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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | -23,0x - -25,5x | -24,2x |
| Selected Fwd EBIT Multiple | 18,5x - 20,4x | 19,4x |
| Fair Value | €0,36 - €0,51 | €0,43 |
| Upside | -31,6% - -4,4% | -18,0% |
| Benchmarks | Ticker | Full Ticker |
| Indorama Ventures Public Company Limited | IVL | SET:IVL |
| BASF SE | BFFA.F | OTCPK:BFFA.F |
| The Siam Cement Public Company Limited | SCC | SET:SCC |
| Formosa Chemicals & Fibre Corporation | 1326 | TWSE:1326 |
| TPI Polene Public Company Limited | TPIPL | SET:TPIPL |
| PTT Global Chemical Public Company Limited | GCB | DB:GCB |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| IVL | BFFA.F | SCC | 1326 | TPIPL | GCB | ||
| SET:IVL | OTCPK:BFFA.F | SET:SCC | TWSE:1326 | SET:TPIPL | DB:GCB | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 9.4% | -5.1% | -34.6% | NM- | 2.2% | NM- | |
| 3Y CAGR | -24.4% | -27.3% | -59.1% | NM- | -19.7% | NM- | |
| Latest Twelve Months | 9.7% | 0.9% | 149.6% | -107.3% | -11.7% | -181.1% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 4.9% | 6.2% | 5.3% | 2.7% | 16.9% | 2.5% | |
| Prior Fiscal Year | 1.8% | 4.1% | 2.3% | -0.9% | 14.4% | 1.4% | |
| Latest Fiscal Year | 3.2% | 4.4% | 0.7% | -0.4% | 13.1% | -0.7% | |
| Latest Twelve Months | 2.6% | 4.2% | 0.4% | -0.5% | 14.3% | -1.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.69x | 0.84x | 0.78x | 0.27x | 2.74x | 0.45x | |
| EV / LTM EBITDA | 9.9x | 9.0x | 13.5x | 6.9x | 12.3x | 20.0x | |
| EV / LTM EBIT | 27.0x | 20.2x | 213.8x | -50.2x | 19.1x | -27.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -50.2x | 20.2x | 213.8x | ||||
| Historical EV / LTM EBIT | -35.5x | 14.8x | 121.9x | ||||
| Selected EV / LTM EBIT | -23.0x | -24.2x | -25.5x | ||||
| (x) LTM EBIT | (9,551) | (9,551) | (9,551) | ||||
| (=) Implied Enterprise Value | 220,017 | 231,596 | 243,176 | ||||
| (-) Non-shareholder Claims * | (169,377) | (169,377) | (169,377) | ||||
| (=) Equity Value | 50,640 | 62,220 | 73,799 | ||||
| (/) Shares Outstanding | 4,508.8 | 4,508.8 | 4,508.8 | ||||
| Implied Value Range | 11.23 | 13.80 | 16.37 | ||||
| FX Rate: THB/EUR | 37.3 | 37.3 | 37.3 | Market Price | |||
| Implied Value Range (Trading Cur) | 0.30 | 0.37 | 0.44 | 0.53 | |||
| Upside / (Downside) | -43.2% | -30.2% | -17.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | IVL | BFFA.F | SCC | 1326 | TPIPL | GCB | |
| Enterprise Value | 363,028 | 54,867 | 398,877 | 93,066 | 99,369 | 258,453 | |
| (+) Cash & Short Term Investments | 20,212 | 2,374 | 42,747 | 76,377 | 5,306 | 37,071 | |
| (+) Investments & Other | 4,205 | 6,390 | 156,529 | 165,475 | 1,217 | 54,988 | |
| (-) Debt | (260,329) | (24,491) | (333,623) | (162,003) | (77,645) | (254,682) | |
| (-) Other Liabilities | (13,140) | (1,266) | (65,330) | (32,832) | (10,637) | (6,755) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 113,975 | 37,874 | 199,200 | 140,084 | 17,610 | 89,076 | |
| (/) Shares Outstanding | 5,614.6 | 892.5 | 1,200.0 | 5,849.0 | 18,935.2 | 4,508.8 | |
| Implied Stock Price | 20.30 | 42.44 | 166.00 | 23.95 | 0.93 | 19.76 | |
| FX Conversion Rate to Trading Currency | 1.00 | 0.88 | 1.00 | 1.00 | 1.00 | 37.28 | |
| Implied Stock Price (Trading Cur) | 20.30 | 48.18 | 166.00 | 23.95 | 0.93 | 0.53 | |
| Trading Currency | THB | USD | THB | TWD | THB | EUR | |
| FX Rate to Reporting Currency | 1.00 | 0.88 | 1.00 | 1.00 | 1.00 | 37.28 | |