.9x | ||||
(x) LTM EBIT | 257 | 257 | 257 | ||||
(=) Implied Enterprise Value | 3,009 | 3,167 | 3,326 | ||||
(-) Non-shareholder Claims * | (2,038) | (2,038) | (2,038) | ||||
(=) Equity Value | 971 | 1,129 | 1,288 | ||||
(/) Shares Outstanding | 101.3 | 101.3 | 101.3 | ||||
Implied Value Range | 9.59 | 11.15 | 12.72 | ||||
FX Rate: CAD/EUR | 1.6 | 1.6 | 1.6 | Market Price | |||
Implied Value Range (Trading Cur) | 5.96 | 6.93 | 7.90 | 6.05 | |||
Upside / (Downside) | -1.5% | 14.6% | 30.7% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | CCL.A | WPK | SXP | MYE | GEF | CS6 | |
Enterprise Value | 15,042 | 1,560 | 190 | 997 | 5,892 | 3,024 | |
(+) Cash & Short Term Investments | 963 | 356 | 2 | 41 | 285 | 26 | |
(+) Investments & Other | 71 | 0 | 0 | 0 | 0 | 95 | |
(-) Debt | (2,596) | (16) | (82) | (412) | (2,940) | (2,130) | |
(-) Other Liabilities | 0 | (35) | 0 | 0 | (135) | (29) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 13,479 | 1,865 | 110 | 626 | 3,102 | 986 | |
(/) Shares Outstanding | 174.4 | 61.4 | 24.6 | 37.4 | 47.5 | 101.3 | |
Implied Stock Price | 77.29 | 30.40 | 4.49 | 16.74 | 65.31 | 9.73 | |
FX Conversion Rate to Trading Currency | 1.00 | 0.73 | 1.00 | 1.00 | 1.00 | 1.61 | |
Implied Stock Price (Trading Cur) | 77.29 | 41.82 | 4.49 | 16.74 | 65.31 | 6.05 | |
Trading Currency | CAD | CAD | CAD | USD | USD | EUR | |
FX Rate to Reporting Currency | 1.00 | 0.73 | 1.00 | 1.00 | 1.00 | 1.61 |