| Select LTM Revenue Multiple | | | | | | | | |
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| Benchmark Companies | | | |
| MOS | APD | UAN | KWR | ASIX | | C4F | |
| NYSE:MOS | NYSE:APD | NYSE:UAN | NYSE:KWR | NYSE:ASIX | | DB:C4F | |
| Historical Revenue Growth | | | | | | | | |
| 5Y CAGR | 4.5% | 6.3% | 5.4% | 10.2% | 3.2% | | 5.3% | |
| 3Y CAGR | -3.4% | 5.4% | -0.5% | 1.5% | -3.4% | | -3.2% | |
| Latest Twelve Months | -18.8% | -3.1% | -22.9% | -5.8% | -1.0% | | -10.5% | |
| | | | | | | | |
| Historical EBIT Profit Margin | | | | | | | | |
| 5 Year Average Margin | 13.1% | 22.5% | 21.1% | 9.7% | 7.1% | | 31.5% | |
| Prior Fiscal Year | 9.4% | 21.1% | 29.9% | 11.3% | 4.5% | | 34.1% | |
| Latest Fiscal Year | 5.6% | 23.5% | 19.9% | 10.8% | 3.9% | | 29.1% | |
| Latest Twelve Months | 5.6% | 23.8% | 19.9% | 10.8% | 3.9% | | 29.1% | |
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| Current Trading Multiples | | | | | | | | |
| EV / LTM Revenue | 1.00x | 6.30x | 2.45x | 1.44x | 0.62x | | 2.99x | |
| EV / LTM EBIT | 18.0x | 26.5x | 12.3x | 13.3x | 15.9x | | 10.3x | |
| Price / LTM Sales | 0.75x | 5.45x | 1.54x | 1.19x | 0.40x | | 2.27x | |
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| | | | | | | | |
| Low | Mid | High | | | | | |
| | | | | | | | |
| Benchmark EV / LTM Revenue | 0.62x | 1.44x | 6.30x | | | | | |
| Historical EV / LTM Revenue | 1.84x | 2.99x | 4.08x | | | | | |
| | | | | | | | |
| Selected EV / LTM Revenue | 2.57x | 2.71x | 2.84x | | | | | |
| (x) LTM Revenue | 5,936 | 5,936 | 5,936 | | | | | |
| (=) Implied Enterprise Value | 15,257 | 16,060 | 16,863 | | | | | |
| (-) Non-shareholder Claims * | (4,210) | (4,210) | (4,210) | | | | | |
| (=) Equity Value | 11,047 | 11,850 | 12,653 | | | | | |
| (/) Shares Outstanding | 169.5 | 169.5 | 169.5 | | | | | |
| Implied Value Range | 65.16 | 69.90 | 74.63 | | | | | |
| FX Rate: USD/EUR | 1.1 | 1.1 | 1.1 | | Market Price | | | |
| Implied Value Range (Trading Cur) | 60.06 | 64.42 | 68.79 | | 72.62 | | | |
| Upside / (Downside) | -17.3% | -11.3% | -5.3% | | | | | |