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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 10.0x - 11.0x | 10.5x |
| Selected Fwd EBIT Multiple | 7.8x - 8.6x | 8.2x |
| Fair Value | $36.98 - $44.63 | $40.80 |
| Upside | -14.6% - 3.0% | -5.8% |
| Benchmarks | Ticker | Full Ticker |
| PPG Industries, Inc. | PPG | NYSE:PPG |
| The Sherwin-Williams Company | SHW | NYSE:SHW |
| Eastman Chemical Company | EMN | NYSE:EMN |
| Kuraray Co., Ltd. | KURR.F | OTCPK:KURR.F |
| Arkema S.A. | ARKA.F | OTCPK:ARKA.F |
| Ingevity Corporation | NGVT | NYSE:NGVT |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| PPG | SHW | EMN | KURR.F | ARKA.F | NGVT | ||
| NYSE:PPG | NYSE:SHW | NYSE:EMN | OTCPK:KURR.F | OTCPK:ARKA.F | NYSE:NGVT | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 4.3% | 9.6% | 2.1% | 9.4% | -4.3% | -2.3% | |
| 3Y CAGR | 8.6% | 12.4% | -9.5% | 5.6% | -14.8% | -4.7% | |
| Latest Twelve Months | 2.7% | 4.1% | 29.4% | 12.7% | -7.0% | -3.8% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 11.7% | 14.7% | 13.3% | 10.3% | 9.4% | 20.6% | |
| Prior Fiscal Year | 13.5% | 15.7% | 11.6% | 9.7% | 7.6% | 16.4% | |
| Latest Fiscal Year | 14.2% | 16.3% | 14.7% | 10.3% | 7.1% | 18.9% | |
| Latest Twelve Months | 14.2% | 16.3% | 14.7% | 10.3% | 7.1% | 18.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.93x | 4.27x | 1.55x | 0.87x | 0.89x | 2.05x | |
| EV / LTM EBITDA | 11.2x | 22.4x | 7.7x | 4.2x | 6.3x | 7.7x | |
| EV / LTM EBIT | 13.6x | 26.1x | 10.5x | 8.4x | 12.6x | 10.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 8.4x | 12.6x | 26.1x | ||||
| Historical EV / LTM EBIT | 10.5x | 10.8x | 15.6x | ||||
| Selected EV / LTM EBIT | 10.0x | 10.5x | 11.0x | ||||
| (x) LTM EBIT | 266 | 266 | 266 | ||||
| (=) Implied Enterprise Value | 2,660 | 2,800 | 2,940 | ||||
| (-) Non-shareholder Claims * | (1,299) | (1,299) | (1,299) | ||||
| (=) Equity Value | 1,361 | 1,501 | 1,641 | ||||
| (/) Shares Outstanding | 36.4 | 36.4 | 36.4 | ||||
| Implied Value Range | 37.34 | 41.19 | 45.03 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 37.34 | 41.19 | 45.03 | 43.32 | |||
| Upside / (Downside) | -13.8% | -4.9% | 3.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | PPG | SHW | EMN | KURR.F | ARKA.F | NGVT | |
| Enterprise Value | 30,295 | 97,773 | 14,589 | 709,559 | 8,965 | 2,877 | |
| (+) Cash & Short Term Investments | 1,367 | 210 | 856 | 121,692 | 2,013 | 68 | |
| (+) Investments & Other | 331 | 744 | 183 | 48,207 | 61 | 88 | |
| (-) Debt | (6,411) | (12,103) | (5,220) | (244,282) | (4,554) | (1,455) | |
| (-) Other Liabilities | (177) | 0 | (73) | (17,507) | (235) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 25,405 | 86,625 | 10,335 | 617,669 | 6,250 | 1,579 | |
| (/) Shares Outstanding | 227.0 | 251.5 | 115.4 | 324.3 | 75.8 | 36.4 | |
| Implied Stock Price | 111.93 | 344.42 | 89.55 | 1,904.72 | 82.45 | 43.32 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 150.57 | 0.93 | 1.00 | |
| Implied Stock Price (Trading Cur) | 111.93 | 344.42 | 89.55 | 12.65 | 88.66 | 43.32 | |
| Trading Currency | USD | USD | USD | USD | USD | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 150.57 | 0.93 | 1.00 | |