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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 20.4x - 22.6x | 21.5x |
| Selected Fwd EBIT Multiple | 17.3x - 19.2x | 18.3x |
| Fair Value | €74.26 - €83.52 | €78.89 |
| Upside | -23.8% - -14.3% | -19.1% |
| Benchmarks | Ticker | Full Ticker |
| International Flavors & Fragrances Inc. | IFF | NYSE:IFF |
| Takasago International Corporation | TKIN.F | OTCPK:TKIN.F |
| T. Hasegawa Co., Ltd. | HASG.F | OTCPK:HASG.F |
| Symrise AG | SYIE.F | OTCPK:SYIE.F |
| Robertet SA | RBTE.F | OTCPK:RBTE.F |
| Sensient Technologies Corporation | SSF | DB:SSF |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| IFF | TKIN.F | HASG.F | SYIE.F | RBTE.F | SSF | ||
| NYSE:IFF | OTCPK:TKIN.F | OTCPK:HASG.F | OTCPK:SYIE.F | OTCPK:RBTE.F | DB:SSF | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 0.2% | 41.2% | 14.8% | 8.5% | 11.4% | 4.9% | |
| 3Y CAGR | 3.1% | 19.2% | 10.8% | 12.6% | 10.2% | 5.6% | |
| Latest Twelve Months | 10.8% | 544.1% | 0.4% | 24.1% | 13.7% | 17.2% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 7.7% | 3.8% | 12.2% | 12.8% | 14.7% | 12.7% | |
| Prior Fiscal Year | 5.3% | 1.2% | 11.6% | 11.3% | 15.3% | 12.3% | |
| Latest Fiscal Year | 6.3% | 6.5% | 13.0% | 14.2% | 15.5% | 12.7% | |
| Latest Twelve Months | 7.1% | 6.5% | 12.4% | 15.0% | 15.5% | 13.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.04x | 0.62x | 1.04x | 2.52x | 2.09x | 3.53x | |
| EV / LTM EBITDA | 13.0x | 6.2x | 5.1x | 12.6x | 11.5x | 20.4x | |
| EV / LTM EBIT | 28.7x | 9.6x | 8.4x | 16.8x | 13.5x | 26.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 8.4x | 13.5x | 28.7x | ||||
| Historical EV / LTM EBIT | 18.4x | 19.3x | 27.9x | ||||
| Selected EV / LTM EBIT | 20.4x | 21.5x | 22.6x | ||||
| (x) LTM EBIT | 212 | 212 | 212 | ||||
| (=) Implied Enterprise Value | 4,325 | 4,553 | 4,781 | ||||
| (-) Non-shareholder Claims * | (680) | (680) | (680) | ||||
| (=) Equity Value | 3,646 | 3,873 | 4,101 | ||||
| (/) Shares Outstanding | 42.5 | 42.5 | 42.5 | ||||
| Implied Value Range | 85.85 | 91.21 | 96.57 | ||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 73.57 | 78.16 | 82.76 | 97.50 | |||
| Upside / (Downside) | -24.5% | -19.8% | -15.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | IFF | TKIN.F | HASG.F | SYIE.F | RBTE.F | SSF | |
| Enterprise Value | 23,006 | 103,481 | 68,228 | 12,484 | 1,637 | 5,511 | |
| (+) Cash & Short Term Investments | 816 | 35,590 | 33,812 | 370 | 193 | 57 | |
| (+) Investments & Other | 16 | 27,290 | 10,899 | 599 | 8 | 0 | |
| (-) Debt | (6,850) | (60,707) | 0 | (2,416) | (291) | (736) | |
| (-) Other Liabilities | (32) | (2,191) | 0 | (23) | (0) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 16,956 | 103,463 | 112,939 | 11,013 | 1,547 | 4,831 | |
| (/) Shares Outstanding | 256.3 | 19.5 | 31.5 | 139.8 | 2.0 | 42.5 | |
| Implied Stock Price | 66.16 | 5,308.41 | 3,590.51 | 78.80 | 790.15 | 113.77 | |
| FX Conversion Rate to Trading Currency | 1.00 | 147.33 | 147.33 | 0.86 | 0.86 | 1.17 | |
| Implied Stock Price (Trading Cur) | 66.16 | 36.03 | 24.37 | 91.94 | 922.00 | 97.50 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 147.33 | 147.33 | 0.86 | 0.86 | 1.17 | |