SRF Valuation Multiples

Linde is the largest industrial gas supplier in the world, with operations in over 100 countries. The firm's main products are atmospheric gases (including oxygen, nitrogen, and argon) and process gases (including hydrogen, carbon dioxide, and helium), as well as equipment used in industrial gas production. Linde serves a wide variety of end markets, including chemicals, manufacturing, healthcare, and steelmaking. Linde generated approximately $34 billion in revenue in 2025.

Sherwin-Williams is the largest provider of architectural paint in the United States. The company has over 4,800 stores and sells premium paint at higher price points than most competitors. Sherwin-Williams also sells paint-related products in big-box stores and provides coatings for original equipment manufacturers.

Ecolab produces and markets cleaning and sanitation products for the industrial manufacturing, data center, hospitality, healthcare, and life sciences markets. The firm is the global market share leader in this category with a wide array of products and services, including dish and laundry washing systems, pest control, and infection control products. Additionally, Ecolab sells customized water management and cooling solutions across its end markets. The company has a strong hold on the US market and is growing its presence abroad.

Nan Ya Plastics Corp manufactures and sells a variety of polyester and electronic products. The company engages in the manufacture and sale of plastic products, polyester fibers, petrochemical products, and electronic materials. Geographically, the company generates a majority of its revenue from Taiwan and the rest from China and other markets.

Shin Etsu Chemical is an industrial conglomerate that was founded in 1926. Some of its largest product groups are silicon metal, polymer, silicone, rare-earth, and cellulose products. It holds top rankings in several markets, notably as the largest PVC and silicon wafer producer globally. Shin-Etsu is most exposed to the construction, semiconductors, and pharmaceutical sectors. Shin Etsu employed 27,274 people as of March 31 and has production bases in 17 countries.

Since its founding in 1940, Air Products has become one of the leading industrial gas suppliers globally, with operations in 50 countries and 19,000 employees. The company is the world's largest supplier of hydrogen and helium. It has a unique portfolio serving customers across industries, including chemicals, energy, healthcare, metals, and electronics. Air Products generated roughly $12 billion in revenue in fiscal 2025.

BASF is one of the world’s leading chemical companies. It's headquartered in Germany near the Rhine River, which helps with logistics-related savings. Founded in 1865, it produces a vast array of chemicals, plastics, resins, and agricultural solutions. While the company serves multiple industries, it most prominently serves the automotive, agricultural, construction, and pharmaceutical industries. BASF is a first mover in the energy transition and aims to rapidly expand its recycled and bio-based product portfolio.

Spun off from Roche in 2000, Givaudan is one of the world's leading flavor and fragrance manufacturers, with a presence in more than 80 countries. It sources more than 11,000 different ingredients from over 100 countries. The company serves end consumer markets with fragrances for personal, home, and laundry care brands, including prestige perfumes. In flavors, customers are in beverages, savory, snacks, sweet goods, and dairy. Givaudan has nearly 10,000 employees, and its perfumery team is the largest in the industry.

SABIC is a global Saudi chemicals and materials producer manufacturing petrochemicals, polymers, fertilizers and specialty products. The organisation serves customers and counterparties in B2B markets through products, infrastructure, services or investment activity suited to its sector. Its operating model generates income through product sales, depending on the business line and transaction period. The company is classified here using the historical entity that existed when the investment occurred, rather than a later owner or successor brand. This description is intended to distinguish the transaction target from similarly named entities and to give enough business context for a standalone database record. SABIC serves B2B customers through activities spanning Chemicals. Its commercial model generates revenue through Product sales, supported by sector expertise, operating execution and customer relationships.

Established in 1910, Sika produces specialty chemicals primarily used by the construction sector (85% of sales). Its products are mainly used for bonding, sealing, reinforcing, and protecting in the construction and automotive industries. Approximately 70% of its products have a positive impact on sustainability for customers. Sika has a global manufacturing footprint of more than 400 factories spread across over 100 countries.

Novonesis was formed in 2024 through the merger of Novozymes and Chr. Hansen. Following the merger, the company became the world leader in industrial enzymes and microbial solutions, with a nearly 50% market share in both. The firm supplies a wide range of industry groups: household care, food and beverages, bioenergy, agriculture and feed, technical and pharmaceuticals. Its biological solutions create value for its customers by improving yield efficiency and performance, while saving energy and generating less waste. The company is headquartered in Denmark, employs more than 11,000 people, and works across more than 30 research and development and application centers and 23 manufacturing sites.

Wanhua Chemical Group Co Ltd is engaged in the development, production, and sales of polyurethane and additives, isocyanate and derivative products; the sales of liquefied petroleum gas, propylene, acrylic acid, and other petrochemical products.

DSM-Firmenich is a global science-based company formed in 2023 through the merger of DSM, a Dutch nutrition, health, and sustainable living player, and Switzerland-based Firmenich, the third-largest player in the flavor and fragrance market. The company serves a wide range of end-consumer markets providing nutrition solutions ranging from medical and early-life nutrition, fragrances for personal-, home-, and laundry-care brands, prestige perfumes, and other ingredients for food and beverage, home, and personal care. DSM-Firmenich has nearly 30,000 employees, with more than 2,000 scientists and engineers spread across 15 research and development facilities.

OMV AG is an international, integrated oil and gas company that operates in the Energy, Fuels and Feedstock, Chemicals segments and Corporate and others. The company has exploration and production assets in a multitude of countries in Europe, Asia, and Africa. The Energy segment engages in the business of oil and gas exploration, development and production. The Fuels and Feedstock segment which generates key revenue, refines and markets crude oil and other feedstock. The Chemicals segment provides circular polyolefin solutions and base chemicals, fertilizers, and plastics recycling. Geographically, the company generates a majority of its revenue from Austria and the rest from its operations in Germany, Romania, Norway, France, the Netherlands, and Other Countries.

Ems-Chemie Holding AG is a holding company that, through its subsidiaries, manufactures and sells a variety of chemical-based products. The firm organizes itself into two segments based on product type: High-Performance Polymers and Specialty Chemicals. The High-Performance Polymers segment, which generates the majority of revenue, sells plastic products to the automotive, electrical, and electronics industries. The Specialty Chemicals segment sells fibres, bonding agents for tires, and fusible bonding yarns for textiles and powder coating products. Geographically, the majority of its revenue comes from Europe and the rest from Asia, the Americas, and other regions.

Qnity is a specialty chemicals company created in 2025 after being spun off from DuPont. It sells chemicals and materials to the semiconductor industry, which generates the majority of sales, and also the electronics industry. Qnity specializes in materials science, including supplying key materials required to manufacture semiconductors and interconnected devices.

PPG is a global producer of coatings. The company is the world's largest producer of coatings after the purchase of selected Akzo Nobel assets. PPG's products are sold to a wide variety of end users, including the automotive, aerospace, construction, and industrial markets. The company has a footprint in many regions around the globe, with less than half of sales coming from North America in recent years. PPG is focused on its coatings and specialty products and expansion into emerging regions, as exemplified by the Comex acquisition.

Ningxia Baofeng Energy Group Co Ltd is engaged in the production and sales of modern coal chemical products. The company operates through four segments. The Coking Products segment covers coal mining, washing, and coking activities. The Fine Chemical Products segment focuses on coal tar, crude benzene, and C4 deep-processed products. The Olefin Products segment is involved in the production of methanol and olefins. The Headquarters and Other Product segment manages investment, financing, and support services, alongside the activities of its commercial service companies. It generates the majority of its revenue from the Olefin Products segment.

Coca-Cola Femsa, a subsidiary of Femsa, is the largest franchise bottler of Coca-Cola in volume terms. The company purchases beverage concentrates and syrup from Coca-Cola, which it then processes and packages for distribution through modern trade, traditional trade, and the on-premises channel. Mexico and Brazil make up 80% of the total volume and sales, with the rest from other Central and South American countries, including Panama, Guatemala, Uruguay, and Argentina. Femsa and Coca-Cola hold 47% and 28% economic interests in Coca-Cola Femsa through nonpublicly traded A and D shares, respectively, while controlling 56% and 33% of the voting power.

International Flavors & Fragrances is the largest specialty ingredients producer globally. It sells ingredients for the food, beverage, health, household goods, personal care, and pharmaceutical industries. The company makes proprietary formulations and partners with customers to deliver custom solutions. Through its taste and scent segments, which each generate around 25% of profits, IFF is a leading flavor and fragrance producer. The health and biosciences business, which generates 30% of profits, is a global leader in probiotics and enzymes. The remaining profits come from the food ingredients business, which sells texturants, plant-based proteins, and other ingredients, though IFF plans to divest it in a deal expected to close in 2027.

Dow Chemical is a diversified global chemicals producer, formed in 2019 as a result of the DowDuPont merger and subsequent separations. The firm is a leading producer of several chemicals, including polyethylene, ethylene oxide, and silicone rubber. Its products have numerous applications in both consumer and industrial end markets.

Smurfit WestRock manufactures corrugated packaging and consumer packaging, such as folding cartons and paperboard. After the merger of Smurfit Kappa and WestRock in summer 2024, Smurfit WestRock became the largest producer of containerboard in the world, with substantial operations in North America, South America, and Europe.

Packaging Corp. of America is the third-largest containerboard and corrugated packaging manufacturer in the United States. It produces over 5 million tons of containerboard annually. The company's share of the domestic containerboard market is roughly 10%. PCA differentiates itself from larger competitors by focusing on smaller customers and operating with a high degree of flexibility.

Amcor is a packaging company that develops and produces flexible packaging, rigid plastic containers, specialty cartons and closures for food, beverage, pharmaceutical, medical-device, home-care and personal-care customers. It traces its origins to paper milling businesses established around Melbourne in the 1860s, which were consolidated as Australian Paper Mills in 1896 and renamed Amcor Limited in 1986. The group is incorporated in Jersey, headquartered in Zurich and listed on the New York Stock Exchange and the Australian Securities Exchange. It grew through large acquisitions, among them Schmalbach-Lubeca's rigid packaging business in 2002, parts of Alcan Packaging in 2010, Bemis in 2019 and Berry Global in April 2025. After the Berry combination it reports about 75,000 employees and annualised sales of around US$23 billion from more than 400 locations in over 40 countries. Its corporate venturing arm invests between US$250,000 and US$5 million in packaging start-ups.

LyondellBasell was formed through a merger between Basell (a joint venture between BASF and Shell) and Lyondell, which was a major chemical producer dating back to the 1950s. Notably, the firm filed for bankruptcy in 2009 after the merger, following a heavy debt burden taken on for the 2007 merger. It was reorganized as LyondellBasell NV and relisted in 2010. LyondellBasell has five reportable segments, after exiting refining in 2025: olefins and polyolefins Americas (O&P A), olefins and polyolefins Europe-Asia-International (O&P EAI), intermediates and derivatives (I&D), advanced polymer solutions (APS), and technology.

Borouge PLC is a petrochemical company that provides solutions of polyolefins such as polyethylene and polypropylene for a wide range of industries such as packaging, infrastructure, energy, mobility, agriculture, and healthcare. Geographically, the company derives maximum revenue from PRC and has a presence in India, UAE, Austria, Egypt, Pakistan, and other countries.

Makes industrial explosives, detonators and initiating systems for coal and metal mining and infrastructure customers, and supplies defence products such as rocket motors, warheads, bombs and ammunition. One of the largest explosives makers in the world by capacity, with plants in India and abroad. Headquartered in Nagpur.

Nippon Paint is a global paint company with operations in over 50 countries. About two-thirds of sales are in decorative paint, serving mostly residential and some commercial customers. It has the dominant share of the paint markets in China and some smaller Asian countries, as well as Australia. In other regions, it's often one of the three largest players. Its products are distributed via paint and home improvement retailers, some 300,000 distributors globally. Household brands include Nipsea, Nippon Paint, Dulux (in Asia, the Pacific, and Europe), British Paints, Betek Boya, and Alina, among others. About one-fourth of sales are in industrial coatings and paints. Here, customer groups include manufacturers of automotive and industrial products.

DuPont is a diversified global specialty chemicals company created in 2019 as a result of the DowDuPont merger and subsequent separations. Its portfolio includes specialty chemicals and downstream products that serve the healthcare, water, construction, automotive, aerospace, and printing and packaging industries. Healthcare and water will generate the majority of profits.

Qinghai Salt Lake Industry Co Ltd operates in the dry inland Qarhan Salt Lake in Qinghai province. It is engaged in salt lake resource extraction and potash production. The company is engaged in the manufacture of chemical raw materials and chemical products. The company's main products include potassium chloride and lithium carbonate.

International Paper manufactures packaging products and cellulose fibers. It accounts for roughly one-third of the North American corrugated packaging market. The company also has a substantial presence in Europe following its acquisition of DS Smith. International Paper serves a variety of end markets, including industrial, consumer products, and manufacturing.

CF Industries is a leading producer and distributor of nitrogen, which is primarily used in fertilizers. The company operates nitrogen manufacturing plants primarily in North America. CF also produces nitrogen in the United Kingdom and holds a joint venture interest in a nitrogen production facility in Trinidad and Tobago. CF makes nitrogen primarily using low-cost US natural gas as its feedstock, making the company one of the lowest-cost nitrogen producers globally. It is also investing in carbon-free blue and green ammonia, which can be used as an alternative fuel to hydrogen or as a means to transport hydrogen.

Rongsheng Petro Chemical Co Ltd operates in the petrochemical industry. The company specializes in the production and marketing of petrochemicals and chemical fibers. Its product portfolio comprises synthetic fibers and films, synthetic raw material, synthetic resins, olefins, aromatics and phenols, and oil products.

Ball is the world's largest metal can manufacturer with market share over 30% in its three main regions (North America, Europe, and South America). The company is focused on increasing capacity amid a wave of new developed-market demand, while also investing in faster-growing emerging-market economies. Ball spun-off its glass jar business in 1993 and is now owned by Newell. The company reports three segments-beverage packaging, North and Central America (48% of 2025 revenue), beverage packaging, EMEA (30%), beverage packaging, South America (16%)-and it generated $13 billion in revenue in 2025.

Hengli Petrochemical Co Ltd engages in the petrochemical industry. Its principal activities include: the production and sales of chemical fibers; sales of purified terephthalic acid; and import and export of goods. The company's main products include oil refining products, chemical products, PTA, polyester chips, polyester fibers, and films, among others. The company mainly operates in three business segments: the Petrochemical business segment, the Polyester business segment, and the Headquarters and other business segments. Maximum revenue is generated from the Petrochemical segment. Geographically, the company earns maximum revenue from overseas markets through exports.

Symrise is a global supplier of ingredients for fragrances and flavourings across the food, beverage, household products, and pharmaceutical industries. With an estimated 12% market share, it is the world’s fourth-largest supplier of fragrances and flavourings. The company was created after a 2003 merger of two companies that originated in 1874 and 1919. With more than 12,000 employees, Symrise produces 35,000 products sourced from 10,000 mostly natural raw materials such as vanilla, citrus, blossoms, and plant or animal materials for more than 6,000 customers.

Nitto Denko is a manufacturer of advanced materials for niche industry applications. Its three segments are industrial tape (35% of revenue), optical films (55%), and materials used in health science (10%). Its advanced materials are used in manufacturing with main customers being suppliers to original equipment manufacturers in the computer, smartphone, and automobile industries. The company has more than 15,000 products. Most revenue is from Asia/Oceania (60%), followed by Japan (20%). The remainder is roughly equally split between Americas and Europe, each representing about 10% of revenue.

Nippon Sanso Holdings Corp is engaged in the gas business both domestically and internationally, supplying industries such as steel, chemicals, and electronics. The company operates through five reportable segments: Japan, the United States, Europe, Asia/Oceania, and Thermos. It provides industrial and medical gases, gas-related equipment, and electronic material gases, along with the manufacturing and construction of related systems. The Thermos segment focuses on household products such as stainless steel thermoses.

SABIC Agri-Nutrient Co is engaged in the production, conversion, manufacturing, and trade of agri-nutrients and chemical products. Also, the Company is engaged in the marketing of agri-nutrient products of all types inside and outside KSA. The Group is organised into two segments; The Agri-Nutrients and The Petrochemicals. The majority of revenue is derived from the Agri-Nutrients segment.

