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1、CHEMICALS UPDATECHEMICALS UPDATEFall 2022Dear Clients and Friends,Houlihan Lokey is pleased to present its Chemicals Update for fall 2022 to help provide you with an update on the current chemicals market.In this issue,we have included relevant news stories,recent M&A transaction announcements,a pub

2、lic markets overview,and other industry insights to help you stay ahead in this evolving industry.We hope you find this quarterly update to be informative and that it serves as a valuable resource to you in staying abreast of the market.If there is additional content you would find useful for future

3、 updates,please dont hesitate to call or email us with your suggestions.We look forward to staying in touch with you.Regards,Corporate FinanceINTRODUCTIONChemicals Group Contacts Financial and Valuation AdvisoryChristopher GladDirectorCGladHL.com312.456.4730Ben ChiuVice PresidentBChiuHL.com312.462.7

4、768Leland HarrsHead of ChemicalsLHarrsHL.com212.497.7842David SchneiderManaging DirectorDSchneiderHL.com646.259.7479Martin BastianHead of Chemicals,EuropeMBastianHL.com+49(0)69 256 246 1711Christian WeberVice PresidentCWeberHL.com+49(0)69 256 246 185No.1 Global M&A AdvisorLeading Capital Markets Adv

5、isorHoulihan Lokey is the trusted advisor to more top decision-makers than any other independent global investment bank.No.1 Global Restructuring Advisor1,500+Transactions Completed Valued at More Than$3.0 Trillion CollectivelyNo.1 Global M&A Fairness Opinion Advisor Over the Past 20 Years1,000+Annu

6、al Valuation EngagementsHoulihan Lokey is thrilled to announce that it advised on five transactions in the chemicals industry in the past six months,making it one of the most active advisors in the sector for middle-market transactions.We have been fortunate to advise a number of fantastic companies

7、,institutions,and management teams and would like to congratulate each of our clients on their success.Our activity in the sector has provided us with real-time insights,unparalleled industry perspectives,and unique viewpoints on relevant investors.Leading Advisor in the Chemicals Sectorhas divested

8、 its European wax activities toSellside Advisorhas acquireda portfolio company ofBuyside Advisor22021 Global Distressed Debt&BankruptcyRestructuring RankingsAdvisorDeals1Houlihan Lokey632Rothschild&Co383Moelis&Co344PJT Partners Inc335Lazard24Source:Refinitiv.2002 to 2021 Global M&A Fairness Advisory

9、 RankingsAdvisorDeals1Houlihan Lokey9522JP Morgan8903Duff&Phelps,A Kroll Business8824Morgan Stanley6025BofA Securities Inc531Source:Refinitiv.Announced or completed transactions.2021 Investment Banking Rankings All Global TransactionsAdvisorDeals1Houlihan Lokey5492Goldman Sachs&Co5113JP Morgan5084Ro

10、thschild&Co4375Morgan Stanley393Source:Refinitiv.Excludes accounting firms and brokers.a portfolio company ofhas agreed to be acquired bySellside AdvisorTransaction Pendinghas been acquired bySellside Advisorhas been acquired byDeal Accounting&Reporting AdvisorHOULIHAN LOKEY MEDIA MENTIONSHoulihan L

11、okey Advises ParagonHoulihan Lokey is pleased to announce that funds advised by Paragon Partners(Paragon)have entered into a definitive agreement to sell inprotec,a leading provider of industrial drying technologies,to International Chemical Investors Group(ICIG).The transaction was signed on Octobe

12、r 17,2022,and is expected to close in November,subject to customary antitrust approvals.Inprotec AG is a leading European provider of specialized drying solutions based on fluidized bed and spray-drying technology.The company employs more than 250 people across its two production sites in Genthin an

13、d Heitersheim,both located in Germany.Paragon Partners,headquartered in Munich,is a German independent private equity firm focused on investments in midsized companies in the DACH region.Paragons investment strategy aims at the long-term,sustainable development of companies through both financial in

14、vestment and operational support.The firm has 1.2 billion in equity under management and has completed more than 40 successful investments since its foundation in 2004.The acquiror,ICIG,is a Luxembourg-based industrial group focused on investments in the chemical and pharmaceutical industries.Houlih

15、an Lokey served as the exclusive financial advisor to Paragon.This deal highlights the firms deep chemicals sector expertise and the ability to identify potential investors even in challenging macroeconomic environments.3Transaction Pendinga portfolio company ofhas agreed to be acquired bySellside A

16、dvisorTransaction PendingHOULIHAN LOKEY MEDIA MENTIONS(CONT.)Houlihan Lokey Advises Kelly-Moore Paint CompanyHoulihan Lokey is pleased to announce the successful sale of Kelly-Moore Paint Company(Kelly-Moore Paints)to Flacks Group.The transaction closed on September 30,2022.Founded in San Carlos,Cal

17、ifornia,in 1946,Kelly-Moore Paints is one of the nations largest independent paint companies,with over$400 million in annual revenues and more than 1,200 employees.The company distributes products through 157 company-managed retail stores and a network of authorized retailers across North America.He

18、adquartered in Miami,Flacks Group is a dedicated global investor in special situations focused on the acquisition and development of small and medium-sized companies with revenues between$50 million and$2 billion.Flacks Groups industry-agnostic portfolio of companies represents a diverse range of se

19、ctors,including manufacturing,industrial,processing,and engineering.Flacks Group brings resources,synergies,and exceptional management expertise to position its investments for sustainable growth in close coordination with employees and customers.Houlihan Lokey served as the financial advisor to Kel

20、ly-Moore Paints and assisted in marketing,structuring,and negotiating the transaction.This deal exemplifies the continued success of Houlihan Lokeys leading practice within the chemicals and coatings sectors.4has been acquired bySellside AdvisorHOULIHAN LOKEY MEDIA MENTIONS(CONT.)Below are excerpts

21、from ICISs April interview with Leland Harrs,Head of Chemicals at Houlihan Lokey.“Theres a lot of activity in chemical distribution,which has become a very attractive area for investment among private equity,including some new entrants.The number of deals has picked up,said Leland Harrs,Managing Dir

22、ector at investment bank Houlihan Lokey.The sector has largely been consolidated by private equity,said Harrs,pointing to their heavy involvement including in major players such as Brenntag,Univar,Azelis,and Barentz.Valuations are very high for the public leaders such as IMCD and Azelis,and that has

23、 stimulated interest in consolidation and roll-up plays in chemicals distribution across the board,he added.The current market underscores the value of the supply chain.Suppliers and their intermediary distributors and ultimately their customers are relying on each other more than ever,said Harrs.Ho

24、w distributors manage this current situation will have an impact beyond when the supply-chain crisis settles down.People will look back and know who their friends were,he added.The fundamentals are very strong.You have inflation,but there is underlying demand that is driving that.You have people wan

25、ting productand not just to stock shelves but to make things.They would sell more if they could get more,said Harrs.”To read the full article,please view the PDF.Chemical Distribution M&A Heats Up on Private Equity Interest(ICIS.com,April 13,2022)5SELECTED RECENT M&A NEWS Chase Corporation Acquires

26、NuCera Solutions(BusinessW,July 18,2022)“Chase Corporation,a leading global manufacturer of protective materials for high-reliability applications across diverse market sectors,today announced that it has entered into a definitive agreement to acquire NuCera Solutions.NuCera will be acquired for a p

27、urchase price of$250 million,pending any working capital adjustments and excluding acquisition-related costs.NuCera is headquartered in Houston,Texas,with its primary production facility based in Barnsdall,Oklahoma,and additional international sales offices in France and Singapore.The company employ

28、s approximately 130 people globally.For the trailing 12-month period ended April 30,2022,the company recognized an estimated revenue of$83 million with Adjusted EBITDA margins exceeding 25%.The acquisition of NuCera drives Chases proven core growth strategy and is an attractive step in the continued

29、 transformation of Chase.NuCera will expand Chases global reach into new blue-chip customers and attractive high-growth end markets,such as personal care,polymer additives,coatings,diversified consumer products,and masterbatches.In addition,Chase expects to have meaningful long-term synergy opportun

30、ities.Chase will continue to market under NuCera brands,and the business will be integrated into Chases Adhesives,Sealants and Additives reporting unit.”Baring PEA Set to Buy$1B Stake in PI Advanced Materials(KEDG,June 7,2022)“Hong Kong-based Baring Private Equity Asia is set to buy a majority stake

