This report has been issued for information purposes only and is not intended to constitute investment advice. It is based on estimates and forecasts of third parties regarding revenues, earnings and business developments. Such estimates and forecasts cannot be independently verified by reason of the subjective character. CPH Chemie + Papier Holding AG gives no guarantee, representation or warranty and is not responsible or liable as to its accuracy and completeness.
This report is not a prospectus within the meaning of art. 652a CO or art. 27 et seq. of the SIX Listing Rules. This document is neither an advice on investment, nor a recommendation or invitation for purchasing, holding or selling any securities, money market instruments or derivatives and no investment decision should be based on this report. This report speaks as of its date. Neither CPH Chemie + Papier Holding AG nor Dynamics Group AG assume any responsibility to up-date the report.
CPH Chemie + Papier Holding AG
Switzerland | Industrial Goods & Services
Event update
27 Oct 2020
Company Data
Price: | CHF 65.0 | ||||||
Market Cap: | CHF 390.0mn | ||||||
Free Float: | 41.6% | ||||||
No. of shares: | 6.0mn | ||||||
Avg. traded volume (30 day): | 275 | ||||||
Bloomberg: | CPHN SW | ||||||
Reuters: | CPHN-EB | ||||||
ISIN: | CH0001624717 | ||||||
Source: SIX Swiss Exchange and Bloomberg | |||||||
Share Price Development | |||||||
120 | |||||||
110 | |||||||
100 | |||||||
90 | |||||||
80 | |||||||
70 | |||||||
60 | |||||||
50 | |||||||
Oct-19 | Dec-19 | Feb-20 | Apr-20 | Jun-20 | Aug-20 | Oct-20 | |
CPH | SPI | ||||||
Source: Bloomberg | |||||||
Key Financial Data | |||||||
2018 | 2019 | 2020E | 2021E | ||||
Sales | 533.5 | 524.7 | 433.4 | 458.8 | |||
EBITDA % | 15.6% | 16.8% | 11.7% | 11.1% | |||
EBIT % | 9.7% | 10.8% | 4.6% | 4.4% | |||
Net Margin % | 7.9% | 9.2% | 9.3% | 3.6% | |||
Basic EPS | 7.05 | 8.06 | 6.69 | 2.72 | |||
Diluted EPS | 7.05 | 8.06 | 6.69 | 2.72 | |||
DPS | 1.80 | 1.80 | 1.80 | 1.80 | |||
Equity Ratio % | 50.7% | 62.6% | 66.5% | 66.6% | |||
Capex | (18.2) | (22.0) | (20.9) | (31.4) | |||
P/Sales | 0.7x | 0.8x | 0.9x | 0.9x | |||
P/E | 9.4x | 8.2x | 9.9x | 24.4x | |||
EV/EBITDA | 5.4x | 5.1x | 8.8x | 8.8x | |||
Source: Research Dynamics, Company data | |||||||
Next Events | |||||||
ZKB Equity Conference 2020 in | 4 Nov 2020 | ||||||
Zurich | |||||||
Baader Helvea Swiss equities | 14 Jan 2021 | ||||||
conference in Bad Ragaz |
Analysts
Doris Rudischhauser dru@researchdynamics.ch
Alexandre Müller amu@researchdynamics.ch
Tel: +41 43 268 3232
www.researchdynamics.ch
Adjustments to FY20 earnings outlook
CPH Group to benefit from significant one-off effects
CHP Group yesterday announced its plans to transfer some of its Perlen site's land assets to a newly to be founded real estate subsidiary, Perlen Papier Immobilien AG. With the completion of this transaction, the group will be able to clearly distinguish between its operating and real estate activities. This transaction, which is to be executed at market values, will allow the CHP Group to offset CHF 97mn of tax losses carried forward from previous years, resulting in an expected deferred tax income of ~CHF 12mn. This amount, along with release of provisions for environmental protection measures from the Uetikon site, is expected to generate a non-recurring income totalling ~CHF 26mn for FY20e. Thus, the CPH Group now expects to report net earnings of ~CHF 40mn for FY20e as against the low-double-digit millions guidance provided earlier.
Valuation and conclusion
We value CPH using DCF and relative valuation techniques. Our intrinsic value of CHF 87.9 per share comes out the same as our previous target price (CHF 87.9), implying an upside of 35% from the previous closing price. For relative valuation, since the Group operates in three entirely different divisions, we compare each of CPH's divisions with different sets of relevant industry peers. We have employed three parameters - EV/EBITDA, P/S and P/E - to analyze the relative valuation of the Group. CPH currently trades at a P/S multiple of 0.8x (FY2021E), a significant 35% discount to the weighted average multiple of division peers.
We remain encouraged by management's focus on diversifying the offerings towards more remunerative businesses and regions. That said, in the short-term, we expect uncertainties to continue during the reminder of 2H2020 and into 2021 as economic activity is likely to pick up only gradually. Specifically, as Covid-19 has once again started resurfacing in major European countries, the Paper division may face unexpected demand pressure in 4Q20 due to potential restrictions on economic activities. Thus, the division may be affected by similar challenges than as of mid-March and into 2Q20 when demand for newsprint and magazine paper significantly. Accordingly, we have lowered our FY20e revenue forecast for the Paper division. However, in the medium to long term, as business activity is expected to pick up steam, we expect the valuation discount to narrow and the stock to witness a revaluation.
We see multiple factors driving the improvement in valuation, which includes growth prospects in key markets, operating efficiency improvements from new production facilities, and expansion of the Packaging and Chemistry divisions. The Paper division, which will be impacted in the short-term due to the weak economic environment in Europe, should benefit from local market, cost leadership, cost saving initiatives, advanced technology and continued operational improvements in the long-term. The business environment continues to remain challenging due to overcapacities and decreasing demand for newsprint paper. However, over time, tough market conditions may push marginal paper producers out of business which should lead to reduced capacities and aid a recovery in paper prices thereby benefiting efficient and leading market players like CPH. Moreover, we expect that the group-level efficiency optimization initiatives - together with the further strategy implementation of increasing presence in growth markets outside of CHF denominated cost structures and paper exposure - should offer support and upside to the company's stock price.
Important disclosures are on the last page of this report. CPH Chemie + Papier Holding AG is a research client of Research Dynamics. The equity research reports are prepared for information purposes only.
CPH 2
Switzerland | Industrial Goods & Services
Exhibit 1: CPH - Comparison with division peers
Company | EV/EBITDA | P/S | P/E | ||||||
3 year | 3 year | 3 year | |||||||
average | CY2020E | CY2021E | average | CY2020E | CY2021E | average | CY2020E | CY2021E | |
CPH Chemie & Paper | 7.6x | 8.4x | 8.0x | 0.9x | 0.9x | 0.8x | 13.3x | 16.4x | 22.4x |
Paper peers: | |||||||||
Holmen | NA | 17.5x | 16.7x | NA | 3.5x | 3.2x | NA | 30.6x | 28.9x |
Stora Enso | 8.4x | 10.1x | 8.5x | 1.0x | 1.2x | 1.1x | 13.3x | 24.7x | 15.9x |
Altri | 7.1x | 11.6x | 10.1x | 1.7x | 1.1x | 1.1x | 10.1x | 96.7x | 30.8x |
Metsa Board | 11.2x | 9.2x | 9.0x | 1.2x | 1.3x | 1.3x | 14.1x | 16.7x | 15.0x |
UPM-Kymmene | 8.4x | 10.6x | 9.2x | 1.4x | 1.6x | 1.5x | 12.9x | 19.7x | 16.4x |
Norkse Scogindustrier | 11.7x | NA | NA | NM | NA | NA | NA | NA | NA |
James Cropper | 15.8x | NA | NM | 1.2x | NA | NA | 34.4x | NA | NA |
