Exacompta Clairefontaine S.A. (ALEXA.PA)

Industry: Paper, Lumber & Forest Products 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
SWM	21	Schweitzer-Mauduit	2,324	-	-	-	-	35.39	154.63
2002.HK	22	China Sunshine Pap	2,238	3.03	3.03	4.32	4.00	13.38	9.04
SCA-A.ST	23	Svenska Cellulosa	2,222	24.72	32.13	14.43	17.53	38.12	30.18
IFP.TO	24	Interfor Corporati	2,141	-	-	-	-	-	-
7966.T	25	LINTEC Corporation	2,006	18.93	17.80	5.57	5.27	7.06	7.58
MATV	26	Mativ Holdings, In	1,983	-	-	9.51	9.80	25.06	-
0MEL.L	27	Deceuninck N.V.	1,937	24.03	24.98	3.68	3.32	4.81	3.67
ALEXA.PA	28	Exacompta Clairefo	1,933	4.06	3.53	1.44	1.23	35.99	1.67
3865.T	29	Hokuetsu Corporati	1,902	14.42	11.27	7.93	6.86	-	10.10
600308.SS	30	Shandong Huatai Pa	1,831	-	-	58.92	98.88	353.74	816.05
603733.SS	31	Xianhe Co.,Ltd.	1,714	17.35	16.11	17.83	15.86	21.71	25.31
CLW	32	Clearwater Paper C	1,556	-	-	36.64	61.39	-	-
213500.KS	33	Hansol Paper Co.,	1,530	-	-	6.29	6.64	97.22	44.58
DXCO3.SA	34	Dexco S.A.	1,488	42.29	55.61	6.73	6.42	20.86	23.89
MERC	35	Mercer Internation	1,383	-	-	13.27	13.16	-	-
600963.SS	36	Yueyang Forest & P	1,355	18.33	18.68	17.64	17.91	878.87	41.06

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	17.84	16.95	7.93	6.86	21.71	23.89
Full Range Median Multiple	18.63	18.24	9.51	9.80	25.06	25.31
Industry Multiple	20.39	22.45	15.60	20.54	136.02	106.01
Market Implied Multiple	4.35	3.79	1.51	1.29	37.68	1.75
Company (ALEXA.PA) Multiple	4.06	3.53	1.44	1.23	35.99	1.67
(*) Net Income / EBITDA / Revenue	50	58	217	253	9	186
Winsorized Enterprise Value	N/A	N/A	1,718	1,735	188	4,447
Full Range Median Enterprise Value	N/A	N/A	2,059	2,478	217	4,710
(-) Net Debt	107	107	107	107	107	107
Winsorized Equity Value	898	981	1,611	1,628	81	4,340
Full Range Median Equity Value	938	1,056	1,952	2,371	110	4,604
(/) Shares Outstanding	1	1	1	1	1	1
Winsorized Fair Value	$675.92	$738.68	$1,212.45	$1,225.19	$60.98	$3,266.48
Full Range Median Fair Value	$705.96	$794.70	$1,469.35	$1,784.68	$82.78	$3,465.03
Current Price	$165.00	$165.00	$165.00	$165.00	$165.00	$165.00
Upside / Downside	309.65%	347.68%	634.82%	642.54%	-63.05%	1,879.68%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$473.14	$517.07	$848.72	$857.64	$42.68	$2,286.53
Buy / Don't Buy	BUY	BUY	BUY	BUY	Don’t Buy	BUY