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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 16.8x - 18.6x | 17.7x |
| Selected Fwd EBITDA Multiple | 11.5x - 12.7x | 12.1x |
| Fair Value | $104.78 - $116.75 | $110.77 |
| Upside | 4.7% - 16.7% | 10.7% |
| Benchmarks | Ticker | Full Ticker |
| Robertet SA | RBT | ENXTPA:RBT |
| L'Air Liquide S.A. | AIL | DB:AIL |
| Givaudan SA | GIVN | SWX:GIVN |
| Novonesis A/S | NZM2 | DB:NZM2 |
| Symrise AG | SY1 | DB:SY1 |
| DSM-Firmenich AG | DSMF.F | OTCPK:DSMF.F |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| RBT | AIL | GIVN | NZM2 | SY1 | DSMF.F | ||
| ENXTPA:RBT | DB:AIL | SWX:GIVN | DB:NZM2 | DB:SY1 | OTCPK:DSMF.F | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 9.4% | 6.2% | 6.6% | 12.0% | 5.1% | 4.5% | |
| 3Y CAGR | 13.0% | 8.0% | 5.7% | 16.7% | 4.1% | 7.0% | |
| Latest Twelve Months | 20.3% | 4.9% | 21.1% | 43.0% | 22.9% | 363.5% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 17.7% | 25.2% | 20.5% | 31.5% | 19.0% | 12.5% | |
| Prior Fiscal Year | 17.2% | 25.3% | 19.7% | 31.5% | 16.8% | 3.2% | |
| Latest Fiscal Year | 18.4% | 27.1% | 22.3% | 28.2% | 19.5% | 12.5% | |
| Latest Twelve Months | 19.2% | 27.1% | 22.3% | 28.2% | 19.5% | 12.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.36x | 4.20x | 5.41x | 6.93x | 3.02x | 2.09x | |
| EV / LTM EBITDA | 12.3x | 15.5x | 24.3x | 24.5x | 15.5x | 16.7x | |
| EV / LTM EBIT | 14.7x | 22.2x | 28.7x | 31.5x | 21.1x | 52.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 12.3x | 15.5x | 24.5x | ||||
| Historical EV / LTM EBITDA | 13.1x | 17.4x | 53.6x | ||||
| Selected EV / LTM EBITDA | 16.8x | 17.7x | 18.6x | ||||
| (x) LTM EBITDA | 1,599 | 1,599 | 1,599 | ||||
| (=) Implied Enterprise Value | 26,868 | 28,282 | 29,696 | ||||
| (-) Non-shareholder Claims * | (2,181) | (2,181) | (2,181) | ||||
| (=) Equity Value | 24,687 | 26,101 | 27,515 | ||||
| (/) Shares Outstanding | 264.3 | 264.3 | 264.3 | ||||
| Implied Value Range | 93.41 | 98.77 | 104.12 | ||||
| FX Rate: EUR/USD | 0.9 | 0.9 | 0.9 | Market Price | |||
| Implied Value Range (Trading Cur) | 101.07 | 106.85 | 112.64 | 100.08 | |||
| Upside / (Downside) | 1.0% | 6.8% | 12.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | RBT | AIL | GIVN | NZM2 | SY1 | DSMF.F | |
| Enterprise Value | 1,797 | 112,746 | 39,938 | 26,451 | 12,750 | 26,626 | |
| (+) Cash & Short Term Investments | 195 | 1,916 | 762 | 280 | 0 | 2,717 | |
| (+) Investments & Other | 4 | 522 | 153 | 24 | 0 | 568 | |
| (-) Debt | (334) | (12,451) | (4,751) | (1,797) | 0 | (5,280) | |
| (-) Other Liabilities | (1) | (761) | 0 | 0 | 0 | (186) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 1,661 | 101,972 | 36,102 | 24,958 | 12,750 | 24,445 | |
| (/) Shares Outstanding | 2.1 | 576.1 | 9.2 | 466.5 | 139.8 | 264.3 | |
| Implied Stock Price | 795.00 | 177.00 | 3,913.00 | 53.50 | 91.22 | 92.50 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.92 | |
| Implied Stock Price (Trading Cur) | 795.00 | 177.00 | 3,913.00 | 53.50 | 91.22 | 100.08 | |
| Trading Currency | EUR | EUR | CHF | EUR | EUR | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.92 | |