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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 7.0x - 7.8x | 7.4x |
| Selected Fwd EBITDA Multiple | 5.2x - 5.8x | 5.5x |
| Fair Value | $22.25 - $26.68 | $24.46 |
| Upside | -17.6% - -1.2% | -9.4% |
| Benchmarks | Ticker | Full Ticker |
| K+S Aktiengesellschaft | SDF | XTRA:SDF |
| Syensqo SA/NV | 2NF | DUSE:2NF |
| Umicore SA | NVJP | XTRA:NVJP |
| Tessenderlo Group NV | TEZ | DB:TEZ |
| Kemira Oyj | KEM | DB:KEM |
| LANXESS Aktiengesellschaft | LNXS.F | OTCPK:LNXS.F |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| SDF | 2NF | NVJP | TEZ | KEM | LNXS.F | ||
| XTRA:SDF | DUSE:2NF | XTRA:NVJP | DB:TEZ | DB:KEM | OTCPK:LNXS.F | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | -0.5% | NM- | NM- | -0.5% | 8.1% | -11.2% | |
| 3Y CAGR | -17.4% | 1.6% | NM- | -10.0% | 15.4% | -11.0% | |
| Latest Twelve Months | -44.0% | -21.0% | -106.1% | -19.1% | 3.0% | 24.0% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 20.3% | 21.1% | 3.8% | 15.2% | 14.6% | 10.4% | |
| Prior Fiscal Year | 19.5% | 22.6% | 5.7% | 10.9% | 14.8% | 6.3% | |
| Latest Fiscal Year | 11.6% | 18.5% | -0.4% | 9.8% | 17.5% | 8.2% | |
| Latest Twelve Months | 11.6% | 18.5% | -0.4% | 9.8% | 17.5% | 8.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.65x | 1.05x | 0.18x | 0.56x | 1.03x | 0.59x | |
| EV / LTM EBITDA | 5.6x | 5.7x | -41.5x | 5.8x | 5.9x | 7.2x | |
| EV / LTM EBIT | -54.7x | 10.0x | -8.6x | 33.3x | 8.4x | 163.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -41.5x | 5.7x | 5.9x | ||||
| Historical EV / LTM EBITDA | 7.2x | 8.3x | 9.0x | ||||
| Selected EV / LTM EBITDA | 7.0x | 7.4x | 7.8x | ||||
| (x) LTM EBITDA | 521 | 521 | 521 | ||||
| (=) Implied Enterprise Value | 3,665 | 3,857 | 4,050 | ||||
| (-) Non-shareholder Claims * | (1,697) | (1,697) | (1,697) | ||||
| (=) Equity Value | 1,968 | 2,160 | 2,353 | ||||
| (/) Shares Outstanding | 97.4 | 97.4 | 97.4 | ||||
| Implied Value Range | 20.19 | 22.17 | 24.15 | ||||
| FX Rate: EUR/USD | 0.9 | 0.9 | 0.9 | Market Price | |||
| Implied Value Range (Trading Cur) | 23.01 | 25.26 | 27.52 | 27.00 | |||
| Upside / (Downside) | -14.8% | -6.4% | 1.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | SDF | 2NF | NVJP | TEZ | KEM | LNXS.F | |
| Enterprise Value | 2,383 | 7,057 | 2,640 | 1,496 | 3,052 | 4,006 | |
| (+) Cash & Short Term Investments | 524 | 740 | 2,013 | 252 | 519 | 615 | |
| (+) Investments & Other | 271 | 337 | 611 | 27 | 282 | 706 | |
| (-) Debt | (746) | (2,115) | (3,437) | (257) | (811) | (3,012) | |
| (-) Other Liabilities | (4) | (50) | 16 | (16) | (18) | (6) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 2,429 | 5,969 | 1,843 | 1,502 | 3,024 | 2,309 | |
| (/) Shares Outstanding | 179.1 | 103.7 | 240.5 | 60.1 | 154.4 | 97.4 | |
| Implied Stock Price | 13.56 | 57.58 | 7.67 | 25.00 | 19.58 | 23.70 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.88 | |
| Implied Stock Price (Trading Cur) | 13.56 | 57.58 | 7.67 | 25.00 | 19.58 | 27.00 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.88 | |