1、Spring 2023European Chemicals Industry Insights2Key raw materials prices in the chemicals sector showed mixed trends in Q1 2023The ifo Business Climate Index for the German chemical industry continues to be in a negative trajectory due to recession concernsConsumer specialty chemicals companies expe

2、rienced broad share price declines over the last 12 monthsExecutive SummaryThe number of announced European chemicals transactions in Q1 2023 has dropped to its lowest level since 2009Executive Summary In this edition of European Chemicals Update from Kroll,we evaluate current trends for key raw mat

3、erials,prevailing investor sentiment and valuation developments in the featured consumer specialty sub-sector.Our top insights are detailed below:Key raw materials prices in the chemicals sector showed mixed trends in Q1 2023,affected by the lower demand and macroeconomic conditions.Next,the ifo Bus

4、iness Climate Index for the German chemical industry continues to be in a negative trajectory due to weaker demand-although the business expectations trended upward in Q1 2023,indicating improvement in sentiments regarding current business activities.But tough times loom over the manufacturers due t

5、o the expectation of a global recession.Finally,in the consumer specialty sub-sector,featured companies experienced decreases in market capitalization.The share price of Chr.Hansen Holding performed best over the last 12 months,followed by the share prices of Symrise and Givaudan.Despite strong econ

6、omic headwinds,chemical companies are regaining confidence regarding business opportunities for the second half of 2023.Learn more in our report and contact Kroll to learn more about how we help our clients to stay ahead.3OverviewDefinitions:MMBtu:1 million British thermal units;bn.:barrels;MT:metri

7、c tonsNote:(1)Bloomberg as of February 28,2023Source:IEA,Chemanalyst,Bloomberg as of March 31,2023Quarterly Market ReviewKey Raw Materials0020406080100120140Brent Crude OilHenry Hub Natural GasPetrochemicals02004006008001,0001,2001,4001,6001,8002,000Benzene(W.Europe)Mixed Xylenes(W.Europe

8、)Aromatics(1)USD/MT04008001,2001,6002,000Ethylene(W.Europe)Propylene(W.Europe)Butadiene(W.Europe)Olefins(1)USD/MTFeedstockUSD/bn USD/MMBtu4Key ObservationsCrude oil slipped by$1/bn in February 2023,as Central Bank favors higher interest rates to curb inflation.Prices fell further by$3/bn in March 20

9、23 because of macroeconomic worries escalated following the collapse of Silicon Valley Bank.Benzene prices showed improvement in February 2023 despite the weak demand.The prices gained momentum as the raw material toluene prices moved upward.Butadiene prices witnessed mixed trend in first quarter of

10、 2023 due to the low-cost pressure from the feedstock,high inflationary pressure and lower demand.Definitions:CIF:Cost,insurance and freightFOB:Free on boardDDP:Delivered duty paidQoQ:Quarter on QuarterYoY:Year on YearNote:(1)Data as of month ending(2)Data as of February 28,2023Source:Bloomberg as o

11、f March 31,2023Quarterly Market ReviewRaw Materials Wrap-UpDate(1)ChangeProductUnitTypeDeliverySourceMar 2022Jun 2022Sep 2022Dec 2022Mar 2023QoQYoYNaphthaUSD/MT1 Mo.FwdCIF N.W.EuropeBloomberg922.7 789.0 622.7 639.7 672.5 5.1%(27.1%)MethanolEUR/MTSpotFOB RotterdamPolymerupdate385.0 369.0 349.0 311.0

12、324.0 4.2%(15.8%)Acrylic acidUSD/MTSpotDDP W.EuropeTecnon Orbichem2,443.0 2,483.0 2,058.0 2,161.0 2,110.0(2.4%)(13.6%)Adipic acidUSD/MTContractDDP W.EuropeTecnon Orbichem3,962.0 3,857.0 3,720.0 3,283.0 2,944.0(10.3%)(25.7%)Caustic soda(liquid)USD/MTSpotDDP W.EuropeTecnon Orbichem1,136.0 1,514.0 1,54

13、0.0 2,595.0 1,740.0(32.9%)53.2%Chlorine(liquid)USD/MTSpotDDP W.EuropeTecnon Orbichem413.0 396.0 372.0 397.0 402.0 1.3%(2.7%)Urea(prill)USD/MTSpotFOB Black SeaGreen Markets547.5(2)475.0 565.0 485.0 270.0(44.3%)(50.7%)5Note:Boom:good conditions,expected improvement;Downswing:good conditions,expected d

14、eterioration;Recession:bad conditions,expected deterioration;Upswing:bad conditions;expected improvementSource:ifo Institut fr Wirtschaftsforschung,Bloomberg as of March 31,2023Quarterly Market Reviewifo Survey German Chemical Industry6German Chemical Industry|Business Cycle Balance in percentageBoo

15、mUpswingDownswingRecessionExpected improvementBad conditionsGood conditionsExpected deteriorationDownswingUpswingDownswingDownswingUpswingRecessionDownswingBoomBoomDownswingRecessionBoomBoomBoom-80-60-40-20020406080Current ConditionExpectationsKey ObservationsMarch 2023 expectations have improved an

16、d reverted from the dip at the end of September 2022.Current conditions continue to be in a negative trajectory due to weak demand.The rising expectations and negative current conditions indicate the German companies are less pessimistic and are regaining confidence regarding current business activi

17、ties.However,tough conditions are expected in the coming months due to the expectation of a global recession.Source:ifo Institut fr Wirtschaftsforschung,Bloomberg as of March 31,2023.Quarterly Market Reviewifo Survey German Chemical Industry7German Chemical Industry|Business IndicatorsKey Observatio

18、nsThe chemicals business climate improved from(24.5)in December 2022 to(10.5)in March 2023.Order income continues to remain in the negative territory since April 2022.Inventory levels continues to be positive but have been falling since November 2022.A negative order income level indicates that chem

19、ical customers continues to scale back on orders.-60-40-200204060Chemicals Business ClimateChemicals Order IncomeChemicals InventoriesExplanatory noteThe ifo Business Climate Index is based on 9,000 monthly survey responses from firms in manufacturing,construction,wholesaling and retailing.The firms

20、 are asked to give their assessments of their current business situations and their expectations for the next six months.They can characterize their situations as“good,”“satisfactory”or“poor”and their business expectations for the next six months as“more favorable,”“unchanged”or“more unfavorable.”Th

21、e balance value of the current business situations is the difference between the percentages of the responses“good”and“poor,”and the balance value of the expectations is the difference between the percentages of the responses“more favorable”and“more unfavorable.”The business climate is a transformed

22、 mean of the balances of the business situation and the expectations.For the purpose of calculating the index values,the transformed balances are all normalized to the average of the year 2005.Balance in percentageSource:Association of American Railroads,Bloomberg as of March 31,2023Quarterly Market

23、 ReviewEconomic Environment24,00026,00028,00030,00032,00034,00036,000JanFebMarAprMayJunJulAugSepOctNovDec20232022202120200.50.60.70.80.91.01.1Mar-16Mar-17Mar-18Mar-19Mar-20Mar-21Mar-22Mar-23USD/EURUSD/GBPUSD/CHFLoadings per weekU.S.Weekly Railcar Chemicals LoadingsCurrency TrendsSource:Bloomberg as

24、of March 31,20238Source:Bloomberg as of March 31,2023Source:Bloomberg as of March 31,2023Quarterly Market ReviewRebalanced Stock Development in Europe and the U.S.Europe:STOXX 600U.S.:S&P 50070%75%80%85%90%95%100%105%110%115%120%Mar-22May-22Jul-22Sep-22Nov-22Jan-23Mar-23STOXX 600 EuropeSTOXX 600 Eur

25、ope Chemicals70%75%80%85%90%95%100%105%110%115%120%Mar-22May-22Jul-22Sep-22Nov-22Jan-23Mar-23S&P 500S&P 500 Chemicals9Source:Capital IQ as of March 31,2023Note:Screening includes transactions in which the target,buyer or seller is from Europe.Announced transactions include bids made,letters of inten

