Data - Multiples and Ratio Competitors

Ticker Market Data Available NonUSD to USD Adjustment
Multiples EV Profitability Solvency

Global: No
SHW NYSE Yes Yes Yes Yes No
PPG NYSE Yes Yes Yes Yes No
RPM NYSE Yes Yes Yes Yes No
AXTA NYSE Yes Yes Yes Yes No
AKZA AMS Yes Yes Yes Yes Yes
NIPPON TYO Yes Yes Yes Yes Yes
KANSAI TYO Yes Yes Yes Yes Yes
ASIANPAINT NSE Yes Yes Yes Yes Yes
BRGR NSE Yes Yes Yes Yes Yes
KNPL NSE Yes Yes Yes Yes Yes
Domestic:
ARNA IDX Yes Yes Yes Yes Yes
SPTO IDX Yes Yes Yes Yes Yes
TOTO IDX Yes Yes Yes Yes Yes
CSAP IDX Yes Yes Yes Yes Yes
DEPO IDX Yes Yes Yes Yes Yes
SMGR IDX Yes Yes Yes Yes Yes
INTP IDX Yes Yes Yes Yes Yes
Source: Koyfin
koyfin.com
FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22
Choose Data
Bankruptcy Risk
Global:
SHW 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
PPG 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
RPM 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
AXTA 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
AKZA 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
NIPPON 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
KANSAI 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
ASIANPAINT #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!
BERGEPAINT 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
KANSAINER #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!
Industry Average #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!
Domestic:
ARNA 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
SPTO 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
TOTO 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
CSAP 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
DEPO 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
SMGR 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
INTP 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Industry Average 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Sample Parameters
Sample Selection
Start Date
End Date
Y18-22
DomesticGlobal All
Arithmetric Mean 0 #REF!
Geometric Mean 0 #REF!
Mode 0 #REF!
Median 0 #REF!
FY23 Current/LTM Legend
Multiples
Sales | Revenues
EV / Sales (LTM)
EV / Sales (NTM)
0.0 0.0 Price / Sales - P/S (LTM)
0.0 0.0 Price / Sales - P/S (NTM)
0.0 0.0
0.0 0.0 Earnings
0.0 0.0 EV / EBITDA (LTM)
0.0 0.0 EV / EBITDA (NTM)
0.0 0.0 EV / EBIT (LTM)
#REF! #REF! EV / EBIT (NTM)
0.0 0.0 Price / Earnings - P/E (LTM)
#REF! #REF! Price / Earnings - P/E (NTM)
#REF! #REF!
Book Value
0.0 0.0 Price / Book - P/B (LTM)
0.0 0.0 Price / Tangible Book Value - P/TBV (LTM)
0.0 0.0
0.0 0.0 Enterprise Value
0.0 0.0 Capital Structure
0.0 0.0 Market Capitalization
0.0 0.0 Total Cash And Short Term Investments
0.0 0.0 Total Debt
Total Preferred Equity
Minority Interest (Balance Sheet)
Enterprise Value - EV
Enterprise Value Multiples

EV / Sales (LTM)
EV / EBITDA (LTM)
EV / EBIT (LTM)
Capitalization
Total Capital
Total Common Equity
Total Debt
Return on Total Capital
Total Debt / Total Capital
Total Debt / Equity
Total Debt / EBITDA
Long Term Debt / Total Capital
Profitability
Returns
Return on Assets
Return On Equity %
Return on Common Equity
Margins
EBITDA Margin %
EBITA Margin
EBIT Margin %
EBT Margin %
EBT Excl. Non-Recurring Items Margin %
Gross Profit Margin %
SG&A Margin
Net Income Margin %
Net Avail. For Common Margin %
Normalized Net Income Margin
Asset Turnovers
Receivables Turnover (Average Receivables)
Fixed Assets Turnover (Average Fixed Assets)
Inventory Turnover (Average Inventory)
Asset Turnover
Days Outstanding Inventory (Avg)
Short-term Liquidity
Current Ratio
Quick Ratio
Days Sales Outstanding (Average Receivables)
Days Payable Outstanding (Avg)
Cash Conversion Cycle (Average Days)
Operating Cash Flow to Current Liabilities
Solvency
Debt Analysis
Total Debt / Equity
Long Term Debt / Equity
Total Liabilities / Total Assets
Interest Rate Coverage

EBIT / Interest Expense
EBITDA / Interest Expense
(EBITDA - Capex) / Interest Expense
Debt Coverage
Total Debt / EBITDA
Net Debt / EBITDA
Total Debt / (EBITDA - Capex)
Net Debt / (EBITDA - Capex)
Bankruptcy Risk
Altman Z-Score
ok Value - P/TBV (LTM)
ort Term Investments
Balance Sheet)
Balance Sheet)
Total Capital
urring Items Margin %
mon Margin %
come Margin
ver (Average Receivables)

ver (Average Fixed Assets)
r (Average Inventory)
nventory (Avg)
ding (Average Receivables)

tanding (Avg)
ycle (Average Days)
w to Current Liabilities
Total Capital
Interest Expense
Global: ROE FY 2022 Financial Leverage Tax Burden
SHW
PPG
RPM
AXTA
AKZA
NIPPON
KANSAI
ASIANPAINT #REF!
BERGEPAINT
KANSAINER #REF!
Industry Average #REF!
Domestic:
ARNA
SPTO
TOTO
CSAP
DEPO
SMGR
INTP
Industry Average 0
Interest Burden EBIT Margin Total Asset Turnover
FY13A FY14A FY15A FY16A FY17A FY18A FY19A FY20A
Profitability
ROE
Global firms:
SHW 42.2 62.5 113.05 82.49 64.04 30.05 39.25 52.51
PPG 20.44 21.2 25.78 11.32 26.26 25.76 25.04 19.09
RPM 8.23 20.86 15.9 26.79 13.13 22.09 17.6 22.82
AXTA -14.47 2.99 8.5 3.74 3.59 15.69 18.57 8.44
AKZA 10.79 9.77 16 8.79 7.66 4.96 5.97 10.83
NIPPON 13.54 18.18 46.11 6.01 9.43 10.39 8.43 9.82
KANSAI 9.98 10.72 8.95 11.89 9.5 7.25 6.61 7.23
ASIANPAINT 36.06 32.25 30.72 30.26 26.74 24.26 23.84 27.29
BRGR 25.04 24.05 22.23 26.26 27.35 22.5 21.28 25.66
KNPL 15.09 15.35 18.13 43.77 19.09 17.19 13.6 14.29
Industry Average 16.7 21.8 30.5 25.1 20.7 18.0 18.0 19.8
Domestic firms:
ARNA 34.62 31.21 7.89 9.92 12.36 14.88 19.15 26.29
SPTO 0 0- 65.45 37.23 17.37 13.5 5.8
TOTO 24.47 27.37 21.8 11.18 17.34 19.14 7.3 -1.6
CSAP 11.12 15.85 5.14 6.59 6.06 5.17 3.5 3.02
DEPO 0 0 0 0 0- 19.76 19.68
SMGR 26.79 23.79 17.26 15.63 5.44 9.85 7.13 7.69
INTP 23.64 22.26 17.99 15.48 7.34 4.8 7.93 7.98
Solvency
Debt-to-Equity (D/E)
Global firms:
SHW
PPG Err:504
RPM RPM
AXTA
AKZA
NIPPON
KANSAI
ASIANPAINT
BRGR
KNPL
Industry Average Err:504 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Domestic firms:
ARNA
SPTO
TOTO
CSAP
DEPO
SMGR
INTP
Industry Average #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
FY13A FY14A FY15A FY16A FY17A FY18A FY19A FY20A
Profitability
NPM
Global firms:
SHW 7.39 7.78 9.29 9.55 11.53 6.32 8.61 11.06
PPG 22.65 14.21 9.87 6.12 10.81 8.72 8.21 7.66
RPM 0 0 0 0 0 0 0 0
AXTA 0 0 0 0 0 0 0 0
AKZA 0 0 0 0 0 0 0 0
NIPPON 0 0 0 0 0 0 0 0
KANSAI 0 0 0 0 0 0 0 0
ASIANPAINT 0 0 0 0 0 0 0 0
BRGR 0 0 0 0 0 0 0 0
KNPL 0 0 0 0 0 0 0 0
Domestic firms:
ARNA 16.59 16.12 5.4 5.98 6.97 7.94 10.02 14.6
SPTO 0 0 9.6 10.72 10.53 9.08 9.21 6.02
TOTO 13.82 14.41 12.52 8.15 12.82 15.56 6.84 -1.89
CSAP 1.1 1.56 0.56 0.91 0.81 0.71 0.5 0.48
DEPO 0 0 0 0 0 2.34 3.37 4.13
SMGR 21.92 20.6 16.78 17.3 5.83 10.03 5.93 7.94
INTP 26.81 26.46 24.48 25.19 12.89 7.54 11.51 12.73
FY21A FY22A FY23A Mode FY18A FY23A
61.65 72.94 0
23.57 16.1 0
33.48 26.43 23.25
17.52 12.65 0
14.83 7.62 0
8.06 7.48 0
7.15 9.03 8.11
26.99 22.49 27.38
23.79 22.76 20.4
13.36 8.33 10.75
23.0 20.6 9.0
33.08 34.15 0
11.21 10.82 0
7.74 14.15 0
10.43 11.06 0
10.38 9.04 0
5.39 5.55 0
8.36 9.17 0
12.4 13.4 0.0
#DIV/0! #DIV/0! #DIV/0!

#DIV/0! #DIV/0! #DIV/0!
FY21A FY22A FY23A
9.35 9.12 0
8.56 5.81 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
1.8 1.5 0.0
18.43 22.28 0
8.8 8.25 0
8.56 15.02 0
1.49 1.55 0
3.74 4.02 0
5.58 6.5 0
12.11 11.28 0
8.4 9.8 0.0
Arwana Citramulia (IDX:ARNA) FY13 FY14 FY15 FY16 FY17
Multiples
Sales | Revenues
EV / Sales (LTM) 4.5 4.2 3.5 2.6 1.5
EV / Sales (NTM) 3.6 3.5 2.4 2.1 1.4
Price / Sales - P/S (LTM) 4.5 4.2 3.3 2.4 1.4
Price / Sales - P/S (NTM) 3.6 3.5 2.3 2 1.3
Earnings
EV / EBITDA (LTM) 15.7 15.9 24 16.5 8.7
EV / EBITDA (NTM) 10.9 13.5 12.2 12 7.7
EV / EBIT (LTM) 18.4 19.2 40.2 28.3 13.7
EV / EBIT (NTM) 12.4 15.8 16.2 16.7 10.4
Price / Earnings - P/E (LTM) 26.9 26.1 61.1 40.2 20.4
Price / Earnings - P/E (NTM) 17.8 - 21.4 23.1 14.7
Book Value
Price / Book - P/B (LTM) 8.3 7.5 4.8 3.9 2.4
Price / Tangible Book Value - P/TBV (LTM) 8.3 7.5 4.8 3.9 2.4
Enterprise Value
Capital Structure
Market Capitalization 519.6 546.3 309 270.1 181.2
Total Cash And Short Term Investments 2.6 3.8 0.4 0.2 4.4
Total Debt 4.8 3.9 15 15.9 10.1
Total Preferred Equity - - - - -
Minority Interest (Balance Sheet) 0.9 1 1 1.1 1.2
Enterprise Value - EV 522.9 547.4 325.1 287.1 187.9

EV / Sales (LTM) 4.5 4.2 3.5 2.6 1.5
EV / EBITDA (LTM) 15.7 15.9 24 16.5 8.7
EV / EBIT (LTM) 18.4 19.2 40.2 28.3 13.7
Capitalization
Total Capital 68 77.4 79.8 86.3 85.9
Total Common Equity 62.3 72.4 63.8 69.3 74.7
Total Debt 4.8 3.9 15 15.9 10.1
Minority Interest (Balance Sheet) 0.9 1 1 1.1 1.2
Return on Total Capital 28.14 24.7 6.77 7.55 10.03
Total Debt / Total Capital 7.1 5.1 18.8 18.5 11.7
Total Debt / Equity 7.7 5.3 23.1 22.6 13.3
Total Debt / EBITDA 0.1 0.1 1.1 0.9 0.5
Long Term Debt / Total Capital 3.1 - 0.3 6.5 5.2
Profitability
Returns
Return on Assets 20.86 18.41 5.18 5.75 7.43
Return On Equity % 34.62 31.21 7.89 9.92 12.36
Return on Common Equity 34.76 31.37 7.85 9.98 12.41
Margins
EBITDA Margin % 28.56 26.41 14.49 15.55 16.9
EBITA Margin 24.39 21.92 8.63 9.05 10.78
EBIT Margin % 24.39 21.92 8.63 9.05 10.78
EBT Margin % - - - - -
EBT Excl. Non-Recurring Items Margin % - - - - -
Gross Profit Margin % 35.42 32.42 22.25 21.73 23.33
SG&A Margin 11.13 10.82 13.77 12.85 12.75
Net Income Margin % 16.59 16.12 5.4 5.98 6.97
Net Avail. For Common Margin % 16.59 16.12 5.4 5.98 6.97
Normalized Net Income Margin 13.75 13.39 4.51 5.05 5.9
Asset Turnovers
Receivables Turnover (Average Receivables) 5.4 4.6 3.2 3.5 3.5
Fixed Assets Turnover (Average Fixed Assets) 2.2 2.2 1.6 1.7 2
Inventory Turnover (Average Inventory) 16.9 19 14.1 9.4 8.3
Asset Turnover 1.4 1.3 1 1 1.1
Days Outstanding Inventory (Avg) 21.6 19.2 25.8 39 43.7
Current Ratio 1.3 1.6 1 1.3 1.6
Quick Ratio 1.1 1.4 0.8 1 1.3
Days Sales Outstanding (Average Receivables) 67.5 78.8 113.3 105.6 103.9
Days Payable Outstanding (Avg) 49.7 47.5 58.3 56.8 58.3
Cash Conversion Cycle (Average Days) 39.4 50.5 80.8 87.8 89.3
Operating Cash Flow to Current Liabilities 0.9 0.8 0.2 0.2 0.5
Solvency
Debt Analysis
Long Term Debt / Equity 3.3 - 0.4 7.9 5.9
Long Term Debt / Total Capital 3.1 - 0.3 6.5 5.2
Total Liabilities / Total Assets 32.3 27.8 37.5 38.6 35.7

EBIT / Interest Expense 55.9 81.2 16.7 8.4 10.4
EBITDA / Interest Expense 65.5 97.9 28.1 14.4 16.3
(EBITDA - Capex) / Interest Expense 42.3 77.3 15.6 9.8 12.2
Debt Coverage
Net Debt / EBITDA 0.1 0 1.1 0.9 0.3
Total Debt / (EBITDA - Capex) 0.2 0.1 2 1.3 0.6
Net Debt / (EBITDA - Capex) 0.1 0 1.9 1.3 0.4
Bankruptcy Risk
Altman Z-Score 11.95 14.91 7.15 6.42 5.85
FY18 FY19 FY20 FY21 FY22 FY23 Current/LTM
1.8 1.5 2.1 2.2 2.6 1.9

- 1.3 1.9 2.1 2.2 1.9
1.8 1.6 2.3 2.4 2.8 2
- 1.4 2.1 2.3 2.4 2
10.5 7.9 8.8 7.9 7.9 6.6

- - 7.4 6.5 6.7 6.5
15.6 11 11.1 9.3 9 7.8
- - 9.1 7.5 7.9 7.6
22.9 15.9 15.7 13 12.5 10.5
- - 12.9 10.5 10.9 10.3
3.3 3 3.9 4 4 2.8

3.3 3 3.9 4 4 2.8
248.5 246.7 357.2 429.5 464.4 317.9

13.4 25.1 30.9 42.2 37.5 27
6.6 3.4 2.1 1.4 3.3 8.1
- - - - - -
1.2 1.3 1.5 1.7 1.9 2.1
242.7 225.9 329.8 390.5 431.3 301.2
1.8 1.5 2.1 2.2 2.6 1.9

10.5 7.9 8.8 7.9 7.9 6.6
15.6 11 11.1 9.3 9 7.8
82.8 87.9 94.5 111.6 121.4 123.5

75 83.3 90.9 108.5 116.2 113.4
- - - - - -
6.6 3.4 2.1 1.4 3.3 8.1
1.2 1.3 1.5 1.7 1.9 2.1
11.87 14.74 20.49 25.64 26.85 20.4
8 3.8 2.2 1.2 2.7 6.5
8.7 4 2.3 1.3 2.8 7
0.3 0.1 0.1 0 0.1 0.2
2.5 - - - - 2.7
8.6 10.31 13.91 17.82 19.36 15.09
14.88 19.15 26.29 33.08 34.15 27.13
11.87 14.74 20.49 25.64 26.85 20.4
14.97 19.26 26.45 33.25 34.38 27.39
16.84 18.38 23.83 27.6 32.6 29.05

11.36 13.23 18.96 23.51 28.87 24.67
11.36 13.23 18.96 23.51 28.87 24.67
- - - - - -
- - - - - -
23.91 26.38 31.66 35.89 40.68 38.04
12.81 13.25 12.86 12.56 11.98 13.54
7.94 10.02 14.6 18.43 22.28 19.4
7.94 10.02 14.6 18.43 22.28 19.4
6.6 8.35 11.73 14.69 17.8 15.47
3.8 4.2 3.9 3.9 3.7 3

2.4 2.7 2.8 3.3 3 2.7
10.9 14.2 13.5 11.4 7.3 6.4
1.2 1.2 1.2 1.2 1.1 1
33.5 25.6 27.1 32 50.1 57
1.7 1.7 2 2.4 2.3 2.2

1.5 1.6 1.7 2.1 1.9 1.8
95.1 86.9 94.1 92.6 99.9 121.5
54.8 54.1 62.4 63.2 66.5 76.3
73.8 58.4 58.8 61.3 83.5 102.2
0.7 0.7 0.7 0.8 0.7 0.6
8.7 4 2.3 1.3 2.8 7

8 3.8 2.2 1.2 2.7 6.5
2.8 - - - - 2.9
2.5 - - - - 2.7
33.7 34.6 33.8 29.9 28.9 30.8
18.7 52.5 69.9 227.1 222.2 102

27.7 72.9 87.9 266.6 250.9 120.2
20.9 64.8 73.8 223.3 198.4 79.5
0.3 0.1 0.1 0 0.1 0.2

- - - - - -
0.4 0.1 0.1 0 0.1 0.3
- - - - - -
5.53 6.33 5.94 8.35 8.83 8.09

Sherwin-Williams (NYSE:SHW) FY13 FY14 FY15 FY16 FY17
Multiples
Sales | Revenues
EV / Sales (LTM) 1.9 2.5 2.2 2.5 3.4
EV / Sales (NTM) 1.7 2.3 2.1 2.3 2.8
Price / Sales - P/S (LTM) 1.8 2.4 2 2.4 2.6
Price / Sales - P/S (NTM) 1.7 2.2 1.9 2.2 2.2
Earnings
EV / EBITDA (LTM) 14.5 18.7 13.8 15 22.8
EV / EBITDA (NTM) 12 15.5 12.6 13.5 15.4
EV / EBIT (LTM) 16.9 21.6 15.6 16.6 29.3
EV / EBIT (NTM) 13.6 17.3 13.9 14.6 18
Price / Earnings - P/E (NTM) 20.3 25 19.6 22.3 22.8
Book Value
Price / Book - P/B (LTM) 10.3 26 26.4 15 10.9
Price / Tangible Book Value - P/TBV (LTM) 64.8 - - 56.8 -
Enterprise Value
Capital Structure
Market Capitalization 18529.8 26253.3 23243.5 28188.7 39502.4
Total Debt 1721.9 1798.7 1949.9 1952.5 10520.6
Minority Interest (Balance Sheet) - - - - -

EV / Sales (LTM) 1.9 2.5 2.2 2.5 3.4
EV / EBITDA (LTM) 14.5 18.7 13.8 15 22.8
EV / EBIT (LTM) 16.9 21.6 15.6 16.6 29.3
Capitalization
Total Capital 3496.4 2795.2 2817.8 3831 14168.5
Total Debt 1721.9 1798.7 1949.9 1952.5 10520.6
Total Debt / Total Capital 49.2 64.4 69.2 51 74.3
Total Debt / Equity 97 180.5 224.7 103.9 288.4
Total Debt / EBITDA 1.3 1.2 1.1 1 4.8
Long Term Debt / Total Capital 32.1 39.9 67.7 31.6 69.8
Profitability
Returns
Return on Assets 11.41 13.28 17.58 17.74 8.04
Return On Equity % 42.2 62.5 113.05 82.49 64.04
Margins
EBITDA Margin % 13.15 13.32 15.99 16.67 14.73
EBITA Margin 11.59 11.81 14.49 15.21 12.82
EBIT Margin % 11.31 11.54 14.24 15 11.44
SG&A Margin 34.05 34.35 34.27 34.37 31.91
Asset Turnovers
Receivables Turnover (Average Receivables) 9.6 10 10.1 10.1 9
Fixed Assets Turnover (Average Fixed Assets) 10.3 10.9 11 11.1 10.1
Inventory Turnover (Average Inventory) 5.9 6 5.6 5.7 5.9
Asset Turnover 1.6 1.8 2 1.9 1.1
Days Outstanding Inventory (Avg) 62 61.1 64.8 64.4 62.1
Current Ratio 1.2 1 1.2 1.3 1.1
Quick Ratio 0.7 0.4 0.6 0.7 0.6
Days Payable Outstanding (Avg) 62.4 61.6 69.6 67 57.7
Cash Conversion Cycle (Average Days) 37.7 36.1 31.3 33.5 45
Solvency
Debt Analysis
Long Term Debt / Equity 63.2 112 219.8 64.5 271
Total Liabilities / Total Assets 72.2 82.5 85 72.2 81.7

EBIT / Interest Expense 18.4 20 26.1 11.5 6.5
(EBITDA - Capex) / Interest Expense 18.7 20 25.6 11.3 7.5
Debt Coverage
Total Debt / EBITDA 1.3 1.2 1.1 1 4.8
Net Debt / EBITDA 0.7 1.2 1 0.5 4.7
Total Debt / (EBITDA - Capex) 1.5 1.4 1.2 1.1 5.3
Net Debt / (EBITDA - Capex) 0.8 1.4 1.1 0.6 5.2
Bankruptcy Risk
Altman Z-Score 5.05 5.91 6.88 6.76 2.63
2.8 3.5 3.7 4.3 3.2 3.3

2.6 3.3 3.5 3.9 3.1 3.3
2.2 2.9 3.2 3.7 2.6 2.8
2.1 2.8 3 3.4 2.5 2.8
19.6 17.7 16.9 22.2 16.7 15.6

14.8 18.1 18 21.7 17.2 17.4
25.9 26.1 23.8 32.1 23.5 21.1
16.6 19.9 20.1 24.1 18.8 19
36.1 34.5 32.2 40.6 29.2 26.8
19.7 23.4 26.6 28.8 22.1 23.2
10.5 12.6 17.7 30.2 18.7 17

- - - - - -
39260.7 52085.8 57873.6 74015.8 57963.2 64119.5

155.5 161.8 226.6 165.7 198.8 503.4
9343.7 10427.5 10113.5 11495.4 12507.9 11880
- - - - - -
- - - - - -
48448.8 62351.5 67760.5 85345.5 70272.3 75496.1
2.8 3.5 3.7 4.3 3.2 3.3

19.6 17.7 16.9 22.2 16.7 15.6
25.9 26.1 23.8 32.1 23.5 21.1
13074.4 14550.8 13724.3 13932.6 15610 15660

3730.7 4123.3 3610.8 2437.2 3102.1 3780
- - - - - -
9343.7 10427.5 10113.5 11495.4 12507.9 11880
- - - - - -
8.58 10.79 12.6 12.02 12.68 14.55
71.5 71.7 73.7 82.5 80.1 75.9
250.5 252.9 280.1 471.7 403.2 314.3
3.8 3 2.5 3 3 2.5
66.6 64.7 70.7 72.2 71.1 63.9
5.99 7.52 8.71 8.1 8.66 9.87
30.05 39.25 52.51 61.65 72.94 75.85
8.58 10.79 12.6 12.02 12.68 14.55
30.05 39.25 52.51 61.65 72.94 75.85
14.06 16.54 18.68 16.21 16.15 18.2

12.48 15.07 17.22 14.89 14.96 16.95
10.66 13.32 15.52 13.34 13.53 15.52
- - - - - -
- - - - - -
42.31 44.89 47.29 42.83 42.1 45.37
28.83 29.69 29.86 27.96 27.17 28.25
6.32 8.61 11.06 9.35 9.12 10.5
6.32 8.61 11.06 9.35 9.12 10.5
5.38 7.22 8.62 7.37 7.25 8.5
8.5 8.7 8.8 8.9 8.8 7.7

9.6 6.8 5.2 5.5 5.7 5.5
5.7 5.3 5.2 6.1 5.6 5.3
0.9 0.9 0.9 1 1 1
64.2 68.5 69.8 59.7 64.8 69.5
1 1 1 0.9 1 0.9
0.5 0.5 0.5 0.5 0.5 0.5
42.9 41.9 41.5 41.1 41.4 47.2
64.3 67.5 76.2 71.6 65.3 77.8
42.8 42.9 35.2 29.2 40.9 38.9
0.5 0.5 0.7 0.4 0.3 0.5
250.5 252.9 280.1 471.7 403.2 314.3

71.5 71.7 73.7 82.5 80.1 75.9
233.4 228.5 268.7 412.8 357.9 264.6
66.6 64.7 70.7 72.2 71.1 63.9
80.5 79.9 82.3 88.2 86.3 83.6
5.1 6.8 8.4 7.9 7.7 8.3

6.7 10.1 11.8 11.5 10.8 11.2
6 9.2 10.9 10.4 9.1 9.4
3.8 3 2.5 3 3 2.5

3.7 2.9 2.5 3 2.9 2.3
4.2 3.3 2.7 3.3 3.5 2.9
4.1 3.2 2.7 3.3 3.4 2.8
3.19 3.41 3.25 3.93 3.63 3.74

Kansai Paint (TYO:4613) FY13 FY14 FY15 FY16 FY17
Multiples
Sales | Revenues
EV / Sales (LTM) 1.1 1.3 1.6 1.6 2.2
EV / Sales (NTM) 1.1 1.2 1.5 1.5 1.9
Earnings
EV / EBITDA (LTM) 9.2 9.4 11.6 10.6 14
EV / EBITDA (NTM) 9.5 9.8 11 9.6 12.9
EV / EBIT (LTM) 13.4 13.8 17.6 15.2 20.4
EV / EBIT (NTM) 12.7 12.7 14.3 13.1 17.9
Price / Earnings - P/E (LTM) 18.1 19.1 27.5 19.4 29
Price / Earnings - P/E (NTM) 19.8 19.4 21.9 20.4 24.4
Book Value
Price / Book - P/B (LTM) 1.6 1.8 2.1 2.2 2.5
Price / Tangible Book Value - P/TBV (LTM) 1.9 2 2.3 2.3 3.4
Enterprise Value
Capital Structure
Market Capitalization 3408.3 3989 4684.4 4893.1 5599
Total Cash And Short Term Investments 568.4 599.9 574 719.5 558.8
Total Debt 331.4 257.8 191.9 203 1045.6
Minority Interest (Balance Sheet) 264.7 312.2 319.9 344.1 384.6

EV / Sales (LTM) 1.1 1.3 1.6 1.6 2.2
EV / EBITDA (LTM) 9.2 9.4 11.6 10.6 14
EV / EBIT (LTM) 13.4 13.8 17.6 15.2 20.4
Capitalization
Total Capital 2696.6 2764 2722.3 2818.8 3705.9
Total Common Equity 2100.5 2194 2210.6 2271.6 2275.7
Total Debt 331.4 257.8 191.9 203 1045.6
Total Debt / Total Capital 12.3 9.3 7 7.2 28.2
Long Term Debt / Total Capital 5.9 6.6 6 0.7 25.7
Profitability
Returns
Return on Assets 4.43 4.86 4.65 4.95 4.55
Return On Equity % 9.98 10.72 8.95 11.89 9.5
Margins
EBITDA Margin % 11.23 12.42 12.48 13.99 14.22
EBITA Margin 8.86 9.78 9.54 11.02 11.15
EBIT Margin % 8.22 9.25 9.04 10.6 10.69
SG&A Margin 18.77 18.39 18.84 19.44 20.1
Asset Turnovers
Fixed Assets Turnover (Average Fixed Assets) 4.1 3.8 3.8 3.5 3.3
Inventory Turnover (Average Inventory) 5.5 5.3 5.4 5 4.3
Asset Turnover 0.9 0.8 0.8 0.7 0.7
Days Outstanding Inventory (Avg) 66.1 69.3 67.3 73.7 85.4
Current Ratio 1.9 2.2 2.5 2.2 2.4
Quick Ratio 1.4 1.7 1.8 1.7 1.6
Days Payable Outstanding (Avg) 94.9 88 83 93.5 89
Solvency
Debt Analysis
Long Term Debt / Equity 6.8 7.2 6.4 0.8 35.8

Debt Coverage
Net Debt / EBITDA - - - - 1.2
Net Debt / (EBITDA - Capex) - - - - 1.6
Bankruptcy Risk
Altman Z-Score 2.87 3.43 3.85 4.24 3.06
1.8 1.4 1.5 2.1 1.2 1.1 1.1

1.7 1.4 1.8 1.9 1.2 1.1 1
1.5 1.2 1.3 1.9 1 0.9 1
1.5 1.1 1.5 1.7 1.1 0.9 0.9
14.6 11.2 11.1 14 9.2 9.7 9.2

11.8 10 13.1 12.6 9.8 9.5 8.1
21.3 18.9 19.7 24.1 16.3 17.3 15.8
16.8 15.3 24.5 18.9 16.6 14.1 13.2
40 33.3 31.9 37.7 17.6 19.8 9.2
21.9 20.1 33.2 27.1 22 16.2 10
2.2 1.8 2 2.4 1.4 1.6 1.7

3.1 2.5 2.6 3 1.6 2 2.1
5743 4507.3 5009 6337 3574.2 3507.2 3465.4

693.2 701.7 589 1123.9 559.4 716.6 538.4
1252.6 1093.2 895.6 1110.1 605.2 950.7 573.6
- - - - - - -
433.8 457 482 470.1 452.6 452.7 449.5
6708.5 5362.7 5770.5 6798.2 4041.1 4184.9 3930.8
1.8 1.4 1.5 2.1 1.2 1.1 1.1

14.6 11.2 11.1 14 9.2 9.7 9.2
21.3 18.9 19.7 24.1 16.3 17.3 15.8
4286.8 3986.7 3878.3 4170.4 3686.8 3609.6 3107.3

2600.4 2436.5 2500.8 2590.1 2629 2206.2 2084.2
- - - - - - -
1252.6 1093.2 895.6 1110.1 605.2 950.7 573.6
433.8 457 482 470.1 452.6 452.7 449.5
4.82 4.39 4.59 4.44 4.13 4.32 5
29.2 27.4 23.1 26.6 16.4 26.3 18.5
41.3 37.8 30 36.3 19.6 35.8 22.6
2.6 2.4 1.9 2.5 1.5 2.4 1.5
22.2 15.5 17.8 15 0.8 1.3 -
3.66 3.31 3.49 3.39 3.12 3.16 3.53
7.25 6.61 7.23 7.15 9.03 8.11 16.88
4.82 4.39 4.59 4.44 4.13 4.32 5
6.68 6.37 6.86 7.21 8.74 8.22 18.05
12.53 11.74 12.73 13.45 11.48 10.15 10.65

9.25 8.48 9.17 9.52 8.07 7.06 6.84
8.33 7.37 7.74 8.56 7.18 6.3 6.84
- - - - - - -
- - - - - - -
32.85 31.18 31.83 33.1 29.82 26.92 27.48
20.31 20.11 20.49 20.61 19.29 17.51 17.67
4.4 4.07 4.54 5.49 6.33 4.95 10.73
4.4 4.07 4.54 5.49 6.33 4.95 10.73
4.03 4.25 4.25 5.25 4.32 4.13 4.04
3.8 3.9 3.9 3.6 4 4.9 4.5

3.4 3.4 3.2 2.8 3.2 3.7 3.6
4.3 4.3 4.2 3.8 3.8 3.8 3.7
0.7 0.7 0.7 0.6 0.7 0.8 0.8
85 84.3 88.1 97.2 96.1 95.5 99.4
2 1.7 2.1 1.9 1.6 1.2 1.4

1.4 1.2 1.4 1.4 1 0.7 0.8
96 94.3 93.4 100.2 90.7 74.8 81.5
87.5 89 87.2 91.1 78.5 72.3 76.7
93.5 89.6 94.4 106.3 108.2 97.9 104.1
0.2 0.2 0.4 0.3 0.1 0.2 -
41.3 37.8 30 36.3 19.6 35.8 22.6

29.2 27.4 23.1 26.6 16.4 26.3 18.5
31.4 21.4 23.2 20.5 0.9 1.8 -
22.2 15.5 17.8 15 0.8 1.3 -
46.6 45.1 41.1 44.1 37.5 47.3 43.5
22.2 16.8 18 19.7 19.6 24.2 25.1

33.4 26.8 29.6 30.9 31.4 38.9 39.2
23.1 15.5 22.3 24.3 21.9 31.9 39.2
2.6 2.4 1.9 2.5 1.5 2.4 1.5

1.2 0.9 0.6 - 0.1 0.6 0.1
3.8 4.2 2.5 3.2 2.2 3 1.5
1.7 1.5 0.8 - 0.2 0.7 0.1
3.1 2.95 3.49 3.16 3.54 2.49 2.7

PPG Industries (NYSE:PPG) FY13 FY14 FY15 FY16 FY17
Multiples
Sales | Revenues
EV / Sales (LTM) 2 2.1 2 2.1 2.2
EV / Sales (NTM) 1.8 1.9 1.8 1.9 2.1
Price / Sales - P/S (LTM) 1.9 2.1 1.7 1.8 2
Price / Sales - P/S (NTM) 1.7 1.9 1.6 1.7 2
Earnings
EV / EBITDA (LTM) 14.1 15 12.2 12 13.3
EV / EBITDA (NTM) 11.4 11.3 9.8 10.7 11.9
EV / EBIT (LTM) 18.1 20.3 15.1 14.8 16.4
EV / EBIT (NTM) 14.1 14.1 12.1 12.9 14.4
Price / Earnings - P/E (LTM) 32 30 19.2 47.8 22.3
Book Value
Price / Book - P/B (LTM) 5.3 5.9 4.9 5.2 5.4
Price / Tangible Book Value - P/TBV (LTM) 44.5 - - - -
Enterprise Value
Capital Structure
Market Capitalization 26653.4 31042.6 24751.2 25740 30132.5
Total Cash And Short Term Investments 1750 1188 1459 1867 1495
Total Debt 3406 4014 4307 4416 4146
Minority Interest (Balance Sheet) 266 85 86 87 115
Enterprise Value - EV 28064.4 31431.6 27969.2 29255 32613.5

EV / Sales (LTM) 2 2.1 2 2.1 2.2
EV / EBITDA (LTM) 14.1 15 12.2 12 13.3
EV / EBIT (LTM) 18.1 20.3 15.1 14.8 16.4
Capitalization
Total Capital 8604 9279 9376 9331 9818
Total Common Equity 4932 5180 4983 4828 5557
Total Debt 3406 4014 4307 4416 4146
Minority Interest (Balance Sheet) 266 85 86 87 115
Total Debt / Equity 65.5 76.2 85 89.8 73.1
Total Debt / EBITDA 1.7 2 1.9 1.8 1.7
Profitability
Returns
Return on Assets 6.1 5.8 6.68 7.55 7.68
Return On Equity % 20.44 21.2 25.78 11.32 26.26
Margins
EBITDA Margin % 14.03 13.52 16.13 16.98 16.59
EBITA Margin 11.7 11.33 13.92 14.74 14.34
EBIT Margin % 10.87 10.48 13 13.9 13.47
SG&A Margin 24.44 24.99 25.17 24.91 24.1
Asset Turnovers
Receivables Turnover (Average Receivables) 5.7 6.1 6 6.2 6.1
Fixed Assets Turnover (Average Fixed Assets) 4.9 5 4.8 5.3 5.4
Inventory Turnover (Average Inventory) 4.7 4.6 4.5 4.8 5.1
Asset Turnover 0.9 0.9 0.8 0.9 0.9
Current Ratio 1.7 1.3 1.4 1.5 1.7
Quick Ratio 1.1 0.8 0.9 1.1 1.1
Days Sales Outstanding (Average Receivables) 64.2 59.4 60.3 59.4 60
Solvency
Debt Analysis
Long Term Debt / Equity 64.9 67.1 79.4 77 72.9
Total Liabilities / Total Assets 67.2 70 70.3 68.8 65.7

Debt Coverage
Net Debt / EBITDA 0.8 1.4 1.2 1 1.1
Total Debt / (EBITDA - Capex) 2.3 2.8 2.3 2.2 2
Bankruptcy Risk
Altman Z-Score 3.85 3.76 4.07 4.42 4.46
1.9 2.3 2.8 2.6 2 2

1.9 2.2 2.5 2.4 2 2
1.7 2 2.5 2.3 1.6 1.7
1.6 1.9 2.2 2.1 1.6 1.6
13.5 13.6 15 16.7 13.9 12

11.5 12.7 13.6 14.4 13.2 11.7
17.6 19.2 21.3 24.3 20.7 16.5
14.1 15.7 16.8 17.4 16.3 13.9
19.9 24.4 32.3 26.9 28.5 21.4
16.6 18.5 20.5 19.7 17.8 15.6
5.5 5.7 6 6 4.4 3.9

- - - - - -
25754 30127.8 33902.4 37912.9 29049.4 30123.5

967 1278 1928 1078 1163 1291
5016 5844 6606 7466 7654 7040
- - - - - -
102 119 126 125 117 184
29735 35015.8 38174.4 44363.9 35601.4 35988.4
1.9 2.3 2.8 2.6 2 2

13.5 13.6 15 16.7 13.9 12
17.6 19.2 21.3 24.3 20.7 16.5
9748 11247 12421 13877 14363 14975

4630 5284 5689 6286 6592 7751
- - - - - -
5016 5844 6606 7466 7654 7040
102 119 126 125 117 184
10.8 10.85 9.45 8.66 7.62 9.48
51.5 52 53.2 53.8 53.3 47
106 108.2 113.6 116.5 114.1 88.7
2.3 2.3 2.6 2.8 3 2.4
44.8 45.9 47.1 52.4 49.8 41.7
6.49 6.75 6 5.57 5.11 6.42
25.76 25.04 19.09 23.57 16.1 20.63
10.8 10.85 9.45 8.66 7.62 9.48
25.97 25.08 19.25 23.72 15.97 20.57
14.23 15.4 16.61 14.18 12.89 15.03

11.93 12.93 13.93 11.87 10.7 12.94
11 12.03 12.93 10.84 9.76 12.04
- - - - - -
- - - - - -
41.45 43.09 44.03 39.03 37.38 40.3
23.2 23.91 24.68 22.23 21.95 22.89
8.72 8.21 7.66 8.56 5.81 7.84
8.61 8.21 7.63 8.45 5.82 7.84
6.93 7.5 7.27 6.57 5.72 6.91
6.1 6.1 5.7 6.6 6.4 5.8

5.5 4.6 3.6 4 4.2 4.4
5.1 4.9 4.5 5.2 5 4.7
0.9 0.9 0.7 0.8 0.8 0.9
71.2 74 81.4 69.6 73.4 78.2
1.4 1.4 1.4 1.4 1.5 1.5

0.9 0.9 1 0.9 0.9 1
60.1 60.1 64.7 55.4 57 63.1
90.7 91.3 102.6 85.3 86.3 141.3
40.7 42.7 43.5 39.7 44.1 0.1
0.3 0.5 0.4 0.3 0.2 0.4
106 108.2 113.6 116.5 114.1 88.7

51.5 52 53.2 53.8 53.3 47
92.2 95.5 100.6 113.3 106.7 78.7
44.8 45.9 47.1 52.4 49.8 41.7
70.5 69.5 70.3 70 67.7 63.1
14.3 13.8 13 15.1 10.3 9

18.5 19.4 18.4 21.8 15.2 12.2
15.1 16.3 16.2 18.8 12.1 10.1
2.3 2.3 2.6 2.8 3 2.4

1.8 1.7 1.8 2.4 2.5 1.9
2.8 2.7 3 3.3 3.8 2.9
2.2 2.1 2.1 2.8 3.2 2.3
4.43 4.15 3.72 4.03 3.97 4.1

RPM International Inc (NYSE:RPM) FY13 FY14 FY15 FY16 FY17
Multiples
Sales | Revenues
EV / Sales (LTM) 1.4 1.7 1.7 1.8 1.7
EV / Sales (NTM) 1.3 1.6 1.5 1.7 1.6
Price / Sales - P/S (NTM) 1 1.3 1.2 1.4 1.3
Earnings
EV / EBITDA (LTM) 11.8 12.6 13 13.2 13.3
EV / EBITDA (NTM) 10.2 11.5 10.8 12.1 11.1
EV / EBIT (LTM) 14.4 15 15.6 15.9 16.4
EV / EBIT (NTM) 12.1 13.5 12.7 14.4 13.3
Book Value
Price / Book - P/B (LTM) 3.8 4.4 4.6 5.2 4.7
Price / Tangible Book Value - P/TBV (LTM) - - - - -
Enterprise Value
Capital Structure
Total Cash And Short Term Investments 392.7 404.8 244 339.4 440
Total Debt 1383.7 1371.2 1656.1 1640 2090.1

EV / Sales (LTM) 1.4 1.7 1.7 1.8 1.7
EV / EBITDA (LTM) 11.8 12.6 13 13.2 13.3
EV / EBIT (LTM) 14.4 15 15.6 15.9 16.4
Capitalization
Total Capital 2738.7 2949.8 2949.5 3014.7 3528.8
Total Debt 1383.7 1371.2 1656.1 1640 2090.1
Long Term Debt / Total Capital 50.4 45.6 56.1 54.2 52
Profitability
Returns
Return on Assets 6.56 7.14 6.73 7.29 6.59
Return On Equity % 8.23 20.86 15.9 26.79 13.13
Margins
EBITDA Margin % 12 13.15 12.8 13.77 12.83
EBITA Margin 10.63 11.82 11.44 12.38 11.38
EBIT Margin % 9.88 11.1 10.64 11.46 10.48
SG&A Margin 30.75 30.52 30.38 30.62 33.15
Normalized Net Income Margin 4.84 5.73 6 6.05 5.46
Asset Turnovers
Receivables Turnover (Average Receivables) 5.3 5.3 5 5 5.1
Fixed Assets Turnover (Average Fixed Assets) 9 8.5 8.2 7.9 7.2
Inventory Turnover (Average Inventory) 4.6 4.3 4.1 4 3.8
Asset Turnover 1.1 1 1 1 1
Current Ratio 2 2.2 2.3 2.1 1.9
Quick Ratio 1.3 1.4 1.3 1.3 1.2
Days Sales Outstanding (Average Receivables) 68.6 69.3 72.7 73 72.1
Solvency
Debt Analysis

EBIT / Interest Expense 5 6 5.6 6 5.4
(EBITDA - Capex) / Interest Expense 5 6 5.7 5.9 5.3
Debt Coverage
Net Debt / EBITDA 1.9 1.6 2.3 1.9 2.5
Total Debt / (EBITDA - Capex) 3.5 2.8 3.3 3 4.1
Bankruptcy Risk
Altman Z-Score 2.65 3.04 3.02 3.09 3.05
2 1.9 2.4 2.3 2.1 2.2 2

1.9 1.9 2.4 2.2 2 2.2 1.9
1.6 1.5 1.9 1.9 1.7 1.8 1.7
1.5 1.5 1.9 1.8 1.6 1.8 1.6
15.3 16.8 16.4 14.3 15.4 16 14.3

13 13.2 16.3 13.7 14.1 15.4 12.8
18.9 21.5 23.4 18.9 21.2 21.3 18.9
15.7 15.9 20.4 16.3 16.9 18.2 14.9
25.6 32.4 34.6 22.6 22.6 28 24.2
19.3 19.4 25.4 19.5 20.1 22.8 18.7
5.2 6.1 8.3 6.5 5.6 6.3 5.4

- - - - 211.3 45.8 28.3
8564 8526.5 10480 11315.4 11077.1 13413.3 12393.3

341.8 232.3 241 250.6 207.7 220.9 240.6
2177.2 2526.1 2844.6 2701.8 3010 3028.9 2784.9
- - - - - - -
2.8 2.7 2.2 2 1.4 2.2 1.7
10496.5 10831.9 13066.6 13745.8 13861.4 16201.4 14939.3
2 1.9 2.4 2.3 2.1 2.2 2

15.3 16.8 16.4 14.3 15.4 16 14.3
18.9 21.5 23.4 18.9 21.2 21.3 18.9
3810.8 3934.7 4109.3 4444.8 4993.9 5171.9 5067.8

1630.8 1406 1262.4 1741.1 1982.4 2140.8 2281.1
- - - - - - -
2177.2 2526.1 2844.6 2701.8 3010 3028.9 2784.9
2.8 2.7 2.2 2 1.4 2.2 1.7
9.46 8.11 8.68 10.62 8.68 9.37 9.71
57.1 64.2 69.2 60.8 60.3 58.6 55
133.3 179.3 224.9 155 151.7 141.3 122
3.2 3.9 3.6 2.8 3.3 3 2.7
57 50.2 65.9 59.4 47 54 54.8
6.7 5.87 6.3 7.64 6.32 7.06 7.3
22.09 17.6 22.82 33.48 26.43 23.25 23.91
9.46 8.11 8.68 10.62 8.68 9.37 9.71
21.78 17.46 22.67 33.2 26.19 23.11 23.8
12.85 11.58 12.99 14.3 12.05 12.63 12.94

11.25 9.84 10.97 12.62 10.45 11.1 11.35
10.44 9.03 10.14 11.9 9.77 10.5 10.76
- - - - - - -
- - - - - - -
38.6 37.75 38.37 39.39 36.27 37.87 38.61
28.16 28.71 26.54 26.05 25.24 25.99 26.48
6.35 4.79 5.53 8.23 7.33 6.6 6.96
6.27 4.76 5.49 8.17 7.27 6.57 6.94
5.52 4.49 5.29 7.01 5.28 5.61 5.85
5 4.7 4.6 4.9 4.8 4.8 4.9

7 7 5.6 5.1 5 4.9 4.9
4 4.1 4.1 4.2 4 3.8 3.7
1 1 1 1 1 1.1 1.1
90.6 88.3 89.1 86.2 91.8 95.1 99.6
2.5 1.6 2.2 2.1 1.6 2.1 2.5

1.5 1 1.3 1.2 0.8 1.2 1.4
73 78.3 80.3 74 76.3 76.5 74.1
62.1 60.4 59.4 59.7 60.9 61 62.7
101.5 106.2 110 100.6 107.2 110.6 111
0.4 0.2 0.5 0.6 0.1 0.4 0.7
133.3 179.3 224.9 155 151.7 141.3 122

57.1 64.2 69.2 60.8 60.3 58.6 55
133 140.1 214.1 151.4 118.4 130.2 121.7
57 50.2 65.9 59.4 47 54 54.8
69 74.1 77.5 72.1 70.4 68.4 66
5.3 4.9 5.5 8.5 7.5 6.4 6.4

6.5 6.3 7.9 11.3 10.2 8.5 8.4
5.4 5 6.4 9.4 7.7 6.4 6.4
3.2 3.9 3.6 2.8 3.3 3 2.7

2.6 3.5 3.2 2.5 3.1 2.8 2.4
3.8 5 4.4 3.4 4.4 4 3.5
3.1 4.5 4 3 4.1 3.7 3.2
3.18 3.09 3.19 3.54 3.41 3.72 3.92

Axalta Coating Systems (NYSE:AXTA) FY13 FY14 FY15 FY16 FY17 FY18
Multiples
Sales | Revenues
EV / Sales (LTM) - 2.2 2.1 2.4 2.4 2
EV / Sales (NTM) - 2.2 2.1 2.4 2.3 2
Price / Sales - P/S (LTM) - 1.5 1.4 1.7 1.7 1.3
Price / Sales - P/S (NTM) - 1.4 1.3 1.7 1.6 1.3
Earnings
EV / EBITDA (LTM) - 12.3 10.3 11.5 12.6 10.4
EV / EBITDA (NTM) - 10.9 9.3 10.4 10.9 9.5
EV / EBIT (LTM) - 19.9 16.3 18.4 21.3 17.4
EV / EBIT (NTM) - 16.9 13.7 15.7 17.8 15.5
Price / Earnings - P/E (LTM) - 236.4 62.1 184 201.8 30.2
Price / Earnings - P/E (NTM) - 25 18.2 20.6 22.4 18.8
Book Value
Price / Book - P/B (LTM) - 6.2 5.2 6.3 5.7 5
Price / Tangible Book Value - P/TBV (LTM) - - - - - -
Enterprise Value
Capital Structure
Market Capitalization - 6491.9 5609.7 7080.3 7295.1 6045.5
Total Cash And Short Term Investments 459.3 382.1 485.4 535.5 769.8 698.1
Total Debt 3823.3 3615.8 3443.3 3264.7 3918.2 3971.5
Total Preferred Equity - - - - - -
Minority Interest (Balance Sheet) 68.9 67.3 67.5 121.5 131.7 105.4
Enterprise Value - EV - 9873.5 8633.7 9930.3 10572.6 9321.3

EV / Sales (LTM) - 2.2 2.1 2.4 2.4 2
EV / EBITDA (LTM) - 12.3 10.3 11.5 12.6 10.4
EV / EBIT (LTM) - 19.9 16.3 18.4 21.3 17.4
Capitalization
Total Capital 5035.1 4727.8 4584.5 4511.3 5326 5282
Total Common Equity 1142.9 1044.7 1073.7 1125.1 1276.1 1205.1
Total Preferred Equity - - - - - -
Total Debt 3823.3 3615.8 3443.3 3264.7 3918.2 3971.5
Minority Interest (Balance Sheet) 68.9 67.3 67.5 121.5 131.7 105.4
Return on Total Capital 7.65 6.36 7.12 7.43 6.3 6.31
Total Debt / Total Capital 75.9 76.5 75.1 72.4 73.6 75.2
Total Debt / Equity 315.5 325.2 301.7 261.9 278.3 303.1
Total Debt / EBITDA 5.3 4.5 4.1 3.8 4.7 4.4
Long Term Debt / Total Capital 75 75.6 74 71.7 72.8 74.1
Profitability
Returns
Return on Assets 5.41 4.85 5.52 5.78 4.88 4.95
Return On Equity % -14.47 2.99 8.5 3.74 3.59 15.69
Return on Total Capital 7.65 6.36 7.12 7.43 6.3 6.31
Return on Common Equity -15.75 2.5 8.65 3.53 3.06 16.69
Margins
EBITDA Margin % 16.68 18.34 20.38 21.08 19.13 19.04
EBITA Margin 11.39 13.22 14.86 15.25 13.64 13.85
EBIT Margin % 9.55 11.31 12.9 13.21 11.33 11.39
EBT Margin % - - - - - -
EBT Excl. Non-Recurring Items Margin % - - - - - -
Gross Profit Margin % 32.75 34.03 36.81 38.21 36.47 34.07
SG&A Margin 20.4 19.68 20.69 21.56 21.35 18.66
Net Income Margin % -5.03 0.62 2.23 0.95 0.84 4.41
Net Avail. For Common Margin % -5.12 0.62 2.23 0.95 0.84 4.41
Normalized Net Income Margin 2.21 2.43 3.7 4.84 4.64 4.8
Asset Turnovers
Receivables Turnover (Average Receivables) 5.9 6.8 6.4 6.3 6.3 6.1
Fixed Assets Turnover (Average Fixed Assets) 3.7 2.8 2.8 3 3.2 3.5
Inventory Turnover (Average Inventory) 5.7 5.3 4.9 4.8 4.9 5.1
Asset Turnover 0.9 0.7 0.7 0.7 0.7 0.7
Days Outstanding Inventory (Avg) 64.2 68.6 75.1 76.7 74.7 72
Current Ratio 1.9 2 2.1 2 2.1 2.2
Quick Ratio 1.1 1.1 1.3 1.3 1.5 1.5
Days Sales Outstanding (Average Receivables) 61.6 53.4 57.4 57.9 57.9 59.7
Days Payable Outstanding (Avg) 56.3 61.5 66.9 67.2 65.7 63.4
Cash Conversion Cycle (Average Days) 69.5 60.4 65.7 67.4 66.9 68.2
Operating Cash Flow to Current Liabilities 0.3 0.3 0.5 0.6 0.5 0.5
Solvency
Debt Analysis
Total Debt / Equity 315.5 325.2 301.7 261.9 278.3 303.1
Total Debt / Total Capital 75.9 76.5 75.1 72.4 73.6 75.2
Long Term Debt / Equity 311.6 321.6 297.3 259.6 275.5 298.6
Long Term Debt / Total Capital 75 75.6 74 71.7 72.8 74.1
Total Liabilities / Total Assets 81.7 82 80.4 78.7 79.4 80.4

EBIT / Interest Expense 1.9 2.3 2.7 3.2 3.3 3.1
EBITDA / Interest Expense 3.3 3.7 4.3 5 5.6 5.2
(EBITDA - Capex) / Interest Expense 2.8 2.8 3.6 4.2 4.8 4.4
Debt Coverage
Total Debt / EBITDA 5.3 4.5 4.1 3.8 4.7 4.4
Net Debt / EBITDA 4.7 4 3.5 3.2 3.8 3.7
Total Debt / (EBITDA - Capex) 6.3 5.9 4.9 4.5 5.5 5.3
Net Debt / (EBITDA - Capex) 5.5 5.2 4.2 3.8 4.4 4.4
Bankruptcy Risk
Altman Z-Score 0.97 1.78 2.05 2.03 1.92 2.03
FY19 FY20 FY21 FY22 FY23 Current/LTM
2.1 2.4 2.2 1.9 1.8

2.1 2.1 2 1.8 1.8
1.5 1.7 1.5 1.2 1.3
1.5 1.5 1.4 1.2 1.2
10.3 11.6 11.3 11.6 10.7

9.6 9.6 10.1 10.3 9.2
17.1 21.4 19 20 16.6
13.1 12.9 13.3 14.2 12.4
26.9 52.3 26 31.9 27.4
14.8 15.4 14.4 16.2 15.8
5 4.4 4.5 4.2 4

- - - - -
6708.7 6346.6 6761.5 6051.1 6457.2

1017.5 1360.9 840.6 647.5 606.6
3964.8 4028.2 3962.3 3808.6 3542.6
- - - - -
55.4 46.8 45.8 46 44.5
9580.7 8925.2 9796.3 9156.2 9437.7
2.1 2.4 2.2 1.9 1.8

10.3 11.6 11.3 11.6 10.7
17.1 21.4 19 20 16.6
5374.4 5508 5501 5308.1 5191.2

1354.2 1433 1492.9 1453.5 1604.1
- - - - -
3964.8 4028.2 3962.3 3808.6 3542.6
55.4 46.8 45.8 46 44.5
6.55 4.79 5.84 5.29 6.94
73.8 73.1 72 71.8 68.2
281.3 272.2 257.5 254 214.9
4.3 5.3 4.6 4.8 4
72.2 71.6 69.6 70.6 67.6
5.18 3.73 4.47 4 5.15
18.57 8.44 17.52 12.65 16.09
6.55 4.79 5.84 5.29 6.94
19.46 8.73 18.04 13.01 16.54
19.8 19.47 18.75 15.48 16.5

14.99 14.18 14.4 11.93 12.99
12.47 11.15 11.65 9.36 11.1
- - - - -
- - - - -
34.9 34.24 32.36 29.05 30.73
18.34 18.59 16.71 15.81 16.24
5.56 3.25 5.98 3.92 4.64
5.56 3.25 5.98 3.92 4.64
5.51 4.47 5.53 3.96 4.51
5.8 4.9 5.6 5.6 4.8

3.4 2.9 3.4 3.8 4.5
4.8 4.3 4.9 4.6 4.5
0.7 0.5 0.6 0.7 0.7
75.3 85.7 75.1 79 81.2
2.4 2.5 1.9 1.9 2.1

1.7 1.9 1.3 1.3 1.4
62.8 75 65 65.3 75.5
63.4 79.1 72 70 76.6
74.8 81.7 68.1 74.2 80.1
0.5 0.4 0.4 0.2 0.4
281.3 272.2 257.5 254 214.9

73.8 73.1 72 71.8 68.2
275.4 266.6 249 250 212.9
72.2 71.6 69.6 70.6 67.6
79.3 79.3 78.7 78.8 76.4
3.1 2.6 3.4 2.9 2.7

5.2 4.7 5.7 5 4.2
4.6 4.2 4.9 4 3.5
4.3 5.3 4.6 4.8 4

3.2 3.5 3.6 4 3.3
4.9 5.9 5.3 5.9 4.8
3.6 3.9 4.2 4.9 4
2.01 1.72 1.96 1.95 2.19

Nippon Paint Holdings Co Ltd (TYO:4612) FY13 FY14 FY15 FY16 FY17
Multiples
Sales | Revenues
EV / Sales (LTM) 1.2 1.5 5 1.9 2
EV / Sales (NTM) 1.2 1.5 2.3 2 1.9
Price / Sales - P/S (LTM) 1.2 1.6 5 1.9 2
Earnings
EV / EBITDA (LTM) 7.5 7.9 24.1 9.1 11.7
EV / EBITDA (NTM) 8.8 9.5 11.8 10.5 10.8
EV / EBIT (LTM) 10.7 12 38.4 12.3 16.5
EV / EBIT (NTM) 10.8 11.2 15.1 13.2 14.3
Book Value
Price / Book - P/B (LTM) 1.8 2.1 2.7 2.5 2.4
Price / Tangible Book Value - P/TBV (LTM) 2 2.3 8.1 5.4 6.2
Enterprise Value
Capital Structure
Market Capitalization 3053 4047.8 10873 9993.9 10570.6
Total Debt 240.4 135.5 124.3 298 514.2
Enterprise Value - EV 2948.9 3885.7 10808.4 9640.3 10967

EV / Sales (LTM) 1.2 1.5 5 1.9 2
EV / EBITDA (LTM) 7.5 7.9 24.1 9.1 11.7
EV / EBIT (LTM) 10.7 12 38.4 12.3 16.5
Capitalization
Total Capital 2066.7 2153.1 5040.8 5309.4 6099.7
Total Common Equity 1712 1889.9 3998.9 4050.3 4476.8
Total Debt 240.4 135.5 124.3 298 514.2
Return on Total Capital 8.58 10.02 5.1 - 7.16
Profitability
Returns
Return on Assets 5.75 6.82 3.72 - 5.36
Return On Equity % 13.54 18.18 46.11 - 9.43
Return on Total Capital 8.58 10.02 5.1 - 7.16
Return on Common Equity 13.46 18.07 53.82 - 7.59
Margins
EBITDA Margin % 13.84 15.16 15.21 20.27 17.25
EBITA Margin 11.09 12.81 12.95 17.26 14.3
EBIT Margin % 11.09 12.81 12.95 15.19 12.38
SG&A Margin 20.43 19.88 19.3 23.66 28.13
Asset Turnovers
Receivables Turnover (Average Receivables) 2.9 3.1 2.4 - 3.9
Fixed Assets Turnover (Average Fixed Assets) 3.9 4.3 3.2 - 4.8
Inventory Turnover (Average Inventory) 6 6.1 4.1 - 5.8
Asset Turnover 0.8 0.9 0.5 - 0.7
Days Outstanding Inventory (Avg) 61.3 59.6 88.9 - 62.8
Current Ratio 1.7 1.9 2 2.2 2
Quick Ratio 1.4 1.4 1.6 1.8 1.5
Days Sales Outstanding (Average Receivables) 126.8 116.9 153.9 - 93.5
Days Payable Outstanding (Avg) 136.7 120.8 142.6 - 95.2
Cash Conversion Cycle (Average Days) 51.3 55.7 100.2 - 61.1
Solvency
Debt Analysis

EBIT / Interest Expense 72.1 121 195.1 153.3 69.3
EBITDA / Interest Expense 90 143.1 229.2 204.6 96.6
(EBITDA - Capex) / Interest Expense 78.6 123.1 205 169.6 77.4
Debt Coverage
Net Debt / EBITDA - - - - -
Net Debt / (EBITDA - Capex) - - - - -
Bankruptcy Risk
Altman Z-Score 2.88 3.99 3.38 4.35 4.34
2 3 6.3 2.3 2.4 2

2 2.6 5.8 2.2 2.3 2
2 2.5 5.8 2 2 1.7
1.9 2.1 5.4 1.9 1.9 1.7
12.9 18.3 42.7 19.4 20.2 14

13.2 16.9 34.9 17.2 17.3 13.4
16.2 24.1 58.6 27.7 29 18.8
16.8 20.3 44.9 22.8 22.9 18.5
27 46.5 69.9 29.2 33.2 20.9
33.9 31.2 57.5 25.6 26.8 21.9
2.4 3.1 5.5 2.1 2.3 1.8

5.6 - - 300.2 - -
11181.6 15719.6 44199.9 17284.1 20088.4 16212.6

1728 1734.3 2896.1 1552.9 1979.7 2009.1
830.7 4069.4 5188.5 4544.3 5500.9 4980.9
- - - - - -
1163.9 1242.9 1272.6 79.7 49.8 48
11442.4 19261.1 47718 20341.4 23611.7 19111.7
2 3 6.3 2.3 2.4 2

12.9 18.3 42.7 19.4 20.2 14
16.2 24.1 58.6 27.7 29 18.8
6739.1 10400.7 11965.8 12960.6 14302.9 14275.6

4744.5 5088.4 5504.6 8336.6 8752.2 9246.6
- - - - - -
830.7 4069.4 5188.5 4544.3 5500.9 4980.9
1163.9 1242.9 1272.6 79.7 49.8 48
6.79 5.81 4.44 3.87 3.97 4.58
12.3 39.1 43.4 35.1 38.5 34.9
14.1 64.3 76.6 54 62.5 53.6
0.9 3.9 4.7 4.4 4.7 3.6
5.2 5.1 37.8 30.7 33.3 31.1
5.17 4.47 3.4 2.95 3.04 3.52
10.39 8.43 9.82 8.06 7.48 8.84
6.79 5.81 4.44 3.87 3.97 4.58
8.85 6.84 7.96 8.73 7.53 8.87
15.28 16.28 14.55 11.85 11.78 14.3

12.35 12.56 10.77 8.45 8.18 10.62
12.35 12.56 10.77 8.45 8.18 10.62
- - - - - -
- - - - - -
38.58 39.83 41.41 37.9 37.24 38.6
26.15 27.52 30.51 29.48 29.29 28.64
7.23 5.31 5.72 6.77 6.07 8.1
7.23 5.31 5.72 6.68 6.07 8.1
4.82 5.2 4.12 5.44 5.01 6.54
3.6 3.5 3.5 4 4.5 3.8

4.4 3.6 3.2 3.6 3.9 3.5
5.7 5.2 4.9 5.5 5.3 4.7
0.7 0.6 0.5 0.6 0.6 0.5
63.5 69.5 74.7 66.8 68.6 78.3
2.1 0.8 2 1.6 1.6 1.8

1.7 0.7 1.7 1.2 1.2 1.4
100.1 103.4 104.2 91.2 80.6 95.2
106.9 113.3 125.5 102.8 98.5 114.4
56.7 59.7 53.4 55.1 50.8 59.1
0.3 0.2 0.3 0.2 0.2 0.3
14.1 64.3 76.6 54 62.5 53.6

12.3 39.1 43.4 35.1 38.5 34.9
6 8.5 66.8 47.3 54.2 47.8
5.2 5.1 37.8 30.7 33.3 31.1
32.1 53.5 56.7 50.5 52.7 49.6
61.5 18.2 14.9 15.1 12.8 16.7

76 23.6 20.1 21.1 18.4 22.5
61.5 18.8 15.6 14.9 14 18.7
0.9 3.9 4.7 4.4 4.7 3.6

- 2.3 2.1 2.9 3 2.2
1.2 4.9 6.1 6.3 6.2 4.4
- 2.8 2.7 4.1 4 2.6
4.39 2.14 2.98 3.04 2.11 2.23

Global 2018 2019 2020
Multiples
Sales | Revenues
EV / Sales (LTM) 3.15 3.18 4.09
EV / Sales (NTM) 2.90 2.91 3.89
Price / Sales - P/S (LTM) 3.01 2.91 3.81
Price / Sales - P/S (NTM) 2.76 2.65 3.62
Earnings
EV / EBITDA (LTM) 20.38 19.67 23.81
EV / EBITDA (NTM) 17.03 17.15 21.65
EV / EBIT (LTM) 25.78 26.09 32.19
EV / EBIT (NTM) 20.57 20.47 27.36
Price / Earnings - P/E (LTM) 40.12 40.20 45.43
Price / Earnings - P/E (NTM) 28.12 27.92 35.47
Book Value
Price / Book - P/B (LTM) 6.73 6.91 8.70
Price / Tangible Book Value - P/TBV (LTM) 8.18 8.70 10.70
Enterprise Value
Capital Structure
Market Capitalization 15,030.86 16,300.04 20,807.02
Total Cash And Short Term Investments 1,430.10 707.39 984.81
Total Debt 2,714.06 3,071.94 3,348.89
Minority Interest (Balance Sheet) 146.89 241.89 248.46
Enterprise Value - EV 16,416.59 18,872.04 23,321.09

EV / Sales (LTM) 3.15 3.18 4.09
EV / EBITDA (LTM) 20.38 19.67 23.81
EV / EBIT (LTM) 25.78 26.09 32.19
Capitalization
Total Capital 6,490.40 6,192.06 6,493.89
Total Common Equity 3,658.84 2,902.44 2,921.39
Total Debt 2,714.06 3,071.94 3,348.89
Return on Total Capital 9.99 9.90 9.75
Total Debt / Total Capital 34.93 39.17 40.63
Total Debt / Equity 91.42 100.48 109.18
Total Debt / EBITDA 2.16 2.29 2.41
Long Term Debt / Total Capital 31.06 29.55 36.19
Profitability
Returns
Return on Assets 7.00 7.03 6.98
Return On Equity % 17.57 18.02 19.80
Return on Common Equity 17.58 17.95 19.65
Margins
EBITDA Margin % 14.56 15.07 16.00
EBITA Margin 12.18 12.52 13.18
EBIT Margin % 11.34 11.72 12.28
EBT Margin %
Gross Profit Margin % 39.61 38.92 40.23
SG&A Margin 21.94 21.07 21.61
Net Income Margin % 14.03 7.02 7.88
Net Avail. For Common Margin % 7.17 6.99 7.89
Normalized Net Income Margin 6.40 6.49 6.74
Asset Turnovers
Receivables Turnover (Average Receivables) 6.55 6.46 6.30
Fixed Assets Turnover (Average Fixed Assets) 5.20 4.55 3.80
Inventory Turnover (Average Inventory) 4.42 4.41 4.09
Asset Turnover 0.92 0.94 0.86
Days Outstanding Inventory (Avg) 85.20 84.30 92.05
Current Ratio 2.01 1.60 1.87
Quick Ratio 1.29 0.99 1.19
Days Sales Outstanding (Average Receivables) 60.41 63.78 66.27
Days Payable Outstanding (Avg) 88.47 84.91 92.34
Cash Conversion Cycle (Average Days) 57.13 63.17 66.02
Operating Cash Flow to Current Liabilities 0.32 0.31 0.48
Solvency
Debt Analysis
Long Term Debt / Equity 84.66 82.39 101.06
Total Liabilities / Total Assets 53.70 56.07 56.50

EBIT / Interest Expense 124.66 18.48 16.20
EBITDA / Interest Expense 140.25 23.68 21.61
(EBITDA - Capex) / Interest Expense 81.41 14.19 17.00
Debt Coverage
Net Debt / EBITDA 2.28 1.94 1.86
Total Debt / (EBITDA - Capex) 2.69 2.93 2.92
Net Debt / (EBITDA - Capex) 2.72 2.36 2.24
Bankruptcy Risk
Altman Z-Score 6.81 6.33 7.18
2021 2022 Avg (2018-2022) Local 2018 2019
4.71 3.39 3.70 2.18 1.20

4.14 3.13 3.39 2.50 1.40
4.46 3.08 3.45 2.14 1.10
3.90 2.84 3.15 2.47 1.33
26.48 23.56 22.78 14.52 8.00

22.97 19.33 19.63 14.27 7.30
34.96 31.94 30.19 24.16 11.22
27.65 23.53 23.92 22.10 10.33
45.48 41.87 42.62 31.10 17.98
35.31 29.53 31.27 28.63 12.50
10.57 7.95 8.17 2.60 1.58

61.18 50.12 27.78 2.62 1.64
22,172.39 18,896.50 18,641.36 2,294.76 1,130.02

723.67 729.33 915.06 178.34 175.92
3,559.30 3,976.19 3,334.08 161.02 466.48
114.07 105.71 171.40 35.90 40.88

25,101.22 22,206.24 21,183.44 2,307.42 1,433.46
4.71 3.39 3.70 2.18 1.20

26.48 23.56 22.78 14.52 8.00
34.96 31.94 30.19 24.16 11.22
6,844.18 7,274.42 6,658.99 1,000.90 1,355.06

3,182.24 3,203.08 3,173.60 811.18 855.90
3,559.30 3,976.19 3,334.08 161.02 466.48

114.07 105.71 171.40 35.90 40.88
9.98 8.61 9.65 7.82 8.13
39.90 41.45 39.22 17.98 24.22
118.76 117.90 107.55 26.68 42.26
2.36 2.73 2.39 1.36 1.90
33.61 31.67 32.42 8.64 17.73
7.10 6.10 6.84 5.67 5.96
23.04 20.58 19.80 10.41 10.24
9.98 8.61 9.65 7.82 8.13
23.21 20.61 19.80 12.93 11.25
15.77 12.91 14.86 14.30 15.47

13.15 10.62 12.33 10.01 11.13
12.35 9.86 11.51 9.97 11.05
38.83 35.14 38.55 24.21 26.23

20.21 19.50 20.86 14.70 15.09
8.86 6.74 8.91 7.06 7.43
8.83 6.75 7.52 7.06 7.43
7.29 5.62 6.51 5.84 5.96
6.22 6.30 6.37 5.58 5.80

3.91 4.31 4.35 3.12 3.04
4.27 4.19 4.28 6.46 7.00
0.88 0.93 0.91 1.06 1.04
91.31 91.00 88.77 62.20 63.70
1.72 1.61 1.76 1.96 1.80

1.08 0.92 1.09 1.38 1.32
64.43 62.30 63.44 69.18 67.38
88.34 81.04 87.02 69.10 68.14
67.42 72.25 65.20 62.24 62.90
0.38 0.14 0.33 0.34 0.52
118.76 117.90 107.55 26.68 42.26

39.90 41.45 39.22 17.98 24.22
104.70 97.55 94.07 11.80 30.80
33.61 31.67 32.42 8.64 17.73
56.70 57.35 56.06 37.76 44.26
18.11 14.85 38.46 72.92 338.20

23.84 20.08 45.89 152.96 542.60
20.32 14.73 29.53 118.70 461.78
2.36 2.73 2.39 1.36 1.90

2.67 2.20 2.19 1.73 2.80
2.91 3.62 3.01 6.52 6.18
3.23 2.89 2.69 9.77 8.95
7.27 7.51 7.02 5.23 5.11

2020 2021 2022 Avg(2018-2022)
1.74 1.50 1.48 1.62

1.92 1.68 1.80 1.86
1.62 1.42 1.36 1.53
1.80 1.63 1.80 1.80
9.14 7.68 7.74 9.42

9.23 7.58 7.10 9.09
13.92 11.34 11.48 14.42
13.35 11.05 10.43 13.45
20.40 14.82 14.18 19.70
16.85 13.38 14.03 17.08
1.92 1.82 1.88 1.96

1.98 1.84 1.90 2.00
1,610.50 1,275.74 1,121.26 1,486.46

176.88 161.84 148.28 168.25
415.04 341.50 284.60 333.73
42.13 92.55 87.43 59.78

1,875.52 1,538.72 1,325.22 1,696.07
1.74 1.50 1.48 1.62

9.14 7.68 7.74 9.42
13.92 11.34 11.48 14.42
1,308.68 1,314.10 1,228.40 1,241.43

859.94 898.60 873.88 859.90
415.04 341.50 284.60 333.73

42.13 92.55 87.43 59.78
8.36 9.99 10.22 8.90
24.24 22.06 21.74 22.05
45.36 43.00 43.20 40.10
1.86 1.54 1.48 1.63
20.20 16.33 15.38 15.65
5.97 7.21 7.51 6.46
10.16 13.69 14.15 11.73
8.36 9.99 10.22 8.90
11.12 14.67 15.10 13.02
17.37 18.02 17.93 16.62

12.49 13.40 13.77 12.16
12.31 13.31 13.70 12.07
28.86 29.16 28.83 27.46

15.81 15.20 14.53 15.06
8.35 9.28 9.97 8.42
8.35 9.28 9.97 8.42
6.97 7.46 7.91 6.83
5.38 6.06 6.34 5.83

2.34 2.28 2.26 2.61
6.24 6.02 4.94 6.13
0.90 0.96 0.92 0.98
73.14 69.16 77.38 69.12
1.76 1.72 1.66 1.78

1.28 1.24 1.10 1.26
73.40 65.48 64.04 67.90
84.86 78.56 78.14 75.76
61.74 56.04 63.26 61.24
0.52 0.48 0.40 0.45
45.36 43.00 43.20 40.10

24.24 22.06 21.74 22.05
36.68 30.35 28.30 27.59
20.20 16.33 15.38 15.65
43.22 41.34 40.48 41.41
24.70 64.38 57.74 111.59

35.54 83.96 71.56 177.32
35.55 69.60 55.62 148.25
1.86 1.54 1.48 1.63

2.53 2.95 1.90 2.38
1.58 2.60 2.28 3.83
2.10 5.40 3.03 5.85
3.96 4.35 4.20 4.57

2022 Global
SHW PPG RPM AXTA
3.2 2 2.1 1.9

3.1 2 2 1.8
2.6 1.6 1.7 1.2
2.5 1.6 1.6 1.2
0 0 0 0
0 0 0 0
16.7 13.9 15.4 11.6
17.2 13.2 14.1 10.3
23.5 20.7 21.2 20
18.8 16.3 16.9 14.2
29.2 28.5 22.6 31.9
22.1 17.8 20.1 16.2
0 0 0 0
0 0 0 0
18.7 4.4 5.6 4.2
- - 211.3 -
0 0 0 0
0 0 0 0
0 0 0 0
57963.2 29049.4 11077.1 6051.1
198.8 1163 207.7 647.5
12507.9 7654 3010 3808.6
- - - -
- 117 1.4 46
70272.3 35601.4 13861.4 9156.2
0 0 0 0
0 0 0 0
3.2 2 2.1 1.9
16.7 13.9 15.4 11.6
23.5 20.7 21.2 20
0 0 0 0
0 0 0 0
15610 14363 4993.9 5308.1
3102.1 6592 1982.4 1453.5
- - - -
12507.9 7654 3010 3808.6
- 117 1.4 46
12.68 7.62 8.68 5.29
80.1 53.3 60.3 71.8
403.2 114.1 151.7 254
3 3 3.3 4.8
71.1 49.8 47 70.6
0 0 0 0
0 0 0 0
0 0 0 0
8.66 5.11 6.32 4
72.94 16.1 26.43 12.65
12.68 7.62 8.68 5.29
72.94 15.97 26.19 13.01
0 0 0 0
0 0 0 0
16.15 12.89 12.05 15.48
14.96 10.7 10.45 11.93
13.53 9.76 9.77 9.36
- - - -
- - - -
42.1 37.38 36.27 29.05
27.17 21.95 25.24 15.81
9.12 5.81 7.33 3.92
9.12 5.82 7.27 3.92
7.25 5.72 5.28 3.96
0 0 0 0
0 0 0 0
8.8 6.4 4.8 5.6
5.7 4.2 5 3.8
5.6 5 4 4.6
1 0.8 1 0.7
64.8 73.4 91.8 79
0 0 0 0
0 0 0 0
1 1.5 1.6 1.9
0.5 0.9 0.8 1.3
41.4 57 76.3 65.3
65.3 86.3 60.9 70
40.9 44.1 107.2 74.2
0.3 0.2 0.1 0.2
0 0 0 0
0 0 0 0
0 0 0 0
403.2 114.1 151.7 254
80.1 53.3 60.3 71.8
357.9 106.7 118.4 250
71.1 49.8 47 70.6
86.3 67.7 70.4 78.8
0 0 0 0
0 0 0 0
7.7 10.3 7.5 2.9
10.8 15.2 10.2 5
9.1 12.1 7.7 4
0 0 0 0
0 0 0 0
3 3 3.3 4.8
2.9 2.5 3.1 4
3.5 3.8 4.4 5.9
3.4 3.2 4.1 4.9
0 0 0 0
0 0 0 0
3.63 3.97 3.41 1.95
AKZA NIPPON KANSAI APNT BRGR KNPL
Global Industry Avg
1.5 2.4 1.2 10 6.2 3.4 3.39

1.5 2.3 1.2 8.8 5.4 3.2 3.13
1.1 2 1 10 6.2 3.4 3.08
1.1 1.9 1.1 8.9 5.3 3.2 2.84
0 0 0 0 0 0 0
0 0 0 0 0 0 0
14.7 20.2 9.2 60 40.3 33.6 23.56
12 17.3 9.8 45.5 32.2 21.7 19.33
22.5 29 16.3 72.4 48.4 45.4 31.94
16.6 22.9 16.6 51.6 37.4 24 23.53
34.2 33.2 17.6 96 64.8 60.7 41.87
18.2 26.8 22 68.7 49.9 33.5 29.53
0 0 0 0 0 0 0
0 0 0 0 0 0 0
2.8 2.3 1.4 21.1 13.7 5.3 7.95
46 - 1.6 21.7 14.8 5.3 50.1166666666667
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
12866.7 20088.4 3574.2 38326.2 7101.9 2866.8 18896.5
1912.4 1979.7 559.4 531.6 52 41.2 729.33
6290.8 5500.9 605.2 209 133.5 42 3976.19
- - - - - -
230.2 49.8 452.6 51 0.9 2.5 105.711111111111
17477.8 23611.7 4041.1 37989 7181.7 2869.8 22206.24
0 0 0 0 0 0 0
0 0 0 0 0 0 0
1.5 2.4 1.2 10 6.2 3.4 3.39
14.7 20.2 9.2 60 40.3 33.6 23.56
22.5 29 16.3 72.4 48.4 45.4 31.94
0 0 0 0 0 0 0
0 0 0 0 0 0 0
11160.7 14302.9 3686.8 2078.7 651.5 588.6 7274.42
4639.7 8752.2 2629 1818.7 517.1 544.1 3203.08
- - - - - - #DIV/0!
6290.8 5500.9 605.2 209 133.5 42 3976.19
230.2 49.8 452.6 51 0.9 2.5 105.711111111111
4.63 3.97 4.13 16.55 15.71 6.79 8.605
56.4 38.5 16.4 10.1 20.5 7.1 41.45
129.2 62.5 19.6 11.2 25.8 7.7 117.9
5.4 4.7 1.5 0.3 0.8 0.5 2.73
32 33.3 0.8 4.1 5.7 2.3 31.67
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
3.17 3.04 3.12 11.5 10.72 5.33 6.097
7.62 7.48 9.03 22.49 22.76 8.33 20.583
4.63 3.97 4.13 16.55 15.71 6.79 8.605
7.42 7.53 8.74 22.77 22.8 8.77 20.614
0 0 0 0 0 0
0 0 0 0 0 0
9.18 11.78 11.48 15.66 14.67 9.71 12.905
7.5 8.18 8.07 13.78 12.86 7.75 10.618
6.69 8.18 7.18 13.76 12.86 7.53 9.862
- - - - - -
- - - - - -
36.17 37.24 29.82 36.39 36.76 30.25 35.143
27.1 29.29 19.29 10.1 9.44 9.63 19.502
3.25 6.07 6.33 10.46 9.51 5.63 6.743
3.34 6.07 6.33 10.46 9.51 5.63 6.747
3.23 5.01 4.32 8.82 7.87 4.74 5.62
0 0 0 0 0 0 0
0 0 0 0 0 0 0
5.3 4.5 4 8.9 8.5 6.2 6.3
5 3.9 3.2 5.3 4 3 4.31
4 5.3 3.8 3.7 2.8 3.1 4.19
0.8 0.6 0.7 1.3 1.3 1.1 0.93
92.1 68.6 96.1 98.5 129.5 116.2 91
0 0 0 0 0 0 0
0 0 0 0 0 0 0
1.1 1.6 1.6 2 1.4 2.4 1.61
0.8 1.2 1 1.1 0.5 1.1 0.92
68.9 80.6 90.7 40.9 43.2 58.7 62.3
117.5 98.5 78.5 66.2 96.5 70.7 81.04
43.5 50.8 108.2 73.2 76.2 104.2 72.25
0 0.2 0.1 0.1 0.2 0 0.14
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
129.2 62.5 19.6 11.2 25.8 7.7 117.9
56.4 38.5 16.4 10.1 20.5 7.1 41.45
73.3 54.2 0.9 4.5 7.1 2.5 97.55
32 33.3 0.8 4.1 5.7 2.3 31.67
69.1 52.7 37.5 38.2 45.5 27.3 57.35
0 0 0 0 0 0 0
0 0 0 0 0 0 0
6.8 12.8 19.6 41.8 22.3 16.8 14.85
10.3 18.4 31.4 50.1 26.7 22.7 20.08
7.6 14 21.9 44.5 11.4 15 14.73
0 0 0 0 0 0 0
0 0 0 0 0 0 0
5.4 4.7 1.5 0.3 0.8 0.5 2.73
3.7 3 0.1 - 0.5 0 2.2
7.3 6.2 2.2 0.4 1.8 0.7 3.62
5.1 4 0.2 - 1.1 0 2.88888888888889
0 0 0 0 0 0 0
0 0 0 0 0 0 0
2.17 2.11 3.54 23.19 16.37 14.72 7.506
Local
ARNA SPTO CSAP
Multiples
Sales | Revenues
EV / Sales (LTM) 2.6 0.9 0.5
EV / Sales (NTM) 2.2 - -
Price / Sales - P/S (NTM) 2.4 - -
0 0 0
Earnings 0 0 0
EV / EBITDA (LTM) 7.9 5.7 7.8
EV / EBITDA (NTM) 6.7 - -
EV / EBIT (LTM) 9 7.4 11.6
EV / EBIT (NTM) 7.9 - -
Price / Earnings - P/E (NTM) 10.9 - -
0 0 0
Book Value 0 0 0
Price / Book - P/B (LTM) 4 1.1 1.6
Price / Tangible Book Value - P/TBV (LTM) 4 1.1 1.6
0 0 0
Enterprise Value 0 0 0
Capital Structure 0 0 0
Market Capitalization 464.4 94.8 234.1
Total Cash And Short Term Investments 37.5 12.1 9.3
Total Debt 3.3 22.2 251.4
Total Preferred Equity - - -
Minority Interest (Balance Sheet) 1.9 46.4 12
Enterprise Value - EV 431.3 139.9 487.2
0 0 0
Enterprise Value Multiples 0 0 0
EV / Sales (LTM) 2.6 0.9 0.5
EV / EBITDA (LTM) 7.9 5.7 7.8
EV / EBIT (LTM) 9 7.4 11.6
0 0 0
Capitalization 0 0 0
Total Capital 121.4 158 412.2
Total Common Equity 116.2 89.4 148.9
Total Debt 3.3 22.2 251.4
Minority Interest (Balance Sheet) 1.9 46.4 12
Total Debt / Total Capital 2.7 14 61
Total Debt / EBITDA 0.1 0.9 4
Long Term Debt / Total Capital - 7.5 26.7
0 0 0
Profitability 0 0 0
Returns 0 0 0
Return On Equity % 34.15 10.82 11.06
0 0 0
Margins 0 0 0
EBITDA Margin % 32.6 14.58 5.45
EBITA Margin 28.87 11.72 4.26
EBIT Margin % 28.87 11.72 4.21
EBT Margin % - - -
EBT Excl. Non-Recurring Items Margin % - - -
SG&A Margin 11.98 15.41 10.23
0 0 0
Asset Turnovers 0 0 0
Receivables Turnover (Average Receivables) 3.7 5.3 10
Fixed Assets Turnover (Average Fixed Assets) 3 2.2 4.4
Inventory Turnover (Average Inventory) 7.3 4.1 4
0 0 0
Short-term Liquidity 0 0 0
Current Ratio 2.3 1.5 1
Quick Ratio 1.9 0.8 0.4
0 0 0
Solvency 0 0 0
Debt Analysis 0 0 0
Total Debt / Total Capital 2.7 14 61
Long Term Debt / Equity - 8.7 68.4
0 0 0
Interest Rate Coverage 0 0 0
(EBITDA - Capex) / Interest Expense 198.4 15.2 2
0 0 0
Debt Coverage 0 0 0
Total Debt / EBITDA 0.1 0.9 4
Net Debt / EBITDA - 0.4 3.9
Net Debt / (EBITDA - Capex) - 0.4 6.9
0 0 0
Bankruptcy Risk 0 0 0
Local Industry Avg
SMGR INTP
1.5 1.9 1.48

1.4 1.8 1.8
1.1 2.1 1.36
1 2 1.8
0 0
0 0
7 10.3 7.74
6.1 8.5 7.1
12 17.4 11.48
9.6 13.8 10.4333333333333
16.8 19.3 14.18
12.6 18.6 14.0333333333333
0 0
0 0
0.9 1.8 1.88
1 1.8 1.9
0 0
0 0
0 0
2552.7 2260.3 1121.26
390.9 291.6 148.28
1082.5 63.6 284.6
- -
289.4 - 87.425
3541.7 2026 1325.22
0 0
0 0
1.5 1.9 1.48
7 10.3 7.74
12 17.4 11.48
0 0 0
0 0 0
4126.1 1324.3 1228.4
2754.2 1260.7 873.88
- - #DIV/0!
1082.5 63.6 284.6
289.4 - 87.425
4.5 5.45 10.216
26.2 4.8 21.74
35.6 5 43.2
2.1 0.3 1.48
24.2 3.1 15.375
0 0 0
0 0 0
0 0 0
3.48 4.36 7.51
5.55 9.17 14.15
4.5 5.45 10.216
5.82 9.17 15.096
0 0 0
0 0 0
20.33 16.67 17.926
12.93 11.08 13.772
12.6 11.08 13.696
- - #DIV/0!
- - #DIV/0!
28.87 31.5 28.832
16.31 18.7 14.526
6.5 11.28 9.972
6.5 11.28 9.972
5.31 8.85 7.906
0 0 0
0 0 0
6.5 6.2 6.34
0.6 1.1 2.26
4.9 4.4 4.94
0.4 0.6 0.92
73.8 83.2 77.38
0 0 0
0 0 0
1.4 2.1 1.66
0.9 1.5 1.1
56.2 58.5 64.04
109.3 61 78.14
20.7 80.7 63.26
0.5 0.5 0.4
0 0 0
0 0 0
0 0 0
35.6 5 43.2
26.2 4.8 21.74
32.9 3.2 28.3
24.2 3.1 15.375
43.1 23.9 40.48
0 0 0
0 0 0
3.3 48.7 57.74
5.8 81.6 71.56
4.4 58.1 55.62
0 0 0
0 0 0
2.1 0.3 1.48
1.4 - 1.9
2.8 0.5 2.28
1.8 - 3.03333333333333
0 0 0
0 0 0
1.98 5.54 4.2
2021 Global
Metrics SHW PPG RPM AXTA
Multiples
Sales | Revenues
EV / Sales (LTM) 4.3 2.6 2.3 2.2
EV / Sales (NTM) 3.9 2.4 2.2 2
Price / Sales - P/S (LTM) 3.7 2.3 1.9 1.5
Price / Sales - P/S (NTM) 3.4 2.1 1.8 1.4
0 0 0 0
Earnings 0 0 0 0
EV / EBITDA (LTM) 22.2 16.7 14.3 11.3
EV / EBITDA (NTM) 21.7 14.4 13.7 10.1
EV / EBIT (LTM) 32.1 24.3 18.9 19
EV / EBIT (NTM) 24.1 17.4 16.3 13.3
Price / Earnings - P/E (LTM) 40.6 26.9 22.6 26
Price / Earnings - P/E (NTM) 28.8 19.7 19.5 14.4
0 0 0 0
Book Value 0 0 0 0
Price / Book - P/B (LTM) 30.2 6 6.5 4.5
Price / Tangible Book Value - P/TBV (LTM) - - - -
0 0 0 0
Enterprise Value 0 0 0 0
Capital Structure 0 0 0 0
Market Capitalization 74015.8 37912.9 11315.4 6761.5
Total Cash And Short Term Investments 165.7 1078 250.6 840.6
Total Debt 11495.4 7466 2701.8 3962.3
Total Preferred Equity - - - -
Minority Interest (Balance Sheet) - 125 2 45.8
Enterprise Value - EV 85345.5 44363.9 13745.8 9796.3
0 0 0 0
Enterprise Value Multiples 0 0 0 0
EV / Sales (LTM) 4.3 2.6 2.3 2.2
EV / EBITDA (LTM) 22.2 16.7 14.3 11.3
EV / EBIT (LTM) 32.1 24.3 18.9 19
0 0 0 0
Capitalization 0 0 0 0
Total Capital 13932.6 13877 4444.8 5501
Total Common Equity 2437.2 6286 1741.1 1492.9
Total Debt 11495.4 7466 2701.8 3962.3
Minority Interest (Balance Sheet) - 125 2 45.8
Return on Total Capital 12.02 8.66 10.62 5.84
Total Debt / Total Capital 82.5 53.8 60.8 72
Total Debt / Equity 471.7 116.5 155 257.5
Total Debt / EBITDA 3 2.8 2.8 4.6
Long Term Debt / Total Capital 72.2 52.4 59.4 69.6
0 0 0 0
Profitability 0 0 0 0
Returns 0 0 0 0
Return on Assets 8.1 5.57 7.64 4.47
Return On Equity % 61.65 23.57 33.48 17.52
Return on Common Equity 61.65 23.72 33.2 18.04
0 0 0 0
Margins 0 0 0 0
EBITDA Margin % 16.21 14.18 14.3 18.75
EBITA Margin 14.89 11.87 12.62 14.4
EBIT Margin % 13.34 10.84 11.9 11.65
EBT Margin % - - - -
EBT Excl. Non-Recurring Items Margin % - - - -
Gross Profit Margin % 42.83 39.03 39.39 32.36
SG&A Margin 27.96 22.23 26.05 16.71
Net Income Margin % 9.35 8.56 8.23 5.98
Net Avail. For Common Margin % 9.35 8.45 8.17 5.98
Normalized Net Income Margin 7.37 6.57 7.01 5.53
0 0 0 0
Asset Turnovers 0 0 0 0
Receivables Turnover (Average Receivables) 8.9 6.6 4.9 5.6
Fixed Assets Turnover (Average Fixed Assets) 5.5 4 5.1 3.4
Inventory Turnover (Average Inventory) 6.1 5.2 4.2 4.9
Asset Turnover 1 0.8 1 0.6
Days Outstanding Inventory (Avg) 59.7 69.6 86.2 75.1
0 0 0 0
Short-term Liquidity 0 0 0 0
Current Ratio 0.9 1.4 2.1 1.9
Quick Ratio 0.5 0.9 1.2 1.3
Days Sales Outstanding (Average Receivables) 41.1 55.4 74 65
Days Payable Outstanding (Avg) 71.6 85.3 59.7 72
Cash Conversion Cycle (Average Days) 29.2 39.7 100.6 68.1
Operating Cash Flow to Current Liabilities 0.4 0.3 0.6 0.4
0 0 0 0
Solvency 0 0 0 0
Debt Analysis 0 0 0 0
Total Debt / Equity 471.7 116.5 155 257.5
Total Debt / Total Capital 82.5 53.8 60.8 72
Long Term Debt / Equity 412.8 113.3 151.4 249
Total Liabilities / Total Assets 88.2 70 72.1 78.7
0 0 0 0
Interest Rate Coverage 0 0 0 0
EBIT / Interest Expense 7.9 15.1 8.5 3.4
EBITDA / Interest Expense 11.5 21.8 11.3 5.7
(EBITDA - Capex) / Interest Expense 10.4 18.8 9.4 4.9
0 0 0 0
Debt Coverage 0 0 0 0
Net Debt / EBITDA 3 2.4 2.5 3.6
Total Debt / (EBITDA - Capex) 3.3 3.3 3.4 5.3
Net Debt / (EBITDA - Capex) 3.3 2.8 3 4.2
0 0 0 0
Bankruptcy Risk 0 0 0 0
Altman Z-Score 3.93 4.03 3.54 1.96
Global Industry Avg
2 2.3 2.1 11.2 11.9 6.2 4.71

1.9 2.2 1.9 9.6 10.1 5.2 4.14
1.8 2 1.9 11.3 11.9 6.3 4.46
1.6 1.9 1.7 9.7 10.1 5.3 3.9
0 0 0 0 0 0 0
0 0 0 0 0 0 0
13.3 19.4 14 49.7 67.6 36.3 26.48
11.5 17.2 12.6 42.8 55.9 29.8 22.97
18 27.7 24.1 59.4 81.2 44.9 34.96
14.6 22.8 18.9 49.9 65.1 34.1 27.65
21 29.2 37.7 77.6 113.2 60 45.48
18 25.6 27.1 65.2 86.9 47.9 35.31
0 0 0 0 0 0 0
0 0 0 0 0 0 0
3.1 2.1 2.4 19 24.1 7.8 10.57
9.6 300.2 3 19.9 26.4 8 61.1833333333333
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
19355.3 17284.1 6337 33274 11124 4343.9 22172.39
1377.2 1552.9 1123.9 652.1 87.8 107.9 723.67
4040.5 4544.3 1110.1 149.3 86.6 36.7 3559.3
- - - - - -
240.2 79.7 470.1 57.8 1 5 114.066666666667
22269.4 20341.4 6798.2 32952.3 11122.8 4276.6 25101.22
0 0 0 0 0 0 0
0 0 0 0 0 0 0
2 2.3 2.1 11.2 11.9 6.2 4.71
13.3 19.4 14 49.7 67.6 36.3 26.48
18 27.7 24.1 59.4 81.2 44.9 34.96
0 0 0 0 0 0 0
0 0 0 0 0 0 0
10455.3 12960.6 4170.4 1956.2 548.7 595.2 6844.18
6174.6 8336.6 2590.1 1749.1 461.2 553.6 3182.24
- - - - - - #DIV/0!
4040.5 4544.3 1110.1 149.3 86.6 36.7 3559.3
240.2 79.7 470.1 57.8 1 5 114.066666666667
7.55 3.87 4.44 19.56 16.81 10.41 9.978
38.6 35.1 26.6 7.6 15.8 6.2 39.9
63 54 36.3 8.3 18.7 6.6 118.76
2.5 4.4 2.5 0.2 0.5 0.3 2.36
21.7 30.7 15 4 8.9 2.2 33.61
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
5.03 2.95 3.39 13.91 11.57 8.38 7.101
14.83 8.06 7.15 26.99 23.79 13.36 23.04
7.55 3.87 4.44 19.56 16.81 10.41 9.978
14.73 8.73 7.21 27.37 23.84 13.56 23.205
0 0 0 0 0 0
0 0 0 0 0 0
14.04 11.85 13.45 21.45 16.98 16.45 15.766
12.09 8.45 9.52 18.92 14.7 14.03 13.149
11.36 8.45 8.56 18.9 14.7 13.76 12.346
- - - - - -
- - - - - -
40.72 37.9 33.1 43.24 41.94 37.74 38.825
27.22 29.48 20.61 11.55 10.56 9.72 20.209
8.65 6.77 5.49 14.6 10.56 10.44 8.863
8.58 6.68 5.49 14.6 10.56 10.44 8.83
6.37 5.44 5.25 11.84 8.84 8.65 7.287
0 0 0 0 0 0 0
0 0 0 0 0 0 0
5.1 4 3.6 9.8 7.9 5.8 6.22
4.7 3.6 2.8 3.8 3.7 2.5 3.91
4 5.5 3.8 3.4 2.7 2.9 4.27
0.7 0.6 0.6 1.2 1.3 1 0.88
90.2 66.8 97.2 107.5 133.4 127.4 91.31
0 0 0 0 0 0 0
0 0 0 0 0 0 0
1.1 1.6 1.9 2 1.7 2.6 1.72
0.7 1.2 1.4 1.3 0.8 1.5 1.08
70.9 91.2 100.2 37.4 46.4 62.7 64.43
130.3 102.8 91.1 79.8 108.9 81.9 88.34
30.8 55.1 106.3 65.1 71 108.3 67.42
0.1 0.2 0.3 0.6 0.4 0.5 0.38
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
63 54 36.3 8.3 18.7 6.6 118.76
38.6 35.1 26.6 7.6 15.8 6.2 39.9
35.4 47.3 20.5 4.4 10.6 2.3 104.7
21.7 30.7 15 4 8.9 2.2 33.61
59.4 50.5 44.1 35.1 42.8 26.1 56.7
0 0 0 0 0 0 0
0 0 0 0 0 0 0
14.7 15.1 19.7 44.4 22.9 29.4 18.11
19.5 21.1 30.9 52.7 27.6 36.3 23.84
15.6 14.9 24.3 49.6 23.4 31.9 20.32
0 0 0 0 0 0 0
0 0 0 0 0 0 0
2.5 4.4 2.5 0.2 0.5 0.3 2.36
1.6 2.9 - - - - 2.66666666666667
3.1 6.3 3.2 0.2 0.6 0.4 2.91
2 4.1 - - - - 3.23333333333333
0 0 0 0 0 0 0
0 0 0 0 0 0 0
2.9 3.04 3.16 19.65 16.72 13.8 7.273
Local
ARNA SPTO CSAP
Multiples
Sales | Revenues
EV / Sales (LTM) 2.2 1 0.4
EV / Sales (NTM) 2.1 1-
Price / Sales - P/S (NTM) 2.3 0.7 -
0 0 0
Earnings 0 0 0
EV / EBITDA (LTM) 7.9 6.1 6.7
EV / EBITDA (NTM) 6.5 6.8 -
EV / EBIT (LTM) 9.3 8.1 9.9
EV / EBIT (NTM) 7.5 8.8 -
Price / Earnings - P/E (LTM) 13 7.6 10.3
Price / Earnings - P/E (NTM) 10.5 7.7 -
0 0 0
Book Value 0 0 0
Price / Book - P/B (LTM) 4 1.1 1
Price / Tangible Book Value - P/TBV (LTM) 4 1.1 1
0 0 0
Total Debt 1.4 28.3 230.6
0 0 0
EV / Sales (LTM) 2.2 1 0.4
EV / EBITDA (LTM) 7.9 6.1 6.7
EV / EBIT (LTM) 9.3 8.1 9.9
0 0 0
Total Capital 111.6 172.2 389.3
Total Debt 1.4 28.3 230.6
Total Debt / EBITDA 0 1.1 4.1
0 0 0
Profitability 0 0 0
Returns 0 0 0
Return On Equity % 33.08 11.21 10.43
0 0 0
Margins 0 0 0
EBITDA Margin % 27.6 15.24 4.93
EBITA Margin 23.51 12.08 3.86
EBIT Margin % 23.51 12.08 3.81
EBT Margin % - - -
SG&A Margin 12.56 15.97 10.11
0 0 0
Days Outstanding Inventory (Avg) 32 85.9 82.3
0 0 0
Days Sales Outstanding (Average Receivables) 92.6 75 38.9
Days Payable Outstanding (Avg) 63.2 86.3 74
Operating Cash Flow to Current Liabilities 0.8 0.5 0
0 0 0
Solvency 0 0 0
Debt Analysis 0 0 0
0 0 0
EBIT / Interest Expense 227.1 10 2.4
0 0 0
Debt Coverage 0 0 0
Total Debt / EBITDA 0 1.1 4.1
Net Debt / EBITDA - - 4
Total Debt / (EBITDA - Capex) 0 1.3 8.6
Net Debt / (EBITDA - Capex) - - 8.5
0 0 0
Local Industry Avg
SMGR INTP
1.7 2.2 1.5

1.6 2 1.675
1.2 2.6 1.42
1.1 2.4 1.625
0 0
0 0
7.4 10.3 7.68
7.4 9.6 7.575
12.2 17.2 11.34
11.5 16.4 11.05
20.8 22.4 14.82
14.1 21.2 13.375
0 0
0 0
1.1 1.9 1.82
1.2 1.9 1.84
0 0
0 0
0 0
2979.4 2712.3 1275.74
302.2 430.4 161.84
1427.9 19.3 341.5
- -
305.7 - 92.55
4467.4 2303.9 1538.72
0 0
0 0
1.7 2.2 1.5
7.4 10.3 7.68
12.2 17.2 11.34
0 0 0
0 0 0
4432.8 1464.6 1314.1
2699.3 1445.3 898.6
- - #DIV/0!
1427.9 19.3 341.5
305.7 - 92.55
5.24 5.47 9.99
32.2 1.3 22.06
47.5 1.3 43
2.4 0.1 1.54
25.9 0.5 16.325
0 0 0
0 0 0
0 0 0
4.09 4.46 7.208
5.39 8.36 13.694
5.24 5.47 9.99
5.63 8.36 14.674
0 0 0
0 0 0
22.19 20.13 18.018
14.65 12.91 13.402
14.23 12.91 13.308
- - #DIV/0!
- - #DIV/0!
31.45 34.7 29.156
17.18 20.16 15.196
5.58 12.11 9.282
5.58 12.11 9.282
5.89 9.63 7.464
0 0 0
0 0 0
6.4 5.7 6.06
0.6 1 2.28
5.4 4.7 6.02
0.5 0.6 0.96
68.2 77.4 69.16
0 0 0
0 0 0
1.1 2.4 1.72
0.7 1.9 1.24
57 63.9 65.48
103 66.3 78.56
22.1 75 56.04
0.5 0.6 0.48
0 0 0
0 0 0
0 0 0
47.5 1.3 43
32.2 1.3 22.06
38.2 0.6 30.35
25.9 0.5 16.325
47.6 21.1 41.34
0 0 0
0 0 0
3 79.4 64.38
4.9 131.5 83.96
3.9 107.9 69.6
0 0 0
0 0 0
2.4 0.1 1.54
1.9 - 2.95
3 0.1 2.6
2.3 - 5.4
0 0 0
0 0 0
2.13 6.84 4.35
2020 Global
Multiples
Sales | Revenues
EV / Sales (LTM) 3.7 2.8 2.4 2.4
EV / Sales (NTM) 3.5 2.5 2.4 2.1
Price / Sales - P/S (NTM) 3 2.2 1.9 1.5
0 0 0 0
Earnings 0 0 0 0
EV / EBITDA (LTM) 16.9 15 16.4 11.6
EV / EBITDA (NTM) 18 13.6 16.3 9.6
EV / EBIT (LTM) 23.8 21.3 23.4 21.4
EV / EBIT (NTM) 20.1 16.8 20.4 12.9
Price / Earnings - P/E (LTM) 32.2 32.3 34.6 52.3
0 0 0 0
Book Value 0 0 0 0
Price / Book - P/B (LTM) 17.7 6 8.3 4.4
0 0 0 0
Market Capitalization 57873.6 33902.4 10480 6346.6
Total Cash And Short Term Investments 226.6 1928 241 1360.9
Total Debt 10113.5 6606 2844.6 4028.2
Minority Interest (Balance Sheet) - 126 2.2 46.8
0 0 0 0
EV / Sales (LTM) 3.7 2.8 2.4 2.4
EV / EBITDA (LTM) 16.9 15 16.4 11.6
EV / EBIT (LTM) 23.8 21.3 23.4 21.4
0 0 0 0
Total Capital 13724.3 12421 4109.3 5508
Total Common Equity 3610.8 5689 1262.4 1433
Total Debt 10113.5 6606 2844.6 4028.2
Total Debt / Total Capital 73.7 53.2 69.2 73.1
Total Debt / Equity 280.1 113.6 224.9 272.2
Total Debt / EBITDA 2.5 2.6 3.6 5.3
0 0 0 0
Returns 0 0 0 0
Return on Assets 8.71 6 6.3 3.73
Return On Equity % 52.51 19.09 22.82 8.44
0 0 0 0
Margins 0 0 0 0
EBITDA Margin % 18.68 16.61 12.99 19.47
EBITA Margin 17.22 13.93 10.97 14.18
EBIT Margin % 15.52 12.93 10.14 11.15
SG&A Margin 29.86 24.68 26.54 18.59
0 0 0 0
Fixed Assets Turnover (Average Fixed Assets) 5.2 3.6 5.6 2.9
Asset Turnover 0.9 0.7 1 0.5
Days Outstanding Inventory (Avg) 69.8 81.4 89.1 85.7
0 0 0 0
Current Ratio 1 1.4 2.2 2.5
Quick Ratio 0.5 1 1.3 1.9
Days Sales Outstanding (Average Receivables) 41.5 64.7 80.3 75
Days Payable Outstanding (Avg) 76.2 102.6 59.4 79.1
Cash Conversion Cycle (Average Days) 35.2 43.5 110 81.7
0 0 0 0
Solvency 0 0 0 0
Long Term Debt / Equity 268.7 100.6 214.1 266.6
Total Liabilities / Total Assets 82.3 70.3 77.5 79.3
0 0 0 0
EBIT / Interest Expense 8.4 13 5.5 2.6
(EBITDA - Capex) / Interest Expense 10.9 16.2 6.4 4.2
0 0 0 0
Net Debt / EBITDA 2.5 1.8 3.2 3.5
Total Debt / (EBITDA - Capex) 2.7 3 4.4 5.9
Net Debt / (EBITDA - Capex) 2.7 2.1 4 3.9
0 0 0 0
Altman Z-Score 3.25 3.72 3.19 1.72
Global Industry Avg
2 6.3 1.5 8 7.9 3.9 4.09

1.9 5.8 1.8 7.6 7.5 3.8 3.89
1.9 5.8 1.3 8 7.8 4 3.81
1.8 5.4 1.5 7.6 7.4 3.9 3.62
0 0 0 0 0 0 0
0 0 0 0 0 0 0
12.8 42.7 11.1 38.5 47.2 25.9 23.81
11.1 34.9 13.1 35.1 41.3 23.5 21.65
17.9 58.6 19.7 47.7 56.8 31.3 32.19
14.1 44.9 24.5 41.8 49.7 28.4 27.36
25.5 69.9 31.9 59.4 75.9 40.3 45.43
19 57.5 33.2 54.5 66.1 36.5 35.47
0 0 0 0 0 0 0
0 0 0 0 0 0 0
2.8 5.5 2 15.9 18.8 5.6 8.7
7.3 - 2.6 16.9 21 5.7 10.7
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
19520.8 44199.9 5009 21340.5 6615 2782.4 20807.02
2267.3 2896.1 589 229.5 44.1 65.6 984.81
3530.4 5188.5 895.6 148.3 101.7 32.1 3348.89
- - - - - -
249.2 1272.6 482 53.5 0.9 2.9 248.455555555556
21011.6 47718 5770.5 21368.5 6664.5 2751.1 23321.09
0 0 0 0 0 0 0
0 0 0 0 0 0 0
2 6.3 1.5 8 7.9 3.9 4.09
12.8 42.7 11.1 38.5 47.2 25.9 23.81
17.9 58.6 19.7 47.7 56.8 31.3 32.19
0 0 0 0 0 0 0
0 0 0 0 0 0 0
10798.9 11965.8 3878.3 1544.7 455.2 533.4 6493.89
7019.3 5504.6 2500.8 1342.9 352.6 498.5 2921.39
- - - - - - #DIV/0!
3530.4 5188.5 895.6 148.3 101.7 32.1 3348.89
249.2 1272.6 482 53.5 0.9 2.9 248.455555555556
6.83 4.44 4.59 18.54 16.67 10.94 9.753
32.7 43.4 23.1 9.6 22.3 6 40.63
48.6 76.6 30 10.6 28.8 6.4 109.18
2.2 4.7 1.9 0.3 0.7 0.3 2.41
31.3 37.8 17.8 5.2 12.6 1.9 36.19
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
4.6 3.4 3.49 13.04 11.68 8.81 6.976
10.83 9.82 7.23 27.29 25.66 14.29 19.798
6.83 4.44 4.59 18.54 16.67 10.94 9.753
10.53 7.96 6.86 27.65 25.78 14.52 19.646
0 0 0 0 0 0
0 0 0 0 0 0
14.36 14.55 12.73 19.54 16.09 14.93 15.995
12.04 10.77 9.17 16.88 13.9 12.78 13.184
11.29 10.77 7.74 16.85 13.9 12.54 12.283
- - - - - -
- - - - - -
44.37 41.41 31.83 42.71 40.1 37.98 40.233
30.23 30.51 20.49 12.16 11.33 11.66 21.605
7.39 5.72 4.54 13.48 10.33 9.87 7.883
7.47 5.72 4.54 13.5 10.33 9.87 7.886
6.25 4.12 4.25 10.69 8.53 7.87 6.736
0 0 0 0 0 0 0
0 0 0 0 0 0 0
4.8 3.5 3.9 10.8 9.2 6.8 6.3
4.2 3.2 3.2 3.4 3.9 2.8 3.8
4.1 4.9 4.2 3.5 3 3.1 4.09
0.7 0.5 0.7 1.2 1.3 1.1 0.86
88.6 74.7 88.1 104.1 120.5 118.5 92.05
0 0 0 0 0 0 0
0 0 0 0 0 0 0
1.6 2 2.1 1.7 1.5 2.7 1.87
1.2 1.7 1.4 0.9 0.6 1.4 1.19
76.4 104.2 93.4 33.9 39.8 53.5 66.27
150.4 125.5 87.2 70.6 98 74.4 92.34
14.7 53.4 94.4 67.3 62.4 97.6 66.02
0.4 0.3 0.4 0.7 0.4 0.6 0.48
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
48.6 76.6 30 10.6 28.8 6.4 109.18
32.7 43.4 23.1 9.6 22.3 6 40.63
46.6 66.8 23.2 5.8 16.2 2 101.06
31.3 37.8 17.8 5.2 12.6 1.9 36.19
54.8 56.7 41.1 34.8 45.6 22.6 56.5
0 0 0 0 0 0 0
0 0 0 0 0 0 0
15.5 14.9 18 33.1 19.3 31.7 16.2
21.4 20.1 29.6 40.4 23.4 38.4 21.61
17.2 15.6 22.3 36.5 13.9 26.8 17
0 0 0 0 0 0 0
0 0 0 0 0 0 0
2.2 4.7 1.9 0.3 0.7 0.3 2.41
0.8 2.1 0.6 - 0.4 - 1.8625
2.7 6.1 2.5 0.3 1.2 0.4 2.92
1 2.7 0.8 - 0.7 - 2.2375
0 0 0 0 0 0 0
0 0 0 0 0 0 0
3.05 2.98 3.49 19.65 13.85 16.94 7.184
Local
ARNA SPTO CSAP
Multiples
Sales | Revenues
EV / Sales (LTM) 2.1 1.2 0.3
EV / Sales (NTM) 1.9 1.1 -
Earnings
EV / EBITDA (LTM) 8.8 9.4 7
EV / EBITDA (NTM) 7.4 8.4 -
EV / EBIT (LTM) 11.1 13.4 11.2
EV / EBIT (NTM) 9.1 10.9 -
Price / Earnings - P/E (NTM) 12.9 9.4 -
Book Value
Price / Book - P/B (LTM) 3.9 1 0.9
Price / Tangible Book Value - P/TBV (LTM) 3.9 1 0.9
Enterprise Value
Capital Structure
Total Debt 2.1 32.5 183.7
Enterprise Value - EV 329.8 165 284

EV / Sales (LTM) 2.1 1.2 0.3
EV / EBITDA (LTM) 8.8 9.4 7
EV / EBIT (LTM) 11.1 13.4 11.2
0 0 0
Total Capital 94.5 169.9 329.1
Total Debt 2.1 32.5 183.7
0 0 0
Profitability 0 0 0
Returns 0 0 0
Return On Equity % 26.29 5.8 3.02
0 0 0
Margins 0 0 0
EBITDA Margin % 23.83 12.14 3.88
EBITA Margin 18.96 9.11 2.89
EBIT Margin % 18.96 9.11 2.84
EBT Margin % - - -
SG&A Margin 12.86 18.65 10.66
0 0 0
0 0 0
Current Ratio 2 1.4 1.1
Days Sales Outstanding (Average Receivables) 94.1 93.3 44
0 0 0
Solvency 0 0 0
Debt Analysis 0 0 0
Total Liabilities / Total Assets 33.8 36.1 73
0 0 0
(EBITDA - Capex) / Interest Expense 73.8 5.8 -
0 0 0
Debt Coverage 0 0 0
Net Debt / EBITDA - 1 4.3
Total Debt / (EBITDA - Capex) 0.1 2.8 -
Net Debt / (EBITDA - Capex) - 1.5 -
0 0 0
Local Industry Avg
SMGR INTP
2.3 2.8 1.74

2.1 2.6 1.925
1.7 3.3 1.62
1.5 3 1.8
8.9 11.6 9.14

9 12.1 9.225
13.9 20 13.92
13.5 19.9 13.35
21.3 25.6 20.4
20.2 24.9 16.85
1.7 2.1 1.92

2 2.1 1.98
4217.6 3267.1 1610.5

285.5 544.8 176.88
1821.5 35.4 415.04
104.7 - 42.125
5833.6 2765.2 1875.52
2.3 2.8 1.74

8.9 11.6 9.14
13.9 20 13.92
0 0 0
0 0 0
4344.9 1605 1308.68
2418.7 1569.6 859.94
- - #DIV/0!
1821.5 35.4 415.04
104.7 - 42.125
5.92 5.31 8.364
41.9 2.2 24.24
72.2 2.3 45.36
2.8 0.1 1.86
38.5 1.1 20.2
0 0 0
0 0 0
0 0 0
4.7 4.43 5.97
7.69 7.98 10.156
5.92 5.31 8.364
8.4 7.98 11.124
0 0 0
0 0 0
25.06 21.92 17.366
17.75 13.75 12.492
16.87 13.75 12.306
- - #DIV/0!
- - #DIV/0!
33.44 36.05 28.858
16.9 19.96 15.806
7.94 12.73 8.354
7.94 12.73 8.354
6.95 10.13 6.974
0 0 0
0 0 0
5.7 5.1 5.38
0.6 1 2.34
5.1 4.9 6.24
0.4 0.5 0.9
71.8 75 73.14
0 0 0
0 0 0
1.4 2.9 1.76
0.9 2.4 1.28
63.8 71.8 73.4
95.7 67.7 84.86
40 79.2 61.74
0.6 0.8 0.52
0 0 0
0 0 0
0 0 0
72.2 2.3 45.36
41.9 2.2 24.24
66.3 1.1 36.675
38.5 1.1 20.2
54.3 18.9 43.22
0 0 0
0 0 0
2.6 43.1 24.7
4.1 74.1 35.54
3.5 59.1 35.55
0 0 0
0 0 0
2.8 0.1 1.86
2.3 - 2.53333333333333
3.2 0.2 1.575
2.7 - 2.1
0 0 0
0 0 0
2.17 7.63 3.962
2019 Global
Multiples
Sales | Revenues
EV / Sales (LTM) 3.5 2.3 1.9 2.1
EV / Sales (NTM) 3.3 2.2 1.9 2.1
Price / Sales - P/S (LTM) 2.9 2 1.5 1.5
0 0 0 0
Earnings 0 0 0 0
EV / EBITDA (LTM) 17.7 13.6 16.8 10.3
EV / EBITDA (NTM) 18.1 12.7 13.2 9.6
EV / EBIT (LTM) 26.1 19.2 21.5 17.1
EV / EBIT (NTM) 19.9 15.7 15.9 13.1
0 0 0 0
Book Value 0 0 0 0
Price / Book - P/B (LTM) 12.6 5.7 6.1 5
0 0 0 0
Market Capitalization 52085.8 30127.8 8526.5 6708.7
Total Debt 10427.5 5844 2526.1 3964.8
0 0 0 0
EV / Sales (LTM) 3.5 2.3 1.9 2.1
EV / EBITDA (LTM) 17.7 13.6 16.8 10.3
EV / EBIT (LTM) 26.1 19.2 21.5 17.1
0 0 0 0
Total Capital 14550.8 11247 3934.7 5374.4
Total Common Equity 4123.3 5284 1406 1354.2
Total Debt 10427.5 5844 2526.1 3964.8
Total Debt / Total Capital 71.7 52 64.2 73.8
0 0 0 0
Returns 0 0 0 0
Return on Assets 7.52 6.75 5.87 5.18
Return On Equity % 39.25 25.04 17.6 18.57
0 0 0 0
Margins 0 0 0 0
EBITDA Margin % 16.54 15.4 11.58 19.8
EBITA Margin 15.07 12.93 9.84 14.99
EBIT Margin % 13.32 12.03 9.03 12.47
SG&A Margin 29.69 23.91 28.71 18.34
0 0 0 0
Fixed Assets Turnover (Average Fixed Assets) 6.8 4.6 7 3.4
Days Outstanding Inventory (Avg) 68.5 74 88.3 75.3
0 0 0 0
Quick Ratio 0.5 0.9 1 1.7
Days Sales Outstanding (Average Receivables) 41.9 60.1 78.3 62.8
0 0 0 0
Solvency 0 0 0 0
Total Debt / Total Capital 71.7 52 64.2 73.8
Long Term Debt / Equity 228.5 95.5 140.1 275.4
Total Liabilities / Total Assets 79.9 69.5 74.1 79.3
0 0 0 0
(EBITDA - Capex) / Interest Expense 9.2 16.3 5 4.6
0 0 0 0
Net Debt / EBITDA 2.9 1.7 3.5 3.2
Total Debt / (EBITDA - Capex) 3.3 2.7 5 4.9
Net Debt / (EBITDA - Capex) 3.2 2.1 4.5 3.6
0 0 0 0
Altman Z-Score 3.41 4.15 3.09 2.01
Global Industry Avg
2 3 1.4 6.7 4.8 4.1 3.18

2 2.6 1.4 5.8 4.2 3.6 2.91
1.9 2.5 1.2 6.7 4.8 4.1 2.91
1.9 2.1 1.1 5.8 4.2 3.7 2.65
0 0 0 0 0 0 0
0 0 0 0 0 0 0
14.7 18.3 11.2 33.8 30.6 29.7 19.67
12.6 16.9 10 29 26.3 23.1 17.15
21.2 24.1 18.9 40.7 37.6 34.5 26.09
16.1 20.3 15.3 32.3 30.6 25.5 20.47
36.1 46.5 33.3 59.5 58.7 49.7 40.2
21.5 31.2 20.1 46.9 45.2 38.2 27.92
0 0 0 0 0 0 0
0 0 0 0 0 0 0
2.7 3.1 1.8 13.6 11.9 6.6 6.91
6.4 - 2.5 14.5 13.4 6.7 8.7
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
19357.3 15719.6 4507.3 18541.8 4182.8 3242.8 16300.04
1580.5 1734.3 701.7 256.3 69.7 41.8 707.39
2480.1 4069.4 1093.2 190.2 108.5 15.6 3071.94
-
244.5 1242.9 457 52.1 0.5 2.9 241.888888888889
20466.4 19261.1 5362.7 18450.4 4182.5 3217.4 18872.04
0 0 0 0 0 0 0
0 0 0 0 0 0 0
2 3 1.4 6.7 4.8 4.1 3.18
14.7 18.3 11.2 33.8 30.6 29.7 19.67
21.2 24.1 18.9 40.7 37.6 34.5 26.09
0 0 0 0 0 0 0
0 0 0 0 0 0 0
9847.4 10400.7 3986.7 1606.9 461.2 510.8 6192.06
7122.8 5088.4 2436.5 1364.7 352.2 492.3 2902.44
- - - - - - #DIV/0!
2480.1 4069.4 1093.2 190.2 108.5 15.6 3071.94
244.5 1242.9 457 52.1 0.5 2.9 241.888888888889
4.64 5.81 4.39 19.28 16.59 12.01 9.902
25.2 39.1 27.4 11.8 23.5 3 39.17
33.7 64.3 37.8 13.4 30.8 3.1 100.48
1.8 3.9 2.4 0.4 0.8 0.1 2.29
23.3 5.1 15.5 5 13.5 0.1 29.55
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
3.39 4.47 3.31 13.1 11.34 9.34 7.027
5.97 8.43 6.61 23.84 21.28 13.6 18.019
4.64 5.81 4.39 19.28 16.59 12.01 9.902
5.69 6.84 6.37 24.18 21.31 13.83 17.947
0 0 0 0 0 0
0 0 0 0 0 0
12.04 16.28 11.74 18.59 14.92 13.85 15.074
10.02 12.56 8.48 16.53 12.74 12.05 12.521
9.29 12.56 7.37 16.5 12.74 11.91 11.722
- - - - - -
- - - - - -
42.71 39.83 31.18 40.48 38.48 35.93 38.924
30.54 27.52 20.11 10.64 10.14 11.12 21.072
5.81 5.31 4.07 11.3 8.15 8.35 7.016
5.57 5.31 4.07 11.33 8.15 8.35 6.992
4.88 5.2 4.25 10.33 7.69 7.84 6.491
0 0 0 0 0 0 0
0 0 0 0 0 0 0
5.1 3.5 3.9 10.5 8.9 7.4 6.46
4.9 3.6 3.4 3.6 4.7 3.5 4.55
4.7 5.2 4.3 3.9 3.3 3.6 4.41
0.6 0.6 0.7 1.3 1.4 1.3 0.94
78.2 69.5 84.3 93.3 109.7 101.9 84.3
0 0 0 0 0 0 0
0 0 0 0 0 0 0
1.6 0.8 1.7 1.5 1.6 2.4 1.6
1.2 0.7 1.2 0.8 0.8 1.1 0.99
71.9 103.4 94.3 34.9 41.1 49.1 63.78
136.2 113.3 89 70.1 90.2 67.7 84.91
13.9 59.7 89.6 58.1 60.5 83.3 63.17
0 0.2 0.2 0.5 0.4 0.1 0.31
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
33.7 64.3 37.8 13.4 30.8 3.1 100.48
25.2 39.1 27.4 11.8 23.5 3 39.17
31.1 8.5 21.4 5.7 17.6 0.1 82.39
23.3 5.1 15.5 5 13.5 0.1 29.55
49.4 53.5 45.1 39.6 46.4 23.9 56.07
0 0 0 0 0 0 0
0 0 0 0 0 0 0
9.6 18.2 16.8 29.9 16.4 65.3 18.48
13.6 23.6 26.8 35.6 20.2 76 23.68
11.2 18.8 15.5 24.6 14 22.7 14.19
0 0 0 0 0 0 0
0 0 0 0 0 0 0
1.8 3.9 2.4 0.4 0.8 0.1 2.29
0.7 2.3 0.9 - 0.3 - 1.9375
2.2 4.9 4.2 0.5 1.1 0.5 2.93
0.8 2.8 1.5 - 0.4 - 2.3625
0 0 0 0 0 0 0
0 0 0 0 0 0 0
2.79 2.14 2.95 14.64 11.13 16.98 6.329
Local
ARNA SPTO CSAP
Multiples
Sales | Revenues
EV / Sales (LTM) 1.5 1 0.3
EV / Sales (NTM) 1.3 1-
0 0 0
Earnings 0 0 0
EV / EBITDA (LTM) 7.9 6.8 9.7
EV / EBITDA (NTM) - 6.4 -
EV / EBIT (LTM) 11 8.1 13.4
EV / EBIT (NTM) - 7.5 -
Price / Earnings - P/E (LTM) 15.9 6.8 33
Price / Earnings - P/E (NTM) - 6.8 -
0 0 0
Book Value 0 0 0
Price / Book - P/B (LTM) 3 1.2 1.1
Price / Tangible Book Value - P/TBV (LTM) 3 1.2 1.1
0 0 0
Total Cash And Short Term Investments 25.1 10.7 5
Total Debt 3.4 35.7 126
0 0 0
EV / Sales (LTM) 1.5 1 0.3
EV / EBITDA (LTM) 7.9 6.8 9.7
EV / EBIT (LTM) 11 8.1 13.4
0 0 0
Total Debt 3.4 35.7 126
Total Debt / Equity 4 29.3 88.9
0 0 0
Profitability 0 0 0
Returns 0 0 0
0 0 0
Margins 0 0 0
EBITDA Margin % 18.38 14.08 3.26
EBITA Margin 13.23 11.9 2.41
EBIT Margin % 13.23 11.9 2.36
EBT Margin % - - -
SG&A Margin 13.25 12.48 11.77
0 0 0
Fixed Assets Turnover (Average Fixed Assets) 2.7 2.5 8
Inventory Turnover (Average Inventory) 14.2 4 4.4
Asset Turnover 1.2 0.8 2
0 0 0
Days Sales Outstanding (Average Receivables) 86.9 83 43.4
0 0 0
Solvency 0 0 0
Debt Analysis 0 0 0
Long Term Debt / Equity - 23 21.3
0 0 0
(EBITDA - Capex) / Interest Expense 64.8 1-
0 0 0
Debt Coverage 0 0 0
Total Debt / (EBITDA - Capex) 0.1 20.3 -
Net Debt / (EBITDA - Capex) - 14.2 -
0 0 0
Local Industry Avg
SMGR INTP
1.6 1.6 1.2

1.6 1.7 1.4
1 2.1 1.1
1 2.2 1.325
0 0 0
0 0 0
7.4 8.2 8
7.2 8.3 7.3
10.4 13.2 11.22
10.3 13.2 10.3333333333333
16.2 18 17.98
12.8 17.9 12.5
0 0 0
0 0 0
1.2 1.4 1.58
1.4 1.5 1.64
0 0 0
0 0 0
0 0 0
2787.1 2369.4 1130.02
288.8 550 175.92
2159.4 7.9 466.48
- - #DIV/0!
116.1 - 40.875
4629.2 1881.5 1433.46
0 0 0
0 0 0
1.6 1.6 1.2
7.4 8.2 8
10.4 13.2 11.22
0 0 0
0 0 0
4595.6 1666.9 1355.06
2320.1 1659 855.9
- - #DIV/0!
2159.4 7.9 466.48
116.1 - 40.875
7.31 5.31 8.134
47 0.5 24.22
88.6 0.5 42.26
3.4 0 1.9
41.8 0 17.725
0 0 0
0 0 0
0 0 0
5.94 4.46 5.964
7.13 7.93 10.242
7.31 5.31 8.134
7.54 7.93 11.254
0 0 0
0 0 0
21.58 20.04 15.468
15.69 12.41 11.128
15.37 12.41 11.054
- - #DIV/0!
- - #DIV/0!
31.06 34.51 26.228
15.97 21.98 15.09
5.93 11.51 7.434
5.93 11.51 7.434
5.01 9.56 5.958
0 0 0
0 0 0
6.6 5.4 5.8
0.9 1.1 3.04
6.8 5.6 7
0.6 0.6 1.04
53.7 65.3 63.7
0 0 0
0 0 0
1.4 3.3 1.8
0.9 2.7 1.32
55.5 68.1 67.38
64 61.6 68.14
45.2 71.8 62.9
0.5 0.9 0.52
0 0 0
0 0 0
0 0 0
88.6 0.5 42.26
47 0.5 24.22
78.9 0 30.8
41.8 0 17.725
57.5 16.7 44.26
0 0 0
0 0 0
2 1624.1 338.2
2.7 2622.4 542.6
2.2 1779.1 461.775
0 0 0
0 0 0
3.4 0 1.9
3- 2.8
4.2 0.1 6.175
3.7 - 8.95
0 0 0
0 0 0
2.32 11.79 5.112
2018 Global
Multiples
Sales | Revenues
EV / Sales (LTM) 2.8 1.9 2 2
EV / Sales (NTM) 2.6 1.9 1.9 2
0 0 0 0
Earnings 0 0 0 0
EV / EBITDA (LTM) 19.6 13.5 15.3 10.4
EV / EBITDA (NTM) 14.8 11.5 13 9.5
EV / EBIT (LTM) 25.9 17.6 18.9 17.4
EV / EBIT (NTM) 16.6 14.1 15.7 15.5
0 0 0 0
Book Value 0 0 0 0
Price / Book - P/B (LTM) 10.5 5.5 5.2 5
0 0 0 0
Market Capitalization 39260.7 25754 8564 6045.5
Total Debt 9343.7 5016 2177.2 3971.5
Enterprise Value - EV 48448.8 29735 10496.5 9321.3
0 0 0 0
EV / Sales (LTM) 2.8 1.9 2 2
EV / EBITDA (LTM) 19.6 13.5 15.3 10.4
EV / EBIT (LTM) 25.9 17.6 18.9 17.4
0 0 0 0
Total Capital 13074.4 9748 3810.8 5282
Total Common Equity 3730.7 4630 1630.8 1205.1
Total Debt 9343.7 5016 2177.2 3971.5
Total Debt / Equity 250.5 106 133.3 303.1
Long Term Debt / Total Capital 66.6 44.8 57 74.1
0 0 0 0
Returns 0 0 0 0
Return on Assets 5.99 6.49 6.7 4.95
Return On Equity % 30.05 25.76 22.09 15.69
0 0 0 0
Margins 0 0 0 0
EBITDA Margin % 14.06 14.23 12.85 19.04
EBITA Margin 12.48 11.93 11.25 13.85
EBIT Margin % 10.66 11 10.44 11.39
SG&A Margin 28.83 23.2 28.16 18.66
0 0 0 0
Receivables Turnover (Average Receivables) 8.5 6.1 5 6.1
Fixed Assets Turnover (Average Fixed Assets) 9.6 5.5 7 3.5
Inventory Turnover (Average Inventory) 5.7 5.1 4 5.1
Days Outstanding Inventory (Avg) 64.2 71.2 90.6 72
0 0 0 0
Quick Ratio 0.5 0.9 1.5 1.5
Days Sales Outstanding (Average Receivables) 42.9 60.1 73 59.7
0 0 0 0
Solvency 0 0 0 0
Total Debt / Equity 250.5 106 133.3 303.1
Long Term Debt / Equity 233.4 92.2 133 298.6
Long Term Debt / Total Capital 66.6 44.8 57 74.1
Total Liabilities / Total Assets 80.5 70.5 69 80.4
0 0 0 0
(EBITDA - Capex) / Interest Expense 6 15.1 5.4 4.4
0 0 0 0
Net Debt / EBITDA 3.7 1.8 2.6 3.7
Total Debt / (EBITDA - Capex) 4.2 2.8 3.8 5.3
Net Debt / (EBITDA - Capex) 4.1 2.2 3.1 4.4
0 0 0
Altman Z-Score 3.19 4.43 3.18 2.03
Global Industry Avg
1.3 2 1.8 6.8 5.4 5.5 3.15

1.3 2 1.7 5.8 4.9 4.9 2.9
1.9 1.9 1.5 6.8 5.5 5.7 3.01
1.9 1.9 1.5 5.8 4.9 5.1 2.76
0 0 0 0 0 0 0
0 0 0 0 0 0 0
13.4 14.7 14.6 35 35 32.3 20.38
9.2 12.6 11.8 30.2 30.4 27.3 17.03
19 21.2 21.3 39.7 41.1 35.7 25.78
11.7 16.1 16.8 33.7 35.8 29.7 20.57
43.2 36.1 40 57.5 61.2 51.4 40.12
22.2 21.5 21.9 47.8 50.4 43 28.12
0 0 0 0 0 0 0
0 0 0 0 0 0 0
1.5 2.7 2.2 13.5 12.8 8.4 6.73
2.1 6.4 3.1 14.5 14.6 8.4 8.18333333333333
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
19790.9 19357.3 5743 17403.2 4328 4062 15030.86
9461.6 1580.5 693.2 248 65.6 89.7 1430.1
2747.2 2480.1 1252.6 82 64.9 5.4 2714.06
- - - - - - #DIV/0!
233.7 244.5 433.8 50.4 - 2.5 146.8875
13417.5 20466.4 6708.5 17311.9 4326.4 3933.6 16416.59
0 0 0 0 0 0 0
0 0 0 0 0 0 0
1.3 2 1.8 6.8 5.4 5.5 3.15
13.4 14.7 14.6 35 35 32.3 20.38
19 21.2 21.3 39.7 41.1 35.7 25.78
0 0 0 0 0 0 0
0 0 0 0 0 0 0
16538 9847.4 4286.8 1425 402.2 489.4 6490.4
13557.1 7122.8 2600.4 1292.7 337.3 481.5 3658.84
- - - - - - #DIV/0!
2747.2 2480.1 1252.6 82 64.9 5.4 2714.06
233.7 244.5 433.8 50.4 - 2.5 146.8875
3.2 4.64 4.82 19.91 17.37 14.83 9.992
16.6 25.2 29.2 5.8 16.1 1.1 34.93
19.9 33.7 41.3 6.1 19.2 1.1 91.42
2.8 1.8 2.6 0.2 0.5 0 2.16
12.5 23.3 22.2 0.3 9.5 0.3 31.06
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
2.2 3.39 3.66 13.53 11.58 11.54 7.003
4.96 5.97 7.25 24.26 22.5 17.19 17.572
3.2 4.64 4.82 19.91 17.37 14.83 9.992
4.52 5.69 6.68 24.59 22.5 17.3 17.577
0 0 0 0 0 0
0 0 0 0 0 0
9.23 12.04 12.53 19.03 15.58 17.03 14.562
7.27 10.02 9.25 17.07 13.25 15.39 12.176
6.64 9.29 8.33 17.04 13.25 15.39 11.343
- - - - - -
- - - - - -
42.43 42.71 32.85 41.11 41.26 39.35 39.614
32.89 30.54 20.31 12.14 12.75 11.88 21.936
72.1 5.81 4.4 12.25 8.92 11.04 14.032
4.32 5.57 4.4 11.83 8.92 11.04 7.169
3.16 4.88 4.03 10.96 8.25 10.13 6.404
0 0 0 0 0 0 0
0 0 0 0 0 0 0
5.2 5.1 3.8 10.4 8.1 7.2 6.55
5.2 4.9 3.4 4.3 4.9 3.7 5.2
4.8 4.7 4.3 3.7 3.1 3.7 4.42
0.5 0.6 0.7 1.3 1.4 1.2 0.92
76.5 78.2 85 98.4 116.9 99 85.2
0 0 0 0 0 0 0
0 0 0 0 0 0 0
3.2 1.6 2 1.6 1.7 2.9 2.01
2.8 1.2 1.4 0.8 0.8 1.5 1.29
69.9 71.9 96 35 44.9 50.7 60.41
125.9 136.2 87.5 75.8 100.8 78 88.47
20.4 13.9 93.5 57.7 60.9 71.7 57.13
0.1 0 0.2 0.5 0.3 0.4 0.32
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
19.9 33.7 41.3 6.1 19.2 1.1 91.42
16.6 25.2 29.2 5.8 16.1 1.1 34.93
14.9 31.1 31.4 0.3 11.4 0.3 84.66
12.5 23.3 22.2 0.3 9.5 0.3 31.06
35.9 49.4 46.6 36.6 44.3 23.8 53.7
0 0 0 0 0 0 0
0 0 0 0 0 0 0
6.5 9.6 22.2 82.7 28.1 1069.7 124.66
9 13.6 33.4 92.4 33.1 1184.1 140.25
7.1 11.2 23.1 50.8 21 670 81.41
0 0 0 0 0 0 0
0 0 0 0 0 0 0
2.8 1.8 2.6 0.2 0.5 0 2.16
- 0.7 1.2 - - - 2.28333333333333
3.6 2.2 3.8 0.3 0.8 0.1 2.69
- 0.8 1.7 - - - 2.71666666666667
0 0 0 0 0 0 0
0 0 0 0 0 0 0
3.35 2.79 3.1 16.03 11.29 18.71 6.81
Local
ARNA SPTO CSAP
Multiples
Sales | Revenues
EV / Sales (LTM) 1.8 1.5 0.3
EV / Sales (NTM) - 1.4 -
Price / Sales - P/S (NTM) - 1.1 -
0 0 0
Earnings 0 0 0
EV / EBITDA (LTM) 10.5 10.3 10.4
EV / EBITDA (NTM) - 9.3 -
EV / EBIT (LTM) 15.6 11.4 14
EV / EBIT (NTM) - 9.9 -
Price / Earnings - P/E (NTM) - 10 -
0 0 0
Book Value 0 0 0
Price / Book - P/B (LTM) 3.3 2.4 1.4
Price / Tangible Book Value - P/TBV (LTM) 3.3 2.4 1.4
0 0 0
Total Debt 6.6 19.6 103.7
0 0 0
EV / Sales (LTM) 1.8 1.5 0.3
EV / EBITDA (LTM) 10.5 10.3 10.4
EV / EBIT (LTM) 15.6 11.4 14
0 0 0
Total Common Equity 75 76.2 124.6
Total Debt 6.6 19.6 103.7
Total Debt / Total Capital 8 15.2 43.5
0 0 0
Profitability 0 0 0
Returns 0 0 0
0 0 0
Margins 0 0 0
EBITDA Margin % 16.84 14.27 3.34
EBITA Margin 11.36 12.91 2.49
EBIT Margin % 11.36 12.91 2.49
EBT Margin % - - -
SG&A Margin 12.81 11.68 12.87
0 0 0
Asset Turnover 1.2 1 2
Days Outstanding Inventory (Avg) 33.5 79.4 76
0 0 0
Operating Cash Flow to Current Liabilities 0.7 0 0
0 0 0
Solvency 0 0 0
Debt Analysis 0 0 0
Total Debt / Total Capital 8 15.2 43.5
Long Term Debt / Equity 2.8 14 17.9
0 0 0
EBIT / Interest Expense 18.7 15.3 2
EBITDA / Interest Expense 27.7 17 2.7
0 0 0
Debt Coverage 0 0 0
Net Debt / (EBITDA - Capex) - 0.9 27.5
0 0 0
Local Industry Avg
SMGR INTP
2.9 4.4 2.18

2.1 4 2.5
2.7 4.8 2.14
1.9 4.4 2.46666666666667
0 0 0
0 0 0
13.5 27.9 14.52
10.2 23.3 14.2666666666667
18.2 61.6 24.16
15.6 40.8 22.1
27 64.2 31.1
28.2 47.7 28.6333333333333
0 0 0
0 0 0
2.7 3.2 2.6
2.8 3.2 2.62
0 0 0
0 0 0
0 0 0
5764.8 5107 2294.76
365 502 178.34
667.1 8.1 161.02
- - #DIV/0!
98.9 - 35.9
6198.3 4601.8 2307.42
0 0 0
0 0 0
2.9 4.4 2.18
13.5 27.9 14.52
18.2 61.6 24.16
0 0 0
0 0 0
2932.8 1621.2 1000.9
2166.9 1613.2 811.18
- - #DIV/0!
667.1 8.1 161.02
98.9 - 35.9
7.45 2.8 7.82
22.7 0.5 17.98
29.4 0.5 26.68
1.5 0 1.36
18.7 0 8.64
0 0 0
0 0 0
0 0 0
6.14 2.37 5.67
9.85 4.8 10.414
7.45 2.8 7.82
10.31 4.8 12.93
0 0 0
0 0 0
21.51 15.56 14.304
16.15 7.15 10.012
15.99 7.08 9.966
- - #DIV/0!
- - #DIV/0!
29.84 28.72 24.206
14.29 21.83 14.696
10.03 7.54 7.06
10.03 7.54 7.06
8.45 6.11 5.844
0 0 0
0 0 0
5.8 5.6 5.58
0.9 1 3.12
6 6 6.46
0.6 0.5 1.06
61.3 60.8 62.2
0 0 0
0 0 0
2 3.1 1.96
1.4 2.6 1.38
63.5 65.5 69.18
80.2 56.7 69.1
44.5 69.5 62.24
0.5 0.5 0.34
0 0 0
0 0 0
0 0 0
29.4 0.5 26.68
22.7 0.5 17.98
24.3 0 11.8
18.7 0 8.64
35.8 16.4 37.76
0 0 0
0 0 0
5.3 323.3 72.92
7.1 710.3 152.96
5.2 555.8 118.7
0 0 0
0 0 0
1.5 0 1.36
0.7 - 1.73333333333333
2 0.1 6.52
0.9 - 9.76666666666667
0 0 0
0 0 0
3.78 10.69 5.228
AkzoNobel (AMS:AKZA) FY13 FY14 FY15 FY16 FY17
Multiples
Sales | Revenues
EV / Sales (LTM) 1.1 1.2 1 1.9 2.4
EV / Sales (NTM) 1 1.2 1 1.2 1.5
Price / Sales - P/S (LTM) 0.9 1 0.9 1.7 2.2
Earnings
EV / EBITDA (LTM) 10.2 9.8 7.1 14.4 21.1
EV / EBITDA (NTM) 8.4 8.9 6.7 8 10.4
EV / EBIT (LTM) 17.6 15.7 10.1 19 28.6
EV / EBIT (NTM) 12.8 12.8 9.3 11.2 14.2
Book Value
Price / Book - P/B (LTM) 2.4 2.5 2.1 2.4 3.6
Price / Tangible Book Value - P/TBV (LTM) 8 8.8 5.8 7.5 8.5
Enterprise Value
Capital Structure
Market Capitalization 18559.7 17618 14632.4 16777.2 25128.3
Total Debt 4994.8 4040.4 2814 2874.4 3926.8
Minority Interest (Balance Sheet) 588 577.4 538.7 506.3 530.3
Enterprise Value - EV 21220.8 19991.9 16564.3 18614.6 28075

EV / Sales (LTM) 1.1 1.2 1 1.9 2.4
EV / EBITDA (LTM) 10.2 9.8 7.1 14.4 21.1
EV / EBIT (LTM) 17.6 15.7 10.1 19 28.6
Capitalization
Total Capital 13286.5 11626.2 10394.8 10277.9 11493.7
Total Debt 4994.8 4040.4 2814 2874.4 3926.8
Minority Interest (Balance Sheet) 588 577.4 538.7 506.3 530.3
Total Debt / EBITDA 2.4 2 1.2 2.3 3
Profitability
Returns
Return on Assets 3.23 4.07 5.85 3.61 3.16
Return On Equity % 10.79 9.77 16 8.79 7.66
Margins
EBITDA Margin % 10.23 11.7 14.37 12.84 11.38
EBITA Margin 6.99 8.36 11.09 10.65 8.51
EBIT Margin % 6 7.37 10.16 9.85 8.51
SG&A Margin 29.99 29.4 28.8 33.26 32.32
Asset Turnovers
Fixed Assets Turnover (Average Fixed Assets) 4 3.9 3.8 2.3 3.2
Inventory Turnover (Average Inventory) 6 5.8 5.8 3.4 4.1
Asset Turnover 0.9 0.9 0.9 0.6 0.6
Days Outstanding Inventory (Avg) 60.6 62.5 63.3 109 89.1
Current Ratio 1.3 1.2 1.2 1.4 1.4
Quick Ratio 0.9 0.9 0.9 1 0.5
Days Payable Outstanding (Avg) 82.6 85.9 89.8 152.8 139
Cash Conversion Cycle (Average Days) 31.2 31.9 29 44.3 25.5
Solvency
Debt Analysis
Long Term Debt / Equity 44.3 40.3 31 37.6 36.5
Total Liabilities / Total Assets 62.5 61.5 56.3 56.6 61

EBITDA / Interest Expense 6.5 8.8 15 9.8 10.3
(EBITDA - Capex) / Interest Expense 3.6 5.7 10.5 4.7 8
Debt Coverage
Total Debt / EBITDA 2.4 2 1.2 2.3 3
Net Debt / EBITDA 1 1 0.6 1 1.8
Bankruptcy Risk
Altman Z-Score 2.35 2.4 2.51 1.96 2.18
1.3 2 2 2 1.5 1.4

1.3 2 1.9 1.9 1.5 1.4
1.9 1.9 1.9 1.8 1.1 1
1.9 1.9 1.8 1.6 1.1 1
13.4 14.7 12.8 13.3 14.7 11.6

9.2 12.6 11.1 11.5 12 9.5
19 21.2 17.9 18 22.5 16.2
11.7 16.1 14.1 14.6 16.6 12.3
43.2 36.1 25.5 21 34.2 27
22.2 21.5 19 18 18.2 14
1.5 2.7 2.8 3.1 2.8 2.5

2.1 6.4 7.3 9.6 46 45.9
19790.9 19357.3 19520.8 19355.3 12866.7 11634.9

9461.6 1580.5 2267.3 1377.2 1912.4 2011.8
2747.2 2480.1 3530.4 4040.5 6290.8 6349.5
- - - - - -
233.7 244.5 249.2 240.2 230.2 235.8
13417.5 20466.4 21011.6 22269.4 17477.8 16268
1.3 2 2 2 1.5 1.4

13.4 14.7 12.8 13.3 14.7 11.6
19 21.2 17.9 18 22.5 16.2
16538 9847.4 10798.9 10455.3 11160.7 11227.4

13557.1 7122.8 7019.3 6174.6 4639.7 4642.1
- - - - - -
2747.2 2480.1 3530.4 4040.5 6290.8 6349.5
233.7 244.5 249.2 240.2 230.2 235.8
3.2 4.64 6.83 7.55 4.63 5.56
16.6 25.2 32.7 38.6 56.4 56.6
19.9 33.7 48.6 63 129.2 130.2
2.8 1.8 2.2 2.5 5.4 4.6
12.5 23.3 31.3 21.7 32 34.5
2.2 3.39 4.6 5.03 3.17 3.87
4.96 5.97 10.83 14.83 7.62 9.12
3.2 4.64 6.83 7.55 4.63 5.56
4.52 5.69 10.53 14.73 7.42 8.64
9.23 12.04 14.36 14.04 9.18 11.24

7.27 10.02 12.04 12.09 7.5 9.59
6.64 9.29 11.29 11.36 6.69 8.81
- - - - - -
- - - - - -
42.43 42.71 44.37 40.72 36.17 38.54
32.89 30.54 30.23 27.22 27.1 27.7
72.1 5.81 7.39 8.65 3.25 3.81
4.32 5.57 7.47 8.58 3.34 3.83
3.16 4.88 6.25 6.37 3.23 3.91
5.2 5.1 4.8 5.1 5.3 4.3

5.2 4.9 4.2 4.7 5 4.7
4.8 4.7 4.1 4 4 3.5
0.5 0.6 0.7 0.7 0.8 0.7
76.5 78.2 88.6 90.2 92.1 104.2
3.2 1.6 1.6 1.1 1.1 1.2

2.8 1.2 1.2 0.7 0.8 0.9
69.9 71.9 76.4 70.9 68.9 85.2
125.9 136.2 150.4 130.3 117.5 141.7
20.4 13.9 14.7 30.8 43.5 47.7
0.1 0 0.4 0.1 0 0.1
19.9 33.7 48.6 63 129.2 130.2

16.6 25.2 32.7 38.6 56.4 56.6
14.9 31.1 46.6 35.4 73.3 79.4
12.5 23.3 31.3 21.7 32 34.5
35.9 49.4 54.8 59.4 69.1 69.3
6.5 9.6 15.5 14.7 6.8 5.6

9 13.6 21.4 19.5 10.3 7.7
7.1 11.2 17.2 15.6 7.6 6.1
2.8 1.8 2.2 2.5 5.4 4.6

- 0.7 0.8 1.6 3.7 3.1
3.6 2.2 2.7 3.1 7.3 5.8
- 0.8 1 2 5.1 4
3.35 2.79 3.05 2.9 2.17 2.15

PT Surya Toto Indonesia Tbk (IDX:TOTO) FY13 FY14 FY15 FY16 FY17
Multiples
Sales | Revenues
EV / Sales (LTM) 2.2 1.9 2.9 2.4 1.8
EV / Sales (NTM) - - - - 1.7
Price / Sales - P/S (NTM) - - - - 1.6
Earnings
EV / EBITDA (LTM) 9.3 8.5 13.5 13.8 8.4
EV / EBITDA (NTM) - - - - 8
EV / EBIT (LTM) 11 10 16.4 18.1 10.4
EV / EBIT (NTM) - - - - 10.1
Price / Earnings - P/E (NTM) - - 17.3 - -
Book Value
Price / Book - P/B (LTM) 3.7 3.5 4.4 3.1 2.3
Enterprise Value
Capital Structure
Market Capitalization 313.5 318 480.9 354.8 283.6
Total Cash And Short Term Investments 20.8 6.8 12.1 11 10.7
Total Debt 11.9 11.4 13.4 18.7 14.3

EV / Sales (LTM) 2.2 1.9 2.9 2.4 1.8
EV / EBITDA (LTM) 9.3 8.5 13.5 13.8 8.4
EV / EBIT (LTM) 11 10 16.4 18.1 10.4
Capitalization
Total Capital 97.1 102.3 121.5 131.7 139.1
Total Debt 11.9 11.4 13.4 18.7 14.3
Profitability
Returns
Return on Assets 13.15 12.95 11.27 6.73 8.63
Return On Equity % 24.47 27.37 21.8 11.18 17.34
Margins
EBITDA Margin % 23.77 22.61 21.6 17.53 21.48
EBITA Margin 20.1 19.22 17.81 13.07 17.17
EBIT Margin % 20.1 19.22 17.81 13.07 17.17
SG&A Margin 7.93 6.48 7.06 7.32 7.48
Asset Turnovers
Receivables Turnover (Average Receivables) 4 4.2 4.4 4.2 4.4
Fixed Assets Turnover (Average Fixed Assets) 3.4 3 2.7 2.4 2.6
Asset Turnover 1 1.1 1 0.8 0.8
Days Outstanding Inventory (Avg) 102.8 96.9 112 140.3 140.6
Current Ratio 2.2 2.1 2.4 2.2 2.3
Quick Ratio 1.4 1.2 1.3 1.1 1.2
Cash Conversion Cycle (Average Days) 142 131.9 150.1 182.3 182.9
Solvency
Debt Analysis
Total Liabilities / Total Assets 40.7 45.4 38.9 41 40.1

Debt Coverage
Net Debt / EBITDA - 0.1 0 0.3 0.1
Total Debt / (EBITDA - Capex) 0.6 1 0.6 0.9 0.4
Net Debt / (EBITDA - Capex) - 0.4 0.1 0.4 0.1
Bankruptcy Risk
Altman Z-Score 6.05 5.11 5.99 5.74 4.71
1.9 0.9 1.2 1.2 1.3 1.2

- 1- 1.2 - -
1.9 0.9 1.3 1.3 1.3 1.2
- 1.1 - 1.3 - -
8.7 7.1 16.5 7 5.2 5

- 8.2 - 13.2 - -
10.6 11.4 113.5 12.1 7 6.9
- 11.3 - 19 - -
12.1 13.7 - 14.8 8.9 8.3
- - - 21.5 - -
2.2 1 1.1 1.1 1.2 1

2.2 1 1.1 1.1 1.2 1
291.1 138.7 151.4 162.6 179.5 156.6

11.1 16.5 33.6 26 26.1 14.1
8.5 6.6 27.5 21.3 16.7 16.3
- - - - - -
- - - - - -
288.4 129.9 141.5 157.9 170.5 158.7
1.9 0.9 1.2 1.2 1.3 1.2

8.7 7.1 16.5 7 5.2 5
10.6 11.4 113.5 12.1 7 6.9
142.5 144.9 163.7 170.4 165 171.2

134 138.3 136.1 149.1 148.4 154.9
- - - - - -
8.5 6.6 27.5 21.3 16.7 16.3
- - - - - -
12.41 4.87 0.51 4.89 9.53 8.72
5.9 4.6 16.8 12.5 10.1 9.5
6.3 4.8 20.2 14.3 11.2 10.5
0.3 0.4 3 1 0.5 0.5
0.1 0 12 10.2 8.6 8
8.54 3.4 0.37 3.66 7.27 6.58
19.14 7.3 -1.6 7.74 14.15 12.76
12.41 4.87 0.51 4.89 9.53 8.72
19.14 7.3 -1.6 7.74 14.15 12.76
21.42 11.86 6.03 14.28 21.72 21.09

17.55 7.7 1.09 10.14 18.25 17.1
17.55 7.7 1.09 10.14 18.25 17.1
- - - - - -
- - - - - -
25.88 18.21 12.02 20.05 27.03 26.76
8.29 10.59 11.34 10.44 8.94 9.15
15.56 6.84 -1.89 8.56 15.02 13.96
15.56 6.84 -1.89 8.56 15.02 13.96
11.01 5.58 0.03 6.72 11.86 11.04
4.7 4.4 3.6 4.2 4.4 4.5

2.9 2.9 2 2.1 2.3 2.3
2.5 2.6 2.8 2.8 2.5 2.2
0.8 0.7 0.5 0.6 0.6 0.6
146.7 139.7 132.1 132.6 148.9 164.2
3 3.7 4.3 3.6 3.6 3.7

1.3 2 2.8 2.1 2.1 1.8
77.9 83 102.4 86.7 82.7 81.4
32.6 29.6 28.4 24.3 30.9 34.6
192 193 206.1 195 200.7 211
0.8 0.8 1 0.3 0.8 0.7
6.3 4.8 20.2 14.3 11.2 10.5

5.9 4.6 16.8 12.5 10.1 9.5
0.1 0 14.4 11.7 9.6 8.8
0.1 0 12 10.2 8.6 8
33.4 34.1 38.1 34.3 30.3 29.1
35.4 16.3 0.8 7.8 19 17.5

43.2 25.1 5.7 12.4 24.2 23.2
41.5 21.2 5.3 10 18.5 19.8
0.3 0.4 3 1 0.5 0.5

- - - - - 0.1
0.3 0.4 3.2 1.3 0.7 0.6
- - - - - 0.1
4.68 4.3 2.9 3.16 3.82 3.92

Berger Paints India Ltd (NSE:BERGEPAINT) FY13 FY14 FY15 FY16 FY17
Multiples
Sales | Revenues
EV / Sales (LTM) 2.5 2.3 3.4 4.8 5.5
EV / Sales (NTM) 2.2 2 3.2 3.7 4.4
Earnings
EV / EBITDA (LTM) 22.3 20.4 28.4 30.8 34.4
EV / EBITDA (NTM) 18.8 17.1 21.3 25.3 29.1
EV / EBIT (LTM) 26.3 24.4 34.1 36.2 40.8
EV / EBIT (NTM) 21.6 20 23.7 28.1 34.4
Price / Earnings - P/E (LTM) 37 34.8 54.3 54.6 52.7
Price / Earnings - P/E (NTM) 31 28.3 41.9 49.3 56.9
Book Value
Price / Book - P/B (LTM) 8.5 7.7 11.4 13 13.1
Enterprise Value
Capital Structure
Market Capitalization 1485.6 1447.9 2297.6 3052.7 3851
Total Debt 101.2 104.1 97.5 53.5 62.7
Enterprise Value - EV 1541 1490.8 2345.3 3040.1 3841.2

EV / Sales (LTM) 2.5 2.3 3.4 4.8 5.5
EV / EBITDA (LTM) 22.3 20.4 28.4 30.8 34.4
EV / EBIT (LTM) 26.3 24.4 34.1 36.2 40.8
Capitalization
Total Capital 276.8 291 299.2 289.2 356.1
Total Common Equity 175.6 187 201.6 235.7 293.4
Total Debt 101.2 104.1 97.5 53.5 62.7
Long Term Debt / Total Capital 14.3 8.4 13.4 11 11.4
Profitability
Returns
Return on Assets 10 9.59 10.11 12.42 12.09
Return On Equity % 25.04 24.05 22.23 26.26 27.35
Margins
EBITDA Margin % 11.2 11.31 11.96 15.38 15.68
EBITA Margin 9.59 9.61 9.94 13.16 13.42
EBIT Margin % 9.5 9.48 9.94 13.16 13.42
SG&A Margin 21.96 22.87 13.28 12.36 13.08
Asset Turnovers
Asset Turnover 1.7 1.6 1.6 1.5 1.4
Current Ratio 1.4 1.2 1.4 1.7 1.7
Quick Ratio 0.7 0.6 0.8 0.9 0.9
Days Sales Outstanding (Average Receivables) 42 42.3 43.1 46.8 45
Cash Conversion Cycle (Average Days) 81 72.9 66.1 63.7 68.8
Solvency
Debt Analysis

EBITDA / Interest Expense 11.6 10.2 11.5 24 44.6
Debt Coverage
Net Debt / EBITDA 0.8 0.8 0.6 - -
Net Debt / (EBITDA - Capex) 2 1.8 0.8 - -
Bankruptcy Risk
Altman Z-Score 5.24 5.72 7.9 10.14 11.35
5.4 4.8 7.9 11.9 6.2 5.9 6.1

4.9 4.2 7.5 10.1 5.4 5.2 5.4
5.5 4.8 7.8 11.9 6.2 5.8 6.1
4.9 4.2 7.4 10.1 5.3 5.2 5.4
35 30.6 47.2 67.6 40.3 41.2 38

30.4 26.3 41.3 55.9 32.2 33.3 32.2
41.1 37.6 56.8 81.2 48.4 49.2 45.2
35.8 30.6 49.7 65.1 37.4 39.5 38.3
61.2 58.7 75.9 113.2 64.8 71.1 64.3
50.4 45.2 66.1 86.9 49.9 51.9 53.6
12.8 11.9 18.8 24.1 13.7 13.6 13.7

14.6 13.4 21 26.4 14.8 14.6 14.7
4328 4182.8 6615 11124 7101.9 7433.3 7975

65.6 69.7 44.1 87.8 52 35.7 47.2
64.9 108.5 101.7 86.6 133.5 144.7 138.8
- - - - - - -
- 0.5 0.9 1 0.9 1 1.1
4326.4 4182.5 6664.5 11122.8 7181.7 7542.7 8067.6
5.4 4.8 7.9 11.9 6.2 5.9 6.1

35 30.6 47.2 67.6 40.3 41.2 38
41.1 37.6 56.8 81.2 48.4 49.2 45.2
402.2 461.2 455.2 548.7 651.5 692.8 722.1

337.3 352.2 352.6 461.2 517.1 547.1 582.2
- - - - - - -
64.9 108.5 101.7 86.6 133.5 144.7 138.8
- 0.5 0.9 1 0.9 1 1.1
17.37 16.59 16.67 16.81 15.71 14.78 15.79
16.1 23.5 22.3 15.8 20.5 20.9 19.2
19.2 30.8 28.8 18.7 25.8 26.4 23.8
0.5 0.8 0.7 0.5 0.8 0.8 0.6
9.5 13.5 12.6 8.9 5.7 6 6.2
11.58 11.34 11.68 11.57 10.72 10.36 11.16
22.5 21.28 25.66 23.79 22.76 20.4 23.09
17.37 16.59 16.67 16.81 15.71 14.78 15.79
22.5 21.31 25.78 23.84 22.8 20.41 23.1
15.58 14.92 16.09 16.98 14.67 13.6 15.54

13.25 12.74 13.9 14.7 12.86 11.91 13.57
13.25 12.74 13.9 14.7 12.86 11.91 13.57
- - - - - - -
- - - - - - -
41.26 38.48 40.1 41.94 36.76 35.06 37.68
12.75 10.14 11.33 10.56 9.44 9.08 9.24
8.92 8.15 10.33 10.56 9.51 8.13 9.44
8.92 8.15 10.33 10.56 9.51 8.13 9.44
8.25 7.69 8.53 8.84 7.87 6.84 7.92
8.1 8.9 9.2 7.9 8.5 9.2 6.9

4.9 4.7 3.9 3.7 4 3.7 3.6
3.1 3.3 3 2.7 2.8 3 2.8
1.4 1.4 1.3 1.3 1.3 1.4 1.3
116.9 109.7 120.5 133.4 129.5 123.2 129.7
1.7 1.6 1.5 1.7 1.4 1.4 1.5

0.8 0.8 0.6 0.8 0.5 0.5 0.7
44.9 41.1 39.8 46.4 43.2 39.7 52.6
100.8 90.2 98 108.9 96.5 94.8 105.2
60.9 60.5 62.4 71 76.2 68.1 77.1
0.3 0.4 0.4 0.4 0.2 0.3 0.5
19.2 30.8 28.8 18.7 25.8 26.4 23.8

16.1 23.5 22.3 15.8 20.5 20.9 19.2
11.4 17.6 16.2 10.6 7.1 7.6 7.7
9.5 13.5 12.6 8.9 5.7 6 6.2
44.3 46.4 45.6 42.8 45.5 43.5 42.3
28.1 16.4 19.3 22.9 22.3 12.7 14.9

33.1 20.2 23.4 27.6 26.7 15.3 17.9
21 14 13.9 23.4 11.4 7.8 13.3
0.5 0.8 0.7 0.5 0.8 0.8 0.6

- 0.3 0.4 - 0.5 0.6 0.4
0.8 1.1 1.2 0.6 1.8 1.5 0.9
- 0.4 0.7 - 1.1 1.2 0.6
11.29 11.13 13.85 16.72 16.37 13.1 -

Kansai Nerolac Paints Ltd (NSE:KANSAINER) FY13 FY14 FY15 FY16 FY17
Multiples
Sales | Revenues
EV / Sales (LTM) 2.3 2.1 3.2 3.9 5.1
EV / Sales (NTM) 2 1.9 2.8 3.4 4.3
Price / Sales - P/S (NTM) 2 1.9 2.8 3.6 4.5
Earnings
EV / EBITDA (LTM) 19.7 18.4 25.7 25.3 28.1
EV / EBITDA (NTM) 15.7 15.3 19.2 22 25.3
EV / EBIT (LTM) 22.8 22.2 30.2 28.6 31.1
EV / EBIT (NTM) 18.7 18.7 19.6 24.1 29.3
Price / Earnings - P/E (NTM) 25.1 26.2 31.8 36.1 40
Book Value
Price / Book - P/B (LTM) 5.1 4.7 7.3 6.2 7.7
Enterprise Value
Capital Structure
Total Debt 15.5 11.3 8.2 7 4.4
Enterprise Value - EV 1213.1 1116 1841.8 2224.9 3199.5

EV / Sales (LTM) 2.3 2.1 3.2 3.9 5.1
EV / EBITDA (LTM) 19.7 18.4 25.7 25.3 28.1
EV / EBIT (LTM) 22.8 22.2 30.2 28.6 31.1
Capitalization
Total Capital 253.1 249.9 265.2 386.5 441.1
Total Common Equity 237 237.9 256.2 378.7 434.3
Total Debt 15.5 11.3 8.2 7 4.4
Total Debt / Total Capital 6.1 4.5 3.1 1.8 1
Total Debt / Equity 6.5 4.7 3.2 1.8 1
Total Debt / EBITDA 0.3 0.2 0.1 0.1 0
Profitability
Returns
Return on Assets 9.56 8.62 10.26 11.5 12.13
Return On Equity % 15.09 15.35 18.13 43.77 19.09
Margins
EBITDA Margin % 11.75 11.46 12.54 15.47 18.18
EBITA Margin 10.15 9.49 10.69 13.71 16.47
EBIT Margin % 10.15 9.49 10.69 13.71 16.47
SG&A Margin 14.94 15.4 8.81 11.46 12.62
Asset Turnovers
Inventory Turnover (Average Inventory) 4 3.7 4 4.2 3.7
Asset Turnover 1.5 1.5 1.5 1.3 1.2
Current Ratio 1.7 1.8 2.1 3.2 3.4
Quick Ratio 0.8 0.8 1.2 2.3 1.7
Solvency
Debt Analysis
Total Debt / Total Capital 6.1 4.5 3.1 1.8 1
Long Term Debt / Equity 5.2 4 2.9 1.2 0.6

EBIT / Interest Expense 425.7 168.3 414.9 - -
EBITDA / Interest Expense 492.8 203.2 486.6 - -
(EBITDA - Capex) / Interest Expense 78.5 131.2 385.9 - -
Debt Coverage
Total Debt / EBITDA 0.3 0.2 0.1 0.1 0
Net Debt / EBITDA 0- - - -
Net Debt / (EBITDA - Capex) 0.2 - - - -
Bankruptcy Risk
Altman Z-Score 6.91 7.24 10.87 14.25 16.87
5.5 4.1 3.9 6.2 3.4 2.9 3.1

4.9 3.6 3.8 5.2 3.2 2.6 3
5.7 4.1 4 6.3 3.4 2.9 3.2
5.1 3.7 3.9 5.3 3.2 2.6 3.1
32.3 29.7 25.9 36.3 33.6 26.3 24.7

27.3 23.1 23.5 29.8 21.7 19.3 20.4
35.7 34.5 31.3 44.9 45.4 33.7 30.6
29.7 25.5 28.4 34.1 24 23.3 23.4
51.4 49.7 40.3 60 60.7 46.1 22.1
43 38.2 36.5 47.9 33.5 32.3 31.9
8.4 6.6 5.6 7.8 5.3 4.8 4.6

8.4 6.7 5.7 8 5.3 4.9 4.7
4062 3242.8 2782.4 4343.9 2866.8 2656.9 2967.6

89.7 41.8 65.6 107.9 41.2 75.8 131.1
5.4 15.6 32.1 36.7 42 34.9 38.9
- - - - - - -
2.5 2.9 2.9 5 2.5 3.3 2.5
3933.6 3217.4 2751.1 4276.6 2869.8 2618.8 2878.1
5.5 4.1 3.9 6.2 3.4 2.9 3.1

32.3 29.7 25.9 36.3 33.6 26.3 24.7
35.7 34.5 31.3 44.9 45.4 33.7 30.6
489.4 510.8 533.4 595.2 588.6 590.1 680.3

481.5 492.3 498.5 553.6 544.1 551.9 638.9
- - - - - - -
5.4 15.6 32.1 36.7 42 34.9 38.9
2.5 2.9 2.9 5 2.5 3.3 2.5
14.83 12.01 10.94 10.41 6.79 8.56 9.46
1.1 3 6 6.2 7.1 5.9 5.7
1.1 3.1 6.4 6.6 7.7 6.3 6.1
0 0.1 0.3 0.3 0.5 0.4 0.3
0.3 0.1 1.9 2.2 2.3 2.2 2.2
11.54 9.34 8.81 8.38 5.33 6.64 7.38
17.19 13.6 14.29 13.36 8.33 10.75 22.97
14.83 12.01 10.94 10.41 6.79 8.56 9.46
17.3 13.83 14.52 13.56 8.77 10.93 23.14
17.03 13.85 14.93 16.45 9.71 10.43 12.22

15.39 12.05 12.78 14.03 7.75 8.64 10.38
15.39 11.91 12.54 13.76 7.53 8.46 10.2
- - - - - - -
- - - - - - -
39.35 35.93 37.98 37.74 30.25 29.98 33.21
11.88 11.12 11.66 9.72 9.63 9.21 9.49
11.04 8.35 9.87 10.44 5.63 6.28 14.58
11.04 8.35 9.87 10.44 5.63 6.28 14.58
10.13 7.84 7.87 8.65 4.74 5.22 6.55
7.2 7.4 6.8 5.8 6.2 6.5 5

3.7 3.5 2.8 2.5 3 3.5 3.5
3.7 3.6 3.1 2.9 3.1 3.1 3
1.2 1.3 1.1 1 1.1 1.3 1.2
99 101.9 118.5 127.4 116.2 116.1 121.7
2.9 2.4 2.7 2.6 2.4 2.5 3

1.5 1.1 1.4 1.5 1.1 1.2 1.8
50.7 49.1 53.5 62.7 58.7 56.4 72.7
78 67.7 74.4 81.9 70.7 67.7 82.1
71.7 83.3 97.6 108.3 104.2 104.8 112.3
0.4 0.1 0.6 0.5 0 0.3 0.5
1.1 3.1 6.4 6.6 7.7 6.3 6.1

1.1 3 6 6.2 7.1 5.9 5.7
0.3 0.1 2 2.3 2.5 2.3 2.4
0.3 0.1 1.9 2.2 2.3 2.2 2.2
23.8 23.9 22.6 26.1 27.3 27.7 25.1
1069.7 65.3 31.7 29.4 16.8 22 27

1184.1 76 38.4 36.3 22.7 28.2 33.5
670 22.7 26.8 31.9 15 23.9 26.4
0 0.1 0.3 0.3 0.5 0.4 0.3

- - - - 0- -
0.1 0.5 0.4 0.4 0.7 0.4 0.4
- - - - 0- -
18.71 16.98 16.94 13.8 14.72 11.04 -

PT Surya Pertiwi Tbk (IDX:SPTO) FY13 FY14 FY15 FY16 FY17
Multiples
Sales | Revenues
EV / Sales (LTM) - - -
EV / Sales (NTM) - - -
Price / Sales - P/S (LTM) - - -
Price / Sales - P/S (NTM) - - -
Earnings
EV / EBITDA (LTM) - - -
EV / EBITDA (NTM) - - -
EV / EBIT (LTM) - - -
EV / EBIT (NTM) - - -
Price / Earnings - P/E (LTM) - - -
Price / Earnings - P/E (NTM) - - -
Book Value
Price / Book - P/B (LTM) - - -
Price / Tangible Book Value - P/TBV (LTM) - - -
Enterprise Value
Capital Structure
Market Capitalization - - -
Total Debt 1.6 9.7 38.4
Enterprise Value - EV - - -

EV / Sales (LTM) - - -
EV / EBITDA (LTM) - - -
EV / EBIT (LTM) - - -
Capitalization
Total Debt 1.6 9.7 38.4
Return on Total Capital - 43.81 19.47
Total Debt / EBITDA - - 1.8
Profitability
Returns
Return on Assets - 14.57 10.63
Return On Equity % - 65.45 37.23
Return on Total Capital - 43.81 19.47
Return on Common Equity - 87.85 79.14
Margins
EBITDA Margin % - - 13.49
EBITA Margin 12.52 13.87 13.4
EBIT Margin % 12.52 13.87 13.4
EBT Margin % - - -
SG&A Margin 8.47 9.82 10.33
Normalized Net Income Margin 8.08 9 8.43
Asset Turnovers
Receivables Turnover (Average Receivables) - 6.1 5.3
Fixed Assets Turnover (Average Fixed Assets) - 9 4.1
Inventory Turnover (Average Inventory) - 6.2 5.5
Asset Turnover - 1.7 1.3
Days Outstanding Inventory (Avg) - 59.3 65.9
Current Ratio 1.1 1.1 1
Days Sales Outstanding (Average Receivables) - 60.5 68.5
Days Payable Outstanding (Avg) - 102.9 91.7
Cash Conversion Cycle (Average Days) - 16.9 42.6
Operating Cash Flow to Current Liabilities - - 0.1
Solvency
Debt Analysis
Long Term Debt / Equity 1.7 0.6 22

EBITDA / Interest Expense - - 31.9
(EBITDA - Capex) / Interest Expense - - -
Debt Coverage
Total Debt / EBITDA - - 1.8
Net Debt / EBITDA - - 1.2
Total Debt / (EBITDA - Capex) - - -
Net Debt / (EBITDA - Capex) - - -
Bankruptcy Risk
1.5 1 1.2 1 0.9 0.9

1.4 1 1.1 1- -
1.2 0.6 0.7 0.7 0.6 0.6
1.1 0.7 0.6 0.7 - -
10.3 6.8 9.4 6.1 5.7 6

9.3 6.4 8.4 6.8 - -
11.4 8.1 13.4 8.1 7.4 7.7
9.9 7.5 10.9 8.8 - -
11.8 6.8 10.9 7.6 7.1 6.6
10 6.8 9.4 7.7 - -
2.4 1.2 1 1.1 1.1 1

2.4 1.2 1 1.1 1.1 1
184.7 102.7 88.8 104.4 94.8 97.2

6.4 10.7 15.4 29.7 12.1 9.7
19.6 35.7 32.5 28.3 22.2 22.7
- - - - - -
33.3 35.3 51.6 51.6 46.4 48.2
231.7 156.3 165 154.4 139.9 156.3
1.5 1 1.2 1 0.9 0.9

10.3 6.8 9.4 6.1 5.7 6
11.4 8.1 13.4 8.1 7.4 7.7
129.2 157.2 169.9 172.2 158 165.2

76.2 86.2 85.8 92.3 89.4 94.3
- - - - - -
19.6 35.7 32.5 28.3 22.2 22.7
33.3 35.3 51.6 51.6 46.4 48.2
11.61 8.33 4.74 6.96 7.48 7.79
15.2 22.7 19.1 16.4 14 13.8
17.9 29.3 23.6 19.7 16.3 16
0.9 1.6 1.8 1.1 0.9 0.9
11.9 17.8 13.6 10.3 7.5 6.1
8.14 6.23 3.65 5.47 5.87 5.96
17.37 13.5 5.8 11.21 10.82 11.25
11.61 8.33 4.74 6.96 7.48 7.79
29.68 18.17 9.54 15.58 15.28 16.15
14.27 14.08 12.14 15.24 14.58 14.71

12.91 11.9 9.11 12.08 11.72 12.04
12.91 11.9 9.11 12.08 11.72 12.04
- - - - - -
- - - - - -
24.59 24.59 27.83 28.05 27.14 28.42
11.68 12.48 18.65 15.97 15.41 16.38
9.08 9.21 6.02 8.8 8.25 8.72
9.08 9.21 6.02 8.8 8.25 8.72
7.43 6.42 5.51 5.99 6.37 6.83
4.9 4.4 3.9 4.9 5.3 5.8

2.9 2.5 1.7 1.9 2.2 2.3
4.6 4 3.4 4.2 4.1 3.2
1 0.8 0.6 0.7 0.8 0.8
79.4 91.1 106.7 85.9 89.3 112.4
1.8 1.5 1.4 1.6 1.5 1.4

0.9 0.9 0.9 1.1 0.8 0.7
75.2 83 93.3 75 69.2 62.6
80.8 85.7 112.5 86.3 81.4 77.6
73.8 88.3 87.5 74.6 77.1 97.3
0 0.4 0.4 0.5 0.2 0.2
17.9 29.3 23.6 19.7 16.3 16

15.2 22.7 19.1 16.4 14 13.8
14 23 16.8 12.3 8.7 7.1
11.9 17.8 13.6 10.3 7.5 6.1
36.4 42.4 36.1 34.7 32.4 33
15.3 10.7 6.2 10 12.1 12.2

17 12.6 8.9 13.3 15.9 15.7
11.2 1 5.8 11.2 15.2 14
0.9 1.6 1.8 1.1 0.9 0.9

0.6 1.1 1- 0.4 0.5
1.3 20.3 2.8 1.3 0.9 1
0.9 14.2 1.5 - 0.4 0.6
3.42 2.6 1.88 2.13 2.37 2.3

Catur Sentosa Adiprana (IDX:CSAP) FY13 FY14 FY15 FY16 FY17
Multiples
Sales | Revenues
EV / Sales (LTM) 0.3 0.3 0.3 0.4 0.3
EV / Sales (NTM) - 0.3 0.3 0.3 -
Price / Sales - P/S (NTM) - 0.2 0.1 0.2 -
Earnings
EV / EBITDA (LTM) 8.1 9 11.2 11 10.6
EV / EBITDA (NTM) - 9.8 6.4 9.8 -
EV / EBIT (LTM) 10.3 11.2 15.3 14.3 14.2
EV / EBIT (NTM) - 12.9 9.5 13.4 -
Price / Earnings - P/E (NTM) - 21.6 - 16.1 -
Book Value
Price / Book - P/B (LTM) 1.2 2.3 1.6 1.4 1.3
Enterprise Value
Capital Structure
Market Capitalization 64.7 134 91 140.1 135.6
Total Debt 77.4 65.3 72.6 68.6 99.4
Minority Interest (Balance Sheet) 6.1 6.9 6.3 7 10

EV / Sales (LTM) 0.3 0.3 0.3 0.4 0.3
EV / EBITDA (LTM) 8.1 9 11.2 11 10.6
EV / EBIT (LTM) 10.3 11.2 15.3 14.3 14.2
Capitalization
Total Capital 136.3 131.5 134.4 173.4 211.8
Total Debt 77.4 65.3 72.6 68.6 99.4
Minority Interest (Balance Sheet) 6.1 6.9 6.3 7 10
Profitability
Returns
Return on Assets 3.9 4.28 2.78 3.19 2.93
Return On Equity % 11.12 15.85 5.14 6.59 6.06
Margins
EBITDA Margin % 3.49 3.83 2.85 3.24 3.05
EBITA Margin 2.75 3.1 2.09 2.49 2.28
EBIT Margin % 2.72 3.07 2.09 2.49 2.28
SG&A Margin 10.29 10.83 12.09 12.05 12.13
Asset Turnovers
Asset Turnover 2.3 2.2 2.1 2.1 2.1
Days Outstanding Inventory (Avg) 63 68.3 75 79.5 74.7
Current Ratio 1.1 1.1 1.1 1.3 1.2
Quick Ratio 0.5 0.5 0.5 0.5 0.5
Operating Cash Flow to Current Liabilities 0 0.1 0 -0.1 0
Solvency
Debt Analysis

EBIT / Interest Expense 2.1 2.2 1.5 2 2
EBITDA / Interest Expense 2.7 2.7 2 2.6 2.7
(EBITDA - Capex) / Interest Expense 1.4 1.6 0.1 1.3 -
Debt Coverage
Net Debt / EBITDA 3.9 2.7 4.5 3.3 4.3
Total Debt / (EBITDA - Capex) 8.3 5 65.2 7.2 -
Net Debt / (EBITDA - Capex) 7.7 4.7 60.9 6.6 -
Bankruptcy Risk
Altman Z-Score 2.61 2.96 2.74 2.7 2.6
0.3 0.3 0.3 0.4 0.5 0.4

- - - - - -
0.2 0.2 0.1 0.2 0.2 0.2
- - - - - -
10.4 9.7 7 6.7 7.8 8.2

- - - - - -
14 13.4 11.2 9.9 11.6 11.4
- - - - - -
29.6 33 28.5 10.3 15.2 12
- - - - - -
1.4 1.1 0.9 1 1.6 1

1.4 1.1 0.9 1 1.6 1
168.8 144.2 121.8 153.1 234.1 208.3

4.9 5 7.8 4.7 9.3 10
103.7 126 183.7 230.6 251.4 253.5
- - - - - -
10.2 10.8 10.7 11.2 12 12.3
262.6 274.4 284 377.4 487.2 463.1
0.3 0.3 0.3 0.4 0.5 0.4

10.4 9.7 7 6.7 7.8 8.2
14 13.4 11.2 9.9 11.6 11.4
238.5 267.7 329.1 389.3 412.2 476.6

124.6 130.9 134.7 147.6 148.9 210.8
- - - - - -
103.7 126 183.7 230.6 251.4 253.5
10.2 10.8 10.7 11.2 12 12.3
5.37 4.98 5.36 6.64 6.8 5.78
43.5 47.1 55.8 59.2 61 53.2
76.9 88.9 126.4 145.2 156.3 113.7
4.1 4.4 4.5 4.1 4 4.5
10.1 11.3 27.6 28.6 26.7 23.5
3.1 2.88 3.16 4.2 4.48 3.9
5.17 3.5 3.02 10.43 11.06 8.35
5.37 4.98 5.36 6.64 6.8 5.78
4.89 3.37 3.25 10.55 10.83 8.05
3.34 3.26 3.88 4.93 5.45 4.56

2.49 2.41 2.89 3.86 4.26 3.96
2.49 2.36 2.84 3.81 4.21 3.91
- - - - - -
- - - - - -
13.97 14.6 15.31 15.69 15.97 15.74
12.87 11.77 10.66 10.11 10.23 10.2
0.71 0.5 0.48 1.49 1.55 1.37
0.71 0.5 0.48 1.49 1.55 1.37
0.63 0.45 0.55 1.12 1.2 1.06
7.8 8.4 8.3 9.4 10 10.1

8.4 8 5.6 4.6 4.4 4
4.8 4.4 4.3 4.4 4 4
2 2 1.8 1.8 1.7 1.6
76 82.8 85.1 82.3 90.5 91.3
1.2 1.1 1.1 1.1 1 1.1

0.5 0.5 0.5 0.4 0.4 0.4
46.6 43.4 44 38.9 36.4 36.1
73 75.3 86 74 72.5 76.2
49.6 50.8 43.2 47.2 54.3 51.2
0 0.1 0.1 0 0.1 0.1
76.9 88.9 126.4 145.2 156.3 113.7

43.5 47.1 55.8 59.2 61 53.2
17.9 21.3 62.5 70.3 68.4 50.1
10.1 11.3 27.6 28.6 26.7 23.5
66.5 70.1 73 73.4 74.1 67.7
2 1.7 1.7 2.4 2.4 2.2

2.7 2.4 2.7 3.5 3.6 3
0.4 - - 1.7 2 -
4.1 4.4 4.5 4.1 4 4.5

3.9 4.3 4.3 4 3.9 4.3
28.8 - - 8.6 7.1 -
27.5 - - 8.5 6.9 -
2.72 2.52 2.19 2.3 2.28 2.19

PT Caturkarda Depo Bangunan Tbk (IDX:DEPO) FY13 FY14 FY15 FY16 FY17
Multiples
Sales | Revenues
EV / Sales (LTM)
EV / Sales (NTM)
Price / Sales - P/S (LTM)
Price / Sales - P/S (NTM)
Earnings
EV / EBITDA (LTM)
EV / EBITDA (NTM)
EV / EBIT (LTM)
EV / EBIT (NTM)
Price / Earnings - P/E (LTM)
Price / Earnings - P/E (NTM)
Book Value
Price / Book - P/B (LTM)
Price / Tangible Book Value - P/TBV (LTM)
Enterprise Value
Capital Structure
Market Capitalization
Total Cash And Short Term Investments
Total Debt
Enterprise Value - EV

EV / Sales (LTM)
EV / EBITDA (LTM)
EV / EBIT (LTM)
Capitalization
Total Capital
Total Common Equity
Total Debt
Total Debt / Equity
Total Debt / EBITDA
Profitability
Returns
Return on Assets
Return On Equity %
Return on Common Equity
Margins
EBITDA Margin %
EBITA Margin
EBIT Margin %
EBT Margin %
Gross Profit Margin %
SG&A Margin
Net Income Margin %
Net Avail. For Common Margin %
Normalized Net Income Margin
Asset Turnovers
Receivables Turnover (Average Receivables)
Fixed Assets Turnover (Average Fixed Assets)
Inventory Turnover (Average Inventory)
Asset Turnover
Days Outstanding Inventory (Avg)
Current Ratio
Quick Ratio
Days Sales Outstanding (Average Receivables)
Days Payable Outstanding (Avg)
Cash Conversion Cycle (Average Days)
Operating Cash Flow to Current Liabilities
Solvency
Debt Analysis
Total Debt / Equity
Long Term Debt / Equity
Total Liabilities / Total Assets

EBIT / Interest Expense
EBITDA / Interest Expense
(EBITDA - Capex) / Interest Expense
Debt Coverage
Total Debt / EBITDA
Net Debt / EBITDA
Total Debt / (EBITDA - Capex)
Net Debt / (EBITDA - Capex)
Bankruptcy Risk
Altman Z-Score
- - - 1.4 1.1 0.9

