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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | -43,6x - -48,2x | -45,9x |
Selected Fwd EBIT Multiple | 26,4x - 29,2x | 27,8x |
Fair Value | €39,79 - €46,70 | €43,24 |
Upside | -44,3% - -34,6% | -39,5% |
Benchmarks | Ticker | Full Ticker |
Huntsman Corporation | HUN | NYSE:HUN |
Eastman Chemical Company | EMN | NYSE:EMN |
LyondellBasell Industries N.V. | LYB | NYSE:LYB |
Westlake Corporation | WLK | NYSE:WLK |
Stepan Company | SCL | NYSE:SCL |
Albemarle Corporation | AMC | DB:AMC |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
HUN | EMN | LYB | WLK | SCL | AMC | ||
NYSE:HUN | NYSE:EMN | NYSE:LYB | NYSE:WLK | NYSE:SCL | DB:AMC | ||
Historical EBIT Growth | |||||||
5Y CAGR | -28.8% | 2.1% | -7.8% | 6.9% | -10.0% | NM- | |
3Y CAGR | -52.5% | -9.5% | -28.1% | -29.8% | -25.9% | NM- | |
Latest Twelve Months | 138.5% | 23.4% | -52.7% | -66.7% | 7.7% | 86.4% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 5.5% | 13.4% | 10.0% | 13.3% | 5.8% | 12.2% | |
Prior Fiscal Year | 1.7% | 11.6% | 8.7% | 9.8% | 3.1% | 4.9% | |
Latest Fiscal Year | 1.4% | 14.7% | 6.8% | 8.0% | 3.3% | -11.1% | |
Latest Twelve Months | 1.1% | 14.4% | 4.0% | 2.6% | 3.5% | -3.7% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 0.66x | 1.38x | 0.67x | 1.18x | 0.79x | 2.63x | |
EV / LTM EBITDA | 11.3x | 7.0x | 9.2x | 10.7x | 9.1x | 27.8x | |
EV / LTM EBIT | 62.2x | 9.6x | 16.9x | 44.6x | 22.8x | -71.4x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | 9.6x | 22.8x | 62.2x | ||||
Historical EV / LTM EBIT | -9.0x | 14.2x | 54.2x | ||||
Selected EV / LTM EBIT | -43.6x | -45.9x | -48.2x | ||||
(x) LTM EBIT | (184) | (184) | (184) | ||||
(=) Implied Enterprise Value | 8,026 | 8,449 | 8,871 | ||||
(-) Non-shareholder Claims * | (3,543) | (3,543) | (3,543) | ||||
(=) Equity Value | 4,484 | 4,906 | 5,328 | ||||
(/) Shares Outstanding | 117.7 | 117.7 | 117.7 | ||||
Implied Value Range | 38.10 | 41.69 | 45.28 | ||||
FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
Implied Value Range (Trading Cur) | 32.73 | 35.81 | 38.89 | 71.42 | |||
Upside / (Downside) | -54.2% | -49.9% | -45.5% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | HUN | EMN | LYB | WLK | SCL | AMC | |
Enterprise Value | 3,858 | 12,837 | 25,893 | 13,834 | 1,781 | 13,327 | |
(+) Cash & Short Term Investments | 399 | 423 | 1,718 | 2,277 | 89 | 1,807 | |
(+) Investments & Other | 299 | 0 | 4,080 | 1,074 | 0 | 890 | |
(-) Debt | (2,436) | (5,351) | (13,360) | (5,620) | (723) | (3,746) | |
(-) Other Liabilities | (233) | (71) | (126) | (513) | 0 | (258) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | (2,235) | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 1,887 | 7,838 | 18,205 | 11,052 | 1,148 | 9,785 | |
(/) Shares Outstanding | 173.8 | 114.8 | 321.6 | 128.2 | 22.6 | 117.7 | |
Implied Stock Price | 10.86 | 68.29 | 56.60 | 86.18 | 50.74 | 83.14 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.16 | |
Implied Stock Price (Trading Cur) | 10.86 | 68.29 | 56.60 | 86.18 | 50.74 | 71.42 | |
Trading Currency | USD | USD | USD | USD | USD | EUR | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.16 |