OJI Holdings | 8.2x | NM | NM | 0.4x | 0.3x | 0.3x | 13.2x | 10.3x | 8.1x |
Chemistry peers: | |||||||||
Honeywell Int. | 13.1x | 17.1x | 15.5x | 2.9x | 3.7x | 3.5x | 21.0x | 24.7x | 21.7x |
Clariant | 11.4x | NA | NA | 1.4x | NA | NA | 33.9x | NA | NA |
Arkema | 6.1x | 7.6x | 6.8x | 0.8x | 0.9x | 0.8x | 12.8x | 16.8x | 12.8x |
WR Grace & Co. | 14.2x | 11.5x | 9.0x | 2.3x | 1.8x | 1.7x | 30.7x | 17.8x | 12.0x |
Packaging peers: | |||||||||
Meadvestwaco | NA | NA | NA | NA | NA | NA | NA | NA | NA |
MacFarlane Group | 10.3x | NM | NM | 0.7x | NM | NM | 16.8x | 14.2x | 11.6x |
Gerresheimer | 10.9x | 12.0x | 11.0x | 1.6x | 1.9x | 1.8x | 24.2x | 22.1x | 18.7x |
West Pharmaceutical Services | 27.0x | 39.7x | 34.8x | 5.9x | 9.8x | 8.9x | 43.6x | 62.4x | 56.8x |
Convertidora Industrial | 4.8x | 4.2x | 3.7x | 0.2x | 0.2x | 0.2x | 41.9x | NA | NA |
PSB Industries | 4.8x | 28.8x | 4.6x | 0.3x | 0.3x | 0.3x | 15.6x | NM | NM |
Astrapak Ltd | NA | NA | NA | NA | NA | NA | NA | NA | NA |
Bilcare Ltd | 42.2x | NA | NA | NM | NA | NA | NA | NA | NA |
Median | 10.9x | 11.5x | 9.1x | 1.2x | 1.3x | 1.3x | 16.8x | 20.9x | 16.2x |
High | 42.2x | 39.7x | 34.8x | 5.9x | 9.8x | 8.9x | 43.6x | 96.7x | 56.8x |
Low | 4.8x | 4.2x | 3.7x | 0.2x | 0.2x | 0.2x | 10.1x | 10.3x | 8.1x |
Premium (disc) to peers | (30%) | (27%) | (13%) | (26%) | (36%) | (35%) | (21%) | (22%) | 39% |
Source: Thomson Eikon (as on 26 Oct 2020)
Exhibit 2: CPH - Comparison with weighted average of division peers
EV/EBITDA | P/S | P/E | |||||||
3 year | 3 year | 3 year | |||||||
average | CY2020E CY2021E average CY2020E | CY2021E | average | CY2020E | CY2021E | ||||
Weighted peer multiples | 9.6x | 13.6x | 8.8x | 1.1x | 1.3x | 1.2x | 18.3x | 21.5x | 16.4x |
CPH | 7.6x | 8.4x | 8.0x | 0.9x | 0.9x | 0.8x | 13.3x | 16.4x | 22.4x |
Premium (disc) to peers | (21%) | (38%) | (9%) | (23%) | (33%) | (30%) | NM | (24%) | 36% |
Source: Thomson Eikon (as on 26 Oct 2020)
CPH 3
Switzerland | Industrial Goods & Services
DETAILED FINANCIAL STATEMENTS
Income Statement
CHF mn (except per share) | FY15 | FY16 | FY17 | FY18 | FY19 | FY20E | FY21E | |||||||||||||||
Chemistry sales | 63 | 69 | 75 | 79 | 78 | 72 | 74 | |||||||||||||||
Paper sales | 248 | 246 | 264 | 301 | 293 | 200 | 215 | |||||||||||||||
Packaging sales | 110 | 119 | 130 | 153 | 153 | 161 | 170 | |||||||||||||||
Net Sales | 420 | 435 | 470 | 534 | 525 | 433 | 459 | |||||||||||||||
Cost of Sales | (285) | (267) | (309) | (311) | (298) | (248) | (275) | |||||||||||||||
Gross profit | 135 | 168 | 161 | 222 | 227 | 185 | 184 | |||||||||||||||
Personnel cost | (86) | (89) | (84) | (92) | (93) | (94) | (93) | |||||||||||||||
Outsourced | ||||||||||||||||||||||
maintenance/repairs | (16) | (18) | (17) | (19) | (20) | (16) | (16) | |||||||||||||||
Other operating expense | (21) | (25) | (26) | (28) | (26) | (24) | (24) | |||||||||||||||
Total operating costs | (123) | (131) | (127) | (139) | (139) | (134) | (132) | |||||||||||||||
EBITDA | 12 | 37 | 34 | 83 | 88 | 51 | 51 | |||||||||||||||
Depreciation on tangible fixed | ||||||||||||||||||||||
assets | (34) | (31) | (30) | (30) | (30) | (30) | (30) | |||||||||||||||
Depreciation on intangible | ||||||||||||||||||||||
