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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 10.0x - 11.1x | 10.5x |
| Selected Fwd EBITDA Multiple | 7.2x - 7.9x | 7.5x |
| Fair Value | €34.94 - €39.78 | €37.36 |
| Upside | -10.8% - 1.6% | -4.6% |
| Benchmarks | Ticker | Full Ticker |
| O-I Glass, Inc. | OI | NYSE:OI |
| Graphic Packaging Holding Company | GPK | NYSE:GPK |
| Silgan Holdings Inc. | SLGN | NYSE:SLGN |
| Crown Holdings, Inc. | CCK | NYSE:CCK |
| Sonoco Products Company | SON | NYSE:SON |
| International Paper Company | INP | DB:INP |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| OI | GPK | SLGN | CCK | SON | INP | ||
| NYSE:OI | NYSE:GPK | NYSE:SLGN | NYSE:CCK | NYSE:SON | DB:INP | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | -2.5% | 11.5% | 7.1% | 5.2% | 3.6% | -5.8% | |
| 3Y CAGR | 0.3% | 17.3% | 1.3% | 89.5% | 65.3% | -10.1% | |
| Latest Twelve Months | -18.8% | -11.8% | 6.2% | 10.9% | -4.0% | 11.9% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 15.4% | 16.8% | 15.0% | 12.7% | 13.0% | 13.3% | |
| Prior Fiscal Year | 17.9% | 19.8% | 14.5% | 15.2% | 16.6% | 11.5% | |
| Latest Fiscal Year | 14.8% | 19.1% | 15.0% | 16.1% | 16.9% | 11.0% | |
| Latest Twelve Months | 14.4% | 18.6% | 15.2% | 16.8% | 17.0% | 11.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.04x | 1.40x | 1.69x | 1.45x | 2.04x | 1.55x | |
| EV / LTM EBITDA | 7.2x | 7.5x | 11.1x | 8.7x | 12.0x | 13.5x | |
| EV / LTM EBIT | 13.0x | 11.2x | 16.3x | 11.1x | 20.7x | 27.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 7.2x | 8.7x | 12.0x | ||||
| Historical EV / LTM EBITDA | 5.7x | 8.5x | 12.0x | ||||
| Selected EV / LTM EBITDA | 10.0x | 10.5x | 11.1x | ||||
| (x) LTM EBITDA | 2,289 | 2,289 | 2,289 | ||||
| (=) Implied Enterprise Value | 22,901 | 24,106 | 25,311 | ||||
| (-) Non-shareholder Claims * | (6,605) | (6,605) | (6,605) | ||||
| (=) Equity Value | 16,296 | 17,501 | 18,706 | ||||
| (/) Shares Outstanding | 527.9 | 527.9 | 527.9 | ||||
| Implied Value Range | 30.87 | 33.15 | 35.44 | ||||
| FX Rate: USD/EUR | 1.1 | 1.1 | 1.1 | Market Price | |||
| Implied Value Range (Trading Cur) | 27.30 | 29.32 | 31.34 | 39.17 | |||
| Upside / (Downside) | -30.3% | -25.1% | -20.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | OI | GPK | SLGN | CCK | SON | INP | |
| Enterprise Value | 6,768 | 12,164 | 10,144 | 17,289 | 10,192 | 29,982 | |
| (+) Cash & Short Term Investments | 424 | 129 | 353 | 779 | 182 | 1,156 | |
| (+) Investments & Other | 0 | 0 | 0 | 0 | 1,440 | 2,335 | |
| (-) Debt | (5,012) | (5,711) | (4,629) | (6,436) | (7,404) | (10,096) | |
| (-) Other Liabilities | (135) | (1) | 0 | (478) | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 2,045 | 6,581 | 5,869 | 11,154 | 4,410 | 23,377 | |
| (/) Shares Outstanding | 154.7 | 301.8 | 107.0 | 115.1 | 98.6 | 527.9 | |
| Implied Stock Price | 13.22 | 21.81 | 54.85 | 96.94 | 44.71 | 44.28 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.13 | |
| Implied Stock Price (Trading Cur) | 13.22 | 21.81 | 54.85 | 96.94 | 44.71 | 39.17 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.13 | |