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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 20.0x - 22.1x | 21.0x |
| Selected Fwd EBITDA Multiple | 14.0x - 15.5x | 14.8x |
| Fair Value | €48.59 - €54.03 | €51.31 |
| Upside | -13.4% - -3.7% | -8.6% |
| Benchmarks | Ticker | Full Ticker |
| Symrise AG | SY1 | DB:SY1 |
| DSM-Firmenich AG | DSFIR | ENXTAM:DSFIR |
| Kemira Oyj | KEMIRA | HLSE:KEMIRA |
| Solvay SA | SOLB | ENXTBR:SOLB |
| Akzo Nobel N.V. | AKZA | ENXTAM:AKZA |
| Novozymes A/S | NZM2 | DB:NZM2 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| SY1 | DSFIR | KEMIRA | SOLB | AKZA | NZM2 | ||
| DB:SY1 | ENXTAM:DSFIR | HLSE:KEMIRA | ENXTBR:SOLB | ENXTAM:AKZA | DB:NZM2 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 6.7% | 4.5% | 8.1% | -17.0% | 1.7% | 12.0% | |
| 3Y CAGR | 9.1% | 7.0% | 15.4% | -25.0% | -3.4% | 16.7% | |
| Latest Twelve Months | 13.0% | 110.0% | 5.7% | -34.2% | -17.6% | 37.2% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 18.8% | 12.6% | 14.9% | 24.5% | 12.2% | 32.1% | |
| Prior Fiscal Year | 16.8% | 3.2% | 14.8% | 25.7% | 12.4% | 31.5% | |
| Latest Fiscal Year | 19.4% | 12.5% | 17.5% | 16.0% | 11.3% | 28.2% | |
| Latest Twelve Months | 20.0% | 17.0% | 17.2% | 14.6% | 10.7% | 29.1% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.52x | 1.84x | 1.07x | 0.93x | 1.31x | 6.81x | |
| EV / LTM EBITDA | 12.6x | 10.8x | 6.3x | 6.4x | 12.3x | 23.4x | |
| EV / LTM EBIT | 16.8x | 21.1x | 9.3x | 9.5x | 16.3x | 30.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 6.3x | 10.8x | 12.6x | ||||
| Historical EV / LTM EBITDA | 18.9x | 20.8x | 29.5x | ||||
| Selected EV / LTM EBITDA | 20.0x | 21.0x | 22.1x | ||||
| (x) LTM EBITDA | 1,182 | 1,182 | 1,182 | ||||
| (=) Implied Enterprise Value | 23,602 | 24,844 | 26,086 | ||||
| (-) Non-shareholder Claims * | (1,427) | (1,427) | (1,427) | ||||
| (=) Equity Value | 22,175 | 23,417 | 24,659 | ||||
| (/) Shares Outstanding | 465.6 | 465.6 | 465.6 | ||||
| Implied Value Range | 47.62 | 50.29 | 52.96 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 47.62 | 50.29 | 52.96 | 56.12 | |||
| Upside / (Downside) | -15.1% | -10.4% | -5.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | SY1 | DSFIR | KEMIRA | SOLB | AKZA | NZM2 | |
| Enterprise Value | 12,725 | 24,038 | 3,067 | 4,631 | 13,820 | 27,558 | |
| (+) Cash & Short Term Investments | 370 | 2,860 | 377 | 345 | 1,566 | 250 | |
| (+) Investments & Other | 599 | 286 | 252 | 287 | 248 | 23 | |
| (-) Debt | (2,416) | (5,429) | (663) | (2,227) | (5,846) | (1,699) | |
| (-) Other Liabilities | (23) | (156) | (17) | (63) | (213) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 11,254 | 21,599 | 3,015 | 2,973 | 9,575 | 26,131 | |
| (/) Shares Outstanding | 139.8 | 262.2 | 153.8 | 104.5 | 171.0 | 465.6 | |
| Implied Stock Price | 80.52 | 82.38 | 19.60 | 28.46 | 55.98 | 56.12 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 80.52 | 82.38 | 19.60 | 28.46 | 55.98 | 56.12 | |
| 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 | |