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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | -55.8x - -61.6x | -58.7x |
| Selected Fwd EBIT Multiple | 10.2x - 11.3x | 10.7x |
| Fair Value | €1.22 - €3.72 | €2.47 |
| Upside | -67.5% - -0.6% | -34.0% |
| Benchmarks | Ticker | Full Ticker |
| Covestro AG | 1CO | XTRA:1CO |
| Clariant AG | CLN | SWX:CLN |
| Wacker Chemie AG | WCH | DB:WCH |
| Akzo Nobel N.V. | AKZO.Y | OTCPK:AKZO.Y |
| H.B. Fuller Company | FUL | NYSE:FUL |
| Braskem S.A. | BRD | DB:BRD |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 1CO | CLN | WCH | AKZO.Y | FUL | BRD | ||
| XTRA:1CO | SWX:CLN | DB:WCH | OTCPK:AKZO.Y | NYSE:FUL | DB:BRD | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | -38.3% | 14.7% | 59.1% | 1.8% | 8.6% | NM- | |
| 3Y CAGR | -68.7% | -7.2% | -38.1% | -4.7% | 10.0% | NM- | |
| Latest Twelve Months | -59.8% | -14.7% | -20.0% | -11.1% | -10.8% | 62.2% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 5.4% | 9.5% | 9.3% | 9.8% | 9.8% | 8.2% | |
| Prior Fiscal Year | 1.2% | 9.7% | 4.8% | 10.0% | 11.5% | -4.0% | |
| Latest Fiscal Year | 0.5% | 8.7% | 4.3% | 8.8% | 10.7% | -1.4% | |
| Latest Twelve Months | 0.5% | 8.7% | 4.3% | 8.8% | 10.3% | -1.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.96x | 1.06x | 0.65x | 1.27x | 1.44x | 0.86x | |
| EV / LTM EBITDA | 18.6x | 7.8x | 5.5x | 11.2x | 9.5x | 24.8x | |
| EV / LTM EBIT | 199.4x | 12.2x | 15.2x | 14.4x | 14.0x | -63.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 12.2x | 14.4x | 199.4x | ||||
| Historical EV / LTM EBIT | -63.1x | 3.2x | 19.0x | ||||
| Selected EV / LTM EBIT | -55.8x | -58.7x | -61.6x | ||||
| (x) LTM EBIT | (1,058) | (1,058) | (1,058) | ||||
| (=) Implied Enterprise Value | 59,001 | 62,107 | 65,212 | ||||
| (-) Non-shareholder Claims * | (56,970) | (56,970) | (56,970) | ||||
| (=) Equity Value | 2,031 | 5,137 | 8,242 | ||||
| (/) Shares Outstanding | 402.2 | 402.2 | 402.2 | ||||
| Implied Value Range | 5.05 | 12.77 | 20.49 | ||||
| FX Rate: BRL/EUR | 6.3 | 6.3 | 6.3 | Market Price | |||
| Implied Value Range (Trading Cur) | 0.80 | 2.03 | 3.26 | 3.74 | |||
| Upside / (Downside) | -78.5% | -45.6% | -12.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 1CO | CLN | WCH | AKZO.Y | FUL | BRD | |
| Enterprise Value | 13,559 | 4,395 | 3,735 | 13,571 | 5,085 | 66,416 | |
| (+) Cash & Short Term Investments | 509 | 395 | 1,215 | 1,467 | 106 | 16,772 | |
| (+) Investments & Other | 284 | 487 | 1,045 | 228 | 0 | 484 | |
| (-) Debt | (3,139) | (1,884) | (1,947) | (5,368) | (2,221) | (73,722) | |
| (-) Other Liabilities | (21) | (173) | (168) | (242) | (1) | (504) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 11,192 | 3,220 | 3,880 | 9,656 | 2,968 | 9,446 | |
| (/) Shares Outstanding | 188.7 | 328.3 | 49.7 | 512.2 | 54.2 | 402.2 | |
| Implied Stock Price | 59.30 | 9.81 | 78.10 | 18.85 | 54.77 | 23.49 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 0.92 | 1.00 | 6.28 | |
| Implied Stock Price (Trading Cur) | 59.30 | 9.81 | 78.10 | 20.39 | 54.77 | 3.74 | |
| Trading Currency | EUR | CHF | EUR | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 0.92 | 1.00 | 6.28 | |