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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | -23,6x - -26,1x | -24,9x |
| Selected Fwd EBIT Multiple | 18,8x - 20,8x | 19,8x |
| Fair Value | €0,39 - €0,53 | €0,46 |
| Upside | -30,6% - -4,6% | -17,6% |
| Benchmarks | Ticker | Full Ticker |
| Indorama Ventures Public Company Limited | IVL | SET:IVL |
| Formosa Chemicals & Fibre Corporation | 1326 | TWSE:1326 |
| The Siam Cement Public Company Limited | SCC | SET:SCC |
| BASF SE | BFFA.F | OTCPK:BFFA.F |
| TPI Polene Public Company Limited | TPIPL | SET:TPIPL |
| PTT Global Chemical Public Company Limited | GCB | DB:GCB |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| IVL | 1326 | SCC | BFFA.F | TPIPL | GCB | ||
| SET:IVL | TWSE:1326 | SET:SCC | OTCPK:BFFA.F | SET:TPIPL | DB:GCB | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 9.4% | NM- | -34.6% | -5.1% | 2.2% | NM- | |
| 3Y CAGR | -24.4% | NM- | -59.1% | -27.3% | -19.7% | NM- | |
| Latest Twelve Months | 9.7% | -107.3% | 149.6% | 0.9% | -11.7% | -181.1% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 4.9% | 2.7% | 5.3% | 6.2% | 16.9% | 2.5% | |
| Prior Fiscal Year | 1.8% | -0.9% | 2.3% | 4.1% | 14.4% | 1.4% | |
| Latest Fiscal Year | 3.2% | -0.4% | 0.7% | 4.4% | 13.1% | -0.7% | |
| Latest Twelve Months | 2.6% | -0.5% | 0.4% | 4.2% | 14.3% | -1.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.71x | 0.28x | 0.83x | 0.84x | 2.71x | 0.46x | |
| EV / LTM EBITDA | 10.2x | 7.2x | 14.4x | 9.0x | 12.1x | 20.6x | |
| EV / LTM EBIT | 27.8x | -52.4x | 228.6x | 20.2x | 18.9x | -28.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -52.4x | 20.2x | 228.6x | ||||
| Historical EV / LTM EBIT | -35.5x | 14.8x | 121.9x | ||||
| Selected EV / LTM EBIT | -23.6x | -24.9x | -26.1x | ||||
| (x) LTM EBIT | (9,551) | (9,551) | (9,551) | ||||
| (=) Implied Enterprise Value | 225,580 | 237,453 | 249,326 | ||||
| (-) Non-shareholder Claims * | (169,377) | (169,377) | (169,377) | ||||
| (=) Equity Value | 56,204 | 68,076 | 79,949 | ||||
| (/) Shares Outstanding | 4,508.8 | 4,508.8 | 4,508.8 | ||||
| Implied Value Range | 12.47 | 15.10 | 17.73 | ||||
| FX Rate: THB/EUR | 37.6 | 37.6 | 37.6 | Market Price | |||
| Implied Value Range (Trading Cur) | 0.33 | 0.40 | 0.47 | 0.56 | |||
| Upside / (Downside) | -40.9% | -28.4% | -15.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | IVL | 1326 | SCC | BFFA.F | TPIPL | GCB | |
| Enterprise Value | 374,257 | 101,547 | 426,477 | 54,636 | 98,233 | 264,413 | |
| (+) Cash & Short Term Investments | 20,212 | 76,377 | 42,747 | 2,374 | 5,306 | 37,071 | |
| (+) Investments & Other | 4,205 | 165,475 | 156,529 | 6,390 | 1,217 | 54,988 | |
| (-) Debt | (260,329) | (162,003) | (333,623) | (24,491) | (77,645) | (254,682) | |
| (-) Other Liabilities | (13,140) | (32,832) | (65,330) | (1,266) | (10,637) | (6,755) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 125,205 | 148,565 | 226,800 | 37,643 | 16,474 | 95,036 | |
| (/) Shares Outstanding | 5,614.6 | 5,849.0 | 1,200.0 | 892.5 | 18,935.2 | 4,508.8 | |
| Implied Stock Price | 22.30 | 25.40 | 189.00 | 42.18 | 0.87 | 21.08 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 0.86 | 1.00 | 37.64 | |
| Implied Stock Price (Trading Cur) | 22.30 | 25.40 | 189.00 | 49.01 | 0.87 | 0.56 | |
| Trading Currency | THB | TWD | THB | USD | THB | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 0.86 | 1.00 | 37.64 | |