26、t,definitive agreements and registered offerings(definition by Capital IQ).M&A Transaction ReviewAnnounced DealsEuropean M&A Quarterly Trend729896888237572637284968638356Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

27、8200212022Number of Announced Transactions10Key ObservationsFifteen of the 56 transactions announced in the last three months had a disclosed value totaling EUR 5.0 bn.The top 10 transactions announced in the last six months,based on reported deal values(see table on next page),have a com

28、bined value of EUR 13.4 bn.Notable transactions include the Novozymes A/S acquisition of Chr.Hansen Holding A/S in the area of biotechnology,and the Croda International Plc acquisition of Solus Biotech Co.,Ltd,in the area of specialty chemicals.Source:Capital IQ,Merger Market and company information

29、Note:Transactions ordered by value.Includes announcements through March 2023.Figures converted with exchange rate as per the respective announcement date.Definitions:Enterprise Value(EV):Market Capitalization+Total Debt+Preferred Equity+Minority Interest-Cash and Short-Term LiabilitiesEBITDA:Earning

30、s Before Interest,Taxes,Depreciation and Amortization;LTM:Last Twelve MonthsM&A Transaction ReviewTop 10 European Deals Announced During the Last Six MonthsIn EUR millionsAnnouncedAcquirerHQ TargetHQTarget Business DescriptionStake AcquiredEnterprise ValueLTM Revenue LTM EBITDA MarginEV/LTM RevenueE

31、V/LTM EBITDADec 12,2022NovozymesDKChr.Hansen HoldingDKChr.Hansen Holding,a bioscience company,develops natural-ingredient solutions for the food,nutritional,pharmaceutical,and agricultural industries.100.0%11,853.7 1,259.3 33.5%9.4x 28.1x Feb 06,2023Croda InternationalU.K.Solus BiotechKRSolus Biotec

32、h produces powder ceramides for skin and hair care formulations.It also develops biotech-derived retinol.100.0%258.5 31.3(15.5%)8.2x n/mOct 03,2022Centaury ManagementMTFilters business of EssentraU.K.Filters business of Essentra plc comprises filters manufacturing business related to specialty plast

33、ics.The asset is in the U.K.100.0%252.8 n/an/an/an/aMar 06,2023Aimia,Paladin Private Equity PartnersCA,U.S.Giovanni BozzettoITGiovanni Bozzetto manufactures chemical auxiliaries intended for the textiles,construction,water treatment and agrochemistry industries.100.0%228.5 224.1 14.4%1.0 x7.1xFeb 06

34、,2023Stahl HoldingsNLICP IndustrialU.S.ICP Industrial engages in development,application,and technical support of specialty coatings.It offers coatings,adhesives,and silicone release.100.0%190.9 130.4 n/a1.5x n/aNov 30,2022Yildirim HoldingTRChromium business of ElementisU.S.Chromium business of Elem

35、entis comprises chromium production and other operations.The asset is located in the U.S.100.0%164.9 165.8 13.6%1.0 x 7.3x Nov 14,2022Cathay IndustriesHKIron oxide business of Venator MaterialsU.K.Iron Oxide Business of Venator Materials comprises colored inorganic pigments.The asset is located in t

36、he U.S.100.0%135.5 n/an/an/an/aNov 02,2022HEXPOLSEMcCann PlasticsU.S.McCann Plastics,Inc.manufactures thermoplastic custom compounding chemicals and materials.100.0%121.7 72.9 n/a1.7x n/aOct 11,2022Safex Chemicals IndiaINBriar ChemicalsU.K.Briar Chemicals formulates and offers crop protection produc

37、ts and industrial liquids for the agriculture sectors.100.0%83.0 n/an/an/an/aNov 24,2022Hexatronic GroupSEKNET Co.KRKNET Co.manufactures and sells PE pipes,engages in information and communication construction and trading,and develops telecommunications technologies.100.0%80.7 n/an/an/an/a11Source:C

38、ompany press statementsM&A Transaction ReviewStrategic Alliances and CollaborationsLanxess and Advent International Complete the Formation of Industry-Leading Engineering Materials Joint Venture(JV)April 2023Lanxess and private equity investor Advent International have completed the formation of the

39、ir high-performance engineering polymers JV.The new JV is the result of the combination of DSMs Engineering Materials business and Lanxesss former high-performance materials business.Lanxess holds about 40%and Advent holds about 60%of the JV.The combination creates a strong platform,resulting in opp

40、ortunities for employees and value for customers.Umicore and Powerco,the New Battery Company of the Volkswagen Group,Have Obtained Full Regulatory Approvals for Their JVMarch 2023The JV will proceed to prepare for large-scale industrial production of cathode active materials and precursor materials

41、in Europe.From 2025 onward,the JV set up by Umicore and Powerco will supply Powercos European battery cell factories with key materials for production.The JV will cover a large part of Powercos EU demand and provide Umicore with secured access to an important part of the European demand for electric

42、 vehicle cathode materials.Wacker Expands Production of Silicone Sealants at Its Nnchritz SiteMarch 2023In response to growing demand,the Wacker chemical group is expanding its production and cartridge filling capacities for silicone sealants at its Nnchritz site.The expansion will increase the comp

43、anys capability to supply customers that contract Wacker to produce ready-to-use silicone sealants for their direct sales.Approximately EUR 20 mn has been budgeted for the new manufacturing lines,which are scheduled to begin production in the fall of 2024.12Source:Company press statementsM&A Transac

44、tion ReviewStrategic Alliances and CollaborationsJohnson Matthey Chosen for H2H Saltend Low-Carbon Hydrogen Project(LCH)March 2023Johnson Matthey has signed an LCH technology license with Equinor and Linde Engineering for H2H Saltend,one of the U.K.s largest low-carbon hydrogen(ccs-enabled)projects.

45、The Company was selected alongside their EPC partner Linde Engineering for the major FEED contract by Equinor.H2H Saltend is a 600-megawatt low-carbon hydrogen production plant with a carbon capture rate of over 95%,one of the first of its kind and scale in the U.K.,helping to establish the Humber a

46、s an international hub for low-carbon hydrogen.Merck and Intel Accelerate Sustainable Semiconductor Processes and Manufacturing Technologies Through Academic Research in EuropeMarch 2023Merck and Intel Corporation,one of the worlds largest semiconductor designers and manufacturers,are enabling more

47、sustainable semiconductor manufacturing solutions by funding a new academic research program in Europe.The program will specifically leverage artificial intelligence and machine learning technologies to drive innovation in semiconductor manufacturing processes and technologies.Air Liquide and TotalE

48、nergies Join Forces to Develop a Network of Over 100 Hydrogen Stations for Heavy-Duty Vehicles in EuropeFebruary 2023Air Liquide and TotalEnergies announced their decision to create an equally owned JV to develop a network of hydrogen stations geared toward heavy-duty vehicles on major European road

49、 corridors.This initiative will help facilitate access to hydrogen,enabling the development of its use for goods transportation and promoting the hydrogen sector.The partners aim to deploy numerous hydrogen stations on major European roads in France,Benelux and Germany.13Public Trading AnalysisSub-S

50、ector SummaryPublic Trading Analysis Sub-Sector SummaryEV/EBITDA vs.Revenue GrowthDiversifiedIndustrial GasesAgricultureIndustrial SpecialtyConsumer SpecialtyPharma Chemicalsy=347.63x-6.1084R=0.6898-2.0 x 4.0 x 6.0 x 8.0 x 10.0 x 12.0 x 14.0 x 16.0 x 18.0 x 20.0 x2.5%3.5%4.5%5.5%6.5%7.5%Regression A

51、nalysisEV/Revenue vs.EBITDA MarginDiversifiedIndustrial GasesAgricultureIndustrial SpecialtyConsumer SpecialtyPharma Chemicalsy=21.234x-1.9543R=0.6954-0.5x 1.0 x 1.5x 2.0 x 2.5x 3.0 x 3.5x 4.0 x 4.5x 5.0 x10.0%15.0%20.0%25.0%30.0%35.0%Revenue Growth(CAGR FY23EFY25E)EV/EBITDA(FY23E)EV/Revenue(FY23E)E

52、BITDA Margin(FY223E)See pages 1921 for constitution of sub-sectors.Source:Capital IQ as of March 31,2023See pages 1921 for constitution of sub-sectors.Source:Capital IQ as of March 31,202315Public Trading Analysis Sub-Sector SummarySource:Capital IQ as of March 31,2023LTM RebasedSub-Sector Trading M

53、ultiples(EV/EBITDA)LTM ActualEV/EBITDA EV/EBITDA-4.0 x 8.0 x 12.0 x 16.0 x 20.0 x 24.0 x 28.0 xDiversifiedIndustrial GasesAgricultureIndustrial SpecialtyConsumer SpecialtyPharma Chemicals 50%60%70%80%90%100%110%120%130%16Public Trading Analysis Sub-Sector Focus:Consumer SpecialtyEV/Revenue vs.EBITDA

54、 MarginShare Price Development and Regression AnalysisShare Price Development RebasedEV/Revenue(FY23E)60%70%80%90%100%110%120%Chr.Hansen Holding A/S 4.3%Croda Intl Plc-20.9%Koninklijke DSM N.V.-32.7%Givaudan SA-19.6%Symrise AG-7.7%Chr.Hansen Holding A/SCroda Intl PlcKoninklijke DSM N.V.Givaudan SASy

55、mrise AGy=26.533x-2.0289R=0.8969-1.0 x 2.0 x 3.0 x 4.0 x 5.0 x 6.0 x 7.0 x 8.0 x 9.0 x10.0%15.0%20.0%25.0%30.0%35.0%40.0%EBITDA Margin(FY23E)Source:Bloomberg as of March 31,2023Source:Capital IQ as of See pages 1921 for constitution of sub-sectors.March 31,202317Public Trading Analysis Sub-Sector Fo

56、cus:Consumer SpecialtySource:Bloomberg as of March 31,2023Source:Capital IQ as of March 31,2023Chemicals Sub-Sector Average(FY22)Capital Expenditure/Depreciation Consumer Specialty0.0 x0.5x1.0 x1.5x2.0 x2.5x3.0 xAgricultureDiversifiedIndustrial GasesConsumer SpecialtyIndustrial SpecialtyPharma Chemi

57、cals0.0 x0.5x1.0 x1.5x2.0 x2.5x3.0 x Chr.HansenHolding A/S Croda InternationalPlc Koninklijke DSMN.V.Givaudan SA Symrise AGFY21FY20FY22FY22 Average18Public Trading Analysis Sub-Sector Focus:Consumer SpecialtySource:Bloomberg as of March 31,2023Source:Capital IQ as of March 31,2023Chemicals Sub-Secto

58、r Average(FY22)Research and Development Expenditures in Percentage of SalesConsumer Specialty0.0%5.0%10.0%Chr.HansenHolding A/S Croda InternationalPlc Koninklijke DSMN.V.Givaudan SA Symrise AGFY21FY20FY22FY22 Average0.0%5.0%10.0%15.0%20.0%Industrial GasesIndustrial SpecialtyDiversifiedAgricultureCon

59、sumer SpecialtyPharma Chemicals19Public Trading Analysis Company Trading Statistics20DiversifiedArkema SA90.871.2121.275%6,792.98,497.911,550.02,017.01,483.417.5%4.2x5.7xBASF SE48.437.954.289%43,197.460,809.487,327.010,229.08,966.711.7%5.9x6.8xClariant AG15.214.219.977%5,013.85,939.75,260.0822.7849.

60、915.6%7.2x7.0 xEvonik Industries AG19.416.526.473%9,021.812,300.818,488.02,370.02,209.212.8%5.2x5.6xLanxess AG37.828.247.879%3,266.57,116.58,088.0855.0907.110.6%8.3x7.8xSolvay SA105.474.0113.093%10,918.212,801.216,071.03,361.02,799.720.9%3.8x4.6xAverage14.9%5.8x6.2xAgricultureIsrael Chemicals Ltd.6.

61、26.010.758%7,975.910,313.59,371.03,685.72,180.939.3%2.8x4.7xK+S AG19.617.536.554%3,750.53,664.55,676.62,422.91,529.742.7%1.5x2.4xKWS Saat SE61.153.570.487%2,016.32,775.11,671.6264.0288.815.8%10.5x9.6xTessenderlo Group NV28.828.034.584%2,460.72,571.72,587.5457.4447.017.8%5.6x5.8xYara International AS

62、A39.932.644.590%10,171.412,963.822,365.14,215.33,040.218.8%3.1x4.3xAverage26.9%4.7x5.4xEUR in mn(except for share price)Share Price(in EUR)52-Week Share Price(in EUR)Market EnterpriseRevenuesEBITDAEBITDA MarginEV/EBITDACompany Name31-Mar-23LowHigh%of HighCapValueLTMLTMFY2023ELTMLTMFY2023ESource:Capi

63、tal IQ as of March 31,2023;includes the most actively traded European chemical companies for respective covered sectorsPublic Trading Analysis Company Trading Statistics21Source:Capital IQ as of March 31,2023;includes the most actively traded European chemical companies for respective covered sector

64、sNote:(1)Based on company filings and press releases,following the merger of Praxair,Inc.and Linde AG,a new legal entity,Linde Plc,has been established with headquarters in the U.K.and shares listed in both the Frankfurt Stock Exchange(XETRA:LIN)and New York Stock Exchange(NYSE:LIN).In accordance,ou

65、r coverage for Linde AG has been replaced by Linde Plc.Industrial SpecialtyAkzoNobel NV72.055.085.185%12,267.416,571.410,846.0996.01,343.79.2%16.6x12.3xCovestro AG38.127.746.882%7,242.79,737.717,968.01,576.01,238.98.8%6.2x7.9xEMS-Chemie Holding AG760.4596.5912.283%17,785.717,473.92,504.6664.7704.326

66、.5%26.3x24.8xJohnson Matthey Plc22.620.028.978%4,126.75,258.516,874.9638.6749.73.8%8.2x7.0 xKemira Oyj16.211.018.289%2,491.53,277.43,571.6511.0559.214.3%6.4x5.9xLenzing AG69.544.194.474%1,845.23,994.12,565.7218.4351.38.5%18.3x11.4xSika AG257.7191.7321.680%39,597.641,667.510,617.01,799.32,256.016.9%2

67、3.2x18.5xSynthomer Plc1.30.93.835%621.01,855.82,687.7215.6261.88.0%8.6x7.1xUmicore SA31.228.844.470%7,496.78,649.825,449.41,086.51,075.14.3%8.0 x8.0 xVictrex Plc18.117.322.282%1,576.81,537.1387.5132.3138.434.1%11.6x11.1xWacker Chemie AG149.498.6187.180%7,421.97,363.68,209.31,808.21,230.322.0%4.1x6.0

68、 xAverage14.2%12.5x10.9xIndustrial GasesAir Liquide SA154.2114.4154.9100%80,529.492,934.529,934.06,782.37,676.222.7%13.7x12.1xLinde Plc(1)327.1241.6333.998%161,008.9174,551.731,218.710,162.610,682.732.6%17.2x16.3xAverage27.6%15.4x14.2xEUR in mn(except for share price)Share Price(in EUR)52-Week Share

69、 Price(in EUR)Market EnterpriseRevenuesEBITDAEBITDA MarginEV/EBITDACompany Name31-Mar-23LowHigh%of HighCapValueLTMLTMFY2023ELTMLTMFY2023EPublic Trading Analysis Company Trading Statistics22Source:Capital IQ as of March 31,2023;includes the most actively traded European chemical companies for respect

70、ive covered sectorsConsumer SpecialtyChr.Hansen Holding A/S69.948.381.186%9,203.310,199.41,259.3426.4466.933.3%23.9x21.8xCroda International Plc74.066.792.080%10,249.810,603.62,355.5581.7643.724.7%18.2x16.5xKoninklijke DSM NV108.7105.8165.566%18,824.919,114.28,390.01,234.01,654.914.7%15.5x11.5xGivau

71、dan SA2,998.32,694.84,067.474%27,665.232,225.77,201.91,382.31,542.719.2%23.3x20.9xSymrise AG100.291.5115.787%14,005.216,296.84,618.5907.6983.519.7%18.0 x16.6xAverage22.2%19.8x17.5xPharma ChemicalsBayer AG58.746.768.086%57,687.989,339.950,739.012,705.012,916.325.0%7.0 x6.9xLonza Group Ltd.552.1440.56

72、89.880%41,008.441,443.16,297.21,920.62,072.030.5%21.6x20.0 xNovozymes A/S47.143.967.270%13,027.913,873.42,359.8769.1816.332.6%18.0 x17.0 xMerck KGaA171.6153.1202.885%74,586.182,993.122,232.06,556.06,565.329.5%12.7x12.6xAverage29.4%14.8x14.1xEUR in mn(except for share price)Share Price(in EUR)52-Week

73、 Share Price(in EUR)Market EnterpriseRevenuesEBITDAEBITDA MarginEV/EBITDACompany Name31-Mar-23LowHigh%of HighCapValueLTMLTMFY2023ELTMLTMFY2023EFor more information,please contact:About KrollAs the leading independent provider of risk and financial advisory solutions,Kroll leverages our unique insigh

74、ts,data and technology to help clients stay ahead of complex demands.Krolls global team continues the firms nearly 100-year history of trusted expertisespanning risk,governance,transactions and valuation.Our advanced solutions and intelligence provide clients the foresight they need to create an end

75、uring competitive advantage.At Kroll,our values define who we are and how we partner with clients andcommunities.Learn more at .M&A advisory,capital raising and secondary market advisory services in the United States are provided by Kroll Securities,LLC(member FINRA/SIPC).M&A advisory,capital raisin

76、g and secondary market advisory services in the United Kingdom are provided by KrollSecurities Ltd.,which is authorized and regulated by the Financial Conduct Authority(FCA).Valuation Advisory Services in India are provided by Kroll Advisory Private Limited(formerly,Duff&Phelps India Private Limited

77、),under a Category 1 merchant bankerlicense issued by the Securities and Exchange Board of India.The material in this report is for information purposes only and is not intended to be relied upon as financial,accounting,tax,legal or other professional advice.This report does not constitute and shoul

78、d not be construed as soliciting or offering any investment orother transaction,identifying securities for you to purchase or offer to purchase,or recommending acquisition or disposition of any investment.Kroll does not guarantee the accuracy or reliability of any data provided from third-party reso

79、urces.Although we endeavorto provide accurate information from third-party sources,there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future.2023 Kroll,LLC.All rights reserved.GermanyAndreas Stoecklin,FrankfurtHead

80、 of EMEA Corporate Finance,M&A+49(0)69 719 184 North AmericaPhilipp Bose,MunichDirector,M&A+49(0)89 388 884 Dafydd Evans,LondonManaging Director,M&A+44(0)20 7089 Paul Teuten,LondonManaging Director,M&A+44(0)20 7089 4840 SpainFranceBrazilUnited KingdomJacques Giard,ParisCountry Head France,Transactio

81、n Advisory Services+33(0)6 50 74 67 Javier Zoido,MadridHead of Latin America&Iberia Valuation Advisory Services+34 910 389 Alexandre Pierantoni,Sao PauloManaging Director,M&A+55 11 3192 ChinaDavid Althoff,ChicagoManaging Director,M&A+1 312 697 David Lu,ShanghaiHead of Asia Pacific Corporate Finance,

82、M&A+86 21 6032 Steve Burt,ChicagoGlobal Head of M&A Advisory+1 312 697 Howard Johnson,TorontoCanada Leader,M&A+1 416 597 JapanKatsumi Asai,TokyoManaging Director,Valuation Services+81(0)33 593 Chris Janssen,ChicagoManaging Director,Transaction Opinions+1 Jeffrey Schiedemeyer,ChicagoManaging Director,Transaction Opinions+1 Download Our Exclusive Valuation Data to Learn More:24