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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 13.9x - 15.3x | 14.6x |
| Selected Fwd EBIT Multiple | 11.3x - 12.5x | 11.9x |
| Fair Value | €2.16 - €2.41 | €2.29 |
| Upside | 18.3% - 32.0% | 25.1% |
| Benchmarks | Ticker | Full Ticker |
| Ashland Inc. | ASH | NYSE:ASH |
| Minerals Technologies Inc. | MTX | NYSE:MTX |
| International Flavors & Fragrances Inc. | IFF | NYSE:IFF |
| Quaker Chemical Corporation | KWR | NYSE:KWR |
| Eastman Chemical Company | 0IF3 | LSE:0IF3 |
| Elementis plc | E3E | DB:E3E |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| ASH | MTX | IFF | KWR | 0IF3 | E3E | ||
| NYSE:ASH | NYSE:MTX | NYSE:IFF | NYSE:KWR | LSE:0IF3 | DB:E3E | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 6.0% | 4.2% | 0.2% | 11.0% | 2.1% | 2.6% | |
| 3Y CAGR | -4.3% | 5.8% | 3.1% | 3.8% | -9.5% | 17.3% | |
| Latest Twelve Months | 29.8% | -13.9% | 10.8% | -19.0% | 23.4% | 18.3% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 8.5% | 12.9% | 7.7% | 9.8% | 13.4% | 13.0% | |
| Prior Fiscal Year | 7.6% | 12.9% | 5.3% | 11.3% | 11.6% | 12.9% | |
| Latest Fiscal Year | 8.1% | 13.5% | 6.3% | 10.8% | 14.7% | 16.0% | |
| Latest Twelve Months | 7.9% | 12.9% | 7.1% | 9.8% | 14.4% | 16.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.91x | 1.29x | 1.95x | 1.68x | 1.34x | 1.91x | |
| EV / LTM EBITDA | 10.3x | 7.4x | 12.5x | 11.6x | 6.8x | 8.3x | |
| EV / LTM EBIT | 24.1x | 10.1x | 27.5x | 17.1x | 9.3x | 11.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 9.3x | 17.1x | 27.5x | ||||
| Historical EV / LTM EBIT | 12.0x | 12.6x | 43.5x | ||||
| Selected EV / LTM EBIT | 13.9x | 14.6x | 15.3x | ||||
| (x) LTM EBIT | 121 | 121 | 121 | ||||
| (=) Implied Enterprise Value | 1,673 | 1,761 | 1,849 | ||||
| (-) Non-shareholder Claims * | (145) | (145) | (145) | ||||
| (=) Equity Value | 1,527 | 1,615 | 1,703 | ||||
| (/) Shares Outstanding | 576.4 | 576.4 | 576.4 | ||||
| Implied Value Range | 2.65 | 2.80 | 2.96 | ||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 2.25 | 2.38 | 2.51 | 1.83 | |||
| Upside / (Downside) | 23.0% | 30.1% | 37.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | ASH | MTX | IFF | KWR | 0IF3 | E3E | |
| Enterprise Value | 3,548 | 2,672 | 22,332 | 3,086 | 12,427 | 1,387 | |
| (+) Cash & Short Term Investments | 207 | 320 | 816 | 202 | 423 | 59 | |
| (+) Investments & Other | 3 | 0 | 16 | 105 | 0 | 0 | |
| (-) Debt | (1,485) | (983) | (6,850) | (975) | (5,351) | (204) | |
| (-) Other Liabilities | 0 | (34) | (32) | (3) | (71) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 2,273 | 1,974 | 16,282 | 2,415 | 7,428 | 1,242 | |
| (/) Shares Outstanding | 45.7 | 31.4 | 256.3 | 17.4 | 114.8 | 576.4 | |
| Implied Stock Price | 49.74 | 62.92 | 63.53 | 138.85 | 64.72 | 2.15 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.18 | |
| Implied Stock Price (Trading Cur) | 49.74 | 62.92 | 63.53 | 138.85 | 64.72 | 1.83 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.18 | |