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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 14,5x - 16,0x | 15,3x |
| Selected Fwd EBIT Multiple | 8,8x - 9,7x | 9,3x |
| Fair Value | €13,66 - €17,24 | €15,45 |
| Upside | -21,9% - -1,5% | -11,7% |
| Benchmarks | Ticker | Full Ticker |
| Kuraray Co., Ltd. | 3405 | TSE:3405 |
| Tokai Carbon Co., Ltd. | 5301 | TSE:5301 |
| Daicel Corporation | 4202 | TSE:4202 |
| Element Solutions Inc | ESI | NYSE:ESI |
| DuPont de Nemours, Inc. | DD | NYSE:DD |
| Resonac Holdings Corporation | SWD | DB:SWD |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 3405 | 5301 | 4202 | ESI | DD | SWD | ||
| TSE:3405 | TSE:5301 | TSE:4202 | NYSE:ESI | NYSE:DD | DB:SWD | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 9.4% | -18.6% | 15.5% | 6.0% | -1.7% | -11.2% | |
| 3Y CAGR | 5.6% | -7.7% | 6.4% | 4.1% | -0.5% | -8.5% | |
| Latest Twelve Months | 12.7% | -49.9% | -2.2% | 27.1% | 18.3% | 1874.9% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 10.3% | 9.0% | 9.6% | 13.2% | 14.7% | 3.0% | |
| Prior Fiscal Year | 9.7% | 10.6% | 11.2% | 11.4% | 14.1% | -0.3% | |
| Latest Fiscal Year | 10.3% | 5.5% | 10.4% | 14.3% | 15.1% | 4.8% | |
| Latest Twelve Months | 10.3% | 5.5% | 10.4% | 14.2% | 15.8% | 4.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.80x | 0.88x | 0.80x | 2.65x | 2.70x | 0.81x | |
| EV / LTM EBITDA | 3.9x | 5.0x | 5.0x | 12.9x | 10.7x | 6.9x | |
| EV / LTM EBIT | 7.8x | 15.9x | 7.7x | 18.6x | 17.1x | 16.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 7.7x | 15.9x | 18.6x | ||||
| Historical EV / LTM EBIT | -328.6x | 16.9x | 798.1x | ||||
| Selected EV / LTM EBIT | 14.5x | 15.3x | 16.0x | ||||
| (x) LTM EBIT | 66,789 | 66,789 | 66,789 | ||||
| (=) Implied Enterprise Value | 969,516 | 1,020,543 | 1,071,570 | ||||
| (-) Non-shareholder Claims * | (601,422) | (601,422) | (601,422) | ||||
| (=) Equity Value | 368,094 | 419,121 | 470,148 | ||||
| (/) Shares Outstanding | 180.7 | 180.7 | 180.7 | ||||
| Implied Value Range | 2,036.76 | 2,319.11 | 2,601.46 | ||||
| FX Rate: JPY/EUR | 164.0 | 164.0 | 164.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 12.42 | 14.14 | 15.87 | 17.50 | |||
| Upside / (Downside) | -29.0% | -19.2% | -9.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 3405 | 5301 | 4202 | ESI | DD | SWD | |
| Enterprise Value | 659,791 | 307,972 | 470,556 | 6,550 | 33,860 | 1,120,019 | |
| (+) Cash & Short Term Investments | 121,692 | 92,207 | 65,142 | 501 | 1,762 | 294,656 | |
| (+) Investments & Other | 48,207 | 38,418 | 85,059 | 0 | 1,071 | 155,018 | |
| (-) Debt | (244,282) | (199,110) | (280,919) | (1,630) | (7,705) | (1,023,706) | |
| (-) Other Liabilities | (17,507) | (35,600) | (15,052) | (15) | (434) | (27,390) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 567,901 | 203,887 | 324,786 | 5,405 | 28,554 | 518,597 | |
| (/) Shares Outstanding | 323.9 | 213.5 | 265.1 | 242.5 | 418.5 | 180.7 | |
| Implied Stock Price | 1,753.50 | 955.10 | 1,225.00 | 22.29 | 68.23 | 2,869.54 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 163.97 | |
| Implied Stock Price (Trading Cur) | 1,753.50 | 955.10 | 1,225.00 | 22.29 | 68.23 | 17.50 | |
| Trading Currency | JPY | JPY | JPY | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 163.97 | |