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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 18.1x - 20.0x | 19.1x |
| Selected Fwd EBIT Multiple | 9.9x - 10.9x | 10.4x |
| Fair Value | €40.46 - €50.09 | €45.28 |
| Upside | -5.9% - 16.5% | 5.3% |
| Benchmarks | Ticker | Full Ticker |
| Ball Corporation | BALL | NYSE:BALL |
| Crown Holdings, Inc. | CCK | NYSE:CCK |
| Berry Global Group, Inc. | BERY | NYSE:BERY |
| AptarGroup, Inc. | ATR | NYSE:ATR |
| Sealed Air Corporation | SEE | NYSE:SEE |
| Sonoco Products Company | SNS | DB:SNS |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| BALL | CCK | BERY | ATR | SEE | SNS | ||
| NYSE:BALL | NYSE:CCK | NYSE:BERY | NYSE:ATR | NYSE:SEE | DB:SNS | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 0.1% | 8.0% | 5.9% | 5.4% | 3.2% | 0.4% | |
| 3Y CAGR | -6.2% | NM- | -5.7% | 11.5% | -2.8% | NM- | |
| Latest Twelve Months | 1.0% | 9.8% | 0.1% | 13.4% | -2.3% | -7.4% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 9.9% | 8.4% | 9.6% | 12.4% | 16.0% | 8.0% | |
| Prior Fiscal Year | 9.7% | 11.0% | 9.3% | 12.9% | 15.0% | 10.3% | |
| Latest Fiscal Year | 10.0% | 12.3% | 9.2% | 14.3% | 14.9% | 9.8% | |
| Latest Twelve Months | 10.0% | 12.3% | 9.2% | 14.3% | 14.9% | 9.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.64x | 1.38x | 1.26x | 2.95x | 1.55x | 2.17x | |
| EV / LTM EBITDA | 10.7x | 8.6x | 7.8x | 13.6x | 8.0x | 12.9x | |
| EV / LTM EBIT | 16.3x | 11.2x | 13.6x | 20.7x | 10.4x | 22.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 10.4x | 13.6x | 20.7x | ||||
| Historical EV / LTM EBIT | -155.0x | 12.6x | 22.2x | ||||
| Selected EV / LTM EBIT | 18.1x | 19.1x | 20.0x | ||||
| (x) LTM EBIT | 521 | 521 | 521 | ||||
| (=) Implied Enterprise Value | 9,427 | 9,923 | 10,420 | ||||
| (-) Non-shareholder Claims * | (5,431) | (5,431) | (5,431) | ||||
| (=) Equity Value | 3,996 | 4,493 | 4,989 | ||||
| (/) Shares Outstanding | 98.6 | 98.6 | 98.6 | ||||
| Implied Value Range | 40.52 | 45.55 | 50.58 | ||||
| FX Rate: USD/EUR | 1.1 | 1.1 | 1.1 | Market Price | |||
| Implied Value Range (Trading Cur) | 37.52 | 42.18 | 46.84 | 43.00 | |||
| Upside / (Downside) | -12.7% | -1.9% | 8.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | BALL | CCK | BERY | ATR | SEE | SNS | |
| Enterprise Value | 19,302 | 16,227 | 15,592 | 10,570 | 8,431 | 10,011 | |
| (+) Cash & Short Term Investments | 889 | 918 | 1,181 | 226 | 372 | 431 | |
| (+) Investments & Other | 233 | 22 | 1 | 152 | 14 | 1,504 | |
| (-) Debt | (6,017) | (6,422) | (8,801) | (1,093) | (4,508) | (7,351) | |
| (-) Other Liabilities | (68) | (472) | 0 | (14) | 0 | (15) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 14,339 | 10,273 | 7,973 | 9,841 | 4,309 | 4,580 | |
| (/) Shares Outstanding | 282.4 | 116.2 | 115.8 | 66.5 | 145.8 | 98.6 | |
| Implied Stock Price | 50.78 | 88.39 | 68.85 | 147.99 | 29.56 | 46.44 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.08 | |
| Implied Stock Price (Trading Cur) | 50.78 | 88.39 | 68.85 | 147.99 | 29.56 | 43.00 | |
| 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 | |