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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 9.0x - 9.9x | 9.5x |
| Selected Fwd EBITDA Multiple | 6.9x - 7.7x | 7.3x |
| Fair Value | €34.48 - €38.70 | €36.59 |
| Upside | 14.9% - 29.0% | 22.0% |
| Benchmarks | Ticker | Full Ticker |
| Intrepid Potash, Inc. | IPI | NYSE:IPI |
| Ecolab Inc. | ECL | NYSE:ECL |
| Yara International ASA | YARI.Y | OTCPK:YARI.Y |
| ICL Group Ltd | ICL | NYSE:ICL |
| Nutrien Ltd. | NTR | NYSE:NTR |
| Sociedad Química y Minera de Chile S.A. | QYM | DB:QYM |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| IPI | ECL | YARI.Y | ICL | NTR | QYM | ||
| NYSE:IPI | NYSE:ECL | OTCPK:YARI.Y | NYSE:ICL | NYSE:NTR | DB:QYM | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | -7.5% | 4.7% | -2.8% | 2.2% | 4.6% | 17.1% | |
| 3Y CAGR | -18.3% | 10.0% | -15.8% | -8.3% | -11.4% | 7.1% | |
| Latest Twelve Months | 15.4% | 11.3% | 28.1% | -21.3% | -15.4% | -55.8% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 26.3% | 21.1% | 14.3% | 23.6% | 21.8% | 39.6% | |
| Prior Fiscal Year | 20.2% | 20.3% | 8.4% | 21.6% | 19.0% | 42.3% | |
| Latest Fiscal Year | 17.4% | 22.9% | 11.1% | 18.7% | 18.0% | 30.8% | |
| Latest Twelve Months | 20.6% | 23.2% | 11.7% | 18.7% | 18.0% | 30.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.98x | 5.02x | 0.86x | 1.60x | 1.58x | 2.53x | |
| EV / LTM EBITDA | 9.6x | 21.6x | 7.3x | 8.6x | 8.7x | 8.2x | |
| EV / LTM EBIT | 87.7x | 29.0x | 14.6x | 13.9x | 15.2x | 10.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 7.3x | 8.7x | 21.6x | ||||
| Historical EV / LTM EBITDA | 4.1x | 8.2x | 23.8x | ||||
| Selected EV / LTM EBITDA | 9.0x | 9.5x | 9.9x | ||||
| (x) LTM EBITDA | 1,395 | 1,395 | 1,395 | ||||
| (=) Implied Enterprise Value | 12,531 | 13,190 | 13,850 | ||||
| (-) Non-shareholder Claims * | (1,802) | (1,802) | (1,802) | ||||
| (=) Equity Value | 10,728 | 11,388 | 12,047 | ||||
| (/) Shares Outstanding | 285.6 | 285.6 | 285.6 | ||||
| Implied Value Range | 37.56 | 39.87 | 42.18 | ||||
| FX Rate: USD/EUR | 1.1 | 1.1 | 1.1 | Market Price | |||
| Implied Value Range (Trading Cur) | 33.10 | 35.14 | 37.17 | 30.00 | |||
| Upside / (Downside) | 10.3% | 17.1% | 23.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | IPI | ECL | YARI.Y | ICL | NTR | QYM | |
| Enterprise Value | 428 | 78,736 | 12,165 | 10,955 | 38,880 | 11,525 | |
| (+) Cash & Short Term Investments | 46 | 1,163 | 326 | 442 | 853 | 2,439 | |
| (+) Investments & Other | 3 | 0 | 150 | 3 | 698 | 644 | |
| (-) Debt | (4) | (8,211) | (4,091) | (2,310) | (12,807) | (4,848) | |
| (-) Other Liabilities | 0 | (28) | (17) | (263) | (35) | (37) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 473 | 71,660 | 8,533 | 8,827 | 27,589 | 9,722 | |
| (/) Shares Outstanding | 12.4 | 283.6 | 512.2 | 1,290.5 | 488.6 | 285.6 | |
| Implied Stock Price | 38.19 | 252.65 | 16.66 | 6.84 | 56.47 | 34.04 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.13 | |
| Implied Stock Price (Trading Cur) | 38.19 | 252.65 | 16.66 | 6.84 | 56.47 | 30.00 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.13 | |