| Select LTM Revenue Multiple | | | | | | | | |
| | | | | | | | |
| Benchmark Companies | | | |
| 0IF3 | ASH | KWR | MTX | IFF | | E3E | |
| LSE:0IF3 | NYSE:ASH | NYSE:KWR | NYSE:MTX | NYSE:IFF | | DB:E3E | |
| Historical Revenue Growth | | | | | | | | |
| 5Y CAGR | 0.2% | -0.3% | 10.2% | 3.4% | 17.4% | | -3.3% | |
| 3Y CAGR | -3.6% | 0.0% | 1.5% | 4.5% | -0.5% | | 1.3% | |
| Latest Twelve Months | 2.8% | -7.7% | -5.7% | -3.8% | 0.7% | | 3.5% | |
| | | | | | | | |
| Historical EBIT Profit Margin | | | | | | | | |
| 5 Year Average Margin | 13.3% | 8.4% | 9.7% | 12.8% | 8.1% | | 11.5% | |
| Prior Fiscal Year | 11.6% | 7.6% | 11.3% | 12.9% | 5.3% | | 12.6% | |
| Latest Fiscal Year | 14.7% | 8.1% | 10.8% | 13.5% | 6.3% | | 15.6% | |
| Latest Twelve Months | 15.1% | 10.5% | 10.2% | 13.1% | 6.9% | | 15.6% | |
| | | | | | | | |
| Current Trading Multiples | | | | | | | | |
| EV / LTM Revenue | 1.48x | 1.84x | 1.39x | 1.17x | 2.52x | | 1.93x | |
| EV / LTM EBIT | 9.8x | 17.6x | 13.7x | 8.9x | 36.5x | | 12.4x | |
| Price / LTM Sales | 0.97x | 1.16x | 1.12x | 0.83x | 1.70x | | 1.65x | |
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| | | | | | | | |
| Low | Mid | High | | | | | |
| | | | | | | | |
| Benchmark EV / LTM Revenue | 1.17x | 1.48x | 2.52x | | | | | |
| Historical EV / LTM Revenue | 1.74x | 1.81x | 1.93x | | | | | |
| | | | | | | | |
| Selected EV / LTM Revenue | 1.74x | 1.83x | 1.92x | | | | | |
| (x) LTM Revenue | 738 | 738 | 738 | | | | | |
| (=) Implied Enterprise Value | 1,281 | 1,349 | 1,416 | | | | | |
| (-) Non-shareholder Claims * | (194) | (194) | (194) | | | | | |
| (=) Equity Value | 1,087 | 1,155 | 1,222 | | | | | |
| (/) Shares Outstanding | 589.2 | 589.2 | 589.2 | | | | | |
| Implied Value Range | 1.85 | 1.96 | 2.07 | | | | | |
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | | Market Price | | | |
| Implied Value Range (Trading Cur) | 1.60 | 1.70 | 1.80 | | 1.76 | | | |
| Upside / (Downside) | -9.2% | -3.5% | 2.1% | | | | | |