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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 19.3x - 21.3x | 20.3x |
| Selected Fwd EBIT Multiple | 12.0x - 13.2x | 12.6x |
| Fair Value | $0.12 - $0.12 | $0.12 |
| Upside | -12.7% - -9.3% | -11.0% |
| Benchmarks | Ticker | Full Ticker |
| Wanhua Chemical Group Co., Ltd. | 600309 | SHSE:600309 |
| Covestro AG | 1CO | XTRA:1CO |
| Arkema S.A. | AKE | ENXTPA:AKE |
| Clariant AG | CLN | SWX:CLN |
| BASF SE | BFFA.F | OTCPK:BFFA.F |
| Sinopec Shanghai Petrochemical Company Limited | SPTJ.F | OTCPK:SPTJ.F |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 600309 | 1CO | AKE | CLN | BFFA.F | SPTJ.F | ||
| SHSE:600309 | XTRA:1CO | ENXTPA:AKE | SWX:CLN | OTCPK:BFFA.F | OTCPK:SPTJ.F | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 7.4% | -38.3% | -4.3% | 14.7% | -5.1% | -20.6% | |
| 3Y CAGR | -16.7% | -68.7% | -14.8% | -7.2% | -27.3% | -41.8% | |
| Latest Twelve Months | -12.9% | -59.8% | -7.0% | -14.7% | 0.8% | 102.4% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 14.9% | 5.4% | 9.4% | 9.5% | 6.3% | -0.9% | |
| Prior Fiscal Year | 11.8% | 1.2% | 7.6% | 9.7% | 4.1% | -1.9% | |
| Latest Fiscal Year | 9.9% | 0.5% | 7.1% | 8.7% | 4.4% | 0.0% | |
| Latest Twelve Months | 9.9% | 0.5% | 7.1% | 8.7% | 4.4% | 0.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.70x | 0.96x | 0.88x | 1.08x | 0.90x | 0.17x | |
| EV / LTM EBITDA | 11.0x | 18.6x | 6.2x | 7.9x | 9.4x | 7.8x | |
| EV / LTM EBIT | 17.2x | 199.7x | 12.5x | 12.4x | 20.6x | 342.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 12.4x | 17.2x | 199.7x | ||||
| Historical EV / LTM EBIT | -15.2x | -6.6x | 342.5x | ||||
| Selected EV / LTM EBIT | 19.3x | 20.3x | 21.3x | ||||
| (x) LTM EBIT | 42 | 42 | 42 | ||||
| (=) Implied Enterprise Value | 812 | 854 | 897 | ||||
| (-) Non-shareholder Claims * | 14,022 | 14,022 | 14,022 | ||||
| (=) Equity Value | 14,834 | 14,877 | 14,919 | ||||
| (/) Shares Outstanding | 26,422.5 | 26,422.5 | 26,422.5 | ||||
| Implied Value Range | 0.56 | 0.56 | 0.56 | ||||
| FX Rate: CNY/USD | 7.3 | 7.3 | 7.3 | Market Price | |||
| Implied Value Range (Trading Cur) | 0.08 | 0.08 | 0.08 | 0.13 | |||
| Upside / (Downside) | -42.2% | -42.0% | -41.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 600309 | 1CO | AKE | CLN | BFFA.F | SPTJ.F | |
| Enterprise Value | 302,857 | 13,597 | 8,366 | 4,468 | 58,501 | 11,639 | |
| (+) Cash & Short Term Investments | 41,191 | 509 | 2,013 | 395 | 3,683 | 12,096 | |
| (+) Investments & Other | 0 | 284 | 61 | 487 | 6,975 | 3,600 | |
| (-) Debt | (128,881) | (3,139) | (4,554) | (1,884) | (23,995) | (1,570) | |
| (-) Other Liabilities | 0 | (21) | (235) | (173) | (1,284) | (104) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 215,167 | 11,230 | 5,651 | 3,293 | 43,880 | 25,661 | |
| (/) Shares Outstanding | 3,139.7 | 188.7 | 75.8 | 328.3 | 892.5 | 26,422.5 | |
| Implied Stock Price | 68.53 | 59.50 | 74.55 | 10.03 | 49.16 | 0.97 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 0.93 | 7.27 | |
| Implied Stock Price (Trading Cur) | 68.53 | 59.50 | 74.55 | 10.03 | 53.07 | 0.13 | |
| Trading Currency | CNY | EUR | EUR | CHF | USD | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 0.93 | 7.27 | |