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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 41.7x - 46.1x | 43.9x |
| Selected Fwd EBIT Multiple | 14.5x - 16.0x | 15.3x |
| Fair Value | €74.56 - €83.28 | €78.92 |
| Upside | -18.6% - -9.1% | -13.9% |
| Benchmarks | Ticker | Full Ticker |
| Robertet SA | RBT | ENXTPA:RBT |
| L'Air Liquide S.A. | AIL | DB:AIL |
| Givaudan SA | GIVN | SWX:GIVN |
| Novonesis A/S | NZM2 | DB:NZM2 |
| Symrise AG | SY1 | DB:SY1 |
| DSM-Firmenich AG | DSFIR | ENXTAM:DSFIR |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| RBT | AIL | GIVN | NZM2 | SY1 | DSFIR | ||
| ENXTPA:RBT | DB:AIL | SWX:GIVN | DB:NZM2 | DB:SY1 | ENXTAM:DSFIR | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 9.8% | 7.5% | 8.5% | 11.9% | 8.7% | -8.8% | |
| 3Y CAGR | 15.7% | 9.3% | 8.4% | 17.2% | 13.1% | -10.5% | |
| Latest Twelve Months | 16.8% | 6.8% | 25.6% | 38.0% | 34.0% | 190.9% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 14.5% | 17.0% | 16.4% | 24.7% | 12.8% | 5.1% | |
| Prior Fiscal Year | 14.6% | 17.4% | 16.1% | 25.4% | 11.3% | -5.3% | |
| Latest Fiscal Year | 15.3% | 18.9% | 18.9% | 22.0% | 14.4% | 4.0% | |
| Latest Twelve Months | 16.0% | 18.9% | 18.9% | 22.0% | 14.4% | 4.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.22x | 4.19x | 5.32x | 6.88x | 2.98x | 2.06x | |
| EV / LTM EBITDA | 11.5x | 15.5x | 23.9x | 24.4x | 15.2x | 16.5x | |
| EV / LTM EBIT | 13.8x | 22.1x | 28.2x | 31.3x | 20.7x | 51.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 13.8x | 22.1x | 31.3x | ||||
| Historical EV / LTM EBIT | -80.0x | 35.1x | 59.7x | ||||
| Selected EV / LTM EBIT | 41.7x | 43.9x | 46.1x | ||||
| (x) LTM EBIT | 509 | 509 | 509 | ||||
| (=) Implied Enterprise Value | 21,234 | 22,352 | 23,469 | ||||
| (-) Non-shareholder Claims * | (2,181) | (2,181) | (2,181) | ||||
| (=) Equity Value | 19,053 | 20,171 | 21,288 | ||||
| (/) Shares Outstanding | 264.3 | 264.3 | 264.3 | ||||
| Implied Value Range | 72.10 | 76.33 | 80.55 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 72.10 | 76.33 | 80.55 | 91.62 | |||
| Upside / (Downside) | -21.3% | -16.7% | -12.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | RBT | AIL | GIVN | NZM2 | SY1 | DSFIR | |
| Enterprise Value | 1,679 | 113,334 | 39,274 | 26,358 | 12,649 | 26,394 | |
| (+) Cash & Short Term Investments | 195 | 1,916 | 762 | 280 | 0 | 2,717 | |
| (+) Investments & Other | 4 | 522 | 153 | 24 | 0 | 568 | |
| (-) Debt | (334) | (12,451) | (4,751) | (1,797) | 0 | (5,280) | |
| (-) Other Liabilities | (1) | (761) | 0 | 0 | 0 | (186) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 1,543 | 102,560 | 35,438 | 24,865 | 12,649 | 24,213 | |
| (/) Shares Outstanding | 2.0 | 576.1 | 9.2 | 466.5 | 139.8 | 264.3 | |
| Implied Stock Price | 790.00 | 178.02 | 3,841.00 | 53.30 | 90.50 | 91.62 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 790.00 | 178.02 | 3,841.00 | 53.30 | 90.50 | 91.62 | |
| Trading Currency | EUR | EUR | CHF | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |