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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 10,9x - 12,1x | 11,5x |
| Selected Fwd EBITDA Multiple | 9,0x - 10,0x | 9,5x |
| Fair Value | $11,26 - $12,50 | $11,88 |
| Upside | 22,5% - 36,0% | 29,2% |
| Benchmarks | Ticker | Full Ticker |
| Johnson Matthey Plc | JMAT | LSE:JMAT |
| Synthomer plc | SYNT | LSE:SYNT |
| Elementis plc | ELM | LSE:ELM |
| International Flavors & Fragrances Inc. | IFF | NYSE:IFF |
| DuPont de Nemours, Inc. | 0A6B | LSE:0A6B |
| Victrex plc | VTXP.F | OTCPK:VTXP.F |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| JMAT | SYNT | ELM | IFF | 0A6B | VTXP.F | ||
| LSE:JMAT | LSE:SYNT | LSE:ELM | NYSE:IFF | LSE:0A6B | OTCPK:VTXP.F | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | -5.6% | -14.7% | -0.2% | 10.9% | -2.3% | -9.9% | |
| 3Y CAGR | -8.0% | -46.1% | 6.6% | -1.4% | 0.6% | -10.5% | |
| Latest Twelve Months | 2.2% | 8.9% | 20.6% | -0.7% | 12.1% | -15.0% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 4.1% | 10.3% | 20.3% | 17.1% | 24.0% | 32.4% | |
| Prior Fiscal Year | 3.9% | 3.3% | 20.0% | 15.3% | 23.6% | 34.7% | |
| Latest Fiscal Year | 4.4% | 3.6% | 22.4% | 15.1% | 24.8% | 25.9% | |
| Latest Twelve Months | 4.4% | 3.6% | 22.9% | 15.4% | 25.4% | 24.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.31x | 0.38x | 2.04x | 2.40x | 2.80x | 2.17x | |
| EV / LTM EBITDA | 7.1x | 10.8x | 8.9x | 15.5x | 11.0x | 9.0x | |
| EV / LTM EBIT | 9.4x | -317.6x | 12.4x | 34.7x | 17.7x | 13.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 7.1x | 10.8x | 15.5x | ||||
| Historical EV / LTM EBITDA | 11.0x | 12.9x | 20.7x | ||||
| Selected EV / LTM EBITDA | 10.9x | 11.5x | 12.1x | ||||
| (x) LTM EBITDA | 72 | 72 | 72 | ||||
| (=) Implied Enterprise Value | 782 | 823 | 864 | ||||
| (-) Non-shareholder Claims * | (35) | (35) | (35) | ||||
| (=) Equity Value | 746 | 787 | 829 | ||||
| (/) Shares Outstanding | 87.0 | 87.0 | 87.0 | ||||
| Implied Value Range | 8.58 | 9.05 | 9.53 | ||||
| FX Rate: GBP/USD | 0.8 | 0.8 | 0.8 | Market Price | |||
| Implied Value Range (Trading Cur) | 11.41 | 12.04 | 12.67 | 9.19 | |||
| Upside / (Downside) | 24.2% | 31.0% | 37.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | JMAT | SYNT | ELM | IFF | 0A6B | VTXP.F | |
| Enterprise Value | 3,614 | 756 | 1,494 | 27,387 | 35,865 | 636 | |
| (+) Cash & Short Term Investments | 911 | 227 | 59 | 613 | 1,762 | 25 | |
| (+) Investments & Other | 113 | 15 | 0 | 11 | 1,071 | 5 | |
| (-) Debt | (1,713) | (879) | (204) | (9,911) | (7,580) | (66) | |
| (-) Other Liabilities | 0 | (15) | 0 | (36) | (434) | 1 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 2,925 | 103 | 1,349 | 18,064 | 30,684 | 601 | |
| (/) Shares Outstanding | 167.5 | 163.5 | 581.8 | 255.8 | 418.5 | 87.0 | |
| Implied Stock Price | 17.46 | 0.63 | 2.32 | 70.62 | 73.32 | 6.91 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.33 | 1.00 | 1.00 | 0.75 | |
| Implied Stock Price (Trading Cur) | 17.46 | 0.63 | 1.74 | 70.62 | 73.32 | 9.19 | |
| Trading Currency | GBP | GBP | GBP | USD | USD | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.33 | 1.00 | 1.00 | 0.75 | |