assets | (0) | (1) | (1) | (1) | (1) | (1) | (1) | |||||||||||||||
Operating profit (EBIT) | ||||||||||||||||||||||
before impairment | (22) | 6 | 3 | 52 | 57 | 20 | 20 | |||||||||||||||
Impairment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||
Operating profit (EBIT) | (22) | 6 | 3 | 52 | 57 | 20 | 20 | |||||||||||||||
Finance costs | (13) | (6) | (8) | (7) | (6) | (4) | (4) | |||||||||||||||
Finance income | 1 | 1 | 2 | 1 | 0 | 0 | 0 | |||||||||||||||
Total financial income | ||||||||||||||||||||||
(expenses) | (12) | (5) | (7) | (6) | (6) | (4) | (4) | |||||||||||||||
Profit before taxes (before | ||||||||||||||||||||||
exceptional items) | (34) | 1 | (4) | 46 | 51 | 16 | 16 | |||||||||||||||
Non-operating items | 2 | (4) | 23 | 0 | 1 | 16 | 4 | |||||||||||||||
Income taxes | (1) | (4) | (3) | (3) | (3) | 9 | (4) | |||||||||||||||
Profit attributable to the | ||||||||||||||||||||||
parent | (33) | (8) | 16 | 42 | 48 | 40 | 16 | |||||||||||||||
Basic EPS | (5.5) | (1.3) | 2.7 | 7.1 | 8.1 | 6.7 | 2.7 | |||||||||||||||
Diluted EPS | (5.5) | (1.3) | 2.7 | 7.1 | 8.1 | 6.7 | 2.7 | |||||||||||||||
DPS | 0.6 | 0.7 | 0.7 | 1.8 | 1.8 | 1.8 | 1.8 | |||||||||||||||
Source: Research Dynamics, Company data | ||||||||||||||||||||||
Balance Sheet | ||||||||||||||||||||||
CHF mn | FY15 | FY16 | FY17 | FY18 | FY19 | FY20E | FY21E | |||||||||||||||
Assets | ||||||||||||||||||||||
Non-current assets | ||||||||||||||||||||||
PPE | 404.3 | 384.6 | 384.1 | 376.1 | 366.4 | 356.5 | 357.2 | |||||||||||||||
Intangible assets | 2.4 | 3.1 | 4.8 | 5.8 | 5.6 | 5.6 | 5.6 | |||||||||||||||
Long-term financial assets | 10.0 | 10.0 | 10.0 | 10.0 | 10.0 | 10.0 | 10.0 | |||||||||||||||
Long-term financial receivables | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||||||
Other non-current assets | 20.2 | 52.6 | 56.4 | 55.3 | 54.0 | 54.0 | 54.0 | |||||||||||||||
Total non-current assets | 436.9 | 450.3 | 455.3 | 447.2 | 436.0 | 426.1 | 426.8 | |||||||||||||||
Current assets | ||||||||||||||||||||||
Inventories | 54.5 | 68.9 | 59.2 | 69.6 | 78.5 | 72.8 | 76.3 | |||||||||||||||
Trade accounts receivable | 66.4 | 69.1 | 77.8 | 72.1 | 72.4 | 67.8 | 74.5 | |||||||||||||||
Other receivables | 8.0 | 8.9 | 18.0 | 13.1 | 14.0 | 12.0 | 12.0 | |||||||||||||||
Prepaid expenses and accrued | 4.9 | 4.8 | 7.0 | 9.2 | 8.6 | 20.6 | 20.6 | |||||||||||||||
income | ||||||||||||||||||||||
Short-term financial receivables | 0.0 | 0.1 | 0.0 | 100.3 | 0.0 | 0.0 | 0.0 | |||||||||||||||
Liquid funds and Securities | 53.2 | 70.4 | 80.2 | 89.0 | 93.1 | 106.2 | 101.9 | |||||||||||||||
Total assets | 624.0 | 672.4 | 697.6 | 800.5 | 702.7 | 705.6 | 712.2 | |||||||||||||||
Shareholders' Equity and Liabilities | ||||||||||||||||||||||
Share capital | 30.0 | 30.0 | 30.0 | 12.0 | 12.0 | 12.0 | 12.0 | |||||||||||||||
Capital reserves | 8.4 | 4.8 | 0.8 | 15.0 | 4.2 | 4.2 | 4.2 | |||||||||||||||
Profit reserves | 397.4 | 351.2 | 346.4 | 336.2 | 375.2 | 412.7 | 442.1 | |||||||||||||||
Net result for the year | (33.1) | (7.9) | 16.0 | 42.3 | 48.3 | 40.1 | 16.3 | |||||||||||||||
Non-current liabilities | ||||||||||||||||||||||
