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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 14.5x - 16.1x | 15.3x |
Selected Fwd EBIT Multiple | 11.0x - 12.1x | 11.6x |
Fair Value | $56.47 - $66.52 | $61.50 |
Upside | -1.0% - 16.6% | 7.8% |
Benchmarks | Ticker | Full Ticker |
Quaker Chemical Corporation | KWR | NYSE:KWR |
Element Solutions Inc | ESI | NYSE:ESI |
Axalta Coating Systems Ltd. | AXTA | NYSE:AXTA |
Kemira Oyj | KOYJ.F | OTCPK:KOYJ.F |
Solvay SA | SVYS.F | OTCPK:SVYS.F |
H.B. Fuller Company | FUL | NYSE:FUL |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
KWR | ESI | AXTA | KOYJ.F | SVYS.F | FUL | ||
NYSE:KWR | NYSE:ESI | NYSE:AXTA | OTCPK:KOYJ.F | OTCPK:SVYS.F | NYSE:FUL | ||
Historical EBIT Growth | |||||||
5Y CAGR | 11.0% | 6.0% | 6.8% | 13.4% | -13.3% | 8.6% | |
3Y CAGR | 3.8% | 4.1% | 14.9% | 28.7% | -22.0% | 10.0% | |
Latest Twelve Months | -17.6% | 27.1% | 18.3% | 8.6% | -25.1% | -10.8% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 9.7% | 13.2% | 11.8% | 9.2% | 8.7% | 9.8% | |
Prior Fiscal Year | 11.3% | 11.4% | 12.0% | 9.9% | 13.6% | 11.5% | |
Latest Fiscal Year | 10.8% | 14.3% | 14.7% | 12.3% | 11.2% | 10.7% | |
Latest Twelve Months | 10.2% | 14.2% | 15.0% | 11.7% | 10.9% | 10.3% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 1.34x | 2.70x | 1.91x | 0.99x | 0.94x | 1.47x | |
EV / LTM EBITDA | 9.0x | 13.2x | 10.0x | 5.8x | 6.0x | 9.7x | |
EV / LTM EBIT | 13.1x | 19.0x | 12.8x | 8.5x | 8.6x | 14.3x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | 8.5x | 12.8x | 19.0x | ||||
Historical EV / LTM EBIT | 14.6x | 18.2x | 20.4x | ||||
Selected EV / LTM EBIT | 14.5x | 15.3x | 16.1x | ||||
(x) LTM EBIT | 364 | 364 | 364 | ||||
(=) Implied Enterprise Value | 5,297 | 5,576 | 5,855 | ||||
(-) Non-shareholder Claims * | (2,116) | (2,116) | (2,116) | ||||
(=) Equity Value | 3,181 | 3,460 | 3,739 | ||||
(/) Shares Outstanding | 54.2 | 54.2 | 54.2 | ||||
Implied Value Range | 58.70 | 63.84 | 68.99 | ||||
FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 58.70 | 63.84 | 68.99 | 57.03 | |||
Upside / (Downside) | 2.9% | 11.9% | 21.0% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | KWR | ESI | AXTA | KOYJ.F | SVYS.F | FUL | |
Enterprise Value | 2,421 | 6,683 | 10,035 | 2,764 | 4,909 | 5,207 | |
(+) Cash & Short Term Investments | 186 | 501 | 575 | 454 | 467 | 106 | |
(+) Investments & Other | 102 | 0 | 1 | 259 | 311 | 0 | |
(-) Debt | (771) | (1,630) | (3,418) | (671) | (2,220) | (2,221) | |
(-) Other Liabilities | (1) | (15) | (46) | (22) | (66) | (1) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 1,938 | 5,539 | 7,147 | 2,785 | 3,401 | 3,091 | |
(/) Shares Outstanding | 17.7 | 242.5 | 218.6 | 154.4 | 104.5 | 54.2 | |
Implied Stock Price | 109.61 | 22.84 | 32.70 | 18.03 | 32.55 | 57.03 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 0.90 | 0.90 | 1.00 | |
Implied Stock Price (Trading Cur) | 109.61 | 22.84 | 32.70 | 20.00 | 36.11 | 57.03 | |
Trading Currency | USD | USD | USD | USD | USD | USD | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 0.90 | 0.90 | 1.00 |
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