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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 11.2x - 12.4x | 11.8x |
| Selected Fwd EBITDA Multiple | 9.4x - 10.3x | 9.8x |
| Fair Value | $5.91 - $6.53 | $6.22 |
| Upside | 22.1% - 35.0% | 28.5% |
| 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 EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 0QPS | IFF | ZTF | 0G6T | CRDA | TTTR.F | ||
| LSE:0QPS | NYSE:IFF | LSE:ZTF | LSE:0G6T | LSE:CRDA | OTCPK:TTTR.F | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 6.6% | 10.9% | 12.9% | 6.8% | -1.5% | 10.8% | |
| 3Y CAGR | 5.7% | -1.4% | 21.8% | 9.2% | -11.5% | 2.4% | |
| Latest Twelve Months | 21.1% | -0.9% | 15.7% | 22.9% | -3.5% | 8.9% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 20.5% | 17.4% | 16.7% | 19.0% | 24.1% | 15.3% | |
| Prior Fiscal Year | 19.7% | 15.3% | 17.5% | 16.8% | 21.2% | 15.3% | |
| Latest Fiscal Year | 22.3% | 15.1% | 17.4% | 19.5% | 21.3% | 16.1% | |
| Latest Twelve Months | 22.3% | 15.1% | 17.4% | 19.5% | 21.3% | 16.1% | |
| 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 EBITDA | 7.0x | 15.2x | 23.5x | ||||
| Historical EV / LTM EBITDA | 8.4x | 20.2x | 27.8x | ||||
| Selected EV / LTM EBITDA | 11.2x | 11.8x | 12.4x | ||||
| (x) LTM EBITDA | 25 | 25 | 25 | ||||
| (=) Implied Enterprise Value | 275 | 290 | 304 | ||||
| (-) Non-shareholder Claims * | (1) | (1) | (1) | ||||
| (=) Equity Value | 275 | 289 | 304 | ||||
| (/) Shares Outstanding | 60.8 | 60.8 | 60.8 | ||||
| Implied Value Range | 4.52 | 4.76 | 5.00 | ||||
| FX Rate: GBP/USD | 0.8 | 0.8 | 0.8 | Market Price | |||
| Implied Value Range (Trading Cur) | 5.85 | 6.16 | 6.47 | 4.84 | |||
| Upside / (Downside) | 20.9% | 27.3% | 33.7% | ||||
| 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 | |