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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBITDA Multiple | 19,2x - 21,2x | 20,2x |
Selected Fwd EBITDA Multiple | 6,1x - 6,8x | 6,5x |
Fair Value | €0,48 - €0,63 | €0,55 |
Upside | -11,6% - 17,0% | 2,7% |
Benchmarks | Ticker | Full Ticker |
Indorama Ventures Public Company Limited | IVL | SET:IVL |
The Siam Cement Public Company Limited | SCC | SET:SCC |
Formosa Chemicals & Fibre Corporation | 1326 | TWSE:1326 |
TPI Polene Public Company Limited | TPIPL | SET:TPIPL |
BASF SE | BFFA.F | OTCPK:BFFA.F |
PTT Global Chemical Public Company Limited | GCB | DB:GCB |
- | - | - |
Select LTM EBITDA Multiple | |||||||
Benchmark Companies | |||||||
IVL | SCC | 1326 | TPIPL | BFFA.F | GCB | ||
SET:IVL | SET:SCC | TWSE:1326 | SET:TPIPL | OTCPK:BFFA.F | DB:GCB | ||
Historical EBITDA Growth | |||||||
5Y CAGR | 8.2% | -10.5% | -16.6% | 0.8% | -3.5% | -4.9% | |
3Y CAGR | -11.4% | -26.6% | -36.4% | -13.7% | -16.2% | -31.5% | |
Latest Twelve Months | -0.7% | 34.4% | -12.8% | -10.5% | 0.7% | -61.9% | |
Historical EBITDA Profit Margin | |||||||
5 Year Average Margin | 9.3% | 10.4% | 7.8% | 25.4% | 11.2% | 6.8% | |
Prior Fiscal Year | 6.2% | 7.3% | 4.3% | 21.7% | 9.0% | 5.1% | |
Latest Fiscal Year | 7.6% | 6.0% | 3.9% | 21.5% | 9.6% | 3.1% | |
Latest Twelve Months | 7.0% | 5.8% | 3.9% | 22.3% | 9.4% | 2.2% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 0.70x | 0.85x | 0.30x | 2.71x | 0.87x | 0.45x | |
EV / LTM EBITDA | 10.1x | 14.7x | 7.7x | 12.1x | 9.3x | 20.2x | |
EV / LTM EBIT | 27.5x | 232.1x | -55.9x | 18.9x | 20.9x | -27.9x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBITDA | 7.7x | 10.1x | 14.7x | ||||
Historical EV / LTM EBITDA | 4.4x | 11.2x | 30.3x | ||||
Selected EV / LTM EBITDA | 19.2x | 20.2x | 21.2x | ||||
(x) LTM EBITDA | 13,164 | 13,164 | 13,164 | ||||
(=) Implied Enterprise Value | 252,814 | 266,120 | 279,426 | ||||
(-) Non-shareholder Claims * | (169,377) | (169,377) | (169,377) | ||||
(=) Equity Value | 83,438 | 96,744 | 110,050 | ||||
(/) Shares Outstanding | 4,508.8 | 4,508.8 | 4,508.8 | ||||
Implied Value Range | 18.51 | 21.46 | 24.41 | ||||
FX Rate: THB/EUR | 37.8 | 37.8 | 37.8 | Market Price | |||
Implied Value Range (Trading Cur) | 0.49 | 0.57 | 0.64 | 0.54 | |||
Upside / (Downside) | -9.5% | 5.0% | 19.4% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | IVL | SCC | 1326 | TPIPL | BFFA.F | GCB | |
Enterprise Value | 370,888 | 433,677 | 109,736 | 98,423 | 55,657 | 261,531 | |
(+) Cash & Short Term Investments | 20,212 | 42,747 | 76,377 | 5,306 | 2,374 | 37,071 | |
(+) Investments & Other | 4,205 | 156,529 | 165,475 | 1,217 | 6,390 | 54,988 | |
(-) Debt | (260,329) | (333,623) | (162,003) | (77,645) | (24,491) | (254,682) | |
(-) Other Liabilities | (13,140) | (65,330) | (32,832) | (10,637) | (1,266) | (6,755) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 121,836 | 234,000 | 156,754 | 16,663 | 38,664 | 92,154 | |
(/) Shares Outstanding | 5,614.6 | 1,200.0 | 5,849.0 | 18,935.2 | 892.5 | 4,508.8 | |
Implied Stock Price | 21.70 | 195.00 | 26.80 | 0.88 | 43.32 | 20.44 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 0.85 | 37.85 | |
Implied Stock Price (Trading Cur) | 21.70 | 195.00 | 26.80 | 0.88 | 51.00 | 0.54 | |
Trading Currency | THB | THB | TWD | THB | USD | EUR | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 0.85 | 37.85 |