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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBITDA Multiple | 11.0x - 12.2x | 11.6x |
Selected Fwd EBITDA Multiple | 9.5x - 10.5x | 10.0x |
Fair Value | $52.82 - $60.22 | $56.52 |
Upside | 8.7% - 23.9% | 16.3% |
Benchmarks | Ticker | Full Ticker |
Sonoco Products Company | SON | NYSE:SON |
Avery Dennison Corporation | AVY | NYSE:AVY |
AptarGroup, Inc. | ATR | NYSE:ATR |
Sealed Air Corporation | SEE | NYSE:SEE |
Packaging Corporation of America | PKG | NYSE:PKG |
Ball Corporation | BALL | NYSE:BALL |
- | - | - |
Select LTM EBITDA Multiple | |||||||
Benchmark Companies | |||||||
SON | AVY | ATR | SEE | PKG | BALL | ||
NYSE:SON | NYSE:AVY | NYSE:ATR | NYSE:SEE | NYSE:PKG | NYSE:BALL | ||
Historical EBITDA Growth | |||||||
5Y CAGR | 3.6% | 7.8% | 5.7% | 4.5% | 2.9% | -0.6% | |
3Y CAGR | 65.3% | 4.0% | 8.7% | -0.5% | -0.7% | -5.4% | |
Latest Twelve Months | -0.9% | 14.9% | 10.8% | -1.1% | 3.4% | -2.9% | |
Historical EBITDA Profit Margin | |||||||
5 Year Average Margin | 12.9% | 15.1% | 19.6% | 19.7% | 20.8% | 15.1% | |
Prior Fiscal Year | 16.6% | 14.8% | 20.1% | 19.2% | 20.8% | 15.4% | |
Latest Fiscal Year | 16.9% | 16.2% | 21.6% | 19.4% | 20.0% | 15.3% | |
Latest Twelve Months | 16.9% | 16.2% | 21.6% | 19.4% | 20.0% | 15.3% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 2.12x | 1.88x | 2.78x | 1.43x | 2.18x | 1.58x | |
EV / LTM EBITDA | 12.6x | 11.6x | 12.9x | 7.4x | 10.9x | 10.4x | |
EV / LTM EBIT | 21.6x | 14.4x | 19.5x | 9.6x | 15.8x | 15.8x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBITDA | 7.4x | 11.6x | 12.9x | ||||
Historical EV / LTM EBITDA | 10.4x | 15.2x | 19.6x | ||||
Selected EV / LTM EBITDA | 11.0x | 11.6x | 12.2x | ||||
(x) LTM EBITDA | 1,803 | 1,803 | 1,803 | ||||
(=) Implied Enterprise Value | 19,863 | 20,908 | 21,953 | ||||
(-) Non-shareholder Claims * | (4,963) | (4,963) | (4,963) | ||||
(=) Equity Value | 14,900 | 15,945 | 16,990 | ||||
(/) Shares Outstanding | 282.4 | 282.4 | 282.4 | ||||
Implied Value Range | 52.76 | 56.47 | 60.17 | ||||
FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 52.76 | 56.47 | 60.17 | 48.60 | |||
Upside / (Downside) | 8.6% | 16.2% | 23.8% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | SON | AVY | ATR | SEE | PKG | BALL | |
Enterprise Value | 9,749 | 16,401 | 9,976 | 7,681 | 18,274 | 18,687 | |
(+) Cash & Short Term Investments | 431 | 367 | 226 | 372 | 787 | 889 | |
(+) Investments & Other | 1,504 | 53 | 152 | 14 | 65 | 233 | |
(-) Debt | (7,351) | (3,378) | (1,093) | (4,508) | (2,772) | (6,017) | |
(-) Other Liabilities | (15) | 0 | (14) | 0 | 0 | (68) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 4,318 | 13,444 | 9,247 | 3,558 | 16,355 | 13,724 | |
(/) Shares Outstanding | 98.6 | 79.0 | 66.0 | 145.8 | 89.2 | 282.4 | |
Implied Stock Price | 43.78 | 170.25 | 140.18 | 24.41 | 183.42 | 48.60 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 43.78 | 170.25 | 140.18 | 24.41 | 183.42 | 48.60 | |
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 |