Long-term financial liabilities | 126.5 | 145.6 | 143.5 | 120.5 | 116.8 | 110.8 | 107.0 | |||||||||||||||
Pension scheme liabilities | 1.0 | 1.1 | 0.6 | 1.3 | 0.7 | 0.7 | 0.7 | |||||||||||||||
Other long-term liabilities | 2.3 | 0.1 | 0.0 | 0.8 | 0.6 | 0.6 | 0.6 | |||||||||||||||
Long-term provisions | 20.0 | 52.5 | 51.8 | 50.0 | 47.5 | 35.5 | 35.5 | |||||||||||||||
Current liabilities | ||||||||||||||||||||||
Trade accounts payable | 46.7 | 53.1 | 69.5 | 69.7 | 66.3 | 57.8 | 62.8 | |||||||||||||||
Other payables | 2.6 | 8.3 | 3.3 | 4.1 | 3.6 | 3.6 | 3.6 | |||||||||||||||
Accrued liabilities and deferred | 13.6 | 16.5 | 17.2 | 20.0 | 16.3 | 16.3 | 16.3 | |||||||||||||||
income | ||||||||||||||||||||||
Short-term financial liabilities | 6.8 | 7.0 | 9.8 | 125.8 | 5.9 | 5.8 | 5.6 | |||||||||||||||
Short-term provisions | 1.5 | 7.6 | 5.6 | 1.2 | 3.8 | 3.8 | 3.8 | |||||||||||||||
Total liabilities | 221.2 | 291.6 | 301.3 | 393.3 | 261.4 | 234.9 | 236.0 | |||||||||||||||
Total equity and liab. | 624.0 | 672.4 | 697.6 | 800.5 | 702.7 | 705.6 | 712.2 |
Source: Research Dynamics, Company data
CPH 4
Switzerland | Industrial Goods & Services
Cash Flow Statement
CHF mn
Net profit for the period Non-cash adjustments:
Change in CA and CL:
(Increase)/ decrease in inventories
Decrease in trade accountsreceivable
Increase/ (decrease) in trade accounts payable Other changes in working capital
Cash flows from operating activities Investments in tangible fixed assets
Disposals of tangible fixed assets
Investments in intangible assets
Investments in business activities
Repayment of long-term financial receivables
Cash flow generated (used) in investment activities
Increase/ (Decrease) in short-term financial liabilities and receivables Increase/ (Decrease) in long-term financial liabilities
Increase in other long- term liabilities Dividends to shareholders
Cash flow generated (used) in financing Exchange (losses)/gains
Net change in cash
Opening cash balance
Closing cash balance
FY15 | FY16 | FY17 | FY18 | FY19 | FY20E | FY21E |
(33.1) | (7.7) | 16.2 | 42.3 | 48.5 | 40.1 | 16.3 |
35.3 | 33.9 | (1.5) | 26.3 | 31.2 | 30.8 | 30.7 |
8.4 | (13.1) | 13.6 | (8.6) | (10.2) | 5.7 | (3.5) |
8.1 | (0.5) | (7.7) | 5.0 | (1.3) | 4.6 | (6.7) |
(6.8) | 1.6 | 15.8 | (1.1) | (2.8) | (8.5) | 5.0 |
11.5 | 7.7 | (4.2) | 0.4 | (4.3) | (22.0) | - |
23.3 | 21.9 | 32.2 | 64.3 | 61.0 | 50.8 | 41.9 |
(21.9) | (20.7) | (32.3) | (22.3) | (21.9) | (19.8) | (30.3) |
1.6 | 20.5 | 15.4 | 6.3 | 0.8 | - | - |
(1.6) | (1.2) | (2.4) | (2.2) | (1.0) | (1.1) | (1.1) |
- | (18.5) | - | (27.9) | - | - | - |
- | - | - | - | 100.9 | - | - |
(22.0) | (19.9) | (19.3) | (46.0) | 78.9 | (20.9) | (31.4) |
(15.3) | 0.1 | 1.0 | (4.3) | (123.4) | (0.1) | (0.2) |
(1.1) | 19.0 | (0.6) | (3.0) | (1.1) | (5.9) | (3.8) |
(0.1) | (0.4) | 0.2 | 2.1 | (0.2) | - | - |
(3.9) | (3.6) | (3.9) | (3.9) | (10.9) | (10.8) | (10.8) |
(20.4) | 15.2 | (3.3) | (9.1) | (135.6) | (16.8) | (14.8) |
2.3 | 0.1 | 0.2 | (0.3) | (0.2) | - | - |
(16.7) | 17.2 | 9.8 | 8.9 | 4.1 | 13.1 | (4.3) |
69.9 | 53.1 | 70.3 | 80.1 | 89.0 | 93.1 | 106.2 |
53.1 | 70.3 | 80.1 | 89.0 | 93.1 | 106.2 | 101.9 |
Source: Research Dynamics, Company data
Key Ratios
