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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBITDA Multiple | 9.7x - 10.7x | 10.2x |
Selected Fwd EBITDA Multiple | 8.7x - 9.7x | 9.2x |
Fair Value | $7.87 - $9.21 | $8.54 |
Upside | -15.7% - -1.3% | -8.5% |
Benchmarks | Ticker | Full Ticker |
Winpak Ltd. | WIPK.F | OTCPK:WIPK.F |
Crown Holdings, Inc. | CCK | NYSE:CCK |
Berry Global Group, Inc. | BERY | NYSE:BERY |
Silgan Holdings Inc. | SLGN | NYSE:SLGN |
Ball Corporation | BALL | NYSE:BALL |
Amcor plc | AMCR | NYSE:AMCR |
- | - | - |
Select LTM EBITDA Multiple | |||||||
Benchmark Companies | |||||||
WIPK.F | CCK | BERY | SLGN | BALL | AMCR | ||
OTCPK:WIPK.F | NYSE:CCK | NYSE:BERY | NYSE:SLGN | NYSE:BALL | NYSE:AMCR | ||
Historical EBITDA Growth | |||||||
5Y CAGR | 4.3% | 5.2% | 6.3% | 7.1% | -0.6% | 4.7% | |
3Y CAGR | 9.3% | 89.5% | -3.3% | 1.3% | -5.4% | -2.4% | |
Latest Twelve Months | 7.4% | 4.3% | 3.6% | 1.4% | 1.0% | 3.7% | |
Historical EBITDA Profit Margin | |||||||
5 Year Average Margin | 20.5% | 12.6% | 16.1% | 14.9% | 15.1% | 14.3% | |
Prior Fiscal Year | 20.0% | 15.2% | 15.8% | 14.5% | 14.7% | 13.3% | |
Latest Fiscal Year | 21.7% | 16.1% | 16.2% | 15.0% | 15.2% | 13.6% | |
Latest Twelve Months | 21.7% | 16.1% | 16.2% | 15.0% | 15.2% | 14.1% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 1.17x | 1.33x | 1.25x | 1.50x | 1.57x | 1.52x | |
EV / LTM EBITDA | 5.4x | 8.3x | 7.7x | 10.0x | 10.3x | 10.8x | |
EV / LTM EBIT | 6.9x | 10.8x | 13.5x | 14.5x | 15.7x | 15.2x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBITDA | 5.4x | 8.3x | 10.3x | ||||
Historical EV / LTM EBITDA | 11.0x | 11.7x | 13.5x | ||||
Selected EV / LTM EBITDA | 9.7x | 10.2x | 10.7x | ||||
(x) LTM EBITDA | 1,907 | 1,907 | 1,907 | ||||
(=) Implied Enterprise Value | 18,495 | 19,469 | 20,442 | ||||
(-) Non-shareholder Claims * | (7,047) | (7,047) | (7,047) | ||||
(=) Equity Value | 11,448 | 12,422 | 13,395 | ||||
(/) Shares Outstanding | 1,444.3 | 1,444.3 | 1,444.3 | ||||
Implied Value Range | 7.93 | 8.60 | 9.27 | ||||
FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 7.93 | 8.60 | 9.27 | 9.33 | |||
Upside / (Downside) | -15.0% | -7.8% | -0.6% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | WIPK.F | CCK | BERY | SLGN | BALL | AMCR | |
Enterprise Value | 1,192 | 15,649 | 15,387 | 8,761 | 18,543 | 20,523 | |
(+) Cash & Short Term Investments | 497 | 918 | 1,181 | 823 | 889 | 445 | |
(+) Investments & Other | 0 | 22 | 1 | 0 | 233 | 0 | |
(-) Debt | (18) | (6,422) | (8,801) | (4,357) | (6,017) | (7,485) | |
(-) Other Liabilities | (35) | (472) | 0 | 0 | (68) | (7) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 1,636 | 9,695 | 7,768 | 5,227 | 13,580 | 13,476 | |
(/) Shares Outstanding | 61.8 | 115.6 | 115.8 | 106.8 | 282.4 | 1,444.3 | |
Implied Stock Price | 26.50 | 83.84 | 67.08 | 48.94 | 48.09 | 9.33 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 26.50 | 83.84 | 67.08 | 48.94 | 48.09 | 9.33 | |
Trading Currency | USD | USD | USD | USD | USD | USD | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |