Sealed Air Corporation (0L4F.L)

Industry: Packaging & Containers Model: Peers Multiples Valuation

Valuation Snapshot

Ticker	Rank	Name	Rev TTM (M)	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
OI	17	O-I Glass, Inc.	6,455	-	-	8.57	9.36	9.08	11.02
SLGN	18	Silgan Holdings In	6,426	15.05	14.74	10.28	9.73	11.34	13.98
3941.T	19	Rengo Co., Ltd.	6,394	10.97	11.43	6.30	5.72	16.41	16.78
AMBP	20	Ardagh Metal Packa	6,277	149.05	149.05	9.86	9.86	17.11	23.07
SON	21	Sonoco Products Co	6,119	6.79	5.71	6.89	6.58	7.22	13.14
5901.T	22	Toyo Seikan Group	5,992	15.94	12.61	5.45	4.94	9.15	14.42
CCL-A.TO	23	CCL Industries Inc	5,512	17.24	15.58	10.07	9.31	13.00	12.70
0L4F.L	24	Sealed Air Corpora	5,332	12.97	13.44	9.16	9.06	10.25	10.61
PTVE	25	Pactiv Evergreen I	5,068	-	-	15.08	18.92	12.40	91.58
MMK.VI	26	Mayr-Melnhof Karto	4,774	6.40	6.08	4.77	4.50	3.64	7.39
0K9W.IL	27	Huhtamäki Oyj	4,742	15.46	15.37	6.78	6.42	12.15	13.07
5Y7A.F	28	SCG Packaging Publ	4,080	28.73	34.76	8.61	8.81	16.00	25.06
GEF	29	Greif, Inc.	3,933	3.37	2.24	10.02	10.87	-	28.03
8488.TW	30	Jiyuan Packaging H	3,840	-	-	13.49	14.95	-	-
REYN	31	Reynolds Consumer	3,707	16.93	17.32	10.61	10.72	13.91	14.19
002701.SZ	32	ORG Technology Co.	3,003	12.53	10.60	15.15	14.89	17.73	13.97

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	13.79	12.02	8.61	9.31	12.15	13.98
Full Range Median Multiple	15.26	13.67	9.86	9.36	12.40	14.09
Industry Multiple	24.87	24.62	9.46	9.70	12.24	21.32
Market Implied Multiple	15.60	16.18	10.21	10.09	11.41	11.82
Company (0L4F.L) Multiple	12.97	13.44	9.16	9.06	10.25	10.61
(*) Net Income / EBITDA / Revenue	393	379	991	1,003	886	856
Winsorized Enterprise Value	N/A	N/A	8,533	9,334	10,768	11,968
Full Range Median Enterprise Value	N/A	N/A	9,773	9,380	10,994	12,064
(-) Net Debt	3,986	3,986	3,986	3,986	3,986	3,986
Winsorized Equity Value	5,419	4,557	4,547	5,348	6,782	7,982
Full Range Median Equity Value	5,997	5,183	5,787	5,394	7,008	8,078
(/) Shares Outstanding	147	147	147	147	147	147
Winsorized Fair Value	$36.82	$30.96	$30.89	$36.33	$46.07	$54.22
Full Range Median Fair Value	$40.74	$35.21	$39.31	$36.64	$47.61	$54.88
Current Price	$41.66	$41.66	$41.66	$41.66	$41.66	$41.66
Upside / Downside	-11.63%	-25.69%	-25.85%	-12.79%	10.59%	30.16%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$25.77	$21.67	$21.62	$25.43	$32.25	$37.96
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy