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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 5.3x - 5.9x | 5.6x |
| Selected Fwd EBITDA Multiple | 4.6x - 5.1x | 4.9x |
| Fair Value | €22.58 - €26.07 | €24.33 |
| Upside | 16.4% - 34.4% | 25.4% |
| Benchmarks | Ticker | Full Ticker |
| Nitto Denko Corporation | 6988 | TSE:6988 |
| Shin-Etsu Chemical Co., Ltd. | 4063 | TSE:4063 |
| Asahi Kasei Corporation | 3407 | TSE:3407 |
| Arkema S.A. | AKE | ENXTPA:AKE |
| Wacker Chemie AG | WCH | DB:WCH |
| Mitsui Chemicals, Inc. | MSI | DB:MSI |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 6988 | 4063 | 3407 | AKE | WCH | MSI | ||
| TSE:6988 | TSE:4063 | TSE:3407 | ENXTPA:AKE | DB:WCH | DB:MSI | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 16.4% | 12.8% | 6.1% | 0.0% | 4.4% | 9.8% | |
| 3Y CAGR | 11.9% | 5.2% | 4.3% | -5.9% | -21.7% | -3.8% | |
| Latest Twelve Months | 8.2% | 3.5% | 15.1% | -15.3% | 19.3% | 6.7% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 21.2% | 39.2% | 12.9% | 15.6% | 15.8% | 11.2% | |
| Prior Fiscal Year | 21.5% | 38.5% | 11.6% | 14.0% | 10.7% | 10.4% | |
| Latest Fiscal Year | 24.5% | 38.3% | 13.1% | 14.2% | 11.8% | 10.7% | |
| Latest Twelve Months | 24.2% | 37.1% | 13.3% | 12.4% | 10.5% | 10.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.82x | 2.61x | 0.71x | 0.74x | 0.61x | 0.53x | |
| EV / LTM EBITDA | 7.5x | 7.0x | 5.4x | 6.0x | 5.8x | 5.0x | |
| EV / LTM EBIT | 10.4x | 9.4x | 10.1x | 13.1x | 24.9x | 10.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 5.4x | 6.0x | 7.5x | ||||
| Historical EV / LTM EBITDA | 3.7x | 5.2x | 8.0x | ||||
| Selected EV / LTM EBITDA | 5.3x | 5.6x | 5.9x | ||||
| (x) LTM EBITDA | 193,302 | 193,302 | 193,302 | ||||
| (=) Implied Enterprise Value | 1,030,244 | 1,084,467 | 1,138,691 | ||||
| (-) Non-shareholder Claims * | (338,547) | (338,547) | (338,547) | ||||
| (=) Equity Value | 691,697 | 745,920 | 800,144 | ||||
| (/) Shares Outstanding | 187.3 | 187.3 | 187.3 | ||||
| Implied Value Range | 3,692.19 | 3,981.63 | 4,271.07 | ||||
| FX Rate: JPY/EUR | 170.1 | 170.1 | 170.1 | Market Price | |||
| Implied Value Range (Trading Cur) | 21.71 | 23.41 | 25.12 | 19.40 | |||
| Upside / (Downside) | 11.9% | 20.7% | 29.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 6988 | 4063 | 3407 | AKE | WCH | MSI | |
| Enterprise Value | 1,838,122 | 6,753,391 | 2,170,818 | 6,968 | 3,547 | 956,585 | |
| (+) Cash & Short Term Investments | 290,957 | 1,472,758 | 384,007 | 1,311 | 794 | 170,615 | |
| (+) Investments & Other | 6,391 | 325,861 | 182,168 | 58 | 939 | 351,135 | |
| (-) Debt | (468) | (244,777) | (1,216,601) | (3,791) | (1,936) | (737,977) | |
| (-) Other Liabilities | (1,029) | (168,073) | (55,716) | (216) | (163) | (122,320) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 2,133,973 | 8,139,160 | 1,464,676 | 4,330 | 3,182 | 618,038 | |
| (/) Shares Outstanding | 682.4 | 1,872.8 | 1,358.1 | 75.4 | 49.7 | 187.3 | |
| Implied Stock Price | 3,127.00 | 4,346.00 | 1,078.50 | 57.45 | 64.05 | 3,299.01 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 170.05 | |
| Implied Stock Price (Trading Cur) | 3,127.00 | 4,346.00 | 1,078.50 | 57.45 | 64.05 | 19.40 | |
| Trading Currency | JPY | JPY | JPY | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 170.05 | |