| Select LTM Revenue Multiple | | | | | | | | |
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| Benchmark Companies | | | |
| IP | GPK | PKG | TRS | GEF | | SDA | |
| NYSE:IP | NYSE:GPK | NYSE:PKG | NasdaqGS:TRS | NYSE:GEF | | DB:SDA | |
| Historical Revenue Growth | | | | | | | | |
| 5Y CAGR | 0.3% | 7.4% | 3.8% | 5.0% | 3.5% | | 2.4% | |
| 3Y CAGR | -1.3% | 7.2% | 2.7% | 2.6% | -0.7% | | -0.9% | |
| Latest Twelve Months | -1.6% | -6.6% | 7.4% | 3.5% | 6.9% | | -1.8% | |
| | | | | | | | |
| Historical EBIT Profit Margin | | | | | | | | |
| 5 Year Average Margin | 7.8% | 10.2% | 15.1% | 10.0% | 9.9% | | 16.0% | |
| Prior Fiscal Year | 6.2% | 13.7% | 14.4% | 8.7% | 11.6% | | 15.0% | |
| Latest Fiscal Year | 5.2% | 13.0% | 13.8% | 5.8% | 8.2% | | 14.9% | |
| Latest Twelve Months | 5.2% | 13.0% | 13.8% | 5.8% | 8.1% | | 14.9% | |
| | | | | | | | |
| Current Trading Multiples | | | | | | | | |
| EV / LTM Revenue | 1.58x | 1.44x | 2.24x | 1.39x | 1.03x | | 1.47x | |
| EV / LTM EBIT | 30.5x | 11.1x | 16.2x | 24.0x | 12.7x | | 9.9x | |
| Price / LTM Sales | 1.32x | 0.84x | 2.01x | 0.93x | 0.46x | | 0.70x | |
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| | | | | | | | |
| Low | Mid | High | | | | | |
| | | | | | | | |
| Benchmark EV / LTM Revenue | 1.03x | 1.44x | 2.24x | | | | | |
| Historical EV / LTM Revenue | 1.47x | 1.85x | 2.52x | | | | | |
| | | | | | | | |
| Selected EV / LTM Revenue | 1.53x | 1.61x | 1.69x | | | | | |
| (x) LTM Revenue | 5,393 | 5,393 | 5,393 | | | | | |
| (=) Implied Enterprise Value | 8,225 | 8,658 | 9,091 | | | | | |
| (-) Non-shareholder Claims * | (4,123) | (4,123) | (4,123) | | | | | |
| (=) Equity Value | 4,102 | 4,535 | 4,968 | | | | | |
| (/) Shares Outstanding | 145.8 | 145.8 | 145.8 | | | | | |
| Implied Value Range | 28.14 | 31.11 | 34.08 | | | | | |
| FX Rate: USD/EUR | 1.1 | 1.1 | 1.1 | | Market Price | | | |
| Implied Value Range (Trading Cur) | 24.78 | 27.39 | 30.01 | | 23.00 | | | |
| Upside / (Downside) | 7.7% | 19.1% | 30.5% | | | | | |