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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 20,9x - 23,1x | 22,0x |
| Selected Fwd EBIT Multiple | 12,4x - 13,7x | 13,1x |
| Fair Value | 0,53€ - 0,71€ | 0,62€ |
| Upside | 7,5% - 44,3% | 25,9% |
| Benchmarks | Ticker | Full Ticker |
| PTT Global Chemical Public Company Limited | PTTGC | SET:PTTGC |
| BASF SE | BFFA.F | OTCPK:BFFA.F |
| Formosa Chemicals & Fibre Corporation | 1326 | TWSE:1326 |
| Celanese Corporation | CE | NYSE:CE |
| Huntsman Corporation | HTR | DB:HTR |
| Indorama Ventures Public Company Limited | I93 | DB:I93 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| PTTGC | BFFA.F | 1326 | CE | HTR | I93 | ||
| SET:PTTGC | OTCPK:BFFA.F | TWSE:1326 | NYSE:CE | DB:HTR | DB:I93 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | -5.1% | NM- | 1.4% | -28.8% | 9.4% | |
| 3Y CAGR | NM- | -27.3% | NM- | -19.0% | -52.5% | -24.4% | |
| Latest Twelve Months | -146.0% | 0.8% | 49.0% | -5.3% | -21.2% | 83.1% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 2.5% | 6.3% | 2.8% | 15.0% | 5.8% | 4.8% | |
| Prior Fiscal Year | 1.4% | 4.1% | -0.9% | 10.5% | 1.7% | 1.8% | |
| Latest Fiscal Year | -0.7% | 4.4% | -0.4% | 10.6% | 1.4% | 3.2% | |
| Latest Twelve Months | -0.7% | 4.4% | -0.4% | 10.6% | 1.4% | 3.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.42x | 0.80x | 0.28x | 1.53x | 0.67x | 0.67x | |
| EV / LTM EBITDA | 13.3x | 8.3x | 7.2x | 8.7x | 11.1x | 8.7x | |
| EV / LTM EBIT | -61.8x | 18.2x | -62.4x | 14.4x | 49.0x | 20.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -62.4x | 14.4x | 49.0x | ||||
| Historical EV / LTM EBIT | 7.4x | 20.9x | 76.9x | ||||
| Selected EV / LTM EBIT | 20.9x | 22.0x | 23.1x | ||||
| (x) LTM EBIT | 17,432 | 17,432 | 17,432 | ||||
| (=) Implied Enterprise Value | 365,010 | 384,221 | 403,432 | ||||
| (-) Non-shareholder Claims * | (253,813) | (253,813) | (253,813) | ||||
| (=) Equity Value | 111,197 | 130,408 | 149,619 | ||||
| (/) Shares Outstanding | 5,614.6 | 5,614.6 | 5,614.6 | ||||
| Implied Value Range | 19.81 | 23.23 | 26.65 | ||||
| FX Rate: THB/EUR | 38.1 | 38.1 | 38.1 | Market Price | |||
| Implied Value Range (Trading Cur) | 0.52 | 0.61 | 0.70 | 0.49 | |||
| Upside / (Downside) | 5.7% | 24.0% | 42.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | PTTGC | BFFA.F | 1326 | CE | HTR | I93 | |
| Enterprise Value | 254,543 | 51,850 | 95,892 | 15,687 | 3,972 | 358,969 | |
| (+) Cash & Short Term Investments | 33,110 | 3,683 | 71,318 | 962 | 340 | 18,039 | |
| (+) Investments & Other | 58,851 | 6,975 | 166,667 | 1,217 | 346 | 4,065 | |
| (-) Debt | (257,931) | (23,995) | (152,959) | (12,952) | (2,237) | (262,938) | |
| (-) Other Liabilities | (6,962) | (1,284) | (32,938) | (434) | (204) | (12,979) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 81,610 | 37,229 | 147,980 | 4,480 | 2,217 | 105,156 | |
| (/) Shares Outstanding | 4,508.8 | 892.5 | 5,849.0 | 111.8 | 173.7 | 5,614.6 | |
| Implied Stock Price | 18.10 | 41.71 | 25.30 | 40.09 | 12.76 | 18.73 | |
| FX Conversion Rate to Trading Currency | 1.00 | 0.88 | 1.00 | 1.00 | 1.14 | 38.07 | |
| Implied Stock Price (Trading Cur) | 18.10 | 47.53 | 25.30 | 40.09 | 11.20 | 0.49 | |
| Trading Currency | THB | USD | TWD | USD | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 0.88 | 1.00 | 1.00 | 1.14 | 38.07 | |