Symrise AG


Select Price / LTM Sales Ratio

	Benchmark Companies
	SDF	EVK	ZX6	0R7	NZM2	SY1
	XTRA:SDF	XTRA:EVK	DB:ZX6	DB:0R7	DB:NZM2	DB:SY1
Historical Sales Growth
5Y CAGR	7.5%	2.9%	9.9%	6.6%	14.8%	8.0%
3Y CAGR	4.4%	0.4%	20.8%	10.2%	24.0%	9.3%
Latest Twelve Months	-5.7%	-0.7%	20.4%	5.4%	59.6%	5.7%

Historical Net Income Profit Margin
5 Year Average Margin	7.6%	3.6%	14.9%	10.5%	18.1%	8.4%
Prior Fiscal Year	5.4%	-3.0%	-6.2%	10.8%	16.9%	7.2%
Latest Fiscal Year	-1.8%	1.5%	2.0%	10.3%	8.0%	9.6%
Latest Twelve Months	-1.8%	1.5%	2.0%	11.4%	8.0%	9.6%

Current Trading Multiples
EV / LTM EBITDA	5.3x	7.3x	16.5x	11.6x	24.5x	15.6x
Price / LTM Sales	0.6x	0.6x	1.9x	2.1x	6.5x	2.6x
LTM P/E Ratio	-34.3x	43.1x	97.1x	18.0x	81.7x	27.1x


	Low	Mid	High

Benchmark LTM P/S Ratio	0.6x	1.9x	6.5x
Historical LTM P/S Ratio	2.6x	3.2x	5.2x

Selected Price / Sales Multiple	2.9x	3.0x	3.2x
(x) LTM Sales	4,999	4,999	4,999
(=) Equity Value	14,247	14,997	15,746
(/) Shares Outstanding	139.8	139.8	139.8
Implied Value Range	101.93	107.29	112.66
FX Rate: EUR/EUR	1.0	1.0	1.0		Market Price
Implied Value Range (Trading Cur)	101.93	107.29	112.66		95.02
Upside / (Downside)	7.3%	12.9%	18.6%

지원하는 계산법

Equity Waterfall

Financials

Historical Multiples


Equity Value

	Benchmark Companies
(in millions)	SDF	EVK	ZX6	0R7	NZM2	SY1

Value of Common Equity	2,255	9,409	24,456	1,558	24,915	13,281
(/) Shares Outstanding	179.1	466.0	264.3	2.0	466.4	139.8
Implied Stock Price	12.59	20.19	92.54	798.00	53.42	95.02
FX Conversion Rate to Trading Currency	1.00	1.00	1.00	1.00	1.00	1.00
Implied Stock Price (Trading Cur)	12.59	20.19	92.54	798.00	53.42	95.02

Trading Currency	EUR	EUR	EUR	EUR	EUR	EUR
FX Rate to Reporting Currency	1.00	1.00	1.00	1.00	1.00	1.00

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