Mergers and acquisitions

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zeroed DCF Multiples for TV

Multiples DCF Zeroed for AEPI Current
Announced 8/25/2016 2015 2016 2017 2018 2019 2020
Operating Scenario
Blue Cells are User Assumptions
Current Sales 1141 ERROR:#VALUE! ERROR:#VALUE! ERROR:#VALUE! ERROR:#VALUE! ERROR:#VALUE!
% Sales Growth
Equals EBITDA 95.0 ERROR:#VALUE! ERROR:#VALUE! ERROR:#VALUE! ERROR:#VALUE! ERROR:#VALUE!
EBITDA Margin
Depreciation and Amortization and Other 30.0 ERROR:#VALUE! ERROR:#VALUE! ERROR:#VALUE! ERROR:#VALUE! ERROR:#VALUE!
D&A/Sales 3%
EBIT 65.0 ERROR:#VALUE! ERROR:#VALUE! ERROR:#VALUE! ERROR:#VALUE! ERROR:#VALUE!
EBIT Margin 5.7% ERROR:#VALUE! ERROR:#VALUE! ERROR:#VALUE! ERROR:#VALUE! ERROR:#VALUE!
Taxes 4 ERROR:#VALUE! ERROR:#VALUE! ERROR:#VALUE! ERROR:#VALUE! ERROR:#VALUE!
Tax Rate 6.2%
Unlevered Free Cash Flow
EBIAT 61.0 ERROR:#VALUE! ERROR:#VALUE! ERROR:#VALUE! ERROR:#VALUE! ERROR:#VALUE!
Plus Depreciation and Amortization 30.0 ERROR:#VALUE! ERROR:#VALUE! ERROR:#VALUE! ERROR:#VALUE! ERROR:#VALUE!
D&A/Sales 2.6% ERROR:#VALUE! ERROR:#VALUE! ERROR:#VALUE! ERROR:#VALUE! ERROR:#VALUE!
Less Capex (12.0) ERROR:#VALUE! ERROR:#VALUE! ERROR:#VALUE! ERROR:#VALUE! ERROR:#VALUE!
Capex/Sales -1.1%
Less Increase (or Plus Decrease) in NWC 20.00 ERROR:#VALUE! ERROR:#VALUE! ERROR:#VALUE! ERROR:#VALUE! ERROR:#VALUE!
NWC/Sales 1.8%
Unlevered Free Cash Flow to the Firm ERROR:#VALUE! ERROR:#VALUE! ERROR:#VALUE! ERROR:#VALUE! ERROR:#VALUE!
Discounting of Annual Free Cash Flow It is hard to see on the chart but AEPI's WACC on 8/25/2016 is 5.5%
Discount Period (Mid-Year Convention) 0.5 1.5 2.5 3.5 4.5
WACC
PVLS Factor ERROR:#VALUE! ERROR:#VALUE! ERROR:#VALUE! ERROR:#VALUE! ERROR:#VALUE!
Present Value of Free Cash Flow ERROR:#VALUE! ERROR:#VALUE! ERROR:#VALUE! ERROR:#VALUE! ERROR:#VALUE!
Terminal (Continuing) Value
Exit Year _________ User Chooses Metric
Exit Multiple
Going Concern Value User Programs to Compute Terminal Value
from Chosen Multiple and Metric
Discount Factor ERROR:#VALUE!
Enterprise Value:
Cumulative Present Value of Free Cash Flow ERROR:#VALUE!
Present Value of Going Concern Value ERROR:#VALUE!
% of Enterprise Value ERROR:#VALUE!
Enterprise Value ERROR:#VALUE!
Implied Equity Value
Enterprise Value ERROR:#VALUE!
You have AEPI's Balance Sheet on the Blackboard Site
Short Term Debt
Less Long Term Debt
Less Preferred Stock There might be other stronger claims
Less Non-Controlling Interest
Plus Cash and Cash Equivalents
Implied Equity Value (Market Cap) ERROR:#VALUE!
Fully Diluted Shares Outstanding
Implied Price Per Share ERROR:#VALUE!

Trading Comps

TARGET Firm: Annc 8/25/2016 Annc 8/25/2016 Annc 8/25/2016 Annc 8/25/2016 Annc 8/25/2016 Annc 8/25/2016 Annc 8/25/2016 Annc 8/25/2016 Annc 8/25/2016 Annc 8/25/2016 Annc 8/25/2016 Annc 8/25/2016 Annc 8/25/2016 Annc 8/25/2016
AEPI SEE SON BMS ATR SLGN WPK ITP TG MYE 200986 CAS GEF IP PKG
AEP Ind Sealed Air Sonoco Amcor Aptar Silgan Winpak Intertape Tredigar Myers Foshan Cascades Grief Intl Paper Packaging
Currency USD Currency USD Currency USD Currency USD Currency USD Currency USD Currency USD Currency USD Currency USD Currency USD Currency USD Currency CAD Currency USD Currency USD Currency USD
Two Year Prior Revenue $1,144 Two Year Prior Revenue $7,691 Two Year Prior Revenue $4,848 Two Year Prior Revenue $4,477 Two Year Prior Revenue $2,520 Two Year Prior Revenue $3,709 Two Year Prior Revenue $715 Two Year Prior Revenue $7,691 Two Year Prior Revenue $782 Two Year Prior Revenue $585 Two Year Prior Revenue $3,983 Two Year Prior Revenue $3,370 Two Year Prior Revenue $4,220 Two Year Prior Revenue $23,483 Two Year Prior Revenue $3,665
Two Year Prior Date 10/31/13 Two Year Prior Date 12/31/13 Two Year Prior Date 12/31/13 Two Year Prior Date 12/31/13 Two Year Prior Date 12/31/13 Two Year Prior Date 12/31/13 Two Year Prior Date 12/29/13 Two Year Prior Date 12/31/13 Two Year Prior Date 12/31/13 Two Year Prior Date 12/31/13 Two Year Prior Date 12/31/13 Two Year Prior Date 12/31/13 Two Year Prior Date 10/31/13 Two Year Prior Date 12/31/13 Two Year Prior Date 12/31/13
LTM Revenue $1,141 LTM Revenue $7,032 LTM Revenue $4,964 LTM Revenue $4,071 LTM Revenue $2,317 LTM Revenue $3,764 LTM Revenue $797 LTM Revenue $7,032 LTM Revenue $782 LTM Revenue $602 LTM Revenue $3,266 LTM Revenue $3,861 LTM Revenue $3,617 LTM Revenue $20,675 LTM Revenue $5,742
LTM Date 10/31/15 LTM Date 12/31/15 LTM Date 12/31/15 LTM Date 12/31/15 LTM Date 12/31/15 LTM Date 12/31/15 LTM Date 12/27/15 LTM Date 12/31/15 LTM Date 12/31/15 LTM Date 12/31/15 LTM Date 12/31/15 LTM Date 12/31/15 LTM Date 10/31/15 LTM Date 12/31/15 LTM Date 12/31/15
LTM Gross Profit $182 LTM Gross Profit $2,587 LTM Gross Profit $929 LTM Gross Profit $873 LTM Gross Profit $815 LTM Gross Profit $554 LTM Gross Profit $258 LTM Gross Profit $2,587 LTM Gross Profit $168 LTM Gross Profit $178 LTM Gross Profit $533 LTM Gross Profit $600 LTM Gross Profit $670 LTM Gross Profit $6,362 LTM Gross Profit $1,208
LTM EBITDA $95 LTM EBITDA $1,093 LTM EBITDA $624 LTM EBITDA $588 LTM EBITDA $459 LTM EBITDA $476 LTM EBITDA $179 LTM EBITDA $1,093 LTM EBITDA $99 LTM EBITDA $73 LTM EBITDA $332 LTM EBITDA $426 LTM EBITDA $396 LTM EBITDA $3,780 LTM EBITDA $1,129
LTM EBIT $63 LTM EBIT $880 LTM EBIT $410 LTM EBIT $421 LTM EBIT $880 LTM EBIT $334 LTM EBIT $146 LTM EBIT $880 LTM EBIT $68 LTM EBIT $38 LTM EBIT $175 LTM EBIT $236 LTM EBIT $261 LTM EBIT $2,486 LTM EBIT $773
LTM OCF $71 LTM OCF $982 LTM OCF $453 LTM OCF $552 LTM OCF $325 LTM OCF $335 LTM OCF $156 LTM OCF $982 LTM OCF $102 LTM OCF $38 LTM OCF $481 LTM OCF $284 LTM OCF $284 LTM OCF $2,580 LTM OCF $769
LFY FCF $58 LFY FCF $798 LFY FCF $261 LFY FCF $333 LFY FCF $175 LFY FCF $98 LFY FCF $102 LFY FCF $798 LFY FCF $68 LFY FCF $14 LFY FCF $425 LFY FCF $121 LFY FCF $121 LFY FCF $1,093 LFY FCF $454
EV/Sales 1.84 EV/Sales 1.04 EV/Sales 1.37 EV/Sales 2.09 EV/Sales 1.24 EV/Sales 2.48 EV/Sales 1.84 EV/Sales 1.19 EV/Sales 0.96 EV/Sales 1.84 EV/Sales 0.78 EV/Sales 1.10 EV/Sales 1.15 EV/Sales 1.43
EV/Ebitda 13.26 EV/Ebitda 9.02 EV/Ebitda 9.83 EV/Ebitda 10.45 EV/Ebitda 10.08 EV/Ebitda 10.93 EV/Ebitda 13.26 EV/Ebitda 9.13 EV/Ebitda 8.78 EV/Ebitda 13.26 EV/Ebitda 8.83 EV/Ebitda 6.90 EV/Ebitda 7.98 EV/Ebitda 7.41
EV/Ebit 16.97 EV/Ebit 13.95 EV/Ebit 13.62 EV/Ebit 14.93 EV/Ebit 14.56 EV/Ebit 13.41 EV/Ebit 16.97 EV/Ebit 13.11 EV/Ebit 18.72 EV/Ebit 16.97 EV/Ebit 19.79 EV/Ebit 10.60 EV/Ebit 14.10 EV/Ebit 10.93
AEPI SEE SON BMS ATR SLGN WPK ITP TG MYE 200986 CAS GEF IP PKG
Hist Rev Months 24 Hist Rev Months 24 Hist Rev Months 24 Hist Rev Months 24 Hist Rev Months 24 Hist Rev Months 24 Hist Rev Months 23 Hist Rev Months 24 Hist Rev Months 24 Hist Rev Months 24 Hist Rev Months 24 Hist Rev Months 24 Hist Rev Months 24 Hist Rev Months 24 Hist Rev Months 24
Hist Rev Years 2 Hist Rev Years 2 Hist Rev Years 2 Hist Rev Years 2 Hist Rev Years 2 Hist Rev Years 2 Hist Rev Years 1.9166666667 Hist Rev Years 2 Hist Rev Years 2 Hist Rev Years 2 Hist Rev Years 2 Hist Rev Years 2 Hist Rev Years 2 Hist Rev Years 2 Hist Rev Years 2
AEPI SEE SON BMS ATR SLGN WPK ITP TG MYE 200986 CAS GEF IP PKG
Value Drivers Value Drivers Value Drivers Value Drivers Value Drivers Value Drivers Value Drivers Value Drivers Value Drivers Value Drivers Value Drivers Value Drivers Value Drivers Value Drivers Value Drivers
Hist. Rev. Growth -0.1% Hist. Rev. Growth -4.4% Hist. Rev. Growth 1.2% Hist. Rev. Growth -4.6% Hist. Rev. Growth -4.1% Hist. Rev. Growth 0.7% Hist. Rev. Growth 5.8% Hist. Rev. Growth -4.4% Hist. Rev. Growth 0.0% Hist. Rev. Growth 1.4% Hist. Rev. Growth -9.5% Hist. Rev. Growth 7.0% Hist. Rev. Growth -7.4% Hist. Rev. Growth -6.2% Hist. Rev. Growth 25.2%
Gross Profit Margin 16% Gross Profit Margin 37% Gross Profit Margin 19% Gross Profit Margin 21% Gross Profit Margin 35% Gross Profit Margin 15% Gross Profit Margin 32% Gross Profit Margin 37% Gross Profit Margin 21% Gross Profit Margin 30% Gross Profit Margin 16% Gross Profit Margin 16% Gross Profit Margin 19% Gross Profit Margin 31% Gross Profit Margin 21%
EBITDA Margin 8% EBITDA Margin 16% EBITDA Margin 13% EBITDA Margin 14% EBITDA Margin 20% EBITDA Margin 13% EBITDA Margin 22% EBITDA Margin 16% EBITDA Margin 13% EBITDA Margin 12% EBITDA Margin 10% EBITDA Margin 11% EBITDA Margin 11% EBITDA Margin 18% EBITDA Margin 20%
EBIT Margin 6% EBIT Margin 13% EBIT Margin 8% EBIT Margin 10% EBIT Margin 38% EBIT Margin 9% EBIT Margin 18% EBIT Margin 13% EBIT Margin 9% EBIT Margin 6% EBIT Margin 5% EBIT Margin 6% EBIT Margin 7% EBIT Margin 12% EBIT Margin 13%
OCF Margin 6% OCF Margin 14% OCF Margin 9% OCF Margin 14% OCF Margin 14% OCF Margin 9% OCF Margin 20% OCF Margin 14% OCF Margin 13% OCF Margin 6% OCF Margin 15% OCF Margin 7% OCF Margin 8% OCF Margin 12% OCF Margin 13%
FCF Margin 5% FCF Margin 11% FCF Margin 5% FCF Margin 8% FCF Margin 8% FCF Margin 3% FCF Margin 13% FCF Margin 11% FCF Margin 9% FCF Margin 2% FCF Margin 13% FCF Margin 3% FCF Margin 3% FCF Margin 5% FCF Margin 8%

Sort Summary

Value Drivers 200986 GEF IP BMS SEE ITP ATR AEPI TG SLGN SON MYE WPK CAS PKG
Exp. Rev. Growth -9.5% -7.4% -6.2% -4.6% -4.4% -4.4% -4.1% -0.1% 0.0% 0.7% 1.2% 1.4% 5.8% 7.0% 25.2%
Value Drivers SLGN CAS AEPI 200986 GEF SON PKG BMS TG MYE IP WPK ATR SEE ITP
Gross Profit Margin 15% 16% 16% 16% 19% 19% 21% 21% 21% 30% 31% 32% 35% 37% 37%
Value Drivers AEPI 200986 GEF CAS MYE SON SLGN TG BMS SEE ITP IP PKG ATR WPK
EBITDA Margin 8% 10% 11% 11% 12% 13% 13% 13% 14% 16% 16% 18% 20% 20% 22%
Value Drivers 200986 AEPI CAS MYE GEF SON TG SLGN BMS IP SEE ITP PKG WPK ATR
EBIT Margin 5% 6% 6% 6% 7% 8% 9% 9% 10% 12% 13% 13% 13% 18% 38%
Value Drivers AEPI MYE CAS GEF SLGN SON IP TG PKG BMS SEE ITP ATR 200986 WPK
OCF Margin 6% 6% 7% 8% 9% 9% 12% 13% 13% 14% 14% 14% 14% 15% 20%
Value Drivers MYE SLGN CAS GEF AEPI SON IP ATR PKG BMS TG SEE ITP WPK 200986
FCF Margin 2% 3% 3% 3% 5% 5% 5% 8% 8% 8% 9% 11% 11% 13% 13%

AEPI Balance Sheets

AEP Industries Inc (AEPI US) - Standardized
In Millions of USD except Per Share FY 2016 FY 2015 FY 2014 FY 2013 FY 2012 FY 2011 FY 2010 FY 2009 FY 2008 FY 2007
12 Months Ending 10/31/2016 10/31/2015 10/31/2014 10/31/2013 10/31/2012 10/31/2011 10/31/2010 10/31/2009 10/31/2008 10/31/2007
Total Assets
+ Cash, Cash Equivalents & STI C&CE_AND_STI_DETAILED 3.7 20.2 0.9 13.3 2.8 6.4 1.0 0.3 0.2 0.5
+ Cash & Cash Equivalents BS_CASH_NEAR_CASH_ITEM 3.7 20.2 0.9 13.3 2.8 6.4 1.0 0.3 0.2 0.5
+ ST Investments BS_MKT_SEC_OTHER_ST_INVEST 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
+ Accounts & Notes Receiv BS_ACCT_NOTE_RCV 99.5 104.9 119.4 112.6 109.9 109.1 86.6 75.7 102.6 70.9
+ Accounts Receivable, Net BS_ACCTS_REC_EXCL_NOTES_REC 99.5 104.9 119.4 112.6 109.9 109.1 86.6 75.7 102.6 70.9
+ Notes Receivable, Net NOTES_RECEIVABLE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 — —
+ Inventories BS_INVENTORIES 92.7 101.3 86.4 97.1 95.1 103.1 73.0 73.2 78.0 64.2
+ Raw Materials INVTRY_RAW_MATERIALS 42.4 47.6 46.8 48.5 52.9 41.9 27.6 34.4 36.2 29.7
+ Work In Process INVTRY_IN_PROGRESS 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
+ Finished Goods INVTRY_FINISHED_GOODS 67.5 66.5 78.5 83.4 68.1 56.1 41.9 35.5 42.6 34.5
+ Other Inventory BS_OTHER_INV -17.2 -12.8 -38.9 -34.7 -25.9 5.2 3.5 3.2 30.9 18.2
+ Other ST Assets OTHER_CURRENT_ASSETS_DETAILED 6.0 6.3 9.6 11.7 5.6 10.3 6.8 17.9 25.6 65.1
+ Derivative & Hedging Assets BS_DERIV_&_HEDGING_ASSETS_ST 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 — —
+ Deferred Tax Assets BS_DEFERRED_TAX_ASSETS_ST 3.7 3.6 2.7 6.3 2.7 6.8 3.3 8.7 — —
+ Discontinued Operations BS_ASSETS_OF_DISCONTINUED_OPS_ST — — — — — — 0.2 0.6 — —
+ Misc ST Assets BS_OTHER_CUR_ASSET_LESS_PREPAY 2.3 2.7 6.9 5.4 2.9 3.5 3.3 8.6 — —
Total Current Assets BS_CUR_ASSET_REPORT 201.9 232.6 216.2 234.7 213.4 228.9 167.4 167.1 206.4 200.8
+ Property, Plant & Equip, Net BS_NET_FIX_ASSET 179.7 194.0 216.5 220.3 196.0 169.6 169.3 176.0 164.3 111.4
+ Property, Plant & Equip BS_GROSS_FIX_ASSET 614.3 600.3 594.8 568.8 520.3 471.8 450.6 436.3 405.7 342.2
- Accumulated Depreciation BS_ACCUM_DEPR 434.6 406.3 378.3 348.5 324.4 302.2 281.3 260.4 241.4 230.8
+ LT Investments & Receivables BS_LT_INVEST 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
+ Other LT Assets BS_OTHER_ASSETS_DEF_CHRG_OTHER 11.1 11.5 14.2 16.5 22.0 17.2 14.0 17.0 20.2 16.6
+ Total Intangible Assets BS_DISCLOSED_INTANGIBLES 9.8 10.4 10.9 11.4 10.4 10.8 10.3 12.1 14.2 12.5
+ Goodwill BS_GOODWILL 6.9 6.9 6.9 6.9 6.9 6.9 8.1 9.5 10.9 12.3
+ Other Intangible Assets OTHER_INTANGIBLE_ASSETS_DETAILED 3.0 3.5 4.0 4.5 3.5 3.9 2.2 2.6 3.4 0.3
+ Derivative & Hedging Assets BS_DERIV_&_HEDGING_ASSETS_LT 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 — —
+ Misc LT Assets OTHER_NONCURRENT_ASSETS_DETAILED 1.3 1.1 3.4 5.2 11.6 6.4 3.7 4.9 5.9 4.0
Total Noncurrent Assets BS_TOT_NON_CUR_ASSET 190.8 205.4 230.7 236.9 218.0 186.8 183.4 193.0 184.5 128.0
Total Assets BS_TOT_ASSET 392.6 438.1 446.9 471.6 431.4 415.7 350.8 360.1 390.8 328.8
Liabilities & Shareholders' Equity
+ Payables & Accruals ACCT_PAYABLE_&_ACCRUALS_DETAILED 110.2 106.9 108.0 109.6 112.1 110.3 95.3 91.1 74.7 43.0
+ Accounts Payable BS_ACCT_PAYABLE 62.9 68.7 81.9 80.6 78.6 76.9 72.6 55.4 74.7 43.0
+ Accrued Taxes BS_TAXES_PAYABLE — — 0.0 0.0 0.0 0.0 0.0 0.0 — —
+ Interest & Dividends Payable BS_INTEREST_&_DIVIDENDS_PAYABLE 0.5 0.7 0.0 0.0 0.0 0.0 0.0 0.0 — —
+ Other Payables & Accruals BS_ACCRUAL 46.9 37.5 26.1 29.0 33.5 33.4 22.8 35.7 — —
+ ST Debt BS_ST_BORROW 4.7 4.7 5.1 6.5 4.9 1.4 1.5 1.6 1.8 0.4
+ ST Borrowings SHORT_TERM_DEBT_DETAILED 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 — —
+ ST Lease Liabilities ST_CAPITALIZED_LEASE_LIABILITIES 2.3 2.3 2.4 3.1 2.3 1.2 1.1 1.0 — —
+ ST Finance Leases ST_CAPITAL_LEASE_OBLIGATIONS 2.3 2.3 2.4 3.1 2.3 1.2 1.1 1.0 — —
+ Current Portion of LT Debt BS_CURR_PORTION_LT_DEBT 2.4 2.5 2.6 3.3 2.6 0.1 0.4 0.5 — —
+ Other ST Liabilities OTHER_CURRENT_LIABS_SUB_DETAILED 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.4 24.1 55.1
+ Deferred Revenue ST_DEFERRED_REVENUE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 — —
+ Derivatives & Hedging BS_DERIVATIVE_&_HEDGING_LIABS_ST 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 — —
+ Discontinued Operations BS_LIABS_OF_DISCONTINUED_OPS_ST — — — — — — — 0.4 — —
+ Misc ST Liabilities OTHER_CURRENT_LIABS_DETAILED 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 24.1 55.1
Total Current Liabilities BS_CUR_LIAB 114.9 111.6 113.0 116.1 117.1 111.6 96.9 93.0 100.6 98.5
+ LT Debt BS_LT_BORROW 133.1 208.8 253.7 238.9 214.7 237.1 189.5 174.9 247.3 183.7
+ LT Borrowings LONG_TERM_BORROWINGS_DETAILED 128.1 201.5 244.4 229.7 207.1 233.9 185.3 169.5 — —
+ LT Lease Liabilities LT_CAPITALIZED_LEASE_LIABILITIES 5.1 7.3 9.3 9.3 7.6 3.3 4.3 5.4 — —
+ LT Finance Leases LT_CAPITAL_LEASE_OBLIGATIONS 5.1 7.3 9.3 9.3 7.6 3.3 4.3 5.4 — —
+ Other LT Liabilities OTHER_NONCUR_LIABS_SUB_DETAILED 31.3 28.0 20.5 31.2 25.9 16.9 7.7 16.4 2.8 4.2
+ Accrued Liabilities BS_ACCRUED_LIABILITIES 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 — —
+ Pension Liabilities PENSION_LIABILITIES 1.3 1.3 1.2 1.3 2.4 1.3 0.1 0.1 — —
+ Pensions BS_PENSIONS_LT_LIABS 1.3 1.3 1.2 1.3 2.4 1.3 0.1 0.1 — —
+ Other Post-Ret Benefits BS_OPRB_LT_LIABS 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 — —
+ Deferred Revenue LT_DEFERRED_REVENUE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 — —
+ Deferred Tax Liabilities BS_DEFERRED_TAX_LIABILITIES_LT 23.4 21.8 16.3 25.6 18.2 12.9 4.8 11.4 — —
+ Derivatives & Hedging BS_DERIVATIVE_&_HEDGING_LIABS_LT 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 — —
+ Misc LT Liabilities OTHER_NONCURRENT_LIABS_DETAILED 6.6 4.9 3.0 4.3 5.3 2.7 2.8 4.9 2.8 4.2
Total Noncurrent Liabilities NON_CUR_LIAB 164.5 236.8 274.2 270.1 240.7 254.0 197.3 191.3 250.1 187.9
Total Liabilities BS_TOT_LIAB2 279.3 348.4 387.2 386.2 357.7 365.7 294.2 284.3 350.7 286.4
+ Preferred Equity and Hybrid Capital BS_PFD_EQTY_&_HYBRID_CPTL 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
+ Share Capital & APIC BS_SH_CAP_AND_APIC 115.6 115.1 113.1 112.6 111.7 109.6 109.2 107.6 105.9 104.3
+ Common Stock BS_COMMON_STOCK 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 — —
+ Additional Paid in Capital BS_ADD_PAID_IN_CAP 115.5 115.0 113.0 112.5 111.5 109.5 109.0 107.5 — —
- Treasury Stock BS_AMT_OF_TSY_STOCK 189.8 189.8 189.8 169.8 169.8 169.8 150.4 129.7 129.7 125.4
+ Retained Earnings BS_PURE_RETAINED_EARNINGS 189.1 165.4 136.6 142.1 131.3 108.2 95.8 96.3 64.8 52.6
+ Other Equity OTHER_EQUITY_RATIO -1.6 -1.0 -0.1 0.5 0.6 2.0 2.1 1.5 -0.9 10.9
Equity Before Minority Interest EQTY_BEF_MINORITY_INT_DETAILED 113.3 89.6 59.7 85.4 73.7 50.0 56.6 75.8 40.1 42.4
+ Minority/Non Controlling Interest MINORITY_NONCONTROLLING_INTEREST 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Total Equity TOTAL_EQUITY 113.3 89.6 59.7 85.4 73.7 50.0 56.6 75.8 40.1 42.4
Total Liabilities & Equity TOT_LIAB_AND_EQY 392.6 438.1 446.9 471.6 431.4 415.7 350.8 360.1 390.8 328.8
Reference Items
Accounting Standard ACCOUNTING_STANDARD US GAAP US GAAP US GAAP US GAAP US GAAP US GAAP US GAAP US GAAP US GAAP US GAAP
Shares Outstanding BS_SH_OUT 5.1 5.1 5.1 5.6 5.5 5.5 6.1 6.9 6.7 6.9
Number of Treasury Shares BS_NUM_OF_TSY_SH 6.1 6.1 6.1 5.6 5.6 5.6 4.9 4.2 4.2 4.0
Pension Obligations BS_PENSION_RSRV 1.3 1.3 1.2 1.3 2.4 1.3 0.1 0.1 0.0 0.0
Future Minimum Operating Lease Obligations BS_FUTURE_MIN_OPER_LEASE_OBLIG 33.0 32.4 18.6 23.1 24.7 27.4 19.9 23.3 21.7 —
Capital Leases - Total BS_TOTAL_CAPITAL_LEASES 7.3 9.6 11.8 12.4 10.0 4.5 6.1 6.4 — —
Options Granted During Period BS_OPTIONS_GRANTED — 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Options Outstanding at Period End BS_OPTIONS_OUTSTANDING 0.0 0.1 0.1 0.1 0.1 0.2 0.2 0.3 0.3 0.3
Net Debt NET_DEBT 134.1 193.4 257.9 232.1 216.9 232.1 190.0 176.1 248.9 183.5
Net Debt to Equity NET_DEBT_TO_SHRHLDR_EQTY 118.38 215.73 431.99 271.70 294.13 464.27 335.57 232.35 620.16 433.16
Tangible Common Equity Ratio TCE_RATIO 27.03 18.54 11.20 16.09 15.04 9.68 13.60 18.30 6.88 9.44
Current Ratio CUR_RATIO 1.76 2.08 1.91 2.02 1.82 2.05 1.73 1.80 2.05 2.04
Cash Conversion Cycle CASH_CONVERSION_CYCLE 46.48 43.35 38.79 41.65 42.58 43.49 41.81 49.94 49.06 56.66
Number of Employees NUM_OF_EMPLOYEES 2,600.00 2,600.00 2,500.00 2,600.00 — — — — 2,100.00 1,850.00
Source: Bloomberg Right click to show data transparency (not supported for all values)

AEPI Historicals

Historical Percentages for AEPI 2012 2013 2014 2015
Acquisition by Berry announced on 8/25/2016
Input Blue Cells
Sales 1153 1144 1193 1141
% Sales Growth -0.78% 4.28% -4.36%
EBITDA 79 62 40 95.0
EBITDA Margin 6.9% 5.4% 3.4% 8.3%
Depreciation and Amortization 29 32 32 30.0
EBIT 50 30 8 65
EBIT Margin 4.3% 2.6% 0.7% 5.7%
¬
Taxes 3 3 2 4
Tax Rate 6.0% 10.0% 25.0% 6.2%
¬
EBIAT 47 27 6 61.0
Plus Depreciation and Amortization 29 32 32 30.0
D&A/Sales 2.5% 2.8% 2.7% 2.6%
Less Capex (42.0) (47.0) (27.0) (12.0)
Capex/Sales -3.6% -4.1% -2.3% -1.1%
Less Increase (or Plus Decrease) in NWC 10 -23 -6 20 average↓
NWC/Sales 0.9% -2.0% -0.5% 1.8% 0.0%
AEP Industries Inc (AEPI US) - Standardized
In Millions of USD except Per Share Current FY 2016 FY 2015 FY 2014 FY 2013 FY 2012 FY 2011 FY 2010 FY 2009 FY 2008
12 Months Ending 10/16/2021 10/31/2016 10/31/2015 10/31/2014 10/31/2013 10/31/2012 10/31/2011 10/31/2010 10/31/2009 10/31/2008
Cash from Operating Activities
+ Net Income CF_NET_INC 28.8 28.8 -5.5 10.7 23.2 12.4 -0.6 31.5 12.2
+ Depreciation & Amortization CF_DEPR_AMORT 29.5 31.6 31.5 28.6 22.8 21.8 20.9 19.1 13.7 ¬
+ Non-Cash Items NON_CASH_ITEMS_DETAILED 18.9 -9.8 3.6 17.9 16.1 15.1 12.4 -3.1 1.7
+ Stock-Based Compensation CF_STOCK_BASED_COMPENSATION 8.8 7.3 1.1 4.1 5.6 1.9 1.2 4.0 —
+ Deferred Income Taxes CF_DEF_INC_TAX 1.9 5.6 -4.8 2.9 11.0 0.5 0.0 17.0 -8.5
+ Other Non-Cash Adj OTHER_NON_CASH_ADJ_LESS_DETAILED 8.2 -22.7 7.3 10.9 -0.5 12.7 11.2 -24.2 10.2
+ Chg in Non-Cash Work Cap CF_CHNG_NON_CASH_WORK_CAP 7.2 19.9 -6.0 -23.2 9.9 -25.8 -11.1 41.7 16.7 ¬
+ (Inc) Dec in Accts Receiv CF_ACCT_RCV_UNBILLED_REV 4.9 10.4 -9.4 -3.3 -1.1 -4.3 -10.7 25.5 -4.4
+ (Inc) Dec in Inventories CF_CHANGE_IN_INVENTORIES 4.6 11.3 6.8 -12.0 9.1 -16.6 -10.2 25.3 -4.5
+ Inc (Dec) in Accts Payable CF_CHANGE_IN_ACCOUNTS_PAYABLE -5.4 -13.6 1.5 2.1 1.9 -1.3 17.0 -19.6 —
+ Inc (Dec) in Other INC_DEC_IN_OT_OP_AST_LIAB_DETAIL 3.2 11.7 -4.8 -9.9 0.1 -3.5 -7.2 10.6 25.5
+ Net Cash From Disc Ops CF_NET_CASH_DISCONT_OPS_OPER 0.0 0.0 0.0 0.0 0.0 — 0.0 -1.1 —
Cash from Operating Activities CF_CASH_FROM_OPER 84.4 70.5 23.6 34.1 72.0 23.5 21.7 88.1 44.3
Cash from Investing Activities
+ Change in Fixed & Intang CHG_IN_FXD_&_INTANG_AST_DETAILED -15.9 -8.5 -26.4 -46.2 -41.7 -14.5 -15.5 -23.7 -27.6
+ Disp in Fixed & Intang DISP_FXD_&_INTANGIBLES_DETAILED 0.0 3.7 0.2 0.5 0.3 0.0 0.4 0.2 0.4
+ Disp of Fixed Prod Assets CF_DISPOSAL_OF_FIXED_PROD_ASSETS 0.0 3.7 0.2 0.5 0.3 0.0 0.4 0.2 —
+ Disp of Intangible Assets CF_DISPOSAL_OF_INTANGIBLE_ASSETS 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 —
+ Acq of Fixed & Intang ACQUIS_FXD_&_INTANG_DETAILED -15.9 -12.2 -26.5 -46.7 -42.0 -14.5 -15.9 -23.8 -28.0
+ Acq of Fixed Prod Assets CF_PURCHASE_OF_FIXED_PROD_ASSETS -15.9 -12.2 -26.5 -46.7 -42.0 -14.5 -15.9 -23.8 — ¬
+ Acq of Intangible Assets CF_ACQUISITION_OF_INTANG_ASSETS 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 —
+ Net Change in LT Investment NET_CHG_IN_LT_INVEST_DETAILED 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
+ Dec in LT Investment CF_DECR_INVEST 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
+ Inc in LT Investment CF_INCR_INVEST 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
+ Net Cash From Acq & Div CF_NT_CSH_RCVD_PD_FOR_ACQUIS_DIV 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2.0 —
+ Cash from Divestitures CF_CASH_FOR_DIVESTITURES 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 —
+ Cash for Acq of Subs CF_CASH_FOR_ACQUIS_SUBSIDIARIES 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2.0 —
+ Cash for JVs CF_CASH_FOR_JOINT_VENTURES_ASSOC 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 —
+ Other Investing Activities OTHER_INVESTING_ACT_DETAILED 0.0 0.0 0.0 0.0 -6.0 -25.9 0.0 0.0 -73.2
+ Net Cash From Disc Ops CF_NET_CASH_DISCONTINUED_OPS_INV 0.0 0.0 0.0 0.0 0.0 — — — —
Cash from Investing Activities CF_CASH_FROM_INV_ACT -15.9 -8.5 -26.4 -46.2 -47.8 -40.4 -15.5 -21.7 -100.8
Cash from Financing Activities
+ Dividends Paid CF_DVD_PAID -3.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
+ Cash From (Repayment) Debt PROC_FR_REPAYMNTS_BOR_DETAILED -79.0 -43.1 12.4 0.0 -28.0 46.8 14.7 -74.3 65.3
+ Cash From (Repay) ST Debt CF_NET_CHG_IN_ST_DBT_&_CPTL_LEAS — — — 0.0 — 8.9 16.2 -62.5 —
+ Cash From LT Debt CF_PROC_LT_DEBT_&_CAPITAL_LEASE — — — 0.0 — 200.0 — 0.0 —
+ Repayments of LT Debt CF_PYMT_LT_DEBT_&_CAPITAL_LEASE — — — 0.0 — -162.1 -1.6 -11.8 —
+ Cash (Repurchase) of Equity PROC_FR_REPURCH_EQTY_DETAILED 0.1 1.6 -20.0 0.6 1.8 -19.3 -19.9 1.1 -3.6
+ Increase in Capital Stock CF_INCR_CAP_STOCK 0.1 1.6 0.0 0.6 1.8 0.1 0.9 1.1 0.7
+ Decrease in Capital Stock CF_DECR_CAP_STOCK 0.0 0.0 -20.0 0.0 0.0 -19.4 -20.7 0.0 -4.3
+ Other Financing Activities OTHER_FIN_AND_DEC_CAP -2.0 -0.7 -1.2 -1.3 -1.7 -5.3 -0.7 6.2 -5.6
+ Net Cash From Disc Ops CF_NET_CASH_DISCONTINUED_OPS_FIN 0.0 0.0 0.0 0.0 0.0 — — — —
Cash from Financing Activities CFF_ACTIVITIES_DETAILED -84.8 -42.2 -8.8 23.1 -27.9 22.2 -5.9 -67.0 56.2
Effect of Foreign Exchange Rates CF_EFFECT_FOREIGN_EXCHANGES -0.2 -0.5 -0.9 -0.5 -0.0 0.2 0.5 0.7 —
Net Changes in Cash CF_NET_CHNG_CASH -16.5 19.3 -12.5 10.5 -3.6 5.4 0.7 0.1 -0.3
Cash Paid for Taxes CF_CASH_PAID_FOR_TAX 16.0 3.6 2.0 3.2 3.3 0.9 0.7 2.3 1.6 ¬
Cash Paid for Interest CF_ACT_CASH_PAID_FOR_INT_DEBT 18.5 17.9 18.5 17.9 18.0 16.9 13.7 14.6 15.4
Reference Items
EBITDA EBITDA 96.0 94.3 41.4 61.9 78.5 47.0 36.6 79.4 23.6
Trailing 12M EBITDA Margin EBITDA_MARGIN 8.76 8.76 8.26 3.47 5.41 6.81 4.82 4.57 10.67 3.10
Net Cash Paid for Acquisitions CF_NET_CASH_PAID_FOR_AQUIS — — 0.0 0.0 — — — -2.0 99.8
Tax Benefit from Stock Options CF_TAX_BENEFIT_FRM_STOCK_OPTIONS 0.0 1.1 0.0 0.0 1.3 — — — —
Free Cash Flow CF_FREE_CASH_FLOW 68.5 58.3 -2.9 -12.6 30.0 9.0 5.8 64.2 16.3
Free Cash Flow to Firm CF_FREE_CASH_FLOW_FIRM 80.8 70.5 — 0.0 41.9 25.4 -2.4 73.9 —
Free Cash Flow to Equity FREE_CASH_FLOW_EQUITY -10.6 18.9 9.6 -12.1 2.4 55.9 20.8 -9.9 82.0
Free Cash Flow per Basic Share FREE_CASH_FLOW_PER_SH 13.40 11.44 -0.54 -2.26 5.45 1.53 0.87 9.46 2.41
Price to Free Cash Flow PX_TO_FREE_CASH_FLOW 8.18 6.99 — — 11.73 17.71 28.10 3.69 8.14
Cash Flow to Net Income CASH_FLOW_TO_NET_INC 23.34 2.93 2.44 — 3.17 3.11 1.90 — 2.79 3.62
Source: Bloomberg Right click to show data transparency (not supported for all values)

Berry Historicals

Historical Percentages for Berry 2012 2013 2014 2015
Acquisition of AEPI announced on 8/25/2016
Input Blue Cells
Sales 4766 4647 4958 4881
% Sales Growth -2.50% 6.69% -1.55%
EBITDA 711 741 704 815.0
EBITDA Margin 14.9% 15.9% 14.2% 16.7%
Depreciation and Amortization 355 341 358 350.0
EBIT 356 400 346 465
EBIT Margin 7.5% 8.6% 7.0% 9.5%
Taxes 2 3 7 9
Tax Rate 0.6% 0.8% 2.0% 1.9%
EBIAT 354 397 339 456.0
Plus Depreciation and Amortization 355 341 358 350.0
D&A/Sales 7.4% 7.3% 7.2% 7.2%
Less Capex (230.0) (239.0) (215.0) (180.0)
Capex/Sales -4.8% -5.1% -4.3% -3.7%
Less Increase (or Plus Decrease) in NWC 72 -66 53 52 average↓
NWC/Sales 1.5% -1.4% 1.1% 1.1% 0.6%