Stepan Company (SCL)

Industry: Chemicals - Specialty 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
002683.SZ	72	Guangdong Hongda H	2,687	36.31	30.23	18.06	14.49	22.17	17.16
4205.T	73	Zeon Corporation	2,683	11.32	10.53	5.71	5.50	5.85	8.18
3101.T	74	Toyobo Co., Ltd.	2,678	13.16	14.81	8.61	8.86	13.25	15.41
4401.T	75	Adeka Corporation	2,620	12.86	11.53	4.31	3.86	7.85	5.71
4185.T	76	JSR Corporation	2,599	-	-	22.46	24.43	-	146.42
000930.SZ	77	COFCO Biotechnolog	2,582	116.63	175.82	53.34	68.41	-	323.66
ESI	78	Element Solutions	2,499	25.40	22.13	14.97	14.52	17.64	18.92
SCL	79	Stepan Company	2,304	24.11	29.23	6.68	6.97	15.25	20.27
4043.T	80	Tokuyama Corporati	2,192	11.07	10.63	5.57	5.37	6.63	8.37
ILCO.TA	81	Israel Corporation	2,176	15.11	15.11	1.98	1.53	3.25	2.90
OEC	82	Orion Engineered C	2,148	-	-	4.53	4.52	8.29	6.03
HPOL-B.ST	83	HEXPOL AB (publ)	2,125	14.85	13.66	10.06	9.19	11.98	10.52
MTX	84	Minerals Technolog	2,071	-	-	15.20	16.80	8.23	8.14
002709.SZ	85	Guangzhou Tinci Ma	2,055	128.68	122.61	48.99	42.65	97.76	99.48
603659.SS	86	Shanghai Putailai	2,049	39.38	32.24	28.87	23.88	24.08	28.54
ELK.OL	87	Elkem ASA	2,012	-	-	5.68	5.12	18.70	13.68

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	14.85	14.81	8.61	8.86	8.29	10.52
Full Range Median Multiple	15.11	15.11	10.06	9.19	11.98	13.68
Industry Multiple	38.62	41.75	16.56	16.61	18.90	47.54
Market Implied Multiple	26.07	31.61	7.13	7.44	16.27	21.62
Company (SCL) Multiple	24.11	29.23	6.68	6.97	15.25	20.27
(*) Net Income / EBITDA / Revenue	45	37	199	191	87	66
Winsorized Enterprise Value	N/A	N/A	1,713	1,691	723	690
Full Range Median Enterprise Value	N/A	N/A	2,001	1,752	1,044	897
(-) Net Debt	239	239	239	239	239	239
Winsorized Equity Value	672	553	1,475	1,452	484	452
Full Range Median Equity Value	684	564	1,763	1,514	805	659
(/) Shares Outstanding	23	23	23	23	23	23
Winsorized Fair Value	$29.39	$24.17	$64.49	$63.50	$21.17	$19.75
Full Range Median Fair Value	$29.89	$24.66	$77.09	$66.19	$35.22	$28.81
Current Price	$51.58	$51.58	$51.58	$51.58	$51.58	$51.58
Upside / Downside	-43.03%	-53.14%	25.02%	23.10%	-58.95%	-61.72%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$20.57	$16.92	$45.14	$44.45	$14.82	$13.82
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy