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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 10.5x - 11.6x | 11.0x |
| Selected Fwd EBIT Multiple | 8.8x - 9.7x | 9.3x |
| Fair Value | €75.43 - €88.28 | €81.86 |
| Upside | -10.7% - 4.5% | -3.1% |
| Benchmarks | Ticker | Full Ticker |
| Graphic Packaging Holding Company | GPK | NYSE:GPK |
| AptarGroup, Inc. | ATR | NYSE:ATR |
| Sonoco Products Company | SON | NYSE:SON |
| Avery Dennison Corporation | AVY | NYSE:AVY |
| Ball Corporation | BALL | NYSE:BALL |
| Crown Holdings, Inc. | CWN | DB:CWN |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| GPK | ATR | SON | AVY | BALL | CWN | ||
| NYSE:GPK | NYSE:ATR | NYSE:SON | NYSE:AVY | NYSE:BALL | DB:CWN | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 16.4% | 5.4% | 0.4% | 6.9% | 0.1% | 8.0% | |
| 3Y CAGR | 26.2% | 11.5% | NM- | 2.9% | -6.2% | NM- | |
| Latest Twelve Months | -14.6% | 10.0% | 50.7% | 6.2% | 17.2% | 21.1% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 10.8% | 12.5% | 7.9% | 12.4% | 9.8% | 8.8% | |
| Prior Fiscal Year | 13.7% | 12.9% | 10.3% | 11.5% | 9.7% | 11.0% | |
| Latest Fiscal Year | 13.0% | 14.3% | 9.8% | 13.0% | 10.0% | 12.3% | |
| Latest Twelve Months | 11.9% | 14.7% | 10.1% | 13.1% | 10.8% | 13.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.38x | 2.71x | 1.56x | 1.87x | 1.66x | 1.40x | |
| EV / LTM EBITDA | 7.7x | 12.2x | 9.1x | 11.4x | 10.6x | 8.2x | |
| EV / LTM EBIT | 11.6x | 18.5x | 15.4x | 14.2x | 15.4x | 10.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 11.6x | 15.4x | 18.5x | ||||
| Historical EV / LTM EBIT | -99.7x | 14.4x | 22.7x | ||||
| Selected EV / LTM EBIT | 10.5x | 11.0x | 11.6x | ||||
| (x) LTM EBIT | 1,613 | 1,613 | 1,613 | ||||
| (=) Implied Enterprise Value | 16,912 | 17,802 | 18,692 | ||||
| (-) Non-shareholder Claims * | (6,248) | (6,248) | (6,248) | ||||
| (=) Equity Value | 10,664 | 11,554 | 12,444 | ||||
| (/) Shares Outstanding | 115.0 | 115.0 | 115.0 | ||||
| Implied Value Range | 92.69 | 100.43 | 108.16 | ||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 79.56 | 86.20 | 92.84 | 84.50 | |||
| Upside / (Downside) | -5.9% | 2.0% | 9.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | GPK | ATR | SON | AVY | BALL | CWN | |
| Enterprise Value | 11,947 | 9,768 | 9,944 | 16,294 | 20,555 | 17,574 | |
| (+) Cash & Short Term Investments | 120 | 170 | 330 | 256 | 301 | 936 | |
| (+) Investments & Other | 0 | 160 | 21 | 7 | 238 | 0 | |
| (-) Debt | (5,871) | (1,172) | (5,749) | (3,550) | (7,375) | (6,703) | |
| (-) Other Liabilities | (1) | (18) | (15) | 0 | (71) | (481) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 6,195 | 8,908 | 4,531 | 13,007 | 13,648 | 11,326 | |
| (/) Shares Outstanding | 296.2 | 65.9 | 98.6 | 78.0 | 272.1 | 115.0 | |
| Implied Stock Price | 20.91 | 135.22 | 45.94 | 166.80 | 50.15 | 98.45 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.17 | |
| Implied Stock Price (Trading Cur) | 20.91 | 135.22 | 45.94 | 166.80 | 50.15 | 84.50 | |
| 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 | |