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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 19.9x - 22.0x | 20.9x |
| Selected Fwd EBITDA Multiple | 6.6x - 7.3x | 7.0x |
| Fair Value | €64.24 - €70.12 | €67.18 |
| Upside | -19.7% - -12.4% | -16.0% |
| Benchmarks | Ticker | Full Ticker |
| Quaker Chemical Corporation | KWR | NYSE:KWR |
| NewMarket Corporation | NEU | NYSE:NEU |
| Flotek Industries, Inc. | FTK | NYSE:FTK |
| Evonik Industries AG | EVKI.F | PINC:EVKI.F |
| Johnson Matthey Plc | JMPL.F | PINC:JMPL.F |
| Innospec Inc. | OCT | DB:OCT |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| KWR | NEU | FTK | EVKI.F | JMPL.F | OCT | ||
| NYSE:KWR | NYSE:NEU | NYSE:FTK | PINC:EVKI.F | PINC:JMPL.F | DB:OCT | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 11.8% | 10.9% | NM- | -3.1% | -6.8% | -17.9% | |
| 3Y CAGR | 2.4% | 26.8% | NM- | -7.7% | -7.5% | -24.8% | |
| Latest Twelve Months | -12.4% | 24.8% | 314.3% | -5.6% | -20.3% | -63.5% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 14.4% | 20.3% | -49.9% | 13.3% | 4.2% | 11.3% | |
| Prior Fiscal Year | 15.5% | 22.2% | -3.2% | 11.8% | 4.1% | 10.6% | |
| Latest Fiscal Year | 15.4% | 26.9% | 6.9% | 11.2% | 3.9% | 4.1% | |
| Latest Twelve Months | 14.8% | 27.8% | 6.9% | 11.2% | 3.9% | 4.1% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.24x | 2.45x | 1.21x | 0.79x | 0.24x | 1.13x | |
| EV / LTM EBITDA | 8.4x | 8.8x | 17.4x | 7.0x | 6.2x | 27.4x | |
| EV / LTM EBIT | 12.2x | 10.5x | 18.7x | 14.3x | 8.3x | 63.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 6.2x | 8.4x | 17.4x | ||||
| Historical EV / LTM EBITDA | 11.2x | 14.0x | 27.4x | ||||
| Selected EV / LTM EBITDA | 19.9x | 20.9x | 22.0x | ||||
| (x) LTM EBITDA | 76 | 76 | 76 | ||||
| (=) Implied Enterprise Value | 1,506 | 1,585 | 1,664 | ||||
| (-) Non-shareholder Claims * | 239 | 239 | 239 | ||||
| (=) Equity Value | 1,745 | 1,824 | 1,903 | ||||
| (/) Shares Outstanding | 25.1 | 25.1 | 25.1 | ||||
| Implied Value Range | 69.47 | 72.62 | 75.78 | ||||
| FX Rate: USD/EUR | 1.1 | 1.1 | 1.1 | Market Price | |||
| Implied Value Range (Trading Cur) | 61.39 | 64.18 | 66.96 | 80.00 | |||
| Upside / (Downside) | -23.3% | -19.8% | -16.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | KWR | NEU | FTK | EVKI.F | JMPL.F | OCT | |
| Enterprise Value | 2,312 | 6,871 | 226 | 11,831 | 2,610 | 2,035 | |
| (+) Cash & Short Term Investments | 186 | 118 | 4 | 618 | 621 | 289 | |
| (+) Investments & Other | 102 | 0 | 0 | 509 | 73 | 0 | |
| (-) Debt | (771) | (1,065) | (14) | (3,781) | (1,414) | (45) | |
| (-) Other Liabilities | (1) | 0 | 0 | (80) | 0 | (5) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 1,829 | 5,925 | 216 | 9,097 | 1,890 | 2,274 | |
| (/) Shares Outstanding | 17.7 | 9.4 | 29.7 | 466.0 | 167.3 | 25.1 | |
| Implied Stock Price | 103.46 | 627.99 | 7.28 | 19.52 | 11.29 | 90.53 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 0.88 | 0.75 | 1.13 | |
| Implied Stock Price (Trading Cur) | 103.46 | 627.99 | 7.28 | 22.09 | 15.00 | 80.00 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 0.88 | 0.75 | 1.13 | |