Calgon Carbon Corporation 6/25/2013 Comparables Analysis USD Millions
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1 Comparables Analysis USD Millions Operating Statistics Enterprise Debt to 5 Yr LTM LTM LTM LTM Company Name Ticker Stock Price Market Cap Net Debt Value Capital Beta GM % NI % EBIT % EBITDA % Cabot Corp. CBT ,454 1,549 4, % % 4.4% 9.1% 14.5% Danaher Corp. DHR ,112 2,389 46, % % 13.4% 17.6% 22.2% Hawkins Inc. HWKN (44) % % 4.9% 10.3% 13.1% MeadWestvaco Corp. MWV ,194 1,761 7, % % 3.0% 7.7% 14.6% Xylem Inc. XYL , , % NFM 39.3% 7.3% 12.2% 16.1% High 44,112 2,389 46, % % 13.4% 17.6% 22.2% Average 11,646 1,297 12, % % 6.6% 11.4% 16.1% Median 5,049 1,549 5, % % 4.9% 10.3% 14.6% Low 423 (44) % % 3.0% 7.7% 13.1% Calgon Carbon Corp. CCC % % 4.5% 9.3% 14.1% Growth Summary Company Name Revenue Revenue Revenue Revenue Revenue Revenue Revenue EBITDA EBITDA EBITDA EBITDA Cabot Corp. 3,170 3,292 3,479 3,713 3, Danaher Corp. 16,091 18,129 18,959 20,058 21,616 24,334-3,938 4,161 4,504 4,913 Hawkins Inc MeadWestvaco Corp. 5,318 5,506 5,705 5,934 6, ,043 1,111 Xylem Inc. 3,803 3,803 3,873 4,065 4,354 4,409 4, Calgon Carbon Corp Yr Rev 2 Yr Rev 3 Yr Rev 4 Yr Rev 5 Yr Rev 1 Yr 2 Yr 3 Yr Company Name Growth Growth Growth Growth Growth Growth Growth Growth Cabot Corp. 5.7% 12.8% 13.3% NFM NFM 8.2% 26.6% 25.0% Danaher Corp. 4.6% 10.6% 19.2% 34.2% NFM 5.6% 14.4% 24.8% Hawkins Inc. 2.2% 14.4% 24.3% 36.1% NFM 5.5% NFM NFM MeadWestvaco Corp. 3.6% 7.8% 11.0% NFM NFM 1.2% 19.4% 27.2% Xylem Inc. 1.8% 6.9% 14.5% 15.9% 21.0% -0.5% 11.2% 16.1% High 5.7% 14.4% 24.3% 36.1% 21.0% 8.2% 26.6% 27.2% Average 3.6% 10.5% 16.5% 28.8% 21.0% 4.0% 17.9% 23.3% Median 3.6% 10.6% 14.5% 34.2% 21.0% 5.5% 16.9% 24.9% Low 1.8% 6.9% 11.0% 15.9% 21.0% -0.5% 11.2% 16.1% Calgon Carbon Corp. CCC 4.0% 14.9% 35.5% 54.8% 68.8% 17.1% 39.5% 76.3% Valuation Statistics P/E EV / Sales 3 Yr Rev EV/Sales/ EV / EBITDA 3 Yr EBITDA EV/EBITDA/ Company Name Growth % Growth Growth % Growth Cabot Corp Danaher Corp Hawkins Inc NFM NFM NFM NFM MeadWestvaco Corp Xylem Inc High Average Median Low Calgon Carbon Corp
2 Revenue Build Actual Activated Carbon and Services Drinking Water 125, , , , , , , ,243 Waste Water 81, , , , , , , ,333 Air Pollution 91, ,294 95,583 86,025 98, , , ,750 Carbon Delivery and Reactivation 106, , , , , , , ,810 Municipal Equipment Leasing 14,454 14,815 13,886 14,178 14,518 14,852 15,193 15,558 Other Carbon Services 7,220 5,607 5,984 6,110 6,256 6,400 6,547 6,705 Total Segment 427, , , , , , , ,399 Equipment Capital equipment 16,965 20,850 41,188 42,053 43,062 44,053 45,066 46,147 Water Ballast 19,800 19,800 20,400 30,000 60, , , ,000 Ballast Unit Sales Spare Parts 9,245 5,624 4,462 4,556 4,665 4,772 4,882 4,999 Total Segment 46,010 46,274 66,050 76, , , , ,147 Consumer Products Carbon Cloth 6,923 7,868 10,422 10,641 10,896 11,147 11,403 11,677 Other Consumer Products 1, Total Segment 8,618 8,730 10,450 10,669 10,926 11,177 11,434 11,708 Total Firm Revenue 482, , , , , , , ,254 Analyst Consensus Revenue 575, , , , ,740 Difference 1.65% 3.53% 2.22% 5.82% 13.04% Growth Rates: Activated Carbon and Services Drinking Water 7.94% 3.84% 7.00% 5.00% 4.00% 3.00% 3.00% Waste Water 32.07% 14.22% 7.00% 5.00% 4.00% 3.00% 3.00% Air Pollution 18.17% % % 15.00% 40.00% 25.00% 20.00% Carbon Delivery and Reactivation 6.64% -7.05% 2.10% 2.40% 2.30% 2.30% 2.40% Municipal Equipment Leasing 2.50% -6.27% 2.10% 2.40% 2.30% 2.30% 2.40% Other Carbon Services % 6.72% 2.10% 2.40% 2.30% 2.30% 2.40% Total Segment 13.74% -0.15% 2.38% 6.06% 10.33% 8.07% 7.55% Equipment Capital equipment 22.90% 97.54% 2.10% 2.40% 2.30% 2.30% 2.40% Water Ballast 0.00% 3.03% 47.06% % % 50.00% 16.67% Spare Parts % % 2.10% 2.40% 2.30% 2.30% 2.40% Total Segment 0.57% 42.74% 15.99% 40.62% 56.72% 36.20% 13.57% Consumer Products Carbon Cloth 13.65% 32.46% 2.10% 2.40% 2.30% 2.30% 2.40% Other Consumer Products % % 2.10% 2.40% 2.30% 2.30% 2.40% Total Segment 1.30% 19.70% 2.10% 2.40% 2.30% 2.30% 2.40% Total Revenue 12.26% 3.84% 3.98% 10.52% 17.93% 14.22% 9.07% US Real GDP Growth 2.40% 1.80% 2.20% 2.10% 2.40% 2.30% 2.30% 2.40%
3 Operating Assumptions Actual Revenue Activated Carbon and Services 427, , , , , , , ,399 Equipment 46,010 46,274 66,050 76, , , , ,147 Consumer Products 8,618 8,730 10,450 10,669 10,926 11,177 11,434 11,708 Total Revenue 482, , , , , , , ,254 Operating Profit Activated Carbon and Services 50,994 65,030 49,328 59,681 68,571 81,472 91, ,460 Equipment 694 (3,500) 702 3,064 9,695 21,947 34,492 41,783 Consumer Products (3,400) (2,500) 2,010 2,134 2,185 2,235 2,287 2,342 Total Operating Income 48,288 59,030 52,040 64,879 80, , , ,585 D&A Activated Carbon and Services 18,590 20,959 22,578 23,116 24,517 27,049 29,233 31,439 Equipment 1,296 1,332 1,352 1,568 2,205 3,456 4,707 5,346 Consumer Products Corporate 1,954 1,757 1,968 2,046 2,262 2,667 3,046 3,323 Total D&A 22,082 24,337 26,320 27,162 29,425 33,623 37,448 40,580 Stock Based Compensation 2,463 2,577 2,434 2,531 2,797 3,169 3,508 3,785 EBITDA Activated Carbon and Services 69,584 85,989 71,906 82,797 93, , , ,899 Equipment 1,990 (2,168) 2,054 4,632 11,901 25,403 39,199 47,129 Consumer Products (3,158) (2,211) 2,432 2,565 2,626 2,687 2,749 2,814 Corporate 4,417 4,334 4,402 4,577 5,059 5,836 6,554 7,107 Total EBITDA 72,833 85,944 80,794 94, , , , ,950 Revenue Growth Activated Carbon and Services 13.74% -0.15% 2.38% 6.06% 10.33% 8.07% 7.55% Equipment 0.57% 42.74% 15.99% 40.62% 56.72% 36.20% 13.57% Consumer Products 1.30% 19.70% 2.10% 2.40% 2.30% 2.30% 2.40% Total 12.26% 3.84% 3.98% 10.52% 17.93% 14.22% 9.07% Operating Margin Activated Carbon and Services 11.92% 13.37% 10.15% 12.00% 13.00% 14.00% 14.50% 15.00% Equipment 1.51% -7.56% 1.06% 4.00% 9.00% 13.00% 15.00% 16.00% Consumer Products % % 19.23% 20.00% 20.00% 20.00% 20.00% 20.00% Total 10.01% 10.90% 9.26% 10.97% 12.45% 13.87% 14.70% 15.34% EBITDA Margin Activated Carbon and Services 16.27% 17.68% 14.80% 16.65% 17.65% 18.65% 19.15% 19.65% Equipment 4.33% -4.69% 3.11% 6.05% 11.05% 15.05% 17.05% 18.05% Consumer Products % % 23.27% 24.04% 24.04% 24.04% 24.04% 24.04% Total 15.10% 15.87% 14.37% 16.18% 17.44% 18.70% 19.41% 20.01%
4 Discounted Cash Flow Model Terminal value Revenue 584, , , , ,254 EBITDA Multiple 8.0x Operating Expenses 519, , , , ,669 LTM EBITDA 146,599 EBIT 64,879 80, , , ,585 Terminal Value 1,172,791 Taxes 30% 19,464 24,135 31,696 38,392 43,676 NOPAT 45,415 56,316 73,958 89, ,910 PV of Terminal 744,989 D&A 27,162 29,425 33,623 37,448 40,580 Stock Based Compensation 2,531 2,797 3,298 3,768 4,109 EBITDA 75,108 88, , , ,599 Capex 44,947 47,494 49,589 51,683 52,731 Net Working Capital 6,261 17,220 32,431 30,342 22,105 Cash Flow to the Firm 23,899 23,822 28,860 48,771 71,763 PV Factor 9.50% PV Cash Flows 22,839 20,791 23,001 35,498 47,702 Sum of Cash Flows 149, % 8.50% 9.50% 10.50% 11.50% Terminal Value 744, x Implied Enterprise Value 894, x Net Debt 49, x Other Liabilities 105, x Equity Value 739, x Sensitivity on the Exit Multiple Diluted Shared Outstanding 51, ,600 79, , , ,600 Implied Share Price , , , , , Sensitivity on the Shares Outstanding vs. Net Debt
5 Discount Rate and Exit Multiple Calculation USD Millions Weighted Average Cost of Capital Levered Equity Unlevered Comparable Companies Beta Debt Value Tax Rate Beta Cabot Corp ,513 2, % 1.19 Danaher Corp ,471 44, % 0.91 Hawkins Inc % 0.97 MeadWestvaco Corp ,160 6, % 1.41 Xylem Inc. NFM 1,205 5, % NFM Average ,870 11, % 1.12 Median ,513 5, % 1.08 Unlevered Equity Levered Beta Debt Value Tax Rate Beta Calgon Carbon Corp % 1.13 Risk-Free Rate 2.90% Equity Risk Premium 6.00% Interest Rate on Debt 5.00% Cost of Equity 9.69% Cost of Debt 3.50% WACC 9.28% WACC Rounded 9.50% Selected Transactions Date Transaction DLOC Adjusted Target Buyer Announced Value EV / EBITDA EV / Rev Adjustment EV / EBITDA Notes AVR Afvalverwerking Cheung Kong 6/17/2013 $0.9 bn 8.7x 3.7x 30% 6.1x Acquisition of a waste processing company. Norit NV Cabot Corp. 6/21/2012 $1.1 bn 12.0x 3.1x 30% 8.4x Acquisition of a pure play activated carbon producer. Xylem ITT 1/12/2011 $4.7 bn 8.2x 1.3x 0% 8.2x Spin-off of Xylem from ITT. Trojan Technologies Siemens 9/20/2004 $0.2 bn 30.0x 2.2x 30% 21.0x Acquisition of a high-tech water equipment maker. High Average Median 8.30 Low 6.09 Selected Exit Multiple 8.0x
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