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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBITDA Multiple | 6.1x - 6.7x | 6.4x |
Selected Fwd EBITDA Multiple | 5.2x - 5.7x | 5.5x |
Fair Value | $30.77 - $33.26 | $32.01 |
Upside | 16.1% - 25.5% | 20.8% |
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 EBITDA Multiple | |||||||
Benchmark Companies | |||||||
MYE | AMCR | CCK * | BERY * | SLGN | WIPK.F | ||
NYSE:MYE | NYSE:AMCR | BMV:CCK* | BMV:BERY* | NYSE:SLGN | OTCPK:WIPK.F | ||
Historical EBITDA Growth | |||||||
5Y CAGR | 13.2% | 4.7% | 5.2% | 6.3% | 7.1% | 4.3% | |
3Y CAGR | 18.7% | -2.4% | 89.5% | -3.3% | 1.3% | 9.3% | |
Latest Twelve Months | 30.4% | 3.7% | 4.3% | 3.6% | 1.4% | 7.4% | |
Historical EBITDA Profit Margin | |||||||
5 Year Average Margin | 11.3% | 14.3% | 12.6% | 16.1% | 14.9% | 20.5% | |
Prior Fiscal Year | 10.9% | 13.3% | 15.2% | 15.8% | 14.5% | 20.0% | |
Latest Fiscal Year | 13.8% | 13.6% | 16.1% | 16.2% | 15.0% | 21.7% | |
Latest Twelve Months | 13.8% | 14.1% | 16.1% | 16.2% | 15.0% | 21.7% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 0.88x | 1.48x | 1.31x | 1.23x | 1.47x | 1.12x | |
EV / LTM EBITDA | 6.3x | 10.5x | 8.2x | 7.6x | 9.8x | 5.2x | |
EV / LTM EBIT | 9.5x | 14.8x | 10.7x | 13.3x | 14.3x | 6.6x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBITDA | 6.3x | 8.2x | 10.5x | ||||
Historical EV / LTM EBITDA | 5.2x | 7.5x | 8.9x | ||||
Selected EV / LTM EBITDA | 6.1x | 6.4x | 6.7x | ||||
(x) LTM EBITDA | 245 | 245 | 245 | ||||
(=) Implied Enterprise Value | 1,489 | 1,567 | 1,646 | ||||
(-) Non-shareholder Claims * | 444 | 444 | 444 | ||||
(=) Equity Value | 1,933 | 2,012 | 2,090 | ||||
(/) Shares Outstanding | 61.8 | 61.8 | 61.8 | ||||
Implied Value Range | 31.31 | 32.58 | 33.84 | ||||
FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 31.31 | 32.58 | 33.84 | 26.50 | |||
Upside / (Downside) | 18.1% | 22.9% | 27.7% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | MYE | AMCR | CCK * | BERY * | SLGN | WIPK.F | |
Enterprise Value | 734 | 20,075 | 16,491 | 14,875 | 8,620 | 1,192 | |
(+) 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 | 349 | 13,028 | 10,537 | 7,256 | 5,086 | 1,636 | |
(/) Shares Outstanding | 37.3 | 1,444.3 | 175.1 | 148.3 | 106.8 | 61.8 | |
Implied Stock Price | 9.36 | 9.02 | 60.18 | 48.92 | 47.62 | 26.50 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 0.05 | 0.05 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 9.36 | 9.02 | 1,229.31 | 999.28 | 47.62 | 26.50 | |
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 |