This report has been issued for information purposes only and is not intended to constitute investment advice. It is based on estimates and forecasts of third parties regarding revenues, earnings and business developments. Such estimates and forecasts cannot be independently verified by reason of the subjective character. CPH Chemie + Papier Holding AG gives no guarantee, representation or warranty and is not responsible or liable as to its accuracy and completeness.
This report is not a prospectus within the meaning of art. 652a CO or art. 27 et seq. of the SIX Listing Rules. This document is neither an advice on investment, nor a recommendation or invitation for purchasing, holding or selling any securities, money market instruments or derivatives and no investment decision should be based on this report. This report speaks as of its date. Neither CPH Chemie + Papier Holding AG nor Dynamics Group AG assume any responsibility to up-date the report.
CPH Chemie + Papier Holding AG
Switzerland | Industrial Goods & Services
Event update
5 July 2021
Company Data
Price: | CHF 68.4 |
Market Cap: | CHF 410.4mn |
Free Float: | 39.7% |
No. of shares: | 6.0mn |
Avg. traded volume (30 day): | 1,375 |
Bloomberg: | CPHN SW |
Reuters: | CPHN-EB |
ISIN: | CH0001624714 |
Source: SIX Swiss Exchange and Bloomberg
Share Price Development
Source: Bloomberg
Key Financial Data
2019 | 2020 | 2021E | 2022E | |
Sales | 524.7 | 445.2 | 446.1 | 473.2 |
EBITDA % | 16.8% | 12.4% | 8.0% | 13.6% |
EBIT % | 10.8% | 5.5% | 0.8% | 6.8% |
Net Margin % | 9.2% | 10.5% | 0.2% | 4.6% |
Basic EPS | 8.06 | 7.82 | 0.13 | 3.65 |
Diluted EPS | 8.06 | 7.82 | 0.13 | 3.65 |
DPS | 1.80 | 1.80 | 1.80 | 1.80 |
Equity Ratio % | 62.6% | 66.8% | 66.3% | 66.8% |
Capex | (22.0) | (13.5) | (41.2) | (31.4) |
P/Sales | 0.8x | 0.9x | 0.9x | 0.9x |
P/E | 8.7x | 8.8x | NM | 18.9x |
EV/EBITDA | 4.8x | 7.5x | 11.6x | 6.5x |
Source: Research Dynamics, Company data |
Next Events
2021 Half-Year Report (to 30 | 21 July 2021 |
June) | |
Investora Equity Conference in | 15 Sep 2021 |
Zurich | |
ZKB Equity Conference | 3/4 Nov 2021 |
Analysts
Doris Rudischhauser dru@researchdynamics.ch
Alexandre Müller amu@researchdynamics.ch
Tel: +41 43 268 3232
www.researchdynamics.ch
CPH to undertake expansion at Chemistry division
CPH's Chemistry Division, Zeochem, is set to expand the capacity of two of its molecular sieve product lines to meet the growing demand. The expansion would entail an investment of just over CHF 10mn and will help further consolidate Zeochem's leading technological position in the high-quality molecular sieves market. The expansion of the existing capacities is expected to be completed by mid-2022e.
Expansion in lithium molecular sieves capacity to tap the demand for portable oxygen concentrators
The COVID-19 induced acceleration in respiratory diseases has led to a spike in demand for portable oxygen concentrators. To meet this growing demand, CPH is looking to increase the capacity of lithium molecular sieves at Zeochem's Louisville production plant in the USA. The lithium molecular sieves are used to concentrate medical oxygen and are also required in oxygen production for industrial applications. The total output of the plant will be increased by ~700 tonnes a year by investing into the expansion of additional capacities at the existing facility.
Purmol capacity expansion to tap new and existing growing applications
Purmol, a molecular sieve powder that finds its usage in numerous applications is next on the expansion list. Prumol is useful in preventing bubble formation in polyurethane floor coverings. In addition, Purmol is useful in the new and fast growing area of its application in window technology. Earlier, aluminium spacers were provided together with a molecular sieve in multiple-pane windows to prevent fogging on the panes, now plastic spacers are gaining prominence. Plastic spacer provides better thermal insulation, and the molecular sieve desiccant can be used in powder form into the plastic. The company is looking to increase the annual capacity of Purmol by ~800 tonnes by installing a new calciner at its Zvornik site in Bosnia & Herzegovina.
