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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 14.8x - 16.4x | 15.6x |
| Selected Fwd EBIT Multiple | 12.3x - 13.6x | 13.0x |
| Fair Value | €113.24 - €127.26 | €120.25 |
| Upside | 8.0% - 21.3% | 14.6% |
| Benchmarks | Ticker | Full Ticker |
| RPM International Inc. | RPM | NYSE:RPM |
| H.B. Fuller Company | FUL | NYSE:FUL |
| The Sherwin-Williams Company | SHW | NYSE:SHW |
| Celanese Corporation | CE | NYSE:CE |
| Ashland Inc. | ASH | NYSE:ASH |
| PPG Industries, Inc. | PPQ | DB:PPQ |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| RPM | FUL | SHW | CE | ASH | PPQ | ||
| NYSE:RPM | NYSE:FUL | NYSE:SHW | NYSE:CE | NYSE:ASH | DB:PPQ | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 12.0% | 8.6% | 9.6% | 1.4% | 6.0% | 4.3% | |
| 3Y CAGR | 6.8% | 10.0% | 12.4% | -19.0% | -4.3% | 8.6% | |
| Latest Twelve Months | 13.7% | -10.8% | 4.1% | -5.3% | 30.3% | 2.7% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 11.1% | 9.8% | 14.7% | 15.0% | 8.2% | 11.7% | |
| Prior Fiscal Year | 10.5% | 11.5% | 15.7% | 10.5% | 7.6% | 13.5% | |
| Latest Fiscal Year | 12.1% | 10.7% | 16.3% | 10.6% | 8.1% | 14.2% | |
| Latest Twelve Months | 12.6% | 10.3% | 16.3% | 10.6% | 8.4% | 14.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.28x | 1.43x | 4.21x | 1.71x | 1.95x | 1.86x | |
| EV / LTM EBITDA | 15.2x | 9.5x | 22.1x | 9.8x | 11.0x | 10.8x | |
| EV / LTM EBIT | 18.1x | 14.0x | 25.8x | 16.2x | 23.1x | 13.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 14.0x | 18.1x | 25.8x | ||||
| Historical EV / LTM EBIT | 13.2x | 22.0x | 24.0x | ||||
| Selected EV / LTM EBIT | 14.8x | 15.6x | 16.4x | ||||
| (x) LTM EBIT | 2,244 | 2,244 | 2,244 | ||||
| (=) Implied Enterprise Value | 33,316 | 35,070 | 36,823 | ||||
| (-) Non-shareholder Claims * | (4,890) | (4,890) | (4,890) | ||||
| (=) Equity Value | 28,426 | 30,180 | 31,933 | ||||
| (/) Shares Outstanding | 227.0 | 227.0 | 227.0 | ||||
| Implied Value Range | 125.24 | 132.96 | 140.69 | ||||
| FX Rate: USD/EUR | 1.1 | 1.1 | 1.1 | Market Price | |||
| Implied Value Range (Trading Cur) | 115.70 | 122.83 | 129.97 | 104.90 | |||
| Upside / (Downside) | 10.3% | 17.1% | 23.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | RPM | FUL | SHW | CE | ASH | PPQ | |
| Enterprise Value | 16,737 | 5,085 | 96,599 | 17,599 | 3,972 | 30,664 | |
| (+) Cash & Short Term Investments | 269 | 106 | 210 | 962 | 219 | 1,367 | |
| (+) Investments & Other | 0 | 0 | 744 | 1,217 | 9 | 331 | |
| (-) Debt | (2,330) | (2,221) | (12,103) | (12,952) | (1,416) | (6,411) | |
| (-) Other Liabilities | (2) | (1) | 0 | (434) | 0 | (177) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 14,673 | 2,968 | 85,451 | 6,392 | 2,784 | 25,774 | |
| (/) Shares Outstanding | 128.6 | 54.2 | 251.5 | 111.8 | 47.2 | 227.0 | |
| Implied Stock Price | 114.13 | 54.77 | 339.75 | 57.20 | 59.01 | 113.55 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.08 | |
| Implied Stock Price (Trading Cur) | 114.13 | 54.77 | 339.75 | 57.20 | 59.01 | 104.90 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.08 | |