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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 11,8x - 13,0x | 12,4x |
| Selected Fwd EBIT Multiple | 11,7x - 13,0x | 12,4x |
| Fair Value | €61,13 - €67,60 | €64,36 |
| Upside | -28,3% - -20,7% | -24,5% |
| Benchmarks | Ticker | Full Ticker |
| Stora Enso Oyj | SEOF.F | OTCPK:SEOF.F |
| Westlake Corporation | WLK | NYSE:WLK |
| Greif, Inc. | GEF | NYSE:GEF |
| Vulcan Materials Company | VMC | NYSE:VMC |
| Martin Marietta Materials, Inc. | MLM | NYSE:MLM |
| Louisiana-Pacific Corporation | LP3 | DB:LP3 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| SEOF.F | WLK | GEF | VMC | MLM | LP3 | ||
| OTCPK:SEOF.F | NYSE:WLK | NYSE:GEF | NYSE:VMC | NYSE:MLM | DB:LP3 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | -17.4% | 6.9% | -0.3% | 10.6% | 11.0% | 49.3% | |
| 3Y CAGR | -34.2% | -29.8% | -5.5% | 16.8% | 12.9% | -32.6% | |
| Latest Twelve Months | 13.7% | -66.7% | -1.3% | 7.3% | 2.2% | -29.7% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 7.3% | 13.3% | 9.8% | 17.2% | 21.0% | 26.3% | |
| Prior Fiscal Year | 0.4% | 9.8% | 11.6% | 17.8% | 23.6% | 13.3% | |
| Latest Fiscal Year | 3.6% | 8.0% | 8.2% | 19.1% | 22.7% | 18.2% | |
| Latest Twelve Months | 3.5% | 2.6% | 8.9% | 19.6% | 23.2% | 14.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.09x | 1.16x | 1.13x | 5.77x | 6.34x | 2.50x | |
| EV / LTM EBITDA | 13.6x | 10.5x | 8.3x | 20.1x | 19.5x | 13.1x | |
| EV / LTM EBIT | 30.8x | 44.0x | 12.7x | 29.5x | 27.3x | 17.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 12.7x | 29.5x | 44.0x | ||||
| Historical EV / LTM EBIT | 2.9x | 10.8x | 17.5x | ||||
| Selected EV / LTM EBIT | 11.8x | 12.4x | 13.0x | ||||
| (x) LTM EBIT | 417 | 417 | 417 | ||||
| (=) Implied Enterprise Value | 4,910 | 5,168 | 5,427 | ||||
| (-) Non-shareholder Claims * | (27) | (27) | (27) | ||||
| (=) Equity Value | 4,883 | 5,141 | 5,400 | ||||
| (/) Shares Outstanding | 69.6 | 69.6 | 69.6 | ||||
| Implied Value Range | 70.12 | 73.83 | 77.54 | ||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 59.89 | 63.06 | 66.22 | 85.28 | |||
| Upside / (Downside) | -29.8% | -26.1% | -22.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | SEOF.F | WLK | GEF | VMC | MLM | LP3 | |
| Enterprise Value | 9,966 | 13,752 | 6,225 | 43,880 | 42,524 | 6,980 | |
| (+) Cash & Short Term Investments | 1,570 | 2,277 | 253 | 347 | 225 | 333 | |
| (+) Investments & Other | 1,582 | 1,074 | 0 | 33 | 0 | 18 | |
| (-) Debt | (5,688) | (5,620) | (3,073) | (5,512) | (5,809) | (378) | |
| (-) Other Liabilities | 149 | (513) | (172) | (23) | (3) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 7,579 | 10,970 | 3,232 | 38,726 | 36,937 | 6,953 | |
| (/) Shares Outstanding | 639.8 | 128.2 | 47.5 | 132.1 | 60.3 | 69.6 | |
| Implied Stock Price | 11.85 | 85.54 | 68.10 | 293.10 | 612.50 | 99.85 | |
| FX Conversion Rate to Trading Currency | 0.85 | 1.00 | 1.00 | 1.00 | 1.00 | 1.17 | |
| Implied Stock Price (Trading Cur) | 13.87 | 85.54 | 68.10 | 293.10 | 612.50 | 85.28 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 0.85 | 1.00 | 1.00 | 1.00 | 1.00 | 1.17 | |