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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 12,4x - 13,7x | 13,0x |
| Selected Fwd EBITDA Multiple | 10,6x - 11,7x | 11,1x |
| Fair Value | €143,34 - €160,54 | €151,94 |
| Upside | -17,4% - -7,5% | -12,5% |
| Benchmarks | Ticker | Full Ticker |
| Evonik Industries AG | EVK | DB:EVK |
| Umicore SA | NVJP | DB:NVJP |
| LANXESS Aktiengesellschaft | LXS | DB:LXS |
| Air Water Inc. | 0AW | DB:0AW |
| Air Products and Chemicals, Inc. | AP3 | XTRA:AP3 |
| L'Air Liquide S.A. | AI | ENXTPA:AI |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| EVK | NVJP | LXS | 0AW | AP3 | AI | ||
| DB:EVK | DB:NVJP | DB:LXS | DB:0AW | XTRA:AP3 | ENXTPA:AI | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | -3.1% | NM- | -11.2% | 7.2% | 5.6% | 6.2% | |
| 3Y CAGR | -7.7% | NM- | -11.0% | 3.4% | 5.4% | 8.0% | |
| Latest Twelve Months | -16.9% | 336.0% | 75.7% | 2.1% | 4.9% | 7.1% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 12.9% | 3.2% | 10.2% | 10.7% | 34.1% | 25.3% | |
| Prior Fiscal Year | 11.8% | 5.7% | 6.3% | 10.8% | 31.8% | 25.3% | |
| Latest Fiscal Year | 11.2% | -0.4% | 8.2% | 10.7% | 35.5% | 27.1% | |
| Latest Twelve Months | 11.3% | 9.9% | 8.6% | 11.0% | 36.2% | 27.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.79x | 0.28x | 0.65x | 0.75x | 6.40x | 4.08x | |
| EV / LTM EBITDA | 7.0x | 2.8x | 7.5x | 6.9x | 17.7x | 14.7x | |
| EV / LTM EBIT | 14.2x | 3.3x | 72.2x | 12.1x | 27.2x | 21.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 2.8x | 7.0x | 17.7x | ||||
| Historical EV / LTM EBITDA | 12.8x | 14.4x | 15.2x | ||||
| Selected EV / LTM EBITDA | 12.4x | 13.0x | 13.7x | ||||
| (x) LTM EBITDA | 7,586 | 7,586 | 7,586 | ||||
| (=) Implied Enterprise Value | 93,848 | 98,787 | 103,727 | ||||
| (-) Non-shareholder Claims * | (11,577) | (11,577) | (11,577) | ||||
| (=) Equity Value | 82,271 | 87,210 | 92,150 | ||||
| (/) Shares Outstanding | 576.7 | 576.7 | 576.7 | ||||
| Implied Value Range | 142.67 | 151.23 | 159.80 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 142.67 | 151.23 | 159.80 | 173.58 | |||
| Upside / (Downside) | -17.8% | -12.9% | -7.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | EVK | NVJP | LXS | 0AW | AP3 | AI | |
| Enterprise Value | 11,595 | 4,536 | 4,144 | 775,593 | 76,887 | 111,675 | |
| (+) Cash & Short Term Investments | 379 | 1,109 | 420 | 60,460 | 2,331 | 1,643 | |
| (+) Investments & Other | 500 | 596 | 657 | 140,623 | 5,398 | 182 | |
| (-) Debt | (4,529) | (2,865) | (3,001) | (429,692) | (18,370) | (12,696) | |
| (-) Other Liabilities | (65) | 33 | (6) | (14,931) | (2,231) | (706) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 7,880 | 3,409 | 2,214 | 532,053 | 64,016 | 100,098 | |
| (/) Shares Outstanding | 466.0 | 240.6 | 86.3 | 229.2 | 222.6 | 576.7 | |
| Implied Stock Price | 16.91 | 14.17 | 25.64 | 2,321.78 | 287.64 | 173.58 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 171.98 | 1.16 | 1.00 | |
| Implied Stock Price (Trading Cur) | 16.91 | 14.17 | 25.64 | 13.50 | 247.20 | 173.58 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 171.98 | 1.16 | 1.00 | |