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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 22,9x - 25,4x | 24,2x |
| Selected Fwd EBIT Multiple | 5,3x - 5,9x | 5,6x |
| Fair Value | €2,69 - €3,01 | €2,85 |
| Upside | -28,8% - -20,3% | -24,5% |
| Benchmarks | Ticker | Full Ticker |
| Commercial Metals Company | CMC | NYSE:CMC |
| Materion Corporation | MTRN | NYSE:MTRN |
| Carpenter Technology Corporation | CRS | NYSE:CRS |
| Elementis plc | EMNS.F | OTCPK:EMNS.F |
| ERAMET S.A. | ERMA.F | OTCPK:ERMA.F |
| Ferroglobe PLC | 5FG | DB:5FG |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| CMC | MTRN | CRS | EMNS.F | ERMA.F | 5FG | ||
| NYSE:CMC | NYSE:MTRN | NYSE:CRS | OTCPK:EMNS.F | OTCPK:ERMA.F | DB:5FG | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 15.3% | 10.4% | 7.1% | 2.1% | -29.4% | NM- | |
| 3Y CAGR | 4.9% | 17.8% | NM- | 16.4% | -59.8% | 37.5% | |
| Latest Twelve Months | -41.5% | 8.4% | 73.6% | 27.6% | 226.7% | -87.4% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 10.6% | 6.4% | 3.7% | 11.5% | 11.0% | 7.2% | |
| Prior Fiscal Year | 13.3% | 8.6% | 4.8% | 12.6% | 0.4% | 13.5% | |
| Latest Fiscal Year | 8.8% | 8.1% | 12.3% | 15.6% | 1.6% | 4.9% | |
| Latest Twelve Months | 6.0% | 8.2% | 16.6% | 15.6% | 1.6% | 1.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.84x | 1.45x | 4.90x | 2.04x | 1.01x | 0.59x | |
| EV / LTM EBITDA | 9.4x | 12.0x | 23.7x | 9.3x | 10.7x | 9.8x | |
| EV / LTM EBIT | 13.9x | 17.7x | 29.6x | 13.1x | 62.7x | 40.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 13.1x | 17.7x | 62.7x | ||||
| Historical EV / LTM EBIT | -21.5x | 1.4x | 6.3x | ||||
| Selected EV / LTM EBIT | 22.9x | 24.2x | 25.4x | ||||
| (x) LTM EBIT | 23 | 23 | 23 | ||||
| (=) Implied Enterprise Value | 522 | 549 | 576 | ||||
| (-) Non-shareholder Claims * | (77) | (77) | (77) | ||||
| (=) Equity Value | 444 | 472 | 499 | ||||
| (/) Shares Outstanding | 186.6 | 186.6 | 186.6 | ||||
| Implied Value Range | 2.38 | 2.53 | 2.68 | ||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 2.03 | 2.15 | 2.28 | 3.78 | |||
| Upside / (Downside) | -46.4% | -43.1% | -39.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | CMC | MTRN | CRS | EMNS.F | ERMA.F | 5FG | |
| Enterprise Value | 6,420 | 2,491 | 14,312 | 1,508 | 3,198 | 906 | |
| (+) Cash & Short Term Investments | 893 | 18 | 152 | 60 | 929 | 129 | |
| (+) Investments & Other | 0 | 1 | 0 | 0 | 534 | 25 | |
| (-) Debt | (1,344) | (537) | (703) | (254) | (2,226) | (232) | |
| (-) Other Liabilities | (0) | 0 | 0 | 0 | (698) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 5,968 | 1,973 | 13,761 | 1,314 | 1,737 | 829 | |
| (/) Shares Outstanding | 111.9 | 20.8 | 49.8 | 582.9 | 32.1 | 186.6 | |
| Implied Stock Price | 53.32 | 94.80 | 276.44 | 2.26 | 54.12 | 4.44 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 0.85 | 1.17 | |
| Implied Stock Price (Trading Cur) | 53.32 | 94.80 | 276.44 | 2.26 | 63.57 | 3.78 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 0.85 | 1.17 | |