| Select LTM Revenue Multiple | | | | | | | | |
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| Benchmark Companies | | | |
| AMBP | GPK | IP | PKG | AVY | | N4U | |
| NYSE:AMBP | NYSE:GPK | NYSE:IP | NYSE:PKG | NYSE:AVY | | DB:N4U | |
| Historical Revenue Growth | | | | | | | | |
| 5Y CAGR | 8.0% | 7.4% | 0.3% | 3.8% | 4.4% | | 15.8% | |
| 3Y CAGR | 6.6% | 7.2% | -1.3% | 2.7% | 1.4% | | 20.9% | |
| Latest Twelve Months | 2.0% | -6.6% | -1.6% | 7.4% | 4.7% | | 74.6% | |
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| Historical EBIT Profit Margin | | | | | | | | |
| 5 Year Average Margin | 5.5% | 10.2% | 7.8% | 15.1% | 12.2% | | 11.0% | |
| Prior Fiscal Year | 3.7% | 13.7% | 6.2% | 14.4% | 11.5% | | 11.6% | |
| Latest Fiscal Year | 3.5% | 13.0% | 5.2% | 13.8% | 13.0% | | 6.5% | |
| Latest Twelve Months | 3.5% | 13.0% | 5.2% | 13.8% | 13.0% | | 6.5% | |
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| Current Trading Multiples | | | | | | | | |
| EV / LTM Revenue | 1.02x | 1.48x | 1.83x | 2.35x | 1.94x | | 1.78x | |
| EV / LTM EBIT | 29.6x | 11.4x | 35.4x | 17.1x | 14.9x | | 27.2x | |
| Price / LTM Sales | 0.35x | 0.88x | 1.57x | 2.12x | 1.60x | | 1.12x | |
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| | | | | | | | |
| Low | Mid | High | | | | | |
| | | | | | | | |
| Benchmark EV / LTM Revenue | 1.02x | 1.83x | 2.35x | | | | | |
| Historical EV / LTM Revenue | 0.90x | 1.53x | 1.78x | | | | | |
| | | | | | | | |
| Selected EV / LTM Revenue | 1.28x | 1.35x | 1.42x | | | | | |
| (x) LTM Revenue | 21,109 | 21,109 | 21,109 | | | | | |
| (=) Implied Enterprise Value | 27,093 | 28,519 | 29,945 | | | | | |
| (-) Non-shareholder Claims * | (13,786) | (13,786) | (13,786) | | | | | |
| (=) Equity Value | 13,307 | 14,733 | 16,159 | | | | | |
| (/) Shares Outstanding | 519.9 | 519.9 | 519.9 | | | | | |
| Implied Value Range | 25.59 | 28.34 | 31.08 | | | | | |
| FX Rate: USD/EUR | 1.1 | 1.1 | 1.1 | | Market Price | | | |
| Implied Value Range (Trading Cur) | 23.74 | 26.29 | 28.83 | | 41.80 | | | |
| Upside / (Downside) | -43.2% | -37.1% | -31.0% | | | | | |