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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 15.2x - 16.8x | 16.0x |
| Selected Fwd EBIT Multiple | 10.5x - 11.6x | 11.1x |
| Fair Value | $95.24 - $113.11 | $104.17 |
| Upside | 32.3% - 57.1% | 44.7% |
| Benchmarks | Ticker | Full Ticker |
| SIG Group AG | SIGN | SWX:SIGN |
| Huhtamäki Oyj | HUH1V | HLSE:HUH1V |
| Sonoco Products Company | SNS | DB:SNS |
| CCL Industries Inc. | 1C9 | DB:1C9 |
| Crown Holdings, Inc. | CWN | DB:CWN |
| Mayr-Melnhof Karton AG | MNHF.F | OTCPK:MNHF.F |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| SIGN | HUH1V | SNS | 1C9 | CWN | MNHF.F | ||
| SWX:SIGN | HLSE:HUH1V | DB:SNS | DB:1C9 | DB:CWN | OTCPK:MNHF.F | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 14.9% | 4.5% | 0.4% | 7.6% | 8.0% | -5.5% | |
| 3Y CAGR | 18.0% | 6.4% | NM- | 8.4% | NM- | -3.6% | |
| Latest Twelve Months | -6.9% | 4.0% | -7.4% | 14.6% | 9.8% | 14.1% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 11.1% | 8.3% | 8.0% | 14.1% | 8.4% | 7.9% | |
| Prior Fiscal Year | 12.5% | 8.1% | 10.3% | 13.8% | 11.0% | 4.0% | |
| Latest Fiscal Year | 11.3% | 8.5% | 9.8% | 14.5% | 12.3% | 4.7% | |
| Latest Twelve Months | 11.3% | 8.5% | 9.8% | 14.5% | 12.3% | 4.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.76x | 1.21x | 2.18x | 1.98x | 1.38x | 0.74x | |
| EV / LTM EBITDA | 12.3x | 9.2x | 12.9x | 10.0x | 8.6x | 7.3x | |
| EV / LTM EBIT | 24.5x | 14.2x | 22.2x | 13.6x | 11.2x | 16.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 11.2x | 14.2x | 24.5x | ||||
| Historical EV / LTM EBIT | 9.4x | 16.0x | 17.6x | ||||
| Selected EV / LTM EBIT | 15.2x | 16.0x | 16.8x | ||||
| (x) LTM EBIT | 190 | 190 | 190 | ||||
| (=) Implied Enterprise Value | 2,894 | 3,047 | 3,199 | ||||
| (-) Non-shareholder Claims * | (1,380) | (1,380) | (1,380) | ||||
| (=) Equity Value | 1,514 | 1,667 | 1,819 | ||||
| (/) Shares Outstanding | 20.0 | 20.0 | 20.0 | ||||
| Implied Value Range | 75.71 | 83.33 | 90.95 | ||||
| FX Rate: EUR/USD | 0.9 | 0.9 | 0.9 | Market Price | |||
| Implied Value Range (Trading Cur) | 81.75 | 89.97 | 98.19 | 72.00 | |||
| Upside / (Downside) | 13.5% | 25.0% | 36.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | SIGN | HUH1V | SNS | 1C9 | CWN | MNHF.F | |
| Enterprise Value | 9,212 | 4,962 | 9,988 | 14,238 | 16,161 | 2,714 | |
| (+) Cash & Short Term Investments | 303 | 317 | 431 | 829 | 918 | 520 | |
| (+) Investments & Other | 1 | 3 | 1,504 | 61 | 22 | 0 | |
| (-) Debt | (2,471) | (1,562) | (7,351) | (2,448) | (6,422) | (1,900) | |
| (-) Other Liabilities | 0 | (87) | (15) | 0 | (472) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 7,045 | 3,633 | 4,557 | 12,680 | 10,207 | 1,334 | |
| (/) Shares Outstanding | 382.2 | 104.8 | 98.6 | 176.5 | 116.2 | 20.0 | |
| Implied Stock Price | 18.43 | 34.68 | 46.21 | 71.85 | 87.82 | 66.69 | |
| FX Conversion Rate to Trading Currency | 1.05 | 1.00 | 1.08 | 1.54 | 1.08 | 0.93 | |
| Implied Stock Price (Trading Cur) | 17.56 | 34.68 | 42.80 | 46.60 | 81.34 | 72.00 | |
| Trading Currency | CHF | EUR | EUR | EUR | EUR | USD | |
| FX Rate to Reporting Currency | 1.05 | 1.00 | 1.08 | 1.54 | 1.08 | 0.93 | |