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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 4,8x - 5,3x | 5,0x |
| Selected Fwd EBITDA Multiple | 4,0x - 4,4x | 4,2x |
| Fair Value | €2,96 - €4,06 | €3,51 |
| Upside | -13,4% - 18,7% | 2,7% |
| Benchmarks | Ticker | Full Ticker |
| Mativ Holdings, Inc. | MATV | NYSE:MATV |
| Eastman Chemical Company | EMN | NYSE:EMN |
| Lenzing Aktiengesellschaft | LNZN.F | OTCPK:LNZN.F |
| Clearwater Paper Corporation | CLW | NYSE:CLW |
| LSB Industries, Inc. | LXU | NYSE:LXU |
| Rayonier Advanced Materials Inc. | RYQ | DB:RYQ |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| MATV | EMN | LNZN.F | CLW | LXU | RYQ | ||
| NYSE:MATV | NYSE:EMN | OTCPK:LNZN.F | NYSE:CLW | NYSE:LXU | DB:RYQ | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | -0.7% | 0.3% | 2.3% | -20.2% | 14.9% | 13.9% | |
| 3Y CAGR | 46.6% | -7.7% | -0.6% | -32.0% | -22.2% | 17.6% | |
| Latest Twelve Months | 10.3% | 24.4% | 57.2% | -63.9% | -28.7% | 32.3% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 11.3% | 18.7% | 11.7% | 11.3% | 24.6% | 9.8% | |
| Prior Fiscal Year | 7.5% | 16.8% | 9.0% | 15.7% | 20.9% | 8.7% | |
| Latest Fiscal Year | 9.3% | 20.2% | 12.7% | 3.7% | 15.4% | 13.2% | |
| Latest Twelve Months | 8.7% | 20.5% | 15.7% | 3.4% | 14.3% | 11.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.77x | 1.47x | 1.08x | 0.50x | 1.85x | 0.58x | |
| EV / LTM EBITDA | 8.9x | 7.2x | 6.9x | 14.8x | 13.0x | 5.0x | |
| EV / LTM EBIT | 49.5x | 9.8x | 23.9x | -15.7x | -493.4x | 16.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 6.9x | 8.9x | 14.8x | ||||
| Historical EV / LTM EBITDA | 5.9x | 7.1x | 12.6x | ||||
| Selected EV / LTM EBITDA | 4.8x | 5.0x | 5.3x | ||||
| (x) LTM EBITDA | 185 | 185 | 185 | ||||
| (=) Implied Enterprise Value | 886 | 932 | 979 | ||||
| (-) Non-shareholder Claims * | (648) | (648) | (648) | ||||
| (=) Equity Value | 238 | 284 | 331 | ||||
| (/) Shares Outstanding | 73.9 | 73.9 | 73.9 | ||||
| Implied Value Range | 3.22 | 3.85 | 4.48 | ||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 2.74 | 3.28 | 3.82 | 3.42 | |||
| Upside / (Downside) | -19.9% | -4.2% | 11.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | MATV | EMN | LNZN.F | CLW | LXU | RYQ | |
| Enterprise Value | 1,510 | 13,791 | 2,965 | 750 | 976 | 945 | |
| (+) Cash & Short Term Investments | 84 | 418 | 429 | 44 | 164 | 130 | |
| (+) Investments & Other | 6 | 18 | 83 | 0 | 0 | 0 | |
| (-) Debt | (1,186) | (5,112) | (2,076) | (293) | (527) | (767) | |
| (-) Other Liabilities | 0 | (73) | (352) | 0 | 0 | (11) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 414 | 9,042 | 1,049 | 501 | 612 | 297 | |
| (/) Shares Outstanding | 54.6 | 115.5 | 38.6 | 16.3 | 71.9 | 73.9 | |
| Implied Stock Price | 7.57 | 78.31 | 27.16 | 30.84 | 8.52 | 4.02 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 0.85 | 1.00 | 1.00 | 1.17 | |
| Implied Stock Price (Trading Cur) | 7.57 | 78.31 | 31.90 | 30.84 | 8.52 | 3.42 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 0.85 | 1.00 | 1.00 | 1.17 | |