31、 in the worlds largest polyimide film manufacturer PI Advanced Materials Co.for 1.3 trillion won($1 billion),according to sources with knowledge of the matter on Tuesday.PI Advanceds polyimide film is a key material for flexible printed circuit boards and heat-resistant sheets for use in smartphones

32、 and rechargeable batteries.The companys net profit in 2021 surged 53.4%to a record 64 billion won from a year earlier,with sales up 15.3%to 302 billion won.Seoul-based Glenwood Private Equity has named Baring PEA as the preferred buyer of its entire 54.06%stake in South Koreas PI Advanced.The sale

33、price represents about a 60%premium from its market price and slightly more than double Glenwoods purchase price.The deals value will be equivalent to 24 times its earnings before interest,tax,and depreciation in 2021,which climbed 22.1%on-year to 99.6 billion won.Baring plans to further increase PI

34、 Advanceds market share in the polyimide film market to boost its corporate value.”6SELECTED RECENT M&A NEWS(CONT.)PETRONAS Chemicals Group Acquires Perstorp Holding AB(P,May 17,2022)“PETRONAS Chemicals Group Berhad(PCG)signed a Securities Purchase Agreement on 14 May 2022 to acquire the entire equi

35、ty interest in Perstorp Holding AB,a leading sustainability-driven global specialty chemicals company,with Financire Fort S.r.l,a company under PAI Partners,a European private equity firm.The acquisition values Perstorp Group at an enterprise value of 2.30 billion,which is equivalent to$2.24 billion

36、.Established more than 140 years ago,Perstorp is a leading niche specialty chemicals player that develops sustainable solutions with focus on the Resins&Coatings,Engineered Fluids,and Animal Nutrition markets.It has a global No.1 position in several products,such as trimethylolpropane(TMP)and pentae

37、rythritol(Penta).Perstorp is highly regarded among its customers for its product quality and customization,supply reliability,customer centricity,and sustainable products and is recognized for its proprietary oxo and polyol chemistries.In FY2021,Perstorp recorded approximately 1.33 billion($1.30 bil

38、lion)in revenue and 248 million($242 million)in EBITDA with an EBITDA margin of 18.6%.PCGs journey to achieve its vision of becoming the preferred chemical company providing innovative customer solutions is based on a clear strategy:to strengthen its basic petrochemicals portfolio and to selectively

39、 diversify into derivatives,specialty chemicals,and solutions.In the execution of this strategy,this acquisition marks the creation of a significant specialty chemicals portfolio while enhancing PCGs overall earnings.”Balmoral Funds Affiliate to Acquire Trecora(NSEnergyB,May 12,2022)“Trecora Resourc

40、es,a provider of specialty hydrocarbons,has agreed to be acquired by an affiliate of Balmoral Funds for an enterprise value of$247 million.Under the terms of the merger deal,Balmoral will acquire all outstanding shares of Trecoras common stock at a purchase price of$9.81 per share in cash.Formerly k

41、nown as Arabian American Development Company,Trecora is engaged in the manufacture of specialty petrochemical products and synthetic waxes as well as providing custom processing services.Trecora owns and operates a petrochemicals facility specializing in high-purity hydrocarbons and other petrochemi

42、cal manufacturing in Texas.The company also owns a specialty wax facility.Upon closing of the merger,Trecora will operate as a privately held company,and the shares of Trecora Common Stock will no longer be listed on any market.This is Balmorals fourth acquisition in the chemicals sector,and we are

43、excited to contribute to Trecoras continued success as a private company.”7Strategic acquisitions in the chemicals M&A market continues to be robust in recent quarters.Valuation multiples for strategic transactions in 2022 have generally been lower than those in 2021,while financial transactions are

44、 being valued higher compared to in 2021.8CHEMICALS M&A ACTIVITYSource:S&P Capital IQ.Financial BuyerMedian Financial Buyer10.0 xStrategic BuyerMedian Strategic Buyer12.5x202220212020Median:11.7xMedian:12.9xMedian:11.6xMedian:17.2xTargetBuyerEV$MDateEV/EBITDA.Median:13.7xMedian:9.0 xMar-20300Huntsma

45、nCVC Thermoset SpecialtiesMar-20224DuBois Chemicals(Altas)Hillenbrands Cimcool BusinessApr-20918EQT SchlkeMay-20300Tronox Eramets TiZir Titanium and IronJun-20530Chr.Hansen UAS LabsJun-201,112Royal DSMERBERAug-20210EvonikPorocel CorporationSep-201,891CovestroRoyal DSMs Resins and Functional Material

