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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 14.5x - 16.0x | 15.2x |
| Selected Fwd EBIT Multiple | 11.0x - 12.2x | 11.6x |
| Fair Value | €152.31 - €170.44 | €161.38 |
| Upside | -15.2% - -5.2% | -10.2% |
| Benchmarks | Ticker | Full Ticker |
| Avery Dennison Corporation | AVY | NYSE:AVY |
| Sealed Air Corporation | SEE | NYSE:SEE |
| Ball Corporation | BALL | NYSE:BALL |
| Greif, Inc. | GEF | NYSE:GEF |
| Pactiv Evergreen Inc. | PTVE | NasdaqGS:PTVE |
| Packaging Corporation of America | PKA | DB:PKA |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| AVY | SEE | BALL | GEF | PTVE | PKA | ||
| NYSE:AVY | NYSE:SEE | NYSE:BALL | NYSE:GEF | NasdaqGS:PTVE | DB:PKA | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 6.9% | 3.2% | 0.1% | -0.3% | 4.9% | 1.5% | |
| 3Y CAGR | 2.9% | -2.8% | -6.2% | -5.5% | 22.9% | -3.9% | |
| Latest Twelve Months | 18.2% | -2.3% | 1.0% | -21.2% | 1.4% | 3.0% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 12.2% | 16.0% | 9.9% | 9.9% | 7.4% | 15.1% | |
| Prior Fiscal Year | 11.5% | 15.0% | 9.7% | 11.6% | 9.1% | 14.4% | |
| Latest Fiscal Year | 13.0% | 14.9% | 10.0% | 8.2% | 9.9% | 13.8% | |
| Latest Twelve Months | 13.0% | 14.9% | 10.0% | 8.1% | 9.9% | 13.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.95x | 1.55x | 1.65x | 1.07x | 1.32x | 2.34x | |
| EV / LTM EBITDA | 12.0x | 8.0x | 10.8x | 8.3x | 8.3x | 11.7x | |
| EV / LTM EBIT | 15.0x | 10.4x | 16.5x | 13.1x | 13.3x | 16.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 10.4x | 13.3x | 16.5x | ||||
| Historical EV / LTM EBIT | 8.8x | 14.3x | 16.9x | ||||
| Selected EV / LTM EBIT | 14.5x | 15.2x | 16.0x | ||||
| (x) LTM EBIT | 1,157 | 1,157 | 1,157 | ||||
| (=) Implied Enterprise Value | 16,755 | 17,637 | 18,518 | ||||
| (-) Non-shareholder Claims * | (1,919) | (1,919) | (1,919) | ||||
| (=) Equity Value | 14,835 | 15,717 | 16,599 | ||||
| (/) Shares Outstanding | 89.2 | 89.2 | 89.2 | ||||
| Implied Value Range | 166.38 | 176.27 | 186.16 | ||||
| FX Rate: USD/EUR | 1.1 | 1.1 | 1.1 | Market Price | |||
| Implied Value Range (Trading Cur) | 153.70 | 162.84 | 171.98 | 179.70 | |||
| Upside / (Downside) | -14.5% | -9.4% | -4.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | AVY | SEE | BALL | GEF | PTVE | PKA | |
| Enterprise Value | 16,837 | 8,350 | 19,494 | 5,719 | 6,804 | 19,264 | |
| (+) Cash & Short Term Investments | 367 | 372 | 889 | 201 | 147 | 787 | |
| (+) Investments & Other | 53 | 14 | 233 | 0 | 0 | 65 | |
| (-) Debt | (3,378) | (4,508) | (6,017) | (3,149) | (3,704) | (2,772) | |
| (-) Other Liabilities | 0 | 0 | (68) | (170) | (3) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 13,880 | 4,227 | 14,531 | 2,602 | 3,244 | 17,345 | |
| (/) Shares Outstanding | 79.0 | 145.8 | 282.4 | 47.4 | 180.6 | 89.2 | |
| Implied Stock Price | 175.77 | 29.00 | 51.46 | 54.85 | 17.96 | 194.52 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.08 | |
| Implied Stock Price (Trading Cur) | 175.77 | 29.00 | 51.46 | 54.85 | 17.96 | 179.70 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.08 | |