| Select LTM Revenue Multiple | | | | | | | | |
| | | | | | | | |
| Benchmark Companies | | | |
| SEE | IP | AMBP | PKG | GPK | | N4U | |
| NYSE:SEE | NYSE:IP | NYSE:AMBP | NYSE:PKG | NYSE:GPK | | DB:N4U | |
| Historical Revenue Growth | | | | | | | | |
| 5Y CAGR | 2.4% | 0.3% | 8.0% | 3.8% | 7.4% | | 15.8% | |
| 3Y CAGR | -0.9% | -1.3% | 6.6% | 2.7% | 7.2% | | 20.9% | |
| Latest Twelve Months | -1.8% | -1.6% | 2.0% | 7.4% | -6.6% | | 74.6% | |
| | | | | | | | |
| Historical EBIT Profit Margin | | | | | | | | |
| 5 Year Average Margin | 16.0% | 7.8% | 5.5% | 15.1% | 10.2% | | 11.0% | |
| Prior Fiscal Year | 15.0% | 6.2% | 3.7% | 14.4% | 13.7% | | 11.6% | |
| Latest Fiscal Year | 14.9% | 5.2% | 3.5% | 13.8% | 13.0% | | 6.5% | |
| Latest Twelve Months | 14.9% | 5.2% | 3.5% | 13.8% | 13.0% | | 6.5% | |
| | | | | | | | |
| Current Trading Multiples | | | | | | | | |
| EV / LTM Revenue | 1.47x | 1.60x | 1.06x | 2.26x | 1.45x | | 1.66x | |
| EV / LTM EBIT | 9.9x | 30.9x | 30.7x | 16.4x | 11.2x | | 25.4x | |
| Price / LTM Sales | 0.70x | 1.34x | 0.34x | 2.03x | 0.85x | | 1.00x | |
| | | | | | | | |
| | | | | | | | |
| Low | Mid | High | | | | | |
| | | | | | | | |
| Benchmark EV / LTM Revenue | 1.06x | 1.47x | 2.26x | | | | | |
| Historical EV / LTM Revenue | 0.90x | 1.53x | 1.66x | | | | | |
| | | | | | | | |
| Selected EV / LTM Revenue | 1.23x | 1.30x | 1.36x | | | | | |
| (x) LTM Revenue | 21,109 | 21,109 | 21,109 | | | | | |
| (=) Implied Enterprise Value | 26,034 | 27,404 | 28,774 | | | | | |
| (-) Non-shareholder Claims * | (13,786) | (13,786) | (13,786) | | | | | |
| (=) Equity Value | 12,248 | 13,618 | 14,988 | | | | | |
| (/) Shares Outstanding | 519.9 | 519.9 | 519.9 | | | | | |
| Implied Value Range | 23.56 | 26.19 | 28.83 | | | | | |
| FX Rate: USD/EUR | 1.1 | 1.1 | 1.1 | | Market Price | | | |
| Implied Value Range (Trading Cur) | 20.77 | 23.09 | 25.41 | | 36.00 | | | |
| Upside / (Downside) | -42.3% | -35.9% | -29.4% | | | | | |