46、s businessOct-203,200Stone Canyon IndustriesK+Ss Americas Salt businessOct-20283PidiliteHuntsmans Do-It-Yourself Consumer Adhesives businessNov-20973CrodaIberchemDec-20250HuntsmanGabriel Performance ProductsDec-201,921PPGTikkurilaJan-21642SWM InternationalScapaMar-211,100Cerberus and KochEcovysts Pe

47、rformance Chemicals businessApr-216,727Standard IndustriesW.R.GraceMay-212,289Prince InternationalFerroMay-211,039GreinerRecticelJun-21951Heubach and SK CapitalClariants Pigments businessJul-216,716MKS InstrumentsAtotechJul-214,750PTT Global ChemicalAllnexAug-211,300LANXESSIFFs Microbial Control bus

48、inessAug-211,650Arkema Ashlands Performance Adhesives businessSep-212,555DL ChemicalKratonSep-214,635SIIGPetrochemOct-211,322DuluxGroupCromologyOct-211,000SynthomerEastmans Adhesive Resins businessDec-212,788Saint-GobainGCP Applied TechnologiesDec-212,142CarlyleAltadia GroupDec-213,619American Secur

49、itiesHexion HoldingsDec-21251EuroChemFertilizantes HeringerDec-21438AlbaughRotamDec-216,728Entegris,IncCMC Materials,IncJan-22103Incitec Pivot LimitedTitanobelFeb-22249Surya Kiran InvestmentsThai Rayon Public CompanyFeb-22246Altaris Capital PartnersIntriCon CorporationMar-222,026Kuwait Projects Comp

50、anyQurain Petrochemical IndustriesApr-22625Dtwyler HoldingQuality Synthetic RubberMay-22286Balmoral FundsTrecora ResourcesMay-222,458PETRONAS ChemicalsPerstorp HoldingMay-22 20,574Koninklijke DSM N.V.Firmenich InternationalJun-221,061PlasmaPI Advanced MaterialsJun-22133OneWater MarineOcean Bio-ChemJ

51、ul-22988Baring Private Equity AsiaPI Advanced MaterialsJul-22237Coats Group plcTexon International GroupJul-22250Chase CorporationNucera Solutions10.0 x9.1x13.3x7.3x17.6x14.0 x9.1x11.7x12.5x15.0 x21.6x11.0 x17.6x14.4x7.8x15.3x14.0 x14.2x11.4x16.8x12.7x9.6x20.1x8.6x8.8x18.0 x10.3x14.8x9.5x8.5x3.5x13.

52、7x18.4x7.8x2.3x21.8x17.2x14.2x8.8x8.6x22.5x25.2x10.5x27.0 x11.3x11.9x9PUBLIC MARKETS OVERVIEWSource:S&P Capital IQ.Note:NTM refers to next-12-month consensus estimates per S&P Capital IQ as of 9/30/2021 and 9/30/2022.65.0%75.0%85.0%95.0%105.0%115.0%125.0%Sep-21Dec-21Mar-22Jun-22Sep-22Basic/Diversifi

53、edSpecialty Large-CapSpecialty Mid-CapChemicals DistributionS&P 500S&P 500 Chemicals IndexSTOXX Europe 600STOXX Europe 600 Chemicals5.7x9.8x10.1x10.8x5.1x8.6x7.3x8.4x0.0 x5.0 x10.0 x15.0 xBasic/DiversifiedSpecialty Large-CapSpecialty Mid-CapChemicals DistributionSep-21Sep-22Stock Price IndexMedian T

54、EV/NTM EBITDA Multiples$50.0$60.0$70.0$80.0$90.0$100.0$110.0$120.0$130.0Sep-21Dec-21Mar-22Jun-22Sep-22$0.10$0.15$0.20$0.25$0.30$0.35Sep-21Dec-21Mar-22Jun-22Sep-22$0.15$0.25$0.35$0.45$0.55$0.65Sep-21Dec-21Mar-22Jun-22Sep-22$0.45$0.55$0.65$0.75$0.85$0.95$1.05$1.15Sep-21Dec-21Mar-22Jun-22Sep-2210SELECT

55、ED CHEMICAL INPUTS WEEKLY INDEX PRICESSource:Bloomberg.($per barrel)($per pound)($per pound)($per pound)U.S.Gulf Butadiene(CIF)U.S.Gulf Propylene(FD)U.S.Gulf Ethylene(FD)Cushing Crude Oil(WTI)$2.50$3.00$3.50$4.00$4.50$5.00$5.50$6.00$6.50$7.00Sep-21Dec-21Mar-22Jun-22Sep-22$2.00$3.00$4.00$5.00$6.00$7.

