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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 20,4x - 22,6x | 21,5x |
Selected Fwd EBIT Multiple | 15,5x - 17,1x | 16,3x |
Fair Value | €51,36 - €57,05 | €54,21 |
Upside | -21,1% - -12,4% | -16,7% |
Benchmarks | Ticker | Full Ticker |
LyondellBasell Industries N.V. | LYB | NYSE:LYB |
Huntsman Corporation | HUN | NYSE:HUN |
Dow Inc. | DOW | NYSE:DOW |
Eastman Chemical Company | EMN | NYSE:EMN |
FMC Corporation | FMC | NYSE:FMC |
Corteva, Inc. | 2X0 | BST:2X0 |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
LYB | HUN | DOW | EMN | FMC | 2X0 | ||
NYSE:LYB | NYSE:HUN | NYSE:DOW | NYSE:EMN | NYSE:FMC | BST:2X0 | ||
Historical EBIT Growth | |||||||
5Y CAGR | -7.8% | -28.8% | -10.0% | 2.1% | -9.9% | 13.3% | |
3Y CAGR | -28.1% | -52.5% | -34.9% | -9.5% | -16.1% | -9.5% | |
Latest Twelve Months | -31.9% | -17.9% | -31.4% | 33.2% | 25.0% | 19.1% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 10.2% | 5.6% | 8.7% | 13.3% | 19.4% | 12.0% | |
Prior Fiscal Year | 8.7% | 1.7% | 5.9% | 11.6% | 15.1% | 11.6% | |
Latest Fiscal Year | 6.8% | 1.4% | 5.2% | 14.7% | 15.0% | 11.5% | |
Latest Twelve Months | 5.6% | 1.6% | 4.0% | 15.1% | 14.5% | 12.5% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 0.70x | 0.66x | 0.79x | 1.50x | 2.22x | 3.16x | |
EV / LTM EBITDA | 7.8x | 10.4x | 7.5x | 7.3x | 11.9x | 16.0x | |
EV / LTM EBIT | 12.5x | 40.8x | 19.9x | 9.9x | 15.3x | 25.2x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | 9.9x | 15.3x | 40.8x | ||||
Historical EV / LTM EBIT | 14.7x | 18.4x | 26.8x | ||||
Selected EV / LTM EBIT | 20.4x | 21.5x | 22.6x | ||||
(x) LTM EBIT | 2,112 | 2,112 | 2,112 | ||||
(=) Implied Enterprise Value | 43,093 | 45,361 | 47,629 | ||||
(-) Non-shareholder Claims * | (2,081) | (2,081) | (2,081) | ||||
(=) Equity Value | 41,012 | 43,280 | 45,548 | ||||
(/) Shares Outstanding | 682.2 | 682.2 | 682.2 | ||||
Implied Value Range | 60.12 | 63.45 | 66.77 | ||||
FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
Implied Value Range (Trading Cur) | 51.44 | 54.28 | 57.13 | 65.09 | |||
Upside / (Downside) | -21.0% | -16.6% | -12.2% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | LYB | HUN | DOW | EMN | FMC | 2X0 | |
Enterprise Value | 27,677 | 3,920 | 33,331 | 14,016 | 9,122 | 53,977 | |
(+) Cash & Short Term Investments | 1,895 | 334 | 1,474 | 418 | 315 | 2,009 | |
(+) Investments & Other | 4,114 | 317 | 4,511 | 18 | 26 | 235 | |
(-) Debt | (12,814) | (2,355) | (17,921) | (5,112) | (4,140) | (4,083) | |
(-) Other Liabilities | (126) | (220) | (507) | (73) | (30) | (242) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 20,746 | 1,996 | 20,888 | 9,267 | 5,294 | 51,896 | |
(/) Shares Outstanding | 321.4 | 173.7 | 706.9 | 115.5 | 124.9 | 682.2 | |
Implied Stock Price | 64.55 | 11.49 | 29.55 | 80.26 | 42.38 | 76.08 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.17 | |
Implied Stock Price (Trading Cur) | 64.55 | 11.49 | 29.55 | 80.26 | 42.38 | 65.09 | |
Trading Currency | USD | USD | USD | USD | USD | EUR | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.17 |