| Select LTM Revenue Multiple | | | | | | | | |
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| Benchmark Companies | | | |
| PPG | SHW | EMN | KURR.F | ARKA.F | | NGVT | |
| NYSE:PPG | NYSE:SHW | NYSE:EMN | OTCPK:KURR.F | OTCPK:ARKA.F | | NYSE:NGVT | |
| Historical Revenue Growth | | | | | | | | |
| 5Y CAGR | 0.9% | 5.2% | 0.2% | 7.5% | 1.8% | | 1.7% | |
| 3Y CAGR | -1.9% | 5.0% | -3.6% | 9.5% | 0.1% | | 0.4% | |
| Latest Twelve Months | -2.4% | 0.2% | 1.9% | 5.9% | 0.3% | | -16.9% | |
| | | | | | | | |
| Historical EBIT Profit Margin | | | | | | | | |
| 5 Year Average Margin | 11.7% | 14.7% | 13.3% | 10.3% | 9.4% | | 20.6% | |
| Prior Fiscal Year | 13.5% | 15.7% | 11.6% | 9.7% | 7.6% | | 16.4% | |
| Latest Fiscal Year | 14.2% | 16.3% | 14.7% | 10.3% | 7.1% | | 18.9% | |
| Latest Twelve Months | 14.2% | 16.3% | 14.7% | 10.3% | 7.1% | | 18.9% | |
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| Current Trading Multiples | | | | | | | | |
| EV / LTM Revenue | 1.94x | 4.25x | 1.56x | 0.85x | 0.89x | | 2.04x | |
| EV / LTM EBIT | 13.7x | 26.0x | 10.6x | 8.3x | 12.6x | | 10.8x | |
| Price / LTM Sales | 1.62x | 3.73x | 1.11x | 0.74x | 0.60x | | 1.12x | |
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| Low | Mid | High | | | | | |
| | | | | | | | |
| Benchmark EV / LTM Revenue | 0.85x | 1.56x | 4.25x | | | | | |
| Historical EV / LTM Revenue | 1.80x | 2.31x | 3.59x | | | | | |
| | | | | | | | |
| Selected EV / LTM Revenue | 1.85x | 1.95x | 2.05x | | | | | |
| (x) LTM Revenue | 1,406 | 1,406 | 1,406 | | | | | |
| (=) Implied Enterprise Value | 2,607 | 2,744 | 2,881 | | | | | |
| (-) Non-shareholder Claims * | (1,299) | (1,299) | (1,299) | | | | | |
| (=) Equity Value | 1,308 | 1,445 | 1,583 | | | | | |
| (/) Shares Outstanding | 36.4 | 36.4 | 36.4 | | | | | |
| Implied Value Range | 35.90 | 39.67 | 43.43 | | | | | |
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | | Market Price | | | |
| Implied Value Range (Trading Cur) | 35.90 | 39.67 | 43.43 | | 43.21 | | | |
| Upside / (Downside) | -16.9% | -8.2% | 0.5% | | | | | |