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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 13.0x - 14.3x | 13.6x |
| Selected Fwd EBIT Multiple | 11.5x - 12.7x | 12.1x |
| Fair Value | €63.04 - €69.71 | €66.37 |
| Upside | -19.8% - -11.4% | -15.6% |
| Benchmarks | Ticker | Full Ticker |
| Westlake Corporation | WLK | NYSE:WLK |
| Greif, Inc. | GEF | NYSE:GEF |
| Stora Enso Oyj | SEOF.F | OTCPK:SEOF.F |
| Eagle Materials Inc. | EXP | NYSE:EXP |
| Vulcan Materials Company | VMC | NYSE:VMC |
| Louisiana-Pacific Corporation | LP3 | DB:LP3 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| WLK | GEF | SEOF.F | EXP | VMC | LP3 | ||
| NYSE:WLK | NYSE:GEF | OTCPK:SEOF.F | NYSE:EXP | NYSE:VMC | DB:LP3 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 6.9% | -0.3% | -17.4% | 16.7% | 10.6% | 49.3% | |
| 3Y CAGR | -29.8% | -5.5% | -34.2% | 8.2% | 16.8% | -32.6% | |
| Latest Twelve Months | -66.7% | 20.5% | 13.7% | -6.3% | 7.3% | -29.7% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 13.3% | 9.7% | 7.3% | 25.9% | 17.2% | 26.3% | |
| Prior Fiscal Year | 9.8% | 11.6% | 0.4% | 27.7% | 17.8% | 13.3% | |
| Latest Fiscal Year | 8.0% | 8.2% | 3.6% | 26.5% | 19.1% | 18.2% | |
| Latest Twelve Months | 2.6% | 8.3% | 3.5% | 25.9% | 19.6% | 14.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.18x | 1.05x | 1.08x | 3.87x | 5.90x | 2.20x | |
| EV / LTM EBITDA | 10.7x | 8.0x | 13.5x | 11.7x | 20.5x | 11.5x | |
| EV / LTM EBIT | 44.8x | 12.6x | 30.4x | 14.9x | 30.2x | 15.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 12.6x | 30.2x | 44.8x | ||||
| Historical EV / LTM EBIT | 2.9x | 10.8x | 17.5x | ||||
| Selected EV / LTM EBIT | 13.0x | 13.6x | 14.3x | ||||
| (x) LTM EBIT | 417 | 417 | 417 | ||||
| (=) Implied Enterprise Value | 5,402 | 5,686 | 5,971 | ||||
| (-) Non-shareholder Claims * | (27) | (27) | (27) | ||||
| (=) Equity Value | 5,375 | 5,659 | 5,944 | ||||
| (/) Shares Outstanding | 69.6 | 69.6 | 69.6 | ||||
| Implied Value Range | 77.18 | 81.27 | 85.35 | ||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 65.56 | 69.03 | 72.49 | 78.64 | |||
| Upside / (Downside) | -16.6% | -12.2% | -7.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | WLK | GEF | SEOF.F | EXP | VMC | LP3 | |
| Enterprise Value | 13,934 | 5,641 | 9,924 | 8,610 | 43,767 | 6,475 | |
| (+) Cash & Short Term Investments | 2,277 | 285 | 1,570 | 60 | 347 | 333 | |
| (+) Investments & Other | 1,074 | 0 | 1,582 | 144 | 33 | 18 | |
| (-) Debt | (5,620) | (2,940) | (5,688) | (1,350) | (5,512) | (378) | |
| (-) Other Liabilities | (513) | (135) | 149 | 0 | (23) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 11,152 | 2,851 | 7,537 | 7,464 | 38,613 | 6,448 | |
| (/) Shares Outstanding | 128.2 | 47.5 | 639.8 | 32.4 | 132.1 | 69.6 | |
| Implied Stock Price | 86.96 | 60.02 | 11.78 | 230.02 | 292.25 | 92.58 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 0.85 | 1.00 | 1.00 | 1.18 | |
| Implied Stock Price (Trading Cur) | 86.96 | 60.02 | 13.87 | 230.02 | 292.25 | 78.64 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 0.85 | 1.00 | 1.00 | 1.18 | |