https://www.avient.com/sites/default/files/2021-06/avient-ir-presentation-may-2021-w-non-gaap-recs.pdf
D
is
t.
)
K
W
R
R
P
M
P
P
G
A
V
Y
F
U
L
G
C
P
IF
F
H
X
L
F
M
C
F
O
E
H
U
N
E
C
L
K
R
A
E
M
N
A
S
H
C
E
S
C
L
G
R
A
A
L
B
Median: 5%Median: 3%
Source: Peer data per Bloomberg market data as of April 27, 2021
Avient reflects 2021 estimated revenue of $4,300M and excludes one-time synergy capture CAPEX ($20M)
Avient Specialty
Formulators
Other
Chemical/Specialty
Companies
Free Cash Flow Conversion (1)
2021E (%)
Being asset light helps us to generate
strong free cash flow that is in line
with specialty formulators.
Free cash flow conversion calculated as (EBITDA – Capex) / EBITDA
Median: 84% Median: 77%
H I G H F R E E C A S H F L OW
C O N V E R S I O N
Avient reflects 2021 estimated EBITDA of $560M and excludes one-time synergy capture CAPEX ($20M)
Source: Peer data per Bloomberg market data as of April 27, 2021
87 89 87 86
82 81
76
88 87
84
82 81
78 77 77 77 76 73
70
69
50
19
A
vi
e
n
t
K
W
R
P
P
G
R
P
M
A
V
Y
F
U
L
G
C
P
F
M
C
IF
F
H
X
L
U
N
V
R
E
C
L
A
S
H
C
E
B
N
R
F
O
E
E
M
N
G
R
A
H
U
N
K
R
A
S
C
L
A
L
B
Source: Peer data per Bloomberg market data as of April 27, 2021
Total Enterprise Value / 2021E EBITDA
Our current valuation with updated
guidance implies an EBITDA multiple
that is below specialty formulator
peers and the majority of our
chemical peers.
With the Clariant Masterbatch
acquisition and divestment of the
PP&S business, our exposure is now
concentrated in less-cyclical and
high-growth markets, with increased
geographic diversification and a more
specialized portfolio that can
significantly expand EBITDA margins.
28
Avient reflects 2021 estimated EBITDA of $560M
O U R VA LUATI O N V E R S U S P E E R S
Avient Specialty
Formulators
Other
Chemical/Specialty
Companies
10.2
17.7
16.0
14.9 14.6
11.6 11.1
26.7
24.0
22.8
14.3
12.7
11.5 11.2 11.1 11.0 10.3 10.1
9.5 9.4
8.3
7.0
A
vi
e
n
t
K
W
R
A
V
Y
R
P
M
P
P
G
G
C
P
F
U
L
A
L
B
H
X
L
E
C
L
IF
F
F
M
C
B
N
R
A
S
H
G
R
A
F
O
E
S
C
L
E
M
N
U
N
V
R
C
E
K
R
A
H
U
N
Median: 11.1xMedian: 14.8x
S U M M A RY: W H Y I N V E S T I N AV I E N T ?
https://www.avient.com/resources/safety-data-sheets?page=4373
X HC 163435#SR-14482 Gray
X ST 14481-001-2
X ST 14481-001-4
https://www.avient.com/resources/safety-data-sheets?page=2572
X TE-1542901 Black
X TE-1559805 Black
https://www.avient.com/resources/safety-data-sheets?page=3636
X GT-3170-1A
X GT-3170-1B
https://www.avient.com/resources/safety-data-sheets?page=5938
X-GN-32227-2
X-GN-600 A33 Nat SS
https://www.avient.com/resources/safety-data-sheets?page=4239
X ST 12802-001-3
X ST 12535-001-2
https://www.avient.com/resources/safety-data-sheets?page=6473
X ET-36468-01A1-3 Natural
X ET-36467-01A1-2 Natural
https://www.avient.com/resources/safety-data-sheets?page=5479
X ET6600-0031 RS Black
X GT-29961-001-1 (35A9)
https://www.avient.com/resources/safety-data-sheets?page=2629
X GRV-TE1-045-SS-W-BLK V3
X HC 16462-01-1 185C-2 RED
https://www.avient.com/resources/safety-data-sheets?page=3683
X 3839 Tecoflex EG93A Smartsilver NAT
X HC 91915#SR-03727 Blue 285C Laser