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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 8.8x - 9.8x | 9.3x |
| Selected Fwd EBITDA Multiple | 7.9x - 8.7x | 8.3x |
| Fair Value | €1.83 - €2.04 | €1.93 |
| Upside | -5.4% - 5.8% | 0.2% |
| Benchmarks | Ticker | Full Ticker |
| Ashland Inc. | ASH | NYSE:ASH |
| Minerals Technologies Inc. | MTX | NYSE:MTX |
| Eastman Chemical Company | 0IF3 | LSE:0IF3 |
| Quaker Chemical Corporation | KWR | NYSE:KWR |
| International Flavors & Fragrances Inc. | IFF | NYSE:IFF |
| Elementis plc | E3E | DB:E3E |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| ASH | MTX | 0IF3 | KWR | IFF | E3E | ||
| NYSE:ASH | NYSE:MTX | LSE:0IF3 | NYSE:KWR | NYSE:IFF | DB:E3E | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 1.2% | 2.8% | 0.3% | 11.8% | 10.9% | -0.2% | |
| 3Y CAGR | -4.0% | 4.3% | -7.7% | 2.4% | -1.4% | 6.6% | |
| Latest Twelve Months | 1.8% | -11.2% | 17.2% | -13.3% | -3.1% | 20.6% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 19.5% | 17.7% | 18.8% | 14.5% | 16.8% | 20.3% | |
| Prior Fiscal Year | 18.7% | 17.3% | 16.8% | 15.5% | 15.3% | 20.0% | |
| Latest Fiscal Year | 18.4% | 18.0% | 20.2% | 15.4% | 15.1% | 22.4% | |
| Latest Twelve Months | 18.6% | 17.4% | 19.9% | 14.5% | 15.7% | 22.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.95x | 1.23x | 1.30x | 1.57x | 1.98x | 2.00x | |
| EV / LTM EBITDA | 10.5x | 7.1x | 6.5x | 10.8x | 12.6x | 8.7x | |
| EV / LTM EBIT | 24.6x | 9.5x | 9.0x | 16.0x | 27.9x | 12.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 6.5x | 10.5x | 12.6x | ||||
| Historical EV / LTM EBITDA | 8.2x | 8.7x | 14.8x | ||||
| Selected EV / LTM EBITDA | 8.8x | 9.3x | 9.8x | ||||
| (x) LTM EBITDA | 168 | 168 | 168 | ||||
| (=) Implied Enterprise Value | 1,483 | 1,561 | 1,639 | ||||
| (-) Non-shareholder Claims * | (145) | (145) | (145) | ||||
| (=) Equity Value | 1,337 | 1,415 | 1,493 | ||||
| (/) Shares Outstanding | 580.9 | 580.9 | 580.9 | ||||
| Implied Value Range | 2.30 | 2.44 | 2.57 | ||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 1.98 | 2.10 | 2.22 | 1.93 | |||
| Upside / (Downside) | 2.8% | 8.8% | 14.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | ASH | MTX | 0IF3 | KWR | IFF | E3E | |
| Enterprise Value | 3,654 | 2,517 | 12,114 | 2,878 | 22,340 | 1,446 | |
| (+) Cash & Short Term Investments | 207 | 320 | 423 | 202 | 816 | 59 | |
| (+) Investments & Other | 3 | 0 | 0 | 105 | 16 | 0 | |
| (-) Debt | (1,485) | (983) | (5,351) | (975) | (6,850) | (204) | |
| (-) Other Liabilities | 0 | (34) | (71) | (3) | (32) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 2,379 | 1,819 | 7,115 | 2,206 | 16,290 | 1,301 | |
| (/) Shares Outstanding | 45.7 | 31.4 | 114.8 | 17.4 | 256.3 | 580.9 | |
| Implied Stock Price | 52.04 | 57.98 | 61.99 | 126.84 | 63.56 | 2.24 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.16 | |
| Implied Stock Price (Trading Cur) | 52.04 | 57.98 | 61.99 | 126.84 | 63.56 | 1.93 | |
| 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 | |