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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 13,6x - 15,0x | 14,3x |
| Selected Fwd EBIT Multiple | 11,9x - 13,2x | 12,6x |
| Fair Value | €145,29 - €162,51 | €153,90 |
| Upside | -10,3% - 0,3% | -5,0% |
| Benchmarks | Ticker | Full Ticker |
| Greif, Inc. | GEF | NYSE:GEF |
| International Paper Company | IP | NYSE:IP |
| Silgan Holdings Inc. | SLGN | NYSE:SLGN |
| Sonoco Products Company | SON | NYSE:SON |
| AptarGroup, Inc. | ATR | NYSE:ATR |
| Packaging Corporation of America | PKA | DB:PKA |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| GEF | IP | SLGN | SON | ATR | PKA | ||
| NYSE:GEF | NYSE:IP | NYSE:SLGN | NYSE:SON | NYSE:ATR | DB:PKA | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | -0.3% | -10.7% | 7.7% | 0.4% | 5.4% | 1.5% | |
| 3Y CAGR | -5.5% | -16.6% | 0.4% | NM- | 11.5% | -3.9% | |
| Latest Twelve Months | -1.3% | -22.9% | 4.9% | 21.0% | 8.6% | 17.5% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 9.8% | 7.5% | 10.5% | 7.9% | 12.4% | 15.1% | |
| Prior Fiscal Year | 11.6% | 6.2% | 10.1% | 10.3% | 12.9% | 14.4% | |
| Latest Fiscal Year | 8.2% | 5.2% | 10.3% | 9.8% | 14.3% | 13.8% | |
| Latest Twelve Months | 8.9% | 4.0% | 10.3% | 10.2% | 14.4% | 14.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.09x | 1.68x | 1.67x | 2.02x | 3.02x | 2.17x | |
| EV / LTM EBITDA | 8.0x | 17.0x | 11.0x | 11.7x | 13.8x | 10.5x | |
| EV / LTM EBIT | 12.3x | 42.2x | 16.2x | 19.8x | 21.0x | 15.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 12.3x | 19.8x | 42.2x | ||||
| Historical EV / LTM EBIT | 8.8x | 14.3x | 19.8x | ||||
| Selected EV / LTM EBIT | 13.6x | 14.3x | 15.0x | ||||
| (x) LTM EBIT | 1,237 | 1,237 | 1,237 | ||||
| (=) Implied Enterprise Value | 16,782 | 17,666 | 18,549 | ||||
| (-) Non-shareholder Claims * | (1,888) | (1,888) | (1,888) | ||||
| (=) Equity Value | 14,894 | 15,778 | 16,661 | ||||
| (/) Shares Outstanding | 89.3 | 89.3 | 89.3 | ||||
| Implied Value Range | 166.71 | 176.59 | 186.48 | ||||
| FX Rate: USD/EUR | 1.1 | 1.1 | 1.1 | Market Price | |||
| Implied Value Range (Trading Cur) | 145.10 | 153.71 | 162.31 | 161.95 | |||
| Upside / (Downside) | -10.4% | -5.1% | 0.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | GEF | IP | SLGN | SON | ATR | PKA | |
| Enterprise Value | 5,971 | 33,366 | 10,047 | 10,078 | 10,724 | 18,512 | |
| (+) Cash & Short Term Investments | 253 | 1,156 | 353 | 182 | 137 | 843 | |
| (+) Investments & Other | 0 | 0 | 0 | 1,461 | 153 | 71 | |
| (-) Debt | (3,073) | (10,328) | (4,629) | (7,461) | (1,074) | (2,803) | |
| (-) Other Liabilities | (172) | 0 | 0 | (14) | (14) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 2,978 | 24,194 | 5,771 | 4,246 | 9,926 | 16,624 | |
| (/) Shares Outstanding | 47.5 | 527.9 | 107.0 | 98.6 | 66.0 | 89.3 | |
| Implied Stock Price | 62.74 | 45.83 | 53.94 | 43.05 | 150.30 | 186.06 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.15 | |
| Implied Stock Price (Trading Cur) | 62.74 | 45.83 | 53.94 | 43.05 | 150.30 | 161.95 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.15 | |