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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 5.4x - 6.0x | 5.7x |
| Selected Fwd EBITDA Multiple | 4.4x - 4.9x | 4.6x |
| Fair Value | C$10.17 - C$11.16 | C$10.66 |
| Upside | 14.8% - 25.9% | 20.4% |
| Benchmarks | Ticker | Full Ticker |
| 5N Plus Inc. | VNP | TSX:VNP |
| Shin-Etsu Chemical Co., Ltd. | 4063 N | BMV:4063N |
| Nutrien Ltd. | NTR | TSX:NTR |
| AirBoss of America Corp. | BOS | TSX:BOS |
| Methanex Corporation | MX | TSX:MX |
| Neo Performance Materials Inc. | NEO | TSX:NEO |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| VNP | 4063 N | NTR | BOS | MX | NEO | ||
| TSX:VNP | BMV:4063N | TSX:NTR | TSX:BOS | TSX:MX | TSX:NEO | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 23.8% | 11.4% | 4.6% | -18.0% | 12.3% | -0.6% | |
| 3Y CAGR | 24.1% | 20.1% | -11.4% | -47.0% | -11.7% | -11.5% | |
| Latest Twelve Months | 45.0% | -2.1% | -15.4% | 175.3% | 26.1% | 71.4% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 12.8% | 38.9% | 21.8% | 6.3% | 15.6% | 9.7% | |
| Prior Fiscal Year | 14.2% | 43.1% | 19.0% | -3.5% | 14.1% | 5.3% | |
| Latest Fiscal Year | 17.3% | 38.5% | 18.0% | 2.9% | 17.8% | 10.9% | |
| Latest Twelve Months | 17.3% | 38.1% | 18.0% | 2.9% | 17.8% | 10.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.67x | 2.83x | 1.44x | 0.47x | 1.35x | 0.51x | |
| EV / LTM EBITDA | 9.7x | 7.4x | 8.0x | 16.4x | 7.6x | 4.7x | |
| EV / LTM EBIT | 13.6x | 9.8x | 13.8x | -30.9x | 11.8x | 6.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 7.4x | 8.0x | 16.4x | ||||
| Historical EV / LTM EBITDA | 2.5x | 4.7x | 12.7x | ||||
| Selected EV / LTM EBITDA | 5.4x | 5.7x | 6.0x | ||||
| (x) LTM EBITDA | 52 | 52 | 52 | ||||
| (=) Implied Enterprise Value | 279 | 294 | 308 | ||||
| (-) Non-shareholder Claims * | 23 | 23 | 23 | ||||
| (=) Equity Value | 302 | 317 | 332 | ||||
| (/) Shares Outstanding | 41.8 | 41.8 | 41.8 | ||||
| Implied Value Range | 7.23 | 7.59 | 7.94 | ||||
| FX Rate: USD/CAD | 0.7 | 0.7 | 0.7 | Market Price | |||
| Implied Value Range (Trading Cur) | 10.33 | 10.83 | 11.34 | 8.86 | |||
| Upside / (Downside) | 16.6% | 22.3% | 27.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | VNP | 4063 N | NTR | BOS | MX | NEO | |
| Enterprise Value | 469 | 7,771,504 | 35,975 | 182 | 4,951 | 236 | |
| (+) Cash & Short Term Investments | 22 | 1,598,150 | 853 | 6 | 892 | 85 | |
| (+) Investments & Other | 3 | 315,635 | 698 | 0 | 101 | 16 | |
| (-) Debt | (152) | (19,060) | (12,807) | (117) | (3,233) | (76) | |
| (-) Other Liabilities | 0 | (172,553) | (35) | 0 | (288) | (3) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 342 | 9,493,676 | 24,684 | 71 | 2,424 | 259 | |
| (/) Shares Outstanding | 89.0 | 1,979.7 | 488.8 | 27.1 | 67.4 | 41.8 | |
| Implied Stock Price | 3.84 | 4,795.50 | 50.50 | 2.62 | 35.96 | 6.20 | |
| FX Conversion Rate to Trading Currency | 0.70 | 7.48 | 0.70 | 0.70 | 0.70 | 0.70 | |
| Implied Stock Price (Trading Cur) | 5.49 | 641.32 | 72.12 | 3.74 | 51.36 | 8.86 | |
| Trading Currency | CAD | MXN | CAD | CAD | CAD | CAD | |
| FX Rate to Reporting Currency | 0.70 | 7.48 | 0.70 | 0.70 | 0.70 | 0.70 | |