LG Chem Ltd manufactures and sells a variety of chemicals, electronics, and energy storage products. The company operates through five segments, including Petrochemical, LG Energy Solution, Advanced Materials, Life Science, and Others. The Petrochemical segment produces ABS, PC, PE, PP, acrylics, alcohols, synthetic rubber, special resins, and olefins. LG Energy Solution supplies small batteries, automotive batteries, and energy-storage batteries. The Advanced Materials segment provides engineering and display materials, cathode materials, separators, and RO filters. The Life Science segment offers growth hormones, vaccines, diabetes treatments, and pesticides, while Common & Others covers corporate management, sales, and R&D activities.

Covestro AG is a player in the polymer materials field. The firm is engaged in polyurethanes and polycarbonates products. It also has a sizable speciality chemicals business that is focused on coatings and adhesives. Demand for the company's products is driven by cyclical end markets, such as automotive, construction, and furniture. The company's segment includes Performance Materials and Solutions & Specialties. The company generates the majority of its revenue from the Solutions & Specialties segment. The Solutions & Specialties segment includes six business entities: Engineering Plastics; Coatings & Adhesives; Tailored Urethanes; Thermoplastic Polyurethanes; Specialty Films; and Elastomers.

Industries Qatar QSC, along with its subsidiaries, operates in the following reportable segments: Petrochemicals, Fertilisers, and Steel. Maximum revenue is generated from the Fertilisers segment, which produces and sells urea, ammonia, and other by-products. The Petrochemicals segment produces and sells ethylene, polyethylene, MTBE, methanol, and other petrochemical products; and the Steel segment produces and sells steel pellets, bars, billets, and others.

Avery Dennison Corp provides materials science and digital identification solutions, offering labeling and functional materials, RFID inlays and tags, software connecting physical and digital, and products that enhance packaging and customer experience. Serving industries including retail, apparel, e-commerce, logistics, food, pharmaceuticals, and automotive it operates through two reportable segments: Materials Group, which manufactures and sells pressure-sensitive label materials, graphics, reflective products, performance tapes, and other adhesive solutions, and earns the majority of revenue; and Solutions Group, which provides brand and price tickets, tags, labels with RFID inlays, and related services, supplies, and equipment.

RPM International Inc manufactures and sells a variety of paints, coatings, and adhesives. The firm organizes itself into four segments based on product type. The construction products group sells coatings, roofing, insulation, and other products to distributors, contractors, and end consumers globally. The performance coatings group produces coatings that are used in construction and industrial applications like floorings and corrosion control. The consumer group sells paint, finishes, and similar products to individual consumers through hardware and craft stores. The specialty products group sells a line of products ranging from niche applications of the other groups to marine finishes, to edible food colorings. The majority of revenue is from the construction products and North America.

Crown Holdings is one of the world's largest producers of metal packaging. The company manufactures beverage cans, metal food cans, and closures as well as aerosol cans. With the purchase of Signode, the company also has a presence in a wide variety of protective transport packaging. Although it's headquartered in the United States, the vast majority of Crown's sales come from its operations in Europe, South America, and Southeast Asia.

Jiangsu Eastern Shenghong Co Ltd is engaged in the energy and chemical enterprise. The company's main products include refined oil products, other petrochemical and chemical new materials, polyester filament, other chemical fiber products, and others.

CCL Industries Inc manufactures and sells packaging and packaging-related products. The company operates through various segments, which include The CCL segment, which generates the majority of revenue, and sells pressure-sensitive and extruded film materials used for labels on consumer packaging, healthcare, automotive, and consumer durable products. The Avery segment sells software, labels, tags, dividers, badges, and specialty card products under the Avery brand. The Checkpoint segment includes the manufacturing and selling of technology-driven, inventory management and labeling solutions. Innovia segment manufactures specialty films. Its geographical segments include Canada; USA and Puerto Rico; Mexico, Brazil, Chile, and Argentina; Europe; and Asia, Australia, Africa, and New Zealand.

Netherlands-based AkzoNobel is the world's third-largest paint and coatings producer. Europe is the largest market, with around 47% of sales generated in Europe, the Middle East, and Africa. Cumulatively, the Asia-Pacific and Latin American divisions have grown quickly to more than 40% of sales. Construction-related end markets are the most important, but meaningful revenue is also generated from the industrial, consumer goods, and transportation markets.