Crown Holdings, Inc. (0I4X.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
014970.KS	1	Samryoong Co Ltd	93,776	-	-	26.03	31.77	21.16	8.31
SWR.L	2	Smurfit Westrock P	36,563	25.65	23.50	7.70	6.14	15.57	16.36
SKG.L	3	Smurfit Kappa Grou	28,230	35.18	34.34	8.32	7.36	34.24	20.15
IP	4	International Pape	23,470	-	-	16.04	17.03	-	-
AMCR	5	Amcor plc	21,877	22.33	23.46	6.96	6.69	8.14	13.04
SMDS.L	6	DS Smith Plc	20,120	1.36	0.97	1.66	1.24	3.00	1.90
WRK	7	WestRock Company	19,143	69.29	93.59	8.46	8.76	21.36	66.91
0I4X.L	8	Crown Holdings, In	12,141	11.77	10.42	8.01	7.42	9.08	9.58
BERY	9	Berry Global Group	11,234	13.02	12.04	9.64	9.57	9.57	13.38
0CX9.L	10	Stora Enso Oyj	11,029	-	-	8.41	8.98	12.01	86.56
BLL	11	Ball Corporation	10,666	4.94	3.20	-	-	19.78	-
PKG	12	Packaging Corporat	8,772	21.97	19.35	12.91	11.84	17.99	17.51
GPK	13	Graphic Packaging	8,609	11.38	8.73	8.22	7.34	11.30	10.74
ARD	14	Ardagh Group S.A.	8,397	-	-	10.99	10.99	26.31	27.60
SIGN.SW	15	SIG Group AG	8,294	12.59	12.59	5.55	5.55	11.76	10.39
VRLA.PA	16	Verallia S.A.	8,149	7.22	7.22	3.39	3.39	8.93	5.96

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	12.59	12.04	8.27	7.35	11.89	13.04
Full Range Median Multiple	13.02	12.59	8.37	8.06	13.79	13.38
Industry Multiple	20.45	21.73	9.59	9.76	15.79	22.98
Market Implied Multiple	12.81	11.34	8.49	7.87	9.62	10.15
Company (0I4X.L) Multiple	11.77	10.42	8.01	7.42	9.08	9.58
(*) Net Income / EBITDA / Revenue	946	1,068	2,054	2,216	1,812	1,717
Winsorized Enterprise Value	N/A	N/A	16,992	16,290	21,537	22,390
Full Range Median Enterprise Value	N/A	N/A	17,186	17,859	24,989	22,978
(-) Net Debt	5,317	5,317	5,317	5,317	5,317	5,317
Winsorized Equity Value	11,911	12,862	11,675	10,973	16,220	17,073
Full Range Median Equity Value	12,321	13,452	11,869	12,542	19,672	17,661
(/) Shares Outstanding	115	115	115	115	115	115
Winsorized Fair Value	$103.36	$111.60	$101.31	$95.22	$140.75	$148.15
Full Range Median Fair Value	$106.91	$116.72	$102.99	$108.83	$170.70	$153.25
Current Price	$105.14	$105.14	$105.14	$105.14	$105.14	$105.14
Upside / Downside	-1.70%	6.15%	-3.64%	-9.44%	33.87%	40.90%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$72.35	$78.12	$70.92	$66.65	$98.52	$103.70
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy