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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 19,3x - 21,3x | 20,3x |
| Selected Fwd EBITDA Multiple | 16,2x - 17,9x | 17,1x |
| Fair Value | €235,18 - €264,42 | €249,80 |
| Upside | -19,7% - -9,8% | -14,8% |
| Benchmarks | Ticker | Full Ticker |
| PPG Industries, Inc. | PPG | NYSE:PPG |
| DuPont de Nemours, Inc. | DD | NYSE:DD |
| Axalta Coating Systems Ltd. | AXTA | NYSE:AXTA |
| Ingevity Corporation | NGVT | NYSE:NGVT |
| Solvay SA | SVYS.F | OTCPK:SVYS.F |
| The Sherwin-Williams Company | SJ3 | DB:SJ3 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| PPG | DD | AXTA | NGVT | SVYS.F | SJ3 | ||
| NYSE:PPG | NYSE:DD | NYSE:AXTA | NYSE:NGVT | OTCPK:SVYS.F | DB:SJ3 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 3.2% | -2.3% | 2.3% | -0.5% | -17.0% | 8.2% | |
| 3Y CAGR | 5.8% | 0.6% | 6.2% | -3.5% | -25.0% | 10.8% | |
| Latest Twelve Months | -1.7% | 12.1% | 16.3% | 4.0% | -40.1% | -2.0% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 15.4% | 24.0% | 17.8% | 27.8% | 24.6% | 17.7% | |
| Prior Fiscal Year | 16.6% | 23.6% | 16.1% | 23.6% | 25.7% | 18.4% | |
| Latest Fiscal Year | 17.3% | 24.8% | 18.8% | 26.6% | 16.0% | 19.0% | |
| Latest Twelve Months | 16.9% | 25.4% | 19.3% | 28.5% | 15.5% | 18.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.07x | 2.97x | 1.80x | 2.20x | 0.92x | 4.26x | |
| EV / LTM EBITDA | 12.3x | 11.7x | 9.4x | 7.7x | 5.9x | 22.9x | |
| EV / LTM EBIT | 15.0x | 18.8x | 12.0x | 10.5x | 8.4x | 26.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 5.9x | 9.4x | 12.3x | ||||
| Historical EV / LTM EBITDA | 20.8x | 22.1x | 29.9x | ||||
| Selected EV / LTM EBITDA | 19.3x | 20.3x | 21.3x | ||||
| (x) LTM EBITDA | 4,291 | 4,291 | 4,291 | ||||
| (=) Implied Enterprise Value | 82,697 | 87,050 | 91,402 | ||||
| (-) Non-shareholder Claims * | (12,500) | (12,500) | (12,500) | ||||
| (=) Equity Value | 70,197 | 74,549 | 78,902 | ||||
| (/) Shares Outstanding | 250.1 | 250.1 | 250.1 | ||||
| Implied Value Range | 280.70 | 298.10 | 315.50 | ||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 239.24 | 254.07 | 268.90 | 293.05 | |||
| Upside / (Downside) | -18.4% | -13.3% | -8.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | PPG | DD | AXTA | NGVT | SVYS.F | SJ3 | |
| Enterprise Value | 32,011 | 37,631 | 9,436 | 2,972 | 4,575 | 98,487 | |
| (+) Cash & Short Term Investments | 1,903 | 1,762 | 575 | 72 | 467 | 270 | |
| (+) Investments & Other | 317 | 1,071 | 1 | 87 | 311 | 0 | |
| (-) Debt | (7,873) | (7,580) | (3,418) | (1,442) | (2,220) | (12,770) | |
| (-) Other Liabilities | (165) | (434) | (46) | 0 | (66) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 26,193 | 32,450 | 6,548 | 1,689 | 3,067 | 85,987 | |
| (/) Shares Outstanding | 227.0 | 418.5 | 218.6 | 36.5 | 104.5 | 250.1 | |
| Implied Stock Price | 115.40 | 77.54 | 29.96 | 46.31 | 29.36 | 343.83 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 0.85 | 1.17 | |
| Implied Stock Price (Trading Cur) | 115.40 | 77.54 | 29.96 | 46.31 | 34.45 | 293.05 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 0.85 | 1.17 | |