| Select LTM Revenue Multiple | | | | | | | | |
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| Benchmark Companies | | | |
| GPK | PKG | SEE | AVY | SON | | INP | |
| NYSE:GPK | NYSE:PKG | NYSE:SEE | NYSE:AVY | NYSE:SON | | DB:INP | |
| Historical Revenue Growth | | | | | | | | |
| 5Y CAGR | 7.4% | 3.8% | 2.4% | 4.4% | -0.3% | | 0.3% | |
| 3Y CAGR | 7.2% | 2.7% | -0.9% | 1.4% | -1.7% | | -1.3% | |
| Latest Twelve Months | -6.6% | 9.5% | -1.8% | 3.6% | -2.5% | | -1.6% | |
| | | | | | | | |
| Historical EBIT Profit Margin | | | | | | | | |
| 5 Year Average Margin | 10.2% | 15.1% | 16.0% | 12.3% | 8.0% | | 7.8% | |
| Prior Fiscal Year | 13.7% | 14.4% | 15.0% | 11.5% | 10.3% | | 6.2% | |
| Latest Fiscal Year | 13.0% | 13.8% | 14.9% | 13.0% | 9.8% | | 5.2% | |
| Latest Twelve Months | 13.0% | 14.5% | 14.9% | 13.1% | 9.8% | | 5.2% | |
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| Current Trading Multiples | | | | | | | | |
| EV / LTM Revenue | 1.47x | 2.17x | 1.52x | 1.91x | 2.17x | | 1.62x | |
| EV / LTM EBIT | 11.3x | 15.0x | 10.2x | 14.5x | 22.1x | | 31.2x | |
| Price / LTM Sales | 0.87x | 1.95x | 0.76x | 1.54x | 0.86x | | 1.36x | |
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| | | | | | | | |
| Low | Mid | High | | | | | |
| | | | | | | | |
| Benchmark EV / LTM Revenue | 1.47x | 1.91x | 2.17x | | | | | |
| Historical EV / LTM Revenue | 0.83x | 1.34x | 1.62x | | | | | |
| | | | | | | | |
| Selected EV / LTM Revenue | 1.42x | 1.49x | 1.57x | | | | | |
| (x) LTM Revenue | 18,619 | 18,619 | 18,619 | | | | | |
| (=) Implied Enterprise Value | 26,388 | 27,777 | 29,165 | | | | | |
| (-) Non-shareholder Claims * | (4,679) | (4,679) | (4,679) | | | | | |
| (=) Equity Value | 21,709 | 23,098 | 24,486 | | | | | |
| (/) Shares Outstanding | 527.9 | 527.9 | 527.9 | | | | | |
| Implied Value Range | 41.12 | 43.76 | 46.39 | | | | | |
| FX Rate: USD/EUR | 1.1 | 1.1 | 1.1 | | Market Price | | | |
| Implied Value Range (Trading Cur) | 36.16 | 38.47 | 40.78 | | 42.30 | | | |
| Upside / (Downside) | -14.5% | -9.1% | -3.6% | | | | | |