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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 7.7x - 8.6x | 8.1x |
Selected Fwd EBIT Multiple | 6.8x - 7.5x | 7.1x |
Fair Value | $31.03 - $33.54 | $32.28 |
Upside | 12.1% - 21.2% | 16.7% |
Benchmarks | Ticker | Full Ticker |
Myers Industries, Inc. | MYE | NYSE:MYE |
Amcor plc | AMCR | NYSE:AMCR |
Crown Holdings, Inc. | CCK * | BMV:CCK* |
Berry Global Group, Inc. | BERY * | BMV:BERY* |
Silgan Holdings Inc. | SLGN | NYSE:SLGN |
Winpak Ltd. | WIPK.F | OTCPK:WIPK.F |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
MYE | AMCR | CCK * | BERY * | SLGN | WIPK.F | ||
NYSE:MYE | NYSE:AMCR | BMV:CCK* | BMV:BERY* | NYSE:SLGN | OTCPK:WIPK.F | ||
Historical EBIT Growth | |||||||
5Y CAGR | 14.6% | 3.0% | 8.0% | 5.9% | 7.7% | 4.5% | |
3Y CAGR | 16.5% | -3.9% | NM- | -5.7% | 0.4% | 11.0% | |
Latest Twelve Months | 16.9% | 7.3% | 9.8% | 0.1% | -0.2% | 7.5% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 8.0% | 10.1% | 8.4% | 9.6% | 10.5% | 15.8% | |
Prior Fiscal Year | 8.1% | 9.4% | 11.0% | 9.3% | 10.1% | 15.7% | |
Latest Fiscal Year | 9.2% | 9.3% | 12.3% | 9.2% | 10.3% | 17.1% | |
Latest Twelve Months | 9.2% | 10.0% | 12.3% | 9.2% | 10.3% | 17.1% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 0.92x | 1.51x | 1.38x | 1.27x | 1.48x | 1.13x | |
EV / LTM EBITDA | 6.6x | 10.7x | 8.6x | 7.8x | 9.9x | 5.2x | |
EV / LTM EBIT | 9.9x | 15.1x | 11.2x | 13.7x | 14.4x | 6.6x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | 9.9x | 13.7x | 15.1x | ||||
Historical EV / LTM EBIT | 6.6x | 9.5x | 11.9x | ||||
Selected EV / LTM EBIT | 7.7x | 8.1x | 8.6x | ||||
(x) LTM EBIT | 193 | 193 | 193 | ||||
(=) Implied Enterprise Value | 1,493 | 1,571 | 1,650 | ||||
(-) Non-shareholder Claims * | 444 | 444 | 444 | ||||
(=) Equity Value | 1,937 | 2,015 | 2,094 | ||||
(/) Shares Outstanding | 61.8 | 61.8 | 61.8 | ||||
Implied Value Range | 31.37 | 32.64 | 33.91 | ||||
FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 31.37 | 32.64 | 33.91 | 27.67 | |||
Upside / (Downside) | 13.4% | 18.0% | 22.6% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | MYE | AMCR | CCK * | BERY * | SLGN | WIPK.F | |
Enterprise Value | 784 | 20,869 | 16,459 | 14,852 | 8,830 | 1,264 | |
(+) Cash & Short Term Investments | 32 | 445 | 918 | 1,181 | 823 | 497 | |
(+) Investments & Other | 0 | 0 | 22 | 1 | 0 | 0 | |
(-) Debt | (417) | (7,485) | (6,422) | (8,801) | (4,357) | (18) | |
(-) Other Liabilities | 0 | (7) | (472) | 0 | 0 | (35) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 399 | 13,822 | 10,505 | 7,233 | 5,296 | 1,709 | |
(/) Shares Outstanding | 37.3 | 1,444.3 | 175.1 | 148.3 | 106.8 | 61.8 | |
Implied Stock Price | 10.69 | 9.57 | 60.00 | 48.77 | 49.59 | 27.67 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 0.05 | 0.05 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 10.69 | 9.57 | 1,229.31 | 999.28 | 49.59 | 27.67 | |
Trading Currency | USD | USD | MXN | MXN | USD | USD | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 0.05 | 0.05 | 1.00 | 1.00 |