56、00$8.00$9.00$10.00Sep-21Dec-21Mar-22Jun-22Sep-22$1.80$2.80$3.80$4.80$5.80$6.80$7.80Sep-21Dec-21Mar-22Jun-22Sep-22$2.00$2.50$3.00$3.50$4.00$4.50$5.00$5.50$6.00$6.50$7.00$7.50Sep-21Dec-21Mar-22Jun-22Sep-2211SELECTED CHEMICAL INPUTS WEEKLY INDEX PRICES(CONT.)U.S.TolueneNatural Gas(Henry Hub)U.S.Mixed X

57、ylene(FOB)U.S.Gulf Benzene(FOB)Source:Bloomberg.($per gallon)($per gallon)($per million BTU)($per gallon)10.011.012.013.014.015.016.0Sep-21Dec-21Mar-22Jun-22Sep-221,3501,4001,4501,5001,5501,6001,6501,7001,7501,8001,850Aug-21Nov-21Feb-22May-22Aug-22260265270275280285290295300Aug-21Nov-21Feb-22May-22A

58、ug-22-40.0%-30.0%-20.0%-10.0%0.0%10.0%20.0%30.0%40.0%Q12017Q42017Q32018Q22019Q12020Q42020Q3202112SELECTED MACROECONOMIC DATAU.S.Consumer Price IndexU.S.QoQ Real GDP Growth U.S.Privately Owned Housing Units StartedU.S.Total Monthly Automotive Sales(millions)(thousands)(%change from preceding period)S

59、ource:Federal Reserve Bank of St.Louis.13SELECTED PUBLIC COMPARABLES Source:S&P Capital IQ.Notes:E refers to expected.Trading multiples are based on share price,other market data,and broker consensus future earnings estimates from S&P Capital IQ as of September 30,2022.All financials calendarized to

60、 a December year-end.Specialty Large-Cap(Greater Than$5 Billion EV)Basic/Diversified(as of 9/30/2022,$in millions,except per-share prices)FY2023EEnterprise Value/Stock Stock Performance(%Change)EquityEnterpriseEBITDAFY2023EFY2023ECompany NameTickerPrice1 Month3 Month1 Year ValueValueRevenueEBITDAMar

61、ginRevenueEBITDABASF SEDB:BAS$38.64-9.2%-10.9%-49.3%$34,767.0$57,312.6$80,542.1$9,324.711.6%0.71x6.1xBayer AktiengesellschaftDB:BAYN$46.56-11.9%-22.2%-14.3%$45,677.2$81,591.1$49,286.6$13,239.026.9%1.66x6.2xCelanese CorporationNYSE:CE$90.34-18.5%-23.2%-40.0%$9,788.2$13,438.2$9,369.8$2,446.726.1%1.43x

62、5.5xCovestro AGDB:1COV$28.49-5.9%-17.7%-58.7%$5,534.6$8,255.8$15,889.1$1,632.010.3%0.52x5.1xDow Inc.NYSE:DOW$43.93-13.9%-14.9%-23.7%$31,549.1$44,434.1$53,445.7$8,777.216.4%0.83x5.1xHuntsman CorporationNYSE:HUN$24.54-12.4%-13.4%-17.1%$4,942.5$6,484.5$7,999.1$1,164.314.6%0.81x5.6xLANXESS Aktiengesells

63、chaftXTRA:LXS$29.49-13.0%-17.5%-56.6%$2,543.4$5,066.5$7,591.1$988.113.0%0.67x5.1xLyondellBasell Industries N.V.NYSE:LYB$75.28-9.3%-13.9%-19.8%$24,556.8$36,823.8$50,104.2$7,132.214.2%0.73x5.2xMethanex CorporationTSX:MX$32.05-11.7%-16.0%-30.6%$2,247.5$4,514.9$3,905.7$906.223.2%1.16x5.0 xOlin Corporati

