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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBITDA Multiple | -35.7x - -39.5x | -37.6x |
Selected Fwd EBITDA Multiple | 3.8x - 4.2x | 4.0x |
Fair Value | €7.49 - €8.63 | €8.06 |
Upside | -8.2% - 5.8% | -1.2% |
Benchmarks | Ticker | Full Ticker |
Syensqo SA/NV | SYENS | ENXTBR:SYENS |
Solvay SA | SOLB | ENXTBR:SOLB |
BASF SE | BAS | DB:BAS |
Arkema S.A. | AKE | ENXTPA:AKE |
Wacker Chemie AG | WCH | DB:WCH |
Umicore SA | NVJP | DB:NVJP |
- | - | - |
Select LTM EBITDA Multiple | |||||||
Benchmark Companies | |||||||
SYENS | SOLB | BAS | AKE | WCH | NVJP | ||
ENXTBR:SYENS | ENXTBR:SOLB | DB:BAS | ENXTPA:AKE | DB:WCH | DB:NVJP | ||
Historical EBITDA Growth | |||||||
5Y CAGR | NM- | -17.0% | -3.5% | 0.0% | 4.4% | NM- | |
3Y CAGR | 1.6% | -25.0% | -16.2% | -5.9% | -21.7% | NM- | |
Latest Twelve Months | -21.0% | -38.4% | 0.7% | 3.1% | 8.3% | -106.1% | |
Historical EBITDA Profit Margin | |||||||
5 Year Average Margin | 21.1% | 24.8% | 11.2% | 15.6% | 15.8% | 3.8% | |
Prior Fiscal Year | 22.6% | 25.7% | 9.0% | 14.0% | 10.7% | 5.7% | |
Latest Fiscal Year | 18.5% | 16.0% | 9.6% | 14.2% | 11.8% | -0.4% | |
Latest Twelve Months | 18.5% | 15.5% | 9.4% | 14.0% | 11.1% | -0.4% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 1.13x | 0.90x | 0.85x | 0.83x | 0.58x | 0.19x | |
EV / LTM EBITDA | 6.1x | 5.7x | 9.1x | 5.9x | 5.2x | -43.8x | |
EV / LTM EBIT | 10.8x | 8.1x | 20.5x | 12.4x | 17.6x | -9.1x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBITDA | 5.2x | 5.9x | 9.1x | ||||
Historical EV / LTM EBITDA | -43.8x | 8.8x | 16.5x | ||||
Selected EV / LTM EBITDA | -35.7x | -37.6x | -39.5x | ||||
(x) LTM EBITDA | (64) | (64) | (64) | ||||
(=) Implied Enterprise Value | 2,279 | 2,399 | 2,519 | ||||
(-) Non-shareholder Claims * | (797) | (797) | (797) | ||||
(=) Equity Value | 1,482 | 1,602 | 1,722 | ||||
(/) Shares Outstanding | 240.5 | 240.5 | 240.5 | ||||
Implied Value Range | 6.16 | 6.66 | 7.16 | ||||
FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 6.16 | 6.66 | 7.16 | 8.16 | |||
Upside / (Downside) | -24.5% | -18.4% | -12.2% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | SYENS | SOLB | BAS | AKE | WCH | NVJP | |
Enterprise Value | 7,684 | 4,638 | 55,550 | 7,868 | 3,274 | 2,759 | |
(+) Cash & Short Term Investments | 740 | 467 | 2,374 | 1,118 | 898 | 2,013 | |
(+) Investments & Other | 337 | 311 | 6,390 | 59 | 991 | 611 | |
(-) Debt | (2,115) | (2,220) | (24,491) | (3,843) | (1,804) | (3,437) | |
(-) Other Liabilities | (50) | (66) | (1,266) | (220) | (170) | 16 | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 6,596 | 3,130 | 38,557 | 4,982 | 3,189 | 1,962 | |
(/) Shares Outstanding | 102.6 | 104.5 | 892.5 | 75.3 | 49.7 | 240.5 | |
Implied Stock Price | 64.32 | 29.96 | 43.20 | 66.20 | 64.20 | 8.16 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 64.32 | 29.96 | 43.20 | 66.20 | 64.20 | 8.16 | |
Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |