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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 10.3x - 11.3x | 10.8x |
| Selected Fwd EBIT Multiple | 10.5x - 11.6x | 11.0x |
| Fair Value | €2.01 - €2.51 | €2.26 |
| Upside | 44.3% - 80.3% | 62.3% |
| Benchmarks | Ticker | Full Ticker |
| Empresas CMPC S.A. | CMPC | SNSE:CMPC |
| West Fraser Timber Co. Ltd. | WFG | TSX:WFG |
| Clearwater Paper Corporation | CLW | NYSE:CLW |
| UPM-Kymmene Oyj | UPMK.F | OTCPK:UPMK.F |
| Suzano S.A. | SUZB3 | BOVESPA:SUZB3 |
| Sappi Limited | SPI | DB:SPI |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| CMPC | WFG | CLW | UPMK.F | SUZB3 | SPI | ||
| SNSE:CMPC | TSX:WFG | NYSE:CLW | OTCPK:UPMK.F | BOVESPA:SUZB3 | DB:SPI | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 13.9% | NM- | NM- | -4.5% | 45.2% | -4.7% | |
| 3Y CAGR | -15.4% | -70.0% | NM- | -8.2% | -4.0% | 17.7% | |
| Latest Twelve Months | -20.9% | -121.9% | 106.3% | -1.7% | 19.2% | 7.5% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 8.7% | 16.7% | 4.1% | 12.1% | 33.2% | 6.1% | |
| Prior Fiscal Year | 5.1% | -0.1% | 7.1% | 9.3% | 27.0% | 9.7% | |
| Latest Fiscal Year | 6.8% | 1.7% | -3.5% | 10.2% | 30.8% | 5.3% | |
| Latest Twelve Months | 3.6% | -1.3% | 0.0% | 8.9% | 26.2% | 6.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.20x | 0.96x | 0.41x | 1.44x | 2.80x | 0.54x | |
| EV / LTM EBITDA | 7.4x | 12.0x | 7.0x | 7.8x | 6.1x | 4.8x | |
| EV / LTM EBIT | 33.0x | -76.5x | 2130.5x | 16.3x | 10.7x | 8.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -76.5x | 16.3x | 2130.5x | ||||
| Historical EV / LTM EBIT | 3.5x | 9.7x | 32.6x | ||||
| Selected EV / LTM EBIT | 10.3x | 10.8x | 11.3x | ||||
| (x) LTM EBIT | 342 | 342 | 342 | ||||
| (=) Implied Enterprise Value | 3,507 | 3,691 | 3,876 | ||||
| (-) Non-shareholder Claims * | (1,929) | (1,929) | (1,929) | ||||
| (=) Equity Value | 1,578 | 1,762 | 1,947 | ||||
| (/) Shares Outstanding | 604.6 | 604.6 | 604.6 | ||||
| Implied Value Range | 2.61 | 2.91 | 3.22 | ||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 2.24 | 2.50 | 2.77 | 1.39 | |||
| Upside / (Downside) | 61.3% | 80.1% | 99.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | CMPC | WFG | CLW | UPMK.F | SUZB3 | SPI | |
| Enterprise Value | 9,224 | 5,584 | 639 | 14,893 | 141,973 | 2,907 | |
| (+) Cash & Short Term Investments | 677 | 646 | 47 | 627 | 20,371 | 203 | |
| (+) Investments & Other | 68 | 0 | 0 | 2,400 | 1,225 | 18 | |
| (-) Debt | (6,089) | (336) | (341) | (4,066) | (98,415) | (2,150) | |
| (-) Other Liabilities | (0) | 0 | 0 | (332) | (133) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 3,880 | 5,894 | 345 | 13,522 | 65,021 | 978 | |
| (/) Shares Outstanding | 2,500.0 | 78.9 | 16.1 | 527.3 | 1,235.9 | 604.6 | |
| Implied Stock Price | 1.55 | 74.75 | 21.42 | 25.64 | 52.61 | 1.62 | |
| FX Conversion Rate to Trading Currency | 0.00 | 0.72 | 1.00 | 0.86 | 1.00 | 1.16 | |
| Implied Stock Price (Trading Cur) | 1,500.00 | 103.41 | 21.42 | 29.85 | 52.61 | 1.39 | |
| Trading Currency | CLP | CAD | USD | USD | BRL | EUR | |
| FX Rate to Reporting Currency | 0.00 | 0.72 | 1.00 | 0.86 | 1.00 | 1.16 | |