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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 13.6x - 15.0x | 14.3x |
| Selected Fwd EBIT Multiple | 11.9x - 13.1x | 12.5x |
| Fair Value | $5.91 - $6.53 | $6.22 |
| Upside | 22.1% - 35.0% | 28.6% |
| Benchmarks | Ticker | Full Ticker |
| Givaudan SA | 0QPS | LSE:0QPS |
| International Flavors & Fragrances Inc. | IFF | NYSE:IFF |
| Zotefoams plc | ZTF | LSE:ZTF |
| Symrise AG | 0G6T | LSE:0G6T |
| Croda International Plc | CRDA | LSE:CRDA |
| Treatt plc | TTTR.F | OTCPK:TTTR.F |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 0QPS | IFF | ZTF | 0G6T | CRDA | TTTR.F | ||
| LSE:0QPS | NYSE:IFF | LSE:ZTF | LSE:0G6T | LSE:CRDA | OTCPK:TTTR.F | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 8.5% | 0.2% | 15.2% | 8.7% | -6.2% | 8.4% | |
| 3Y CAGR | 8.4% | 3.1% | 30.9% | 13.1% | -19.1% | -1.8% | |
| Latest Twelve Months | 25.6% | 18.1% | 20.2% | 34.0% | -8.3% | 9.0% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 16.4% | 8.6% | 10.7% | 12.8% | 19.7% | 13.4% | |
| Prior Fiscal Year | 16.1% | 5.3% | 11.8% | 11.3% | 14.9% | 12.5% | |
| Latest Fiscal Year | 18.9% | 6.3% | 12.2% | 14.4% | 14.2% | 13.1% | |
| Latest Twelve Months | 18.9% | 6.3% | 12.2% | 14.4% | 14.2% | 13.1% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 5.25x | 2.54x | 1.22x | 2.98x | 2.85x | 1.35x | |
| EV / LTM EBITDA | 23.5x | 16.8x | 7.0x | 15.2x | 13.3x | 8.4x | |
| EV / LTM EBIT | 27.8x | 40.4x | 10.0x | 20.7x | 20.0x | 10.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 10.0x | 20.7x | 40.4x | ||||
| Historical EV / LTM EBIT | 10.3x | 22.8x | 30.1x | ||||
| Selected EV / LTM EBIT | 13.6x | 14.3x | 15.0x | ||||
| (x) LTM EBIT | 20 | 20 | 20 | ||||
| (=) Implied Enterprise Value | 273 | 287 | 301 | ||||
| (-) Non-shareholder Claims * | (1) | (1) | (1) | ||||
| (=) Equity Value | 272 | 286 | 300 | ||||
| (/) Shares Outstanding | 60.8 | 60.8 | 60.8 | ||||
| Implied Value Range | 4.47 | 4.71 | 4.95 | ||||
| FX Rate: GBP/USD | 0.8 | 0.8 | 0.8 | Market Price | |||
| Implied Value Range (Trading Cur) | 5.79 | 6.10 | 6.40 | 4.84 | |||
| Upside / (Downside) | 19.7% | 26.0% | 32.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 0QPS | IFF | ZTF | 0G6T | CRDA | TTTR.F | |
| Enterprise Value | 38,896 | 29,170 | 179 | 12,957 | 4,582 | 228 | |
| (+) Cash & Short Term Investments | 762 | 469 | 11 | 0 | 167 | 2 | |
| (+) Investments & Other | 153 | 10 | 0 | 0 | 2 | 0 | |
| (-) Debt | (4,751) | (9,621) | (44) | 0 | (699) | (3) | |
| (-) Other Liabilities | 0 | (35) | 0 | 0 | (14) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 35,060 | 19,993 | 146 | 12,957 | 4,037 | 227 | |
| (/) Shares Outstanding | 9.2 | 255.7 | 48.7 | 139.8 | 139.6 | 60.8 | |
| Implied Stock Price | 3,800.00 | 78.18 | 3.00 | 92.70 | 28.92 | 3.74 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.77 | |
| Implied Stock Price (Trading Cur) | 3,800.00 | 78.18 | 3.00 | 92.70 | 28.92 | 4.84 | |
| Trading Currency | CHF | USD | GBP | EUR | GBP | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.77 | |