64、onNYSE:OLN$42.88-21.6%-7.3%-11.1%$6,225.9$9,069.2$9,223.0$2,140.223.2%0.98x4.2xThe Chemours CompanyNYSE:CC$24.65-26.9%-23.0%-15.2%$3,824.2$6,487.2$7,170.2$1,505.721.0%0.90 x4.3xWestlake CorporationNYSE:WLK$86.88-11.9%-11.4%-4.7%$11,117.3$15,732.3$14,934.5$3,678.624.6%1.05x4.3xMedian-12.2%-15.5%-21.7

65、%$12,152.2$2,293.518.7%0.87x5.1xMean-13.9%-16.0%-28.4%$25,788.4$4,411.218.8%0.96x5.1x(as of 9/30/2022,$in millions,except per-share prices)FY2023EEnterprise Value/Stock Stock Performance(%Change)EquityEnterpriseEBITDAFY2023EFY2023ECompany NameTickerPrice1 Month3 Month1 Year ValueValueRevenueEBITDAMa

66、rginRevenueEBITDAAlbemarle CorporationNYSE:ALB$264.44-1.3%26.5%20.8%$30,973.5$33,853.3$9,256.9$4,097.044.3%3.66x8.3xArkema S.A.ENXTPA:AKE$73.62-13.4%-17.1%-44.5%$5,440.5$7,537.9$10,306.6$1,613.115.7%0.73x4.7xAshland Inc.NYSE:ASH$94.97-6.7%-7.8%6.6%$5,141.6$5,932.6$2,488.5$620.624.9%2.38x9.6xClariant

67、 AGSWX:CLN$16.20-12.9%-14.9%-14.2%$5,331.9$6,467.0$5,213.6$904.017.3%1.24x7.2xCorteva,Inc.NYSE:CTVA$57.15-7.0%5.6%35.8%$41,068.0$40,648.0$18,396.2$3,436.818.7%2.21x11.8xCroda International PlcLSE:CRDA$71.83-8.3%-8.7%-37.7%$9,950.2$10,335.7$2,015.9$623.830.9%5.13x16.6xDuPont de Nemours,Inc.NYSE:DD$50

68、.40-9.4%-9.3%-25.9%$25,245.5$36,145.5$13,876.9$3,530.725.4%2.60 x10.2xEastman Chemical CompanyNYSE:EMN$71.05-21.9%-20.9%-29.5%$8,725.5$13,532.5$10,513.8$2,079.319.8%1.29x6.5xEcolab Inc.NYSE:ECL$144.42-11.8%-6.1%-30.8%$41,158.1$50,245.4$15,035.6$3,249.721.6%3.34x15.5xEvonik Industries AGDB:EVK$16.94-

69、10.0%-20.2%-46.6%$7,882.4$11,483.1$16,585.6$2,371.814.3%0.69x4.8xFMC CorporationNYSE:FMC$105.70-2.2%-1.2%15.4%$13,313.9$16,765.6$5,913.1$1,539.026.0%2.84x10.9xH.B.Fuller CompanyNYSE:FUL$60.10-7.3%-0.2%-6.9%$3,204.1$5,100.2$3,947.8$585.214.8%1.29x8.7xKoninklijke DSM N.V.ENXTAM:DSM$115.17-10.2%-19.6%-

70、42.5%$19,767.6$21,282.6$8,720.2$1,592.818.3%2.44x13.4xSolvay SAENXTBR:SOLB$78.09-3.8%-3.4%-37.4%$8,093.6$10,398.0$11,827.8$2,443.020.7%0.88x4.3xWacker Chemie AGXTRA:WCH$104.09-27.2%-27.6%-44.4%$5,170.9$5,362.4$7,221.8$1,308.118.1%0.74x4.1xMedian-9.4%-8.7%-29.5%$9,256.9$1,613.119.8%2.21x8.7xMean-10.2

71、%-8.3%-18.8%$9,421.3$1,999.722.1%2.10 x9.1x14SELECTED PUBLIC COMPARABLES(CONT.)Source:S&P Capital IQ.Notes:E refers to expected.NA refers to not available.Trading multiples are based on share price,other market data,and broker consensus future earnings estimates from S&P Capital IQ as of September 3