Investment program
CPH stated that the necessary investments for the two expansion projects are expected to amount to just over CHF 10 million until operations are up and running by mid-2022. Assuming an even split, this adds CHF 5 million for 2H2021E and CHF 5 million for 1H2022E. Our current forecasts are for CAPEX amounts of CHF 40 million and CHF 30 million for this year and next, respectively. Ahead of the half-year 2021E results due 21 July, we are leaving our forecasts unchanged.
Valuation and conclusion
We value CPH using DCF and relative valuation techniques. Our intrinsic value of CHF 91.3 per share, which is similar to our previous target price (CHF 91.3), implying an upside of ~33.5% from current levels. For relative valuation, since the Group operates in three entirely different divisions, we compare each of CPH's divisions with different sets of relevant industry peers. We have employed three parameters - EV/EBITDA, P/S and P/E - to analyze the relative valuation of the Group. CPH currently trades at a P/S multiple of 0.9x (FY2021E), a significant 36% discount to the weighted average multiple of division peers.
The global economy is expected to recover gradually from 2021e with the IMF forecasting 6% growth in 2021. While this bodes well for the business in general, in the short-term, we expect the uncertainty to continue. Specifically, the Paper Division is expected to be under pressure due to an unfavourable operating environment. However, the Packaging and Chemical Divisions are expected to be the key beneficiary of a revival in the economic activity and should offset the expected weakness in the Paper Division to some extent. Specifically, we believe the Pacakaging Division to emerge even strsonger in the ongoing economic revival as it has all positive levers in place to capture upcoming opportunities. Equally complimenting it will be the Chemistry division which is expected to benefit from the emerging trends that the company is looking to tap through timely capacity expansion. Operations aside, management's focus on offering sustainable solutions and simplification of the corporate structure should improve investor sentiment going forward. Moreover, we expect the group-level cost optimisation initiatives to offer support to the company's stock price.
Important disclosures are on the last page of this report. CPH Chemie + Papier Holding AG is a research client of Research Dynamics. The equity research reports are prepared for information purposes only.
CPH 2
Switzerland | Industrial Goods & Services
Exhibit 1: CPH - Comparison with division peers
Company | EV/EBITDA | P/S | P/E | ||||||||
3 year | 3 year | 3 year | |||||||||
average | CY2021E | CY2022E | average | CY2021E | CY2022E | average | CY2021E | CY2022E | |||
CPH Chemie & Paper | 5.7x | 10.4x | 7.0x | 0.9x | 0.9x | 0.8x | 10.2x | 96.9x | 21.4x | ||
Paper peers: | |||||||||||
Holmen | 17.8x | 16.7x | 16.7x | 2.8x | 3.7x | 3.7x | 15.2x | 28.2x | 28.8x | ||
Stora Enso | 9.3x | 9.0x | 8.7x | 1.0x | 1.4x | 1.4x | 12.5x | 15.0x | 14.5x | ||
Altri | 8.1x | 6.7x | 7.6x | 1.7x | 1.6x | 1.6x | 14.4x | 9.7x | 12.8x | ||
Metsa Board | 10.6x | 7.6x | 7.8x | 1.2x | 1.6x | 1.5x | 14.4x | 12.2x | 12.9x | ||
UPM-Kymmene | 8.9x | 10.5x | 10.1x | 1.5x | 1.9x | 1.9x | 15.7x | 18.1x | 18.1x | ||
Norkse Scogindustrier | NA | NA | NA | NA | NA | NA | NA | NA | NA | ||
James Cropper | 15.8x | 0.6x | NM | 1.1x | 0.0x | 0.0x | 35.1x | 44.6x | 22.3x | ||
OJI Holdings | 7.9x | NM | NM | 0.4x | 0.4x | 0.4x | 13.1x | 7.7x | 8.8x | ||
Chemistry peers: | |||||||||||
Honeywell Int. | 14.3x | 19.1x | 17.3x | 3.3x | 4.4x | 4.1x | 22.8x | 27.6x | 24.4x | ||
Clariant | 12.3x | NA | NA | 1.4x | NA | NA | 40.3x | NA | NA | ||
Arkema | 6.2x | 7.8x | 7.6x | 0.8x | 1.0x | 1.0x | 14.7x | 15.5x | 14.3x | ||
WR Grace & Co. | 15.3x | 11.8x | 10.5x | 2.2x | 2.4x | 2.2x | 69.1x | 18.3x | 15.2x | ||
Packaging peers: | |||||||||||
Meadvestwaco | NA | NA | NA | NA | NA | NA | NA | NA | NA | ||
MacFarlane Group | 9.2x | 0.1x | 0.1x | 0.7x | 0.0x | 0.0x | 16.5x | 13.1x | 12.4x | ||
Gerresheimer | 11.6x | 12.3x | 11.2x | 1.7x | 2.0x | 1.9x | 20.7x | 21.2x | 18.7x | ||
West Pharmaceutical Services | 31.6x | 34.6x | 31.2x | 7.2x | 10.1x | 9.3x | 52.1x | 51.5x | 47.8x | ||
Convertidora Industrial | 4.3x | 2.9x | 2.6x | 0.2x | 0.2x | 0.1x | 11.9x | NA | NA | ||
PSB Industries | 4.5x | 12.1x | 7.1x | 0.4x | 0.7x | 0.6x | 15.5x | -46.2x | 29.9x | ||
Astrapak Ltd | NA | NA | NA | NA | NA | NA | NA | NA | NA | ||
Bilcare Ltd | 47.6x | NA | NA | 0.1x | NA | NA | 2.3x | NA | NA | ||
Median | 10.6x | 9.8x | 8.7x | 1.2x | 1.6x | 1.5x | 15.5x | 16.8x | 16.6x | ||
High | 47.6x | 34.6x | 31.2x | 7.2x | 10.1x | 9.3x | 69.1x | 51.5x | 47.8x | ||
Low | 4.3x | 0.1x | 0.1x | 0.1x | 0.0x | 0.0x | 2.3x | -46.2x | 8.8x | ||
Premium (disc) to peers | (46%) | 7% | (19%) | (28%) | (42%) | (45%) | (34%) | 477% | 29% |
Source: Thomson Eikon (as on 2nd July 2021)
Exhibit 2: CPH - Comparison with weighted average of division peers
EV/EBITDA | P/S | P/E | |||||||
3 year | 3 year | 3 year | |||||||
average | CY2021E CY2022E | average CY2021E | CY2022E | average | CY2021E | CY2022E | |||
Weighted peer multiples | 10.2x | 9.9x | 8.5x | 1.1x | 1.4x | 1.4x | 17.4x | 16.1x | 17.4x |
CPH | 5.7x | 10.4x | 7.0x | 0.9x | 0.9x | 0.8x | 10.2x | 96.9x | 21.4x |
Premium (disc) to peers | (44%) | 5% | (17%) | (20%) | (36%) | (38%) | (41%) | 501% | 23% |
Source: Thomson Eikon (as on 2nd July 2021)
CPH 3
Switzerland | Industrial Goods & Services
DETAILED FINANCIAL STATEMENTS
Income Statement
CHF mn (except per share) | FY16 | FY17 | FY18 | FY19 | FY20 | FY21E | FY22E |
Chemistry sales | 69 | 75 | 79 | 78 | 73 | 74 | 78 |
Paper sales | 246 | 264 | 301 | 293 | 210 | 209 | 213 |
Packaging sales | 119 | 130 | 153 | 153 | 162 | 164 | 183 |
Net Sales | 435 | 470 | 534 | 525 | 445 | 446 | 473 |
Cost of Sales | (267) | (309) | (311) | (298) | (255) | (273) | (279) |
Gross profit | 168 | 161 | 222 | 227 | 190 | 173 | 194 |
Personnel cost | (89) | (84) | (92) | (93) | (93) | (95) | (90) |
Outsourced maintenance/repairs | (18) | (17) | (19) | (20) | (17) | (18) | (16) |
Other operating expense | (25) | (26) | (28) | (26) | (25) | (25) | (24) |
Total operating costs | (131) | (127) | (139) | (139) | (135) | (137) | (130) |
EBITDA | 37 | 34 | 83 | 88 | 55 | 36 | 64 |
Depreciation | (31) | (30) | (30) | (30) | (29) | (31) | (31) |
Amortisation | (1) | (1) | (1) | (1) | (1) | (1) | (1) |
Operating profit (EBIT) | |||||||
before impairment | 6 | 3 | 52 | 57 | 25 | 3 | 32 |
Impairment | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Operating profit (EBIT) | 6 | 3 | 52 | 57 | 25 | 3 | 32 |
Finance costs | (6) | (8) | (7) | (6) | (5) | (5) | (3) |
Finance income | 1 | 2 | 1 | 0 | 0 | 0 | 0 |
Total financial income | |||||||
(expenses) | (5) | (7) | (6) | (6) | (5) | (5) | (3) |
Profit before taxes (before | |||||||
exceptional items) | 1 | (4) | 46 | 51 | 20 | (1) | 29 |
Non-operating items | (4) | 23 | 0 | 1 | 19 | 4 | 0 |
Income taxes | (4) | (3) | (3) | (3) | 8 | (2) | (7) |
Profit attributable to the | |||||||
parent | (8) | 16 | 42 | 48 | 47 | 0.8 | 22 |
Basic EPS | (1.3) | 2.7 | 7.1 | 8.1 | 7.8 | 0.1 | 3.6 |
Diluted EPS | (1.3) | 2.7 | 7.1 | 8.1 | 7.8 | 0.1 | 3.6 |
DPS | 0.7 | 0.7 | 1.8 | 1.8 | 1.8 | 1.8 | 1.8 |
Source: Research Dynamics, Company data
Balance Sheet
CHF mn | FY16 | |
Assets | ||
Non-current assets | ||
PPE | 384.6 | |
Intangible assets | 3.1 | |
Long-term financial assets | 10.0 | |
Long-term financial receivables | 0.0 | |
Other non-current assets | 52.6 | |
Total non-current assets | 450.3 | |
Current assets | ||
Inventories | ||
Trade accounts receivable | ||
Other receivables | ||
Prepaid expenses and accrued | ||
income | 4.8 | |
Short-term financial receivables | ||
0.1 | ||
Liquid funds and Securities | 70.4 | |
Total assets | 672.4 |
Shareholders' Equity and Liabilities Share capital Capital reserves
Profit reserves
Net result for the year
Non-current liabilities
Long-term financial liabilities
Pension scheme liabilities
Other long-term liabilities
Long-term provisions
Current liabilities
FY17 | FY18 | FY19 | FY20 | FY21E | FY22E | |||
384.1 | 376.1 | 366.4 | 352.6 | 357.2 | 356.7 | |||
4.8 | 5.8 | 5.6 | 5.6 | 5.4 | 5.3 | |||
10.0 | 10.0 | 10.0 | 10.0 | 10.0 | 10.0 | |||
0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||
56.4 | 55.3 | 54.0 | 64.8 | 64.8 | 64.8 | |||
455.3 | 447.2 | 436.0 | 432.9 | 437.4 | 436.7 | |||
69.6 | 78.5 | 78.3 | 73.3 | 78.6 | ||||
72.1 | 72.4 | 52.9 | 63.6 | 67.4 | ||||
13.1 | 14.0 | 17.2 | 17.2 | 17.2 | ||||
7.0 | 9.2 | 8.6 | 6.7 | 6.7 | 6.7 | |||
0.0 | 100.3 | 0.0 | 0.0 | 0.0 | 0.0 | |||
80.2 | 89.0 | 93.1 | 116.3 | 97.0 | 100.1 | |||
697.6 | 800.5 | 702.7 | 704.2 | 695.1 | 706.7 | |||
30.0 | 12.0 | 12.0 | 1.2 | 1.2 | 1.2 | |||
0.8 | 15.0 | 4.2 | 4.2 | 4.2 | 4.2 | |||
346.4 | 336.2 | 375.2 | 418.5 | 454.6 | 444.5 | |||
16.0 | 42.3 | 48.3 | 46.9 | 0.8 | 21.9 | |||
143.5 | 120.5 | 116.8 | 109.7 | 106.0 | 102.3 | |||
0.6 | 1.3 | 0.7 | 1.2 | 1.2 | 1.2 | |||
0.0 | 0.8 | 0.6 | 0.4 | 0.4 | 0.4 | |||
51.8 | 50.0 | 47.5 | 31.5 | 31.5 | 31.5 |
Trade accounts payable | 53.1 | 69.5 | 69.7 | 66.3 | 56.8 | 61.6 | 66.0 |
Other payables | 8.3 | 3.3 | 4.1 | 3.6 | 4.6 | 4.6 | 4.6 |
Accrued liabilities and deferred | |||||||
income | 16.5 | 17.2 | 20.0 | 16.3 | 16.8 | 16.8 | 16.8 |
Short-term financial liabilities | 7.0 | 9.8 | 125.8 | 5.9 | 8.1 | 7.8 | 7.5 |
Short-term provisions | 7.6 | 5.6 | 1.2 | 3.8 | 3.3 | 3.3 | 3.3 |
Total liabilities | 291.6 | 301.3 | 393.3 | 261.4 | 232.4 | 233.2 | 233.6 |
Total equity and liab. | 672.4 | 697.6 | 800.5 | 702.7 | 704.2 | 695.1 | 706.7 |
Source: Research Dynamics, Company data
CPH | 4 | |||||||||||||||||||||||||
Switzerland | Industrial Goods & Services | ||||||||||||||||||||||||||
Cash Flow Statement | ||||||||||||||||||||||||||
CHF mn | FY16 | FY17 | FY18 | FY19 | FY20 | FY21E | FY22E | |||||||||||||||||||
Net profit for the period | (7.7) | 16.2 | 42.3 | 48.5 | 47.0 | 0.8 | 22.0 | |||||||||||||||||||
Non-cash adjustments: | 33.9 | (1.5) | 26.3 | 31.2 | (2.2) | 32.3 | 32.1 | |||||||||||||||||||
Change in CA and CL: | ||||||||||||||||||||||||||
(Increase)/ decrease in | (13.1) | 13.6 | (8.6) | (10.2) | (4.1) | 5.0 | (5.3) | |||||||||||||||||||
inventories | ||||||||||||||||||||||||||
Decrease in trade accounts | (0.5) | (7.7) | 5.0 | (1.3) | 20.5 | (10.7) | (3.9) | |||||||||||||||||||
receivable | ||||||||||||||||||||||||||
Increase/ (decrease) in | 1.6 | 15.8 | (1.1) | (2.8) | (9.0) | 4.9 | 4.4 | |||||||||||||||||||
trade accounts payable | ||||||||||||||||||||||||||
Other changes in working | 7.7 | (4.2) | 0.4 | (4.3) | 2.8 | - | - | |||||||||||||||||||
capital | ||||||||||||||||||||||||||
CFO | 21.9 | 32.2 | 64.3 | 61.0 | 55.0 | 32.3 | 49.4 | |||||||||||||||||||
Investments in tangible | (20.7) | (32.3) | (22.3) | (21.9) | (17.5) | (40.0) | (30.4) | |||||||||||||||||||
fixed assets | ||||||||||||||||||||||||||
Disposals of tangible fixed | 20.5 | 15.4 | 6.3 | 0.8 | 5.2 | - | - | |||||||||||||||||||
assets | ||||||||||||||||||||||||||
Investments in intangible | (1.2) | (2.4) | (2.2) | (1.0) | (1.3) | (1.1) | (1.1) | |||||||||||||||||||
assets | ||||||||||||||||||||||||||
Investments in business | (18.5) | - | (27.9) | - | (1.6) | - | - | |||||||||||||||||||
activities | ||||||||||||||||||||||||||
Repayment of long-term | - | - | - | 100.9 | (0.3) | - | - | |||||||||||||||||||
financial receivables | ||||||||||||||||||||||||||
CFI | (19.9) | (19.3) | (46.0) | 78.9 | (15.3) | (41.2) | (31.4) | |||||||||||||||||||
Increase/ (Decrease) in | 0.1 | 1.0 | (4.3) | (123.4) | (4.4) | (0.3) | (0.3) | |||||||||||||||||||
short-term financial | ||||||||||||||||||||||||||
liabilities and receivables | ||||||||||||||||||||||||||
Increase/ (Decrease) in | 19.0 | (0.6) | (3.0) | (1.1) | - | (3.7) | (3.7) | |||||||||||||||||||
long-term financial | ||||||||||||||||||||||||||
liabilities | ||||||||||||||||||||||||||
Increase in other long- | (0.4) | 0.2 | 2.1 | (0.2) | (0.4) | 4.4 | - | |||||||||||||||||||
term liabilities | ||||||||||||||||||||||||||
Dividends to shareholders | (3.6) | (3.9) | (3.9) | (10.9) | (10.8) | (10.8) | (10.8) | |||||||||||||||||||
CFF | 15.2 | (3.3) | (9.1) | (135.6) | (15.6) | (10.4) | (14.8) | |||||||||||||||||||
Exchange (losses)/gains | 0.1 | 0.2 | (0.3) | (0.2) | (0.9) | - | - | |||||||||||||||||||
Net change in cash | 17.2 | 9.8 | 8.9 | 4.1 | 23.2 | (19.3) | 3.2 | |||||||||||||||||||
Opening cash balance | 53.1 | 70.3 | 80.1 | 89.0 | 93.1 | 116.3 | 96.9 | |||||||||||||||||||
Closing cash balance | 70.3 | 80.1 | 89.0 | 93.1 | 116.3 | 96.9 | 100.1 | |||||||||||||||||||
Source: Research Dynamics, Company data | ||||||||||||||||||||||||||
Key Ratios | ||||||||||||||||||||||||||
FY16 | FY17 | FY18 | FY19 | FY20 | FY21E | FY22E | ||||||||||||||||||||
Growth Ratios | ||||||||||||||||||||||||||
Sales Growth | 4% | 8% | 14% | (2%) | (15%) | 0% | 6% | |||||||||||||||||||
Chemistry division | 11% | 9% | 5% | (2%) | (6%) | 1% | 6% | |||||||||||||||||||
Paper division | (1%) | 7% | 14% | (3%) | (29%) | (1%) | 2% | |||||||||||||||||||
Packaging division | 9% | 9% | 17% | 0% | 6% | 1% | 12% | |||||||||||||||||||
Operating Profit Growth | NM | (51%) | NM | 10% | (56%) | (86%) | NM | |||||||||||||||||||
Net Income Growth | NM | NM | 165% | 14% | (3%) | (98%) | NM | |||||||||||||||||||
Profitability Ratios (%) | ||||||||||||||||||||||||||
Operating margin (before | 1% | 1% | 10% | 11% | 6% | 1% | 7% | |||||||||||||||||||
impairment) (% ) | ||||||||||||||||||||||||||
Chemistry division | 2% | 5% | 8% | 6% | 6% | 7% | 7% | |||||||||||||||||||
Paper division | (2%) | (5%) | 10% | 12% | (1%) | (9%) | 1% | |||||||||||||||||||
Packaging division | 8% | 7% | 10% | 11% | 13% | 13% | 13% | |||||||||||||||||||
EBITDA Margin % | 8% | 7% | 16% | 17% | 12% | 8% | 14% | |||||||||||||||||||
Net Margin (%) | (2%) | 3% | 8% | 9% | 11% | 0% | 5% | |||||||||||||||||||
Return Ratios | ||||||||||||||||||||||||||
Profit Margin | (2%) | 3% | 8% | 9% | 11% | 0% | 5% | |||||||||||||||||||
Asset Turnover | 0.7x | 0.7x | 0.7x | 0.7x | 0.6x | 0.6x | 0.7x | |||||||||||||||||||
Financial Leverage | 1.7x | 1.8x | 1.9x | 1.8x | 1.5x | 1.5x | 1.5x | |||||||||||||||||||
Dupont ROE (%) | (2%) | 4% | 11% | 11% | 10% | 0% | 5% | |||||||||||||||||||
ROCE (%) | 1% | 1% | 10% | 10% | 4% | 1% | 6% | |||||||||||||||||||
ROA (%) | (1%) | 2% | 6% | 6% | 7% | 0% | 3% | |||||||||||||||||||
Leverage Ratios | ||||||||||||||||||||||||||
Debt - Equity Ratio | 0.4x | 0.4x | 0.6x | 0.3x | 0.2x | 0.2x | 0.2x | |||||||||||||||||||
Net Debt - Equity Ratio | 0.2x | 0.2x | 0.4x | 0.1x | 0.0x | 0.0x | 0.0x | |||||||||||||||||||
Interest Coverage | 1.4x | 0.7x | 11.8x | 9.1x | 9.1x | 0.7x | 9.5x | |||||||||||||||||||
Liquidity Ratios | ||||||||||||||||||||||||||
Current Ratio | 2.4x | 2.3x | 1.6x | 2.8x | 3.0x | 2.7x | 2.7x | |||||||||||||||||||
Quick Ratio | 1.7x | 1.7x | 1.3x | 2.0x | 2.2x | 2.0x | 1.9x | |||||||||||||||||||
Valuation Ratios | ||||||||||||||||||||||||||
EV/EBITDA | 11.4x | 12.5x | 5.1x | 4.7x | 7.5x | 11.6x | 6.5x | |||||||||||||||||||
P/E | NM | 26.3x | 9.9x | 8.5x | 8.8x | NM | 18.9x |
Source: Research Dynamics, Bloomberg, Company data
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CPH Chemie + Papier Holding AG published this content on 06 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 July 2021 06:33:00 UTC.