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Metrics | Range | Conclusion |
---|---|---|
Selected LTM Revenue Multiple | 1.8x - 2.0x | 1.9x |
Selected Fwd Revenue Multiple | 1.7x - 1.9x | 1.8x |
Fair Value | €133.83 - €149.91 | €141.87 |
Upside | -18.1% - -8.2% | -13.1% |
Benchmarks | Ticker | Full Ticker |
---|---|---|
Graphic Packaging Holding Company | GPK | NYSE:GPK |
International Paper Company | IP | NYSE:IP |
Sealed Air Corporation | SEE | NYSE:SEE |
Avery Dennison Corporation | AVY | NYSE:AVY |
Greif, Inc. | GEF | NYSE:GEF |
Packaging Corporation of America | PKA | DB:PKA |
Select LTM Revenue Multiple | ||||||||
Benchmark Companies | ||||||||
GPK | IP | SEE | AVY | GEF | PKA | |||
NYSE:GPK | NYSE:IP | NYSE:SEE | NYSE:AVY | NYSE:GEF | DB:PKA | |||
Historical Revenue Growth | ||||||||
5Y CAGR | 7.4% | 0.3% | 2.4% | 4.4% | 3.5% | 3.8% | ||
3Y CAGR | 7.2% | -1.3% | -0.9% | 1.4% | -0.7% | 2.7% | ||
Latest Twelve Months | -6.6% | -1.6% | -1.8% | 4.7% | 6.9% | 7.4% | ||
Historical EBIT Profit Margin | ||||||||
5 Year Average Margin | 10.2% | 7.8% | 16.0% | 12.2% | 9.9% | 15.1% | ||
Prior Fiscal Year | 13.7% | 6.2% | 15.0% | 11.5% | 11.6% | 14.4% | ||
Latest Fiscal Year | 13.0% | 5.2% | 14.9% | 13.0% | 8.2% | 13.8% | ||
Latest Twelve Months | 13.0% | 5.2% | 14.9% | 13.0% | 8.1% | 13.8% | ||
Current Trading Multiples | ||||||||
EV / LTM Revenue | 1.45x | 1.58x | 1.47x | 1.87x | 1.02x | 2.24x | ||
EV / LTM EBIT | 11.1x | 30.5x | 9.8x | 14.4x | 12.6x | 16.2x | ||
Price / LTM Sales | 0.85x | 1.32x | 0.70x | 1.53x | 0.46x | 2.01x | ||
Low | Mid | High | ||||||
Benchmark EV / LTM Revenue | 1.02x | 1.47x | 1.87x | |||||
Historical EV / LTM Revenue | 1.61x | 2.11x | 2.24x | |||||
Selected EV / LTM Revenue | 1.83x | 1.93x | 2.02x | |||||
(x) LTM Revenue | 8,383 | 8,383 | 8,383 | |||||
(=) Implied Enterprise Value | 15,345 | 16,153 | 16,960 | |||||
(-) Non-shareholder Claims * | (1,919) | (1,919) | (1,919) | |||||
(=) Equity Value | 13,426 | 14,233 | 15,041 | |||||
(/) Shares Outstanding | 89.3 | 89.3 | 89.3 | |||||
Implied Value Range | 150.36 | 159.40 | 168.45 | |||||
FX Rate: USD/EUR | 1.1 | 1.1 | 1.1 | Market Price | ||||
Implied Value Range (Trading Cur) | 132.25 | 140.21 | 148.17 | 163.35 | ||||
Upside / (Downside) | -19.0% | -14.2% | -9.3% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | GPK | IP | SEE | AVY | GEF | PKA | |
Enterprise Value | 12,637 | 29,039 | 7,894 | 16,235 | 5,532 | 18,502 | |
(+) Cash & Short Term Investments | 157 | 1,170 | 372 | 367 | 201 | 787 | |
(+) Investments & Other | 0 | 160 | 14 | 53 | 0 | 65 | |
(-) Debt | (5,456) | (6,009) | (4,508) | (3,378) | (3,149) | (2,772) | |
(-) Other Liabilities | (1) | 0 | 0 | 0 | (170) | 0 | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 7,337 | 24,360 | 3,771 | 13,278 | 2,415 | 16,582 | |
(/) Shares Outstanding | 300.2 | 526.1 | 145.8 | 79.0 | 47.4 | 89.3 | |
Implied Stock Price | 24.44 | 46.30 | 25.87 | 168.15 | 50.90 | 185.71 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.14 | |
Implied Stock Price (Trading Cur) | 24.44 | 46.30 | 25.87 | 168.15 | 50.90 | 163.35 | |
Trading Currency | USD | USD | USD | USD | USD | EUR | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.14 |