72、0,2022.All financials calendarized to a December year-end.Specialty Large-Cap(Greater Than$5 Billion EV)Basic/Diversified(as of 9/30/2022,$in millions,except per-share prices)FY2023EEnterprise Value/Stock Stock Performance(%Change)EquityEnterpriseEBITDAFY2023EFY2023ECompany NameTickerPrice1 Month3 M

73、onth1 Year ValueValueRevenueEBITDAMarginRevenueEBITDAAzelis Group NVENXTBR:AZE$22.3612.6%2.4%-29.1%$5,228.2$6,242.7$3,863.1$422.210.9%1.62x14.8xBrenntag SEXTRA:BNR$61.17-7.2%-5.8%-34.5%$9,450.6$12,029.0$17,636.8$1,652.29.4%0.68x7.3xHawkins,Inc.NasdaqGS:HWKN$38.991.7%8.2%11.8%$819.1$982.3$885.2$118.4

74、13.4%1.11x8.3xIMCD N.V.ENXTAM:IMCD$120.22-13.4%-12.2%-37.2%$6,845.7$7,963.0$4,388.6$508.411.6%1.81x15.7xUnivar Solutions Inc.NYSE:UNVR$22.74-9.8%-8.6%-4.5%$3,792.9$6,253.6$10,669.3$964.79.0%0.59x6.5xMedian-7.2%-5.8%-29.1%$4,388.6$508.410.9%1.11x8.3xMean-3.2%-3.2%-18.7%$7,488.6$733.210.9%1.16x10.5x(a

75、s of 9/30/2022,$in millions,except per-share prices)FY2023EEnterprise Value/Stock Stock Performance(%Change)EquityEnterpriseEBITDAFY2023EFY2023ECompany NameTickerPrice1 Month3 Month1 Year ValueValueRevenueEBITDAMarginRevenueEBITDABalchem CorporationNasdaqGS:BCPC$121.58-7.8%-6.3%-16.2%$3,905.2$4,274.

76、7$1,018.8$239.423.5%4.20 x17.9xEcovyst Inc.NYSE:ECVT$8.44-8.7%-14.3%-27.6%$1,154.1$1,901.7$864.6$298.434.5%2.20 x6.4xElementis plcLSE:ELM$1.01-22.2%-16.3%-50.0%$585.8$979.9$944.1$177.318.8%1.04x5.5xFuchs Petrolub SEDB:FPE3$25.32-6.9%-7.6%-45.8%$3,289.5$3,344.4$3,200.5$457.314.3%1.04x7.3xIngevity Cor

77、porationNYSE:NGVT$60.63-13.6%-4.0%-15.0%$2,306.9$3,404.3$1,706.1$495.429.0%2.00 x6.9xInnospec Inc.NasdaqGS:IOSP$85.67-8.3%-10.6%1.7%$2,123.8$2,102.4$1,962.3$257.213.1%1.07x8.2xJohnson Matthey PlcLSE:JMAT$20.42-12.9%-12.7%-43.7%$3,731.0$4,690.4$4,300.0$772.818.0%1.09x6.1xKoppers Holdings Inc.NYSE:KOP

78、$20.78-9.0%-8.2%-33.5%$434.2$1,321.6$2,036.9$248.212.2%0.65x5.3xNewMarket CorporationNYSE:NEU$300.834.7%0.0%-11.2%$3,012.2$3,910.5NA NA NA NA NA Quaker Chemical CorporationNYSE:KWR$144.38-17.2%-3.4%-39.3%$2,588.6$3,409.9$2,031.6$289.714.3%1.68x11.8xSiegfried Holding AGSWX:SFZN$748.90-6.8%17.2%-16.2%

79、$3,180.2$3,593.6$1,330.5$290.921.9%2.70 x12.4xStepan CompanyNYSE:SCL$93.67-10.1%-7.6%-17.1%$2,089.3$2,487.3$2,716.9$331.912.2%0.92x7.5xSynthomer plcLSE:SYNT$1.19-48.2%-56.6%-82.3%$554.6$1,730.0$3,028.7$382.712.6%0.57x4.5xMedian-9.0%-7.6%-27.6%$1,997.0$294.716.1%1.08x7.1xMean-12.8%-10.0%-30.5%$2,095.

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