- - - - - -
- - - 1.4 1.3 1
- - - - - -
- - - 24.8 20.6 17.5

- - - - - -
- - - 32.2 27.5 24.2
- - - - - -
- - - 32.9 31.5 24.6
- - - - - -
- - - 3 2.8 2.1
- - - 3 2.8 2.1
- - - 232.2 210 165

5.7 9.1 8.8 37.3 30.8 17.8
8.6 7.8 4.2 3.8 4 3.7
- - - - - -
- 1 1.2 0 0 0
- - - 228.4 183.4 151
- - - 1.4 1.1 0.9

- - - 24.8 20.6 17.5
- - - 32.2 27.5 24.2
39.2 43.2 45.1 82 79.4 82.2

30.6 34.4 39.7 78.2 75.4 78.5
- - - - - -
8.6 7.8 4.2 3.8 4 3.7
- 1 1.2 0 0 0
- 11.64 13.67 7 5.38 4.92
22 18.1 9.2 4.6 5 4.5
28.2 22.1 10.2 4.9 5.3 4.7
1.3 0.9 0.4 0.4 0.4 0.4
9.1 3.8 2 4.2 4.7 4.4
- 5.81 6.98 4.37 3.72 3.43
- 19.76 19.68 10.38 9.04 8.85
- 11.64 13.67 7 5.38 4.92
- 19.98 19.39 10.4 9.04 8.85
3.61 4.66 6.43 5.38 4.98 4.56

2.92 3.97 5.54 4.34 4.02 3.62
2.92 3.97 5.54 4.34 4.02 3.62
- - - - - -
- - - - - -
15.32 16.47 18.43 17.48 18.45 18.72
12.4 12.5 12.88 13.13 14.43 15.1
2.34 3.37 4.13 3.74 4.02 3.89
2.34 3.36 4.13 3.74 4.02 3.89
2.03 2.83 3.55 2.96 3.1 2.97
- 3332.5 1116.9 500.7 365.1 427

- 6.9 5.1 4.2 4.5 4
- 4.2 3.7 3.6 3.4 3.3
- 2.3 2 1.6 1.5 1.5
- 87.5 97.8 101.1 106.7 110.7
1.1 1.1 1.2 2.3 2.4 2.1

0.2 0.2 0.3 1.1 1 0.6
- 0.1 0.3 0.7 1 0.9
- 72.7 85.5 75.7 69.2 67.1
- 14.8 12.6 26.2 38.5 44.4
0.3 0.3 0.3 0.1 0.1 0.2
28.2 22.1 10.2 4.9 5.3 4.7

22 18.1 9.2 4.6 5 4.5
11.6 4.7 2.3 4.4 4.9 4.6
9.1 3.8 2 4.2 4.7 4.4
60.5 59.7 51.9 34 34.3 32.3
6.7 8.6 13.2 16.8 21.4 17.4

8.3 10.1 16 21.8 28.6 24
- 5.5 11.3 20.1 19.8 6.1
1.3 0.9 0.4 0.4 0.4 0.4

0.4 - - - - -
- 1.6 0.5 0.4 0.6 1.7
- - - - - -
2.97 2.95 2.98 6.19 5.67 5.66

Semen Indonesia (IDX:SMGR) FY13 FY14 FY15 FY16 FY17
Multiples
Sales | Revenues
EV / Sales (LTM) 3.8 3.1 2.3 2.3 2.3
EV / Sales (NTM) 3.3 3.1 2.1 2 2.2
Price / Sales - P/S (LTM) 3.8 3.1 2.3 2.1 2
Earnings
EV / EBITDA (LTM) 11.5 10 8.4 8.8 13.4
EV / EBITDA (NTM) 10.1 10 7.8 8 10.9
EV / EBIT (LTM) 13.3 11.9 10.5 11.8 23
EV / EBIT (NTM) 11.5 11.9 9.8 10.6 16.3
Price / Earnings - P/E (NTM) 15 15.7 12.5 13 20.8
Book Value
Price / Book - P/B (LTM) 4.4 3.5 2.3 1.9 2
Price / Tangible Book Value - P/TBV (LTM) 4.7 3.7 2.4 2 2.1
Enterprise Value
Capital Structure
Market Capitalization 7589.5 6790.6 4468.5 4085.5 4152
Total Debt 335.6 315.9 289.9 464.6 738.3
Minority Interest (Balance Sheet) 75.7 77.4 74 114.2 112.3

EV / Sales (LTM) 3.8 3.1 2.3 2.3 2.3
EV / EBITDA (LTM) 11.5 10 8.4 8.8 13.4
EV / EBIT (LTM) 13.3 11.9 10.5 11.8 23
Capitalization
Total Capital 2128 2334.9 2278.2 2733.6 2952.3
Total Debt 335.6 315.9 289.9 464.6 738.3
Minority Interest (Balance Sheet) 75.7 77.4 74 114.2 112.3
Total Debt / Total Capital 15.8 13.5 12.7 17 25
Profitability
Returns
Return on Assets 15.28 13.55 10.27 7.75 3.73
Return On Equity % 26.79 23.79 17.26 15.63 5.44
Margins
EBITDA Margin % 33.03 31.04 27.65 26.01 17.25
EBITA Margin 28.75 26.29 22.25 19.69 10.18
EBIT Margin % 28.63 26.16 22.11 19.54 10.01
SG&A Margin 15.83 16.76 17.16 18.16 18.67
Asset Turnovers
Asset Turnover 0.9 0.8 0.7 0.6 0.6
Days Outstanding Inventory (Avg) 65.9 64.2 58 56.6 58
Current Ratio 1.9 2.2 1.6 1.3 1.6
Quick Ratio 1.3 1.6 1.2 0.8 1
Cash Conversion Cycle (Average Days) 44.4 41.2 26.7 22.1 37
Solvency
Debt Analysis
Total Debt / Total Capital 15.8 13.5 12.7 17 25
Long Term Debt / Equity 14.9 13.3 11.5 14.6 27

EBIT / Interest Expense 21 19.9 17.1 14.7 4
Debt Coverage
Net Debt / EBITDA - - 0 0.5 1.3
Net Debt / (EBITDA - Capex) - - 0 2.1 4.9
Bankruptcy Risk
Altman Z-Score 8.75 8.52 6.23 4.45 3.45
2.9 1.6 2.3 1.7 1.5 1.6

2.1 1.6 2.1 1.6 1.4 1.5
2.7 1 1.7 1.2 1.1 1.1
1.9 1 1.5 1.1 1 1.1
13.5 7.4 8.9 7.4 7 7.8

10.2 7.2 9 7.4 6.1 7.1
18.2 10.4 13.9 12.2 12 12.9
15.6 10.3 13.5 11.5 9.6 11.7
27 16.2 21.3 20.8 16.8 16.6
28.2 12.8 20.2 14.1 12.6 14.8
2.7 1.2 1.7 1.1 0.9 1

2.8 1.4 2 1.2 1 1.1
5764.8 2787.1 4217.6 2979.4 2552.7 2811

365 288.8 285.5 302.2 390.9 301.7
667.1 2159.4 1821.5 1427.9 1082.5 1084.9
- - - - - -
98.9 116.1 104.7 305.7 289.4 296.6
6198.3 4629.2 5833.6 4467.4 3541.7 3853.1
2.9 1.6 2.3 1.7 1.5 1.6

13.5 7.4 8.9 7.4 7 7.8
18.2 10.4 13.9 12.2 12 12.9
2932.8 4595.6 4344.9 4432.8 4126.1 4169

2166.9 2320.1 2418.7 2699.3 2754.2 2787.6
- - - - - -
667.1 2159.4 1821.5 1427.9 1082.5 1084.9
98.9 116.1 104.7 305.7 289.4 296.6
7.45 7.31 5.92 5.24 4.5 4.66
22.7 47 41.9 32.2 26.2 26
29.4 88.6 72.2 47.5 35.6 35.2
1.5 3.4 2.8 2.4 2.1 2.2
18.7 41.8 38.5 25.9 24.2 18.2
6.14 5.94 4.7 4.09 3.48 3.66
9.85 7.13 7.69 5.39 5.55 5.81
7.45 7.31 5.92 5.24 4.5 4.66
10.31 7.54 8.4 5.63 5.82 6.11
21.51 21.58 25.06 22.19 20.33 19.17

16.15 15.69 17.75 14.65 12.93 12.45
15.99 15.37 16.87 14.23 12.6 12.2
- - - - - -
- - - - - -
29.84 31.06 33.44 31.45 28.87 27.65
14.29 15.97 16.9 17.18 16.31 15.48
10.03 5.93 7.94 5.58 6.5 6.51
10.03 5.93 7.94 5.58 6.5 6.51
8.45 5.01 6.95 5.89 5.31 5.25
5.8 6.6 5.7 6.4 6.5 8.5

0.9 0.9 0.6 0.6 0.6 0.7
6 6.8 5.1 5.4 4.9 4.8
0.6 0.6 0.4 0.5 0.4 0.5
61.3 53.7 71.8 68.2 73.8 75.3
2 1.4 1.4 1.1 1.4 1.2

1.4 0.9 0.9 0.7 0.9 0.6
63.5 55.5 63.8 57 56.2 42.8
80.2 64 95.7 103 109.3 86.7
44.5 45.2 40 22.1 20.7 31.4
0.5 0.5 0.6 0.5 0.5 0.4
29.4 88.6 72.2 47.5 35.6 35.2

22.7 47 41.9 32.2 26.2 26
24.3 78.9 66.3 38.2 32.9 24.6
18.7 41.8 38.5 25.9 24.2 18.2
35.8 57.5 54.3 47.6 43.1 41.7
5.3 2 2.6 3 3.3 3.4

7.1 2.7 4.1 4.9 5.8 5.7
5.2 2.2 3.5 3.9 4.4 4.3
1.5 3.4 2.8 2.4 2.1 2.2

0.7 3 2.3 1.9 1.4 1.6
2 4.2 3.2 3 2.8 2.9
0.9 3.7 2.7 2.3 1.8 2.1
3.78 2.32 2.17 2.13 1.98 2.02

Asian Paints (NSE:ASIANPAINTS) FY13 FY14 FY15 FY16 FY17
Multiples
Sales | Revenues
EV / Sales (LTM) 4 4.2 5.1 6 7.5
EV / Sales (NTM) 3.3 3.6 4.4 4.9 5.8
Earnings
EV / EBITDA (LTM) 25.4 26.2 32.1 30.7 37
EV / EBITDA (NTM) 20.1 22.2 22.8 25.9 31.3
EV / EBIT (LTM) 27.7 29.6 36.1 34.2 42
EV / EBIT (NTM) 22 24.6 24.5 28.2 34.6
Book Value
Price / Book - P/B (LTM) 13.2 13.3 15.2 13.3 14.8
Enterprise Value
Capital Structure
Total Debt 46.2 41.6 66.9 48.8 86.5

EV / Sales (LTM) 4 4.2 5.1 6 7.5
EV / EBITDA (LTM) 25.4 26.2 32.1 30.7 37
EV / EBIT (LTM) 27.7 29.6 36.1 34.2 42
Capitalization
Total Capital 699.1 756.7 867.7 1091.2 1317.8
Total Debt 46.2 41.6 66.9 48.8 86.5
Profitability
Returns
Return on Assets 16 14.99 14.56 16 14.42
Return On Equity % 36.06 32.25 30.72 30.26 26.74
Margins
EBITDA Margin % 15.94 15.92 15.84 19.45 19.87
EBITA Margin 14.65 14.13 14.15 17.68 17.79
EBIT Margin % 14.64 14.1 14.07 17.65 17.78
SG&A Margin 21.59 22.68 12.91 12.26 12.54
Asset Turnovers
Receivables Turnover (Average Receivables) 12.3 12 12.2 11.9 11.3
Fixed Assets Turnover (Average Fixed Assets) 5.1 5.2 5.8 5 4.7
Asset Turnover 1.7 1.7 1.7 1.5 1.3
Current Ratio 1.4 1.4 1.5 1.8 1.8
Quick Ratio 0.7 0.7 0.8 1.1 1
Solvency
Debt Analysis
Long Term Debt / Equity 1.3 1 1.6 1.1 0.5

Debt Coverage
Bankruptcy Risk
Altman Z-Score 10.36 10.46 13.12 16.38 16.18
6.8 6.7 8 11.2 10 8.7 8.3

5.8 5.8 7.6 9.6 8.8 7.8 7.4
6.8 6.7 8 11.3 10 8.8 8.3
5.8 5.8 7.6 9.7 8.9 7.9 7.4
35 33.8 38.5 49.7 60 47 38.7

30.2 29 35.1 42.8 45.5 40.8 35.9
39.7 40.7 47.7 59.4 72.4 55 44.3
33.7 32.3 41.8 49.9 51.6 46.5 40.8
57.5 59.5 59.4 77.6 96 73.4 57.3
47.8 46.9 54.5 65.2 68.7 61 58.7
13.5 13.6 15.9 19 21.1 18.8 17.5

14.5 14.5 16.9 19.9 21.7 19.3 18.4
17403.2 18541.8 21340.5 33274 38326.2 36685.5 34899.7

248 256.3 229.5 652.1 531.6 564.8 480.8
82 190.2 148.3 149.3 209 235.3 279.8
- - - - - - -
50.4 52.1 53.5 57.8 51 55.2 74.1
17311.9 18450.4 21368.5 32952.3 37989 36544.9 34772.8
6.8 6.7 8 11.2 10 8.7 8.3

35 33.8 38.5 49.7 60 47 38.7
39.7 40.7 47.7 59.4 72.4 55 44.3
1425 1606.9 1544.7 1956.2 2078.7 2237.3 2345.3

1292.7 1364.7 1342.9 1749.1 1818.7 1946.8 1991.5
- - - - - - -
82 190.2 148.3 149.3 209 235.3 279.8
50.4 52.1 53.5 57.8 51 55.2 74.1
19.91 19.28 18.54 19.56 16.55 19.98 22.74
5.8 11.8 9.6 7.6 10.1 10.5 11.9
6.1 13.4 10.6 8.3 11.2 11.8 13.5
0.2 0.4 0.3 0.2 0.3 0.3 0.3
0.3 5 5.2 4 4.1 4.4 5.2
13.53 13.1 13.04 13.91 11.5 13.99 15.8
24.26 23.84 27.29 26.99 22.49 27.38 32.56
19.91 19.28 18.54 19.56 16.55 19.98 22.74
24.59 24.18 27.65 27.37 22.77 27.56 33.02
19.03 18.59 19.54 21.45 15.66 17.48 20.19

17.07 16.53 16.88 18.92 13.78 15.88 18.66
17.04 16.5 16.85 18.9 13.76 15.86 18.65
- - - - - - -
- - - - - - -
41.11 40.48 42.71 43.24 36.39 38.08 41.29
12.14 10.64 12.16 11.55 10.1 9.79 10.02
12.25 11.3 13.48 14.6 10.46 11.93 14.45
11.83 11.33 13.5 14.6 10.46 11.93 14.45
10.96 10.33 10.69 11.84 8.82 9.91 11.9
10.4 10.5 10.8 9.8 8.9 8.1 8.2

4.3 3.6 3.4 3.8 5.3 5.8 5.4
3.7 3.9 3.5 3.4 3.7 3.4 3.1
1.3 1.3 1.2 1.2 1.3 1.4 1.4
98.4 93.3 104.1 107.5 98.5 105.8 118
1.6 1.5 1.7 2 2 2.1 2

0.8 0.8 0.9 1.3 1.1 1.2 1
35 34.9 33.9 37.4 40.9 45.2 44.5
75.8 70.1 70.6 79.8 66.2 66.6 79.1
57.7 58.1 67.3 65.1 73.2 84.5 83.3
0.5 0.5 0.7 0.6 0.1 0.5 0.7
6.1 13.4 10.6 8.3 11.2 11.8 13.5

5.8 11.8 9.6 7.6 10.1 10.5 11.9
0.3 5.7 5.8 4.4 4.5 4.9 5.9
0.3 5 5.2 4 4.1 4.4 5.2
36.6 39.6 34.8 35.1 38.2 36.3 37.4
82.7 29.9 33.1 44.4 41.8 37.8 36.9

92.4 35.6 40.4 52.7 50.1 43.6 41.5
50.8 24.6 36.5 49.6 44.5 34.8 30.4
0.2 0.4 0.3 0.2 0.3 0.3 0.3

- - - - - - -
0.3 0.5 0.3 0.2 0.4 0.4 0.4
- - - - - - -
16.03 14.64 19.65 19.65 23.19 22.09 -

Indocement Tunggal Prakarsa (IDX:INTP) FY13 FY14 FY15 FY16 FY17
Multiples
Sales | Revenues
EV / Sales (LTM) 4.4 3.3 4 3.3 3.9
EV / Sales (NTM) 3.6 3.2 3.3 2.8 3.5
Price / Sales - P/S (NTM) 4.2 3.7 3.7 3.3 4
Earnings
EV / EBITDA (LTM) 11.8 9.7 11.7 11 18.1
EV / EBITDA (NTM) 9.8 9.7 9.7 9.1 13.4
EV / EBIT (LTM) 13.4 11.2 14 14.1 29.7
EV / EBIT (NTM) 11.1 11.3 12 11.4 18.9
Price / Earnings - P/E (NTM) 16 15.4 15.9 15.2 24.1
Book Value
Price / Book - P/B (LTM) 4.1 3.1 3.3 2.3 2.6
Enterprise Value
Capital Structure
Total Debt 13.2 10.1 8.8 8 8
Minority Interest (Balance Sheet) 2.5 - - - -
Enterprise Value - EV 6685.3 5390.1 5132.9 3816 4116.7

EV / Sales (LTM) 4.4 3.3 4 3.3 3.9
EV / EBITDA (LTM) 11.8 9.7 11.7 11 18.1
EV / EBIT (LTM) 13.4 11.2 14 14.1 29.7
Capitalization
Total Capital 1902 1994.5 1738.1 1947.7 1817.4
Total Debt 13.2 10.1 8.8 8 8
Minority Interest (Balance Sheet) 2.5 - - - -
Return on Total Capital 17.74 15.64 13 9.08 4.62
Total Debt / EBITDA 0 0 0 0 0
Profitability
Returns
Return on Assets 15.35 13.48 11.2 7.9 3.99
Return On Equity % 23.64 22.26 17.99 15.48 7.34
Return on Total Capital 17.74 15.64 13 9.08 4.62
Margins
EBITDA Margin % 36.74 34.3 33.81 30.3 21.28
EBITA Margin 32.44 29.93 28.5 23.83 13.11
EBIT Margin % 32.44 29.93 28.45 23.76 13.04
SG&A Margin 14.28 16.09 16.13 17.61 21.28
Asset Turnovers
Receivables Turnover (Average Receivables) 7.5 7.7 6.8 6 5.7
Inventory Turnover (Average Inventory) 6.8 6.9 6 5.3 5.3
Asset Turnover 0.8 0.7 0.6 0.5 0.5
Current Ratio 6.1 4.9 4.9 4.5 3.7
Quick Ratio 5.5 4.3 4.2 3.9 3.1
Operating Cash Flow to Current Liabilities 2 1.6 1.9 1.1 0.8
Solvency
Debt Analysis

EBIT / Interest Expense 345 353.6 511.7 490.2 364.7
Debt Coverage
Total Debt / EBITDA 0 0 0 0 0
Total Debt / (EBITDA - Capex) 0 0 0 0 0
Bankruptcy Risk
Altman Z-Score 16.19 14.86 15.07 12.19 11.31
4.4 1.6 2.8 2.2 1.9 1.7

4 1.7 2.6 2 1.8 1.6
4.8 2.1 3.3 2.6 2.1 1.9
4.4 2.2 3 2.4 2 1.8
27.9 8.2 11.6 10.3 10.3 8.7

23.3 8.3 12.1 9.6 8.5 7.6
61.6 13.2 20 17.2 17.4 13.1
40.8 13.2 19.9 16.4 13.8 11.8
64.2 18 25.6 22.4 19.3 15.5
47.7 17.9 24.9 21.2 18.6 15.6
3.2 1.4 2.1 1.9 1.8 1.7

3.2 1.5 2.1 1.9 1.8 1.7
5107 2369.4 3267.1 2712.3 2260.3 2162.1

502 550 544.8 430.4 291.6 308.7
8.1 7.9 35.4 19.3 63.6 58.6
- - - - - -
- - - - - -
4601.8 1881.5 2765.2 2303.9 2026 1913
4.4 1.6 2.8 2.2 1.9 1.7

27.9 8.2 11.6 10.3 10.3 8.7
61.6 13.2 20 17.2 17.4 13.1
1621.2 1666.9 1605 1464.6 1324.3 1368.1

1613.2 1659 1569.6 1445.3 1260.7 1309.5
- - - - - -
8.1 7.9 35.4 19.3 63.6 58.6
- - - - - -
2.8 5.31 5.31 5.47 5.45 6.9
0.5 0.5 2.2 1.3 4.8 4.3
0.5 0.5 2.3 1.3 5 4.5
0 0 0.1 0.1 0.3 0.3
0 0 1.1 0.5 3.1 2.3
2.37 4.46 4.43 4.46 4.36 5.62
4.8 7.93 7.98 8.36 9.17 11.1
2.8 5.31 5.31 5.47 5.45 6.9
4.8 7.93 7.98 8.36 9.17 11.1
15.56 20.04 21.92 20.13 16.67 17

7.15 12.41 13.75 12.91 11.08 12.85
7.08 12.41 13.75 12.91 11.08 12.85
- - - - - -
- - - - - -
28.72 34.51 36.05 34.7 31.5 32.9
21.83 21.98 19.96 20.16 18.7 18.53
7.54 11.51 12.73 12.11 11.28 12.29
7.54 11.51 12.73 12.11 11.28 12.29
6.11 9.56 10.13 9.63 8.85 9.67
5.6 5.4 5.1 5.7 6.2 6

1 1.1 1 1 1.1 1.2
6 5.6 4.9 4.7 4.4 4.5
0.5 0.6 0.5 0.6 0.6 0.7
60.8 65.3 75 77.4 83.2 81.3
3.1 3.3 2.9 2.4 2.1 2.5

2.6 2.7 2.4 1.9 1.5 1.8
65.5 68.1 71.8 63.9 58.5 60.7
56.7 61.6 67.7 66.3 61 45.9
69.5 71.8 79.2 75 80.7 96.1
0.5 0.9 0.8 0.6 0.5 0.6
0.5 0.5 2.3 1.3 5 4.5

0.5 0.5 2.2 1.3 4.8 4.3
0 0 1.1 0.6 3.2 2.4
0 0 1.1 0.5 3.1 2.3
16.4 16.7 18.9 21.1 23.9 21.3
323.3 1624.1 43.1 79.4 48.7 47.2

710.3 2622.4 74.1 131.5 81.6 70.8
555.8 1779.1 59.1 107.9 58.1 59.1
0 0 0.1 0.1 0.3 0.3

- - - - - -
0.1 0.1 0.2 0.1 0.5 0.3
- - - - - -
10.69 11.79 7.63 6.84 5.54 6.12

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Ticker Market Data Available NonUSD to USD Adjustment

Multiples EV Profitability Solvency

Enterprise Value Multiples

Interest Rate Coverage

ort Term Investments

ver (Average Receivables)

ding (Average Receivables)

FY13A FY14A FY15A FY16A FY17A FY18A FY19A FY20A

#DIV/0! #DIV/0! #DIV/0!

FY21A FY22A FY23A

Enterprise Value Multiples

Interest Rate Coverage

1.8 1.5 2.1 2.2 2.6 1.9

10.5 7.9 8.8 7.9 7.9 6.6

3.3 3 3.9 4 4 2.8

248.5 246.7 357.2 429.5 464.4 317.9

1.8 1.5 2.1 2.2 2.6 1.9

82.8 87.9 94.5 111.6 121.4 123.5

16.84 18.38 23.83 27.6 32.6 29.05

3.8 4.2 3.9 3.9 3.7 3

1.7 1.7 2 2.4 2.3 2.2

8.7 4 2.3 1.3 2.8 7

18.7 52.5 69.9 227.1 222.2 102

0.3 0.1 0.1 0 0.1 0.2

5.53 6.33 5.94 8.35 8.83 8.09

Enterprise Value Multiples

Interest Rate Coverage

2.8 3.5 3.7 4.3 3.2 3.3

19.6 17.7 16.9 22.2 16.7 15.6

10.5 12.6 17.7 30.2 18.7 17

39260.7 52085.8 57873.6 74015.8 57963.2 64119.5

2.8 3.5 3.7 4.3 3.2 3.3

13074.4 14550.8 13724.3 13932.6 15610 15660

14.06 16.54 18.68 16.21 16.15 18.2

8.5 8.7 8.8 8.9 8.8 7.7

250.5 252.9 280.1 471.7 403.2 314.3

5.1 6.8 8.4 7.9 7.7 8.3

3.8 3 2.5 3 3 2.5

3.19 3.41 3.25 3.93 3.63 3.74

Enterprise Value Multiples

Interest Rate Coverage

1.8 1.4 1.5 2.1 1.2 1.1 1.1

14.6 11.2 11.1 14 9.2 9.7 9.2

2.2 1.8 2 2.4 1.4 1.6 1.7

5743 4507.3 5009 6337 3574.2 3507.2 3465.4

1.8 1.4 1.5 2.1 1.2 1.1 1.1

4286.8 3986.7 3878.3 4170.4 3686.8 3609.6 3107.3

12.53 11.74 12.73 13.45 11.48 10.15 10.65

3.8 3.9 3.9 3.6 4 4.9 4.5

2 1.7 2.1 1.9 1.6 1.2 1.4

41.3 37.8 30 36.3 19.6 35.8 22.6

22.2 16.8 18 19.7 19.6 24.2 25.1

2.6 2.4 1.9 2.5 1.5 2.4 1.5

3.1 2.95 3.49 3.16 3.54 2.49 2.7

Enterprise Value Multiples

Interest Rate Coverage

1.9 2.3 2.8 2.6 2 2

13.5 13.6 15 16.7 13.9 12

5.5 5.7 6 6 4.4 3.9

25754 30127.8 33902.4 37912.9 29049.4 30123.5

1.9 2.3 2.8 2.6 2 2

9748 11247 12421 13877 14363 14975

14.23 15.4 16.61 14.18 12.89 15.03