FY15 | FY16 | FY17 | FY18 | FY19 | FY20E | FY21E | |||||||||||
Growth Ratios | |||||||||||||||||
Sales Growth | (15%) | 4% | 8% | 14% | (2%) | (17%) | 6% | ||||||||||
Chemistry division | 4% | 11% | 9% | 5% | (2%) | (8%) | 3% | ||||||||||
Paper division | (21%) | (1%) | 7% | 14% | (3%) | (32%) | 7% | ||||||||||
Packaging division | (7%) | 9% | 9% | 17% | 0% | 5% | 6% | ||||||||||
Operating Profit Growth | NM | NM | (51%) | NM | 10% | (65%) | 2% | ||||||||||
Net Income Growth | NM | NM | NM | 165% | 14% | (17%) | (59%) | ||||||||||
Profitability Ratios (%) | |||||||||||||||||
Operating margin (before | (5%) | 1% | 1% | 10% | 11% | 5% | 4% | ||||||||||
impairment) (% ) | |||||||||||||||||
Chemistry division | (3%) | 2% | 5% | 8% | 6% | 5% | 4% | ||||||||||
Paper division | (11%) | (2%) | (5%) | 10% | 12% | (2%) | (2%) | ||||||||||
Packaging division | 5% | 8% | 7% | 10% | 11% | 13% | 13% | ||||||||||
EBITDA Margin % | 3% | 8% | 7% | 16% | 17% | 12% | 11% | ||||||||||
Net Margin (%) | (8%) | (2%) | 3% | 8% | 9% | 9% | 4% | ||||||||||
Return Ratios | |||||||||||||||||
Profit Margin | (8%) | (2%) | 3% | 8% | 9% | 9% | 4% | ||||||||||
Asset Turnover | 0.6x | 0.7x | 0.7x | 0.7x | 0.7x | 0.6x | 0.6x | ||||||||||
Financial Leverage | 1.6x | 1.7x | 1.8x | 1.9x | 1.8x | 1.5x | 1.5x | ||||||||||
Dupont ROE (%) | (8%) | (2%) | 4% | 11% | 11% | 9% | 3% | ||||||||||
ROCE (%) | (4%) | 1% | 1% | 10% | 10% | 3% | 3% | ||||||||||
ROA (%) | (5%) | (1%) | 2% | 6% | 6% | 6% | 2% | ||||||||||
Leverage Ratios | |||||||||||||||||
Debt - Equity Ratio | 0.3x | 0.4x | 0.4x | 0.6x | 0.3x | 0.2x | 0.2x | ||||||||||
Net Debt - Equity Ratio | 0.2x | 0.2x | 0.2x | 0.4x | 0.1x | 0.0x | 0.0x | ||||||||||
Interest Coverage | (5.5x) | 1.4x | 0.7x | 11.8x | 9.1x | 4.5x | 5.1x | ||||||||||
Liquidity Ratios | |||||||||||||||||
Current Ratio | 2.6x | 2.4x | 2.3x | 1.6x | 2.8x | 3.2x | 3.1x | ||||||||||
Quick Ratio | 1.9x | 1.7x | 1.7x | 1.3x | 2.0x | 2.4x | 2.3x | ||||||||||
Valuation Ratios | |||||||||||||||||
EV/EBITDA | 25.8x | 12.1x | 13.2x | 5.4x | 5.1x | 8.8x | 8.8x | ||||||||||
P/E | NM | NM | 24.9x | 9.4x | 8.2x | 9.9x | 24.4x |
Source: Research Dynamics, Bloomberg, Company data
CPH 5
Switzerland | Industrial Goods & Services
DISCLAIMER
CPH Chemie + Papier Holding AG ("CPH") is a client of Research Dynamics. The equity research report(s) are prepared for informational purposes only and are paid for by the company portrayed in the report. Research Dynamics is a division of Dynamics Group AG. Dynamics Group is an independent consultancy firm focused on strategic advisory, communication management and research and analysis.
This report (henceforth known as "document") has been drafted by the authors concerned as a non-binding opinion on the market situation and on the instruments of investment in question and compiled by Dynamics Group in order to provide background information about the companies. It is intended exclusively for the purpose of information.
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CPH Chemie + Papier Holding AG published this content on 28 October 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 October 2020 08:19:02 UTC