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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 7.7x - 8.5x | 8.1x |
| Selected Fwd EBITDA Multiple | 4.9x - 5.5x | 5.2x |
| Fair Value | $117.74 - $136.74 | $127.24 |
| Upside | 63.5% - 89.9% | 76.7% |
| Benchmarks | Ticker | Full Ticker |
| SIG Group AG | SIGN | SWX:SIGN |
| Huhtamäki Oyj | HUH1V | HLSE:HUH1V |
| Packaging Corporation of America | PKA | DB:PKA |
| Orora Limited | OORD | DB:OORD |
| Graphic Packaging Holding Company | 4W8 | DB:4W8 |
| Mayr-Melnhof Karton AG | MNHF.F | OTCPK:MNHF.F |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| SIGN | HUH1V | PKA | OORD | 4W8 | MNHF.F | ||
| SWX:SIGN | HLSE:HUH1V | DB:PKA | DB:OORD | DB:4W8 | OTCPK:MNHF.F | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 10.0% | 5.5% | 2.9% | 10.2% | 11.5% | 1.5% | |
| 3Y CAGR | 13.7% | 7.3% | -0.7% | 19.9% | 17.3% | 4.8% | |
| Latest Twelve Months | -3.2% | 3.2% | 3.4% | 52.5% | -10.0% | 5.1% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 24.0% | 12.6% | 20.8% | 9.6% | 16.5% | 12.9% | |
| Prior Fiscal Year | 23.9% | 12.5% | 20.8% | 9.6% | 19.8% | 9.2% | |
| Latest Fiscal Year | 22.5% | 13.1% | 20.0% | 11.7% | 19.1% | 9.9% | |
| Latest Twelve Months | 22.5% | 13.1% | 20.0% | 10.1% | 19.1% | 9.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.51x | 1.12x | 2.24x | 0.50x | 1.44x | 0.63x | |
| EV / LTM EBITDA | 11.2x | 8.6x | 11.2x | 5.0x | 7.6x | 6.4x | |
| EV / LTM EBIT | 22.2x | 13.2x | 16.2x | 7.4x | 11.1x | 14.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 5.0x | 8.6x | 11.2x | ||||
| Historical EV / LTM EBITDA | 6.4x | 8.8x | 12.3x | ||||
| Selected EV / LTM EBITDA | 7.7x | 8.1x | 8.5x | ||||
| (x) LTM EBITDA | 405 | 405 | 405 | ||||
| (=) Implied Enterprise Value | 3,105 | 3,268 | 3,432 | ||||
| (-) Non-shareholder Claims * | (1,107) | (1,107) | (1,107) | ||||
| (=) Equity Value | 1,998 | 2,161 | 2,325 | ||||
| (/) Shares Outstanding | 20.0 | 20.0 | 20.0 | ||||
| Implied Value Range | 99.89 | 108.06 | 116.23 | ||||
| FX Rate: EUR/USD | 0.9 | 0.9 | 0.9 | Market Price | |||
| Implied Value Range (Trading Cur) | 113.28 | 122.55 | 131.81 | 72.00 | |||
| Upside / (Downside) | 57.3% | 70.2% | 83.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | SIGN | HUH1V | PKA | OORD | 4W8 | MNHF.F | |
| Enterprise Value | 8,324 | 4,616 | 18,715 | 2,484 | 12,667 | 2,377 | |
| (+) Cash & Short Term Investments | 303 | 317 | 787 | 255 | 157 | 521 | |
| (+) Investments & Other | 1 | 3 | 65 | 0 | 0 | 8 | |
| (-) Debt | (2,471) | (1,562) | (2,772) | (551) | (5,456) | (1,629) | |
| (-) Other Liabilities | 0 | (87) | 0 | 0 | (1) | (7) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 6,157 | 3,287 | 16,796 | 2,189 | 7,367 | 1,270 | |
| (/) Shares Outstanding | 382.2 | 104.8 | 89.2 | 1,298.6 | 300.2 | 20.0 | |
| Implied Stock Price | 16.11 | 31.38 | 188.36 | 1.69 | 24.54 | 63.49 | |
| FX Conversion Rate to Trading Currency | 1.08 | 1.00 | 1.13 | 1.80 | 1.13 | 0.88 | |
| Implied Stock Price (Trading Cur) | 14.90 | 31.38 | 166.10 | 0.94 | 21.64 | 72.00 | |
| Trading Currency | CHF | EUR | EUR | EUR | EUR | USD | |
| FX Rate to Reporting Currency | 1.08 | 1.00 | 1.13 | 1.80 | 1.13 | 0.88 | |