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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 6.8x - 7.6x | 7.2x |
| Selected Fwd EBITDA Multiple | 5.0x - 5.5x | 5.3x |
| Fair Value | €9.24 - €12.38 | €10.81 |
| Upside | -3.4% - 29.4% | 13.0% |
| Benchmarks | Ticker | Full Ticker |
| Kronos Worldwide, Inc. | KRO | NYSE:KRO |
| Tronox Holdings plc | TROX | NYSE:TROX |
| Cabot Corporation | CBT | NYSE:CBT |
| Orbia Advance Corporation, S.A.B. de C.V. | MXCH.F | OTCPK:MXCH.F |
| Syensqo SA/NV | SHBB.F | OTCPK:SHBB.F |
| The Chemours Company | 2CU | DB:2CU |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| KRO | TROX | CBT | MXCH.F | SHBB.F | 2CU | ||
| NYSE:KRO | NYSE:TROX | NYSE:CBT | OTCPK:MXCH.F | OTCPK:SHBB.F | DB:2CU | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 0.6% | 1.7% | 8.8% | -4.7% | NM- | 0.7% | |
| 3Y CAGR | -6.2% | -16.9% | 9.5% | -18.8% | 1.6% | -9.7% | |
| Latest Twelve Months | 1725.9% | 9.5% | 13.1% | -23.2% | -21.0% | -24.3% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 7.7% | 20.8% | 16.5% | 18.7% | 21.1% | 15.1% | |
| Prior Fiscal Year | -0.7% | 16.2% | 17.0% | 16.7% | 22.6% | 16.1% | |
| Latest Fiscal Year | 9.6% | 16.4% | 19.5% | 14.0% | 18.5% | 12.8% | |
| Latest Twelve Months | 9.6% | 16.4% | 19.9% | 14.0% | 18.5% | 12.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.64x | 1.20x | 1.36x | 0.91x | 1.04x | 0.89x | |
| EV / LTM EBITDA | 6.6x | 7.3x | 6.8x | 6.5x | 5.7x | 7.0x | |
| EV / LTM EBIT | 9.9x | 16.8x | 8.4x | 13.1x | 10.0x | 11.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 5.7x | 6.6x | 7.3x | ||||
| Historical EV / LTM EBITDA | 5.4x | 8.9x | 11.6x | ||||
| Selected EV / LTM EBITDA | 6.8x | 7.2x | 7.6x | ||||
| (x) LTM EBITDA | 741 | 741 | 741 | ||||
| (=) Implied Enterprise Value | 5,075 | 5,342 | 5,609 | ||||
| (-) Non-shareholder Claims * | (3,491) | (3,491) | (3,491) | ||||
| (=) Equity Value | 1,584 | 1,851 | 2,118 | ||||
| (/) Shares Outstanding | 149.4 | 149.4 | 149.4 | ||||
| Implied Value Range | 10.60 | 12.39 | 14.18 | ||||
| FX Rate: USD/EUR | 1.1 | 1.1 | 1.1 | Market Price | |||
| Implied Value Range (Trading Cur) | 9.32 | 10.90 | 12.47 | 9.57 | |||
| Upside / (Downside) | -2.6% | 13.9% | 30.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | KRO | TROX | CBT | MXCH.F | SHBB.F | 2CU | |
| Enterprise Value | 1,207 | 3,687 | 5,398 | 6,582 | 7,995 | 5,117 | |
| (+) Cash & Short Term Investments | 107 | 151 | 183 | 1,009 | 740 | 713 | |
| (+) Investments & Other | 3 | 0 | 13 | 76 | 337 | 152 | |
| (-) Debt | (528) | (2,990) | (1,198) | (5,478) | (2,115) | (4,355) | |
| (-) Other Liabilities | 0 | (30) | (149) | (855) | (50) | (1) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 789 | 818 | 4,247 | 1,334 | 6,907 | 1,626 | |
| (/) Shares Outstanding | 115.0 | 157.9 | 54.2 | 1,906.2 | 89.1 | 149.4 | |
| Implied Stock Price | 6.86 | 5.18 | 78.32 | 0.70 | 77.56 | 10.88 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 0.88 | 1.14 | |
| Implied Stock Price (Trading Cur) | 6.86 | 5.18 | 78.32 | 0.70 | 88.17 | 9.57 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 0.88 | 1.14 | |