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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 52,1x - 57,5x | 54,8x |
| Selected Fwd EBIT Multiple | 27,8x - 30,8x | 29,3x |
| Fair Value | $14,97 - $19,29 | $17,13 |
| Upside | -45,6% - -29,9% | -37,7% |
| Benchmarks | Ticker | Full Ticker |
| BASF SE | BAS | XTRA:BAS |
| Evonik Industries AG | EVK | XTRA:EVK |
| K+S Aktiengesellschaft | SDF | XTRA:SDF |
| Wacker Chemie AG | WCH | XTRA:WCH |
| Arkema S.A. | V1S | DB:V1S |
| LANXESS Aktiengesellschaft | LNXS.F | OTCPK:LNXS.F |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| BAS | EVK | SDF | WCH | V1S | LNXS.F | ||
| XTRA:BAS | XTRA:EVK | XTRA:SDF | XTRA:WCH | DB:V1S | OTCPK:LNXS.F | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | -5.1% | -6.9% | NM- | 59.1% | -4.3% | -46.6% | |
| 3Y CAGR | -27.3% | -13.2% | NM- | -38.1% | -14.8% | -59.5% | |
| Latest Twelve Months | 32.6% | -6.2% | 725.0% | 39.1% | -26.1% | 129.8% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 6.2% | 6.6% | 8.9% | 9.4% | 9.3% | 3.3% | |
| Prior Fiscal Year | 4.1% | 4.0% | 9.3% | 4.8% | 7.6% | -1.2% | |
| Latest Fiscal Year | 4.4% | 5.5% | -1.2% | 4.3% | 7.1% | 0.4% | |
| Latest Twelve Months | 4.5% | 5.5% | 1.2% | 2.4% | 5.7% | 0.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.87x | 0.77x | 0.62x | 0.64x | 0.76x | 0.63x | |
| EV / LTM EBITDA | 9.1x | 6.8x | 4.4x | 6.1x | 6.1x | 7.3x | |
| EV / LTM EBIT | 19.5x | 14.0x | 52.6x | 26.2x | 13.4x | 70.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 13.4x | 19.5x | 52.6x | ||||
| Historical EV / LTM EBIT | 14.7x | 22.7x | 352.4x | ||||
| Selected EV / LTM EBIT | 52.1x | 54.8x | 57.5x | ||||
| (x) LTM EBIT | 57 | 57 | 57 | ||||
| (=) Implied Enterprise Value | 2,968 | 3,124 | 3,280 | ||||
| (-) Non-shareholder Claims * | (1,930) | (1,930) | (1,930) | ||||
| (=) Equity Value | 1,038 | 1,194 | 1,350 | ||||
| (/) Shares Outstanding | 86.3 | 86.3 | 86.3 | ||||
| Implied Value Range | 12.02 | 13.83 | 15.63 | ||||
| FX Rate: EUR/USD | 0.9 | 0.9 | 0.9 | Market Price | |||
| Implied Value Range (Trading Cur) | 14.03 | 16.14 | 18.25 | 27.50 | |||
| Upside / (Downside) | -49.0% | -41.3% | -33.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | BAS | EVK | SDF | WCH | V1S | LNXS.F | |
| Enterprise Value | 56,364 | 11,385 | 2,237 | 3,604 | 7,134 | 3,964 | |
| (+) Cash & Short Term Investments | 2,573 | 379 | 614 | 794 | 1,311 | 420 | |
| (+) Investments & Other | 5,799 | 500 | 284 | 939 | 58 | 657 | |
| (-) Debt | (25,443) | (4,529) | (740) | (1,936) | (3,791) | (3,001) | |
| (-) Other Liabilities | (1,147) | (65) | (4) | (163) | (216) | (6) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 38,146 | 7,670 | 2,391 | 3,239 | 4,496 | 2,034 | |
| (/) Shares Outstanding | 892.5 | 466.0 | 179.1 | 49.7 | 75.4 | 86.3 | |
| Implied Stock Price | 42.74 | 16.46 | 13.35 | 65.20 | 59.65 | 23.56 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.86 | |
| Implied Stock Price (Trading Cur) | 42.74 | 16.46 | 13.35 | 65.20 | 59.65 | 27.50 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.86 | |