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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 26,7x - 29,5x | 28,1x |
| Selected Fwd EBIT Multiple | 13,7x - 15,1x | 14,4x |
| Fair Value | €0,55 - €0,73 | €0,64 |
| Upside | 2,0% - 36,2% | 19,1% |
| Benchmarks | Ticker | Full Ticker |
| PTT Global Chemical Public Company Limited | PTTGC | SET:PTTGC |
| Mitsubishi Gas Chemical Company, Inc. | 4182 | TSE:4182 |
| Huntsman Corporation | HTR | DB:HTR |
| LyondellBasell Industries N.V. | LYB | NYSE:LYB |
| Formosa Chemicals & Fibre Corporation | 1326 | TWSE:1326 |
| Indorama Ventures Public Company Limited | I93 | DB:I93 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| PTTGC | 4182 | HTR | LYB | 1326 | I93 | ||
| SET:PTTGC | TSE:4182 | DB:HTR | NYSE:LYB | TWSE:1326 | DB:I93 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | 7.5% | -28.8% | -7.8% | NM- | 9.4% | |
| 3Y CAGR | NM- | -3.9% | -52.5% | -28.1% | NM- | -24.4% | |
| Latest Twelve Months | -181.1% | 3.9% | -17.9% | -31.9% | -107.3% | 9.7% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 2.5% | 6.8% | 5.6% | 10.2% | 2.7% | 4.9% | |
| Prior Fiscal Year | 1.4% | 5.8% | 1.7% | 8.7% | -0.9% | 1.8% | |
| Latest Fiscal Year | -0.7% | 6.4% | 1.4% | 6.8% | -0.4% | 3.2% | |
| Latest Twelve Months | -1.6% | 6.4% | 1.6% | 5.6% | -0.5% | 2.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.45x | 0.47x | 0.65x | 0.63x | 0.27x | 0.69x | |
| EV / LTM EBITDA | 20.0x | 4.2x | 10.2x | 7.1x | 6.9x | 9.9x | |
| EV / LTM EBIT | -27.6x | 7.4x | 40.2x | 11.3x | -50.2x | 27.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -50.2x | 7.4x | 40.2x | ||||
| Historical EV / LTM EBIT | 7.4x | 26.1x | 76.9x | ||||
| Selected EV / LTM EBIT | 26.7x | 28.1x | 29.5x | ||||
| (x) LTM EBIT | 13,461 | 13,461 | 13,461 | ||||
| (=) Implied Enterprise Value | 359,640 | 378,569 | 397,497 | ||||
| (-) Non-shareholder Claims * | (249,053) | (249,053) | (249,053) | ||||
| (=) Equity Value | 110,588 | 129,516 | 148,445 | ||||
| (/) Shares Outstanding | 5,614.6 | 5,614.6 | 5,614.6 | ||||
| Implied Value Range | 19.70 | 23.07 | 26.44 | ||||
| FX Rate: THB/EUR | 37.3 | 37.3 | 37.3 | Market Price | |||
| Implied Value Range (Trading Cur) | 0.53 | 0.62 | 0.71 | 0.54 | |||
| Upside / (Downside) | -1.2% | 15.7% | 32.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | PTTGC | 4182 | HTR | LYB | 1326 | I93 | |
| Enterprise Value | 263,161 | 363,300 | 3,916 | 25,087 | 93,066 | 361,019 | |
| (+) Cash & Short Term Investments | 37,071 | 68,246 | 334 | 1,895 | 76,377 | 20,212 | |
| (+) Investments & Other | 54,988 | 233,519 | 317 | 4,114 | 165,475 | 4,205 | |
| (-) Debt | (254,682) | (202,976) | (2,355) | (12,814) | (162,003) | (260,329) | |
| (-) Other Liabilities | (6,755) | (29,153) | (220) | (126) | (32,832) | (13,140) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 93,784 | 432,936 | 1,992 | 18,156 | 140,084 | 111,967 | |
| (/) Shares Outstanding | 4,508.8 | 194.7 | 173.7 | 321.4 | 5,849.0 | 5,614.6 | |
| Implied Stock Price | 20.80 | 2,223.50 | 11.47 | 56.49 | 23.95 | 19.94 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.14 | 1.00 | 1.00 | 37.28 | |
| Implied Stock Price (Trading Cur) | 20.80 | 2,223.50 | 10.10 | 56.49 | 23.95 | 0.54 | |
| Trading Currency | THB | JPY | EUR | USD | TWD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.14 | 1.00 | 1.00 | 37.28 | |