H.B. Fuller Company

FUL

Basic MaterialsChemicals - SpecialtyNYSE

$60.35

Market Cap: $3.29B

H.B. Fuller Company (FUL) Valuation Summary

Updated Apr 28, 2026 22:23

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Growth Exit 5Y	$24.72 – $155.72	$53.96	-12.8%
Growth Exit 10Y	$24.82 – $139.90	$50.94	-17.7%
EBITDA Exit 5Y	$79.38 – $159.12	$116.06	+87.5%
EBITDA Exit 10Y	$63.57 – $147.78	$99.82	+61.3%
▸ Trading Multiples
P/E	$76.25 – $113.73	$111.32	+79.9%
EV/EBITDA	$61.23 – $181.58	$152.16	+145.9%
EV/Revenue	$57.77 – $268.22	$172.43	+178.6%
▸ PEG
PEG Fair Value	$117.88 – $117.88	$117.88	+90.5%
▸ Earnings Power Value
Earnings Power Value	$10.27 – $31.25	$18.76	-69.7%
▸ Dividend Discount
Dividend Discount	$11.92 – $24.89	$16.54	-73.3%

Valuation History

DCF Analysis

Fair Value

$53.96

Market Price

$60.35

Upside / Downside

-10.6%

Verdict

Overvalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project H.B. Fuller Company's cash flows over 5 years with line-by-line expense modeling. Revenue is projected revenue growing from 3.9% to 1.5% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 64, DPO 69, DIO 68). At a 7.9% WACC with mid-year discounting, the terminal value (78% of enterprise value) is derived from the Gordon Growth Model on Year 6 FCFF at a 2.5% perpetual rate. After subtracting net debt, the equity value implies a fair price of $53.96 per share, suggesting FUL is fairly valued by 10.6% at the current price of $60.35.

FCFF Present Value Calculation

WACC

7.90%

3% – 20%

Terminal Growth

2.50%

0% – 6%

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	Terminal
Profit Before Tax	237	246	254	257	261	268
(−) Net Interest	117	122	126	127	129	132
(+) D&A	125	132	133	136	136	140
EBITDA	479	500	512	521	527	540

(−) Tax	75	78	80	81	83	85
(−) CapEx	128	134	138	140	142	145
(−) ΔWC	60	25	20	10	10	10
Free Cash Flow (FCFF)	216	263	274	290	293	300

Terminal Value						5,552
WACC / Discount Rate	7.9%
Long-term Growth Rate	2.5%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5
Present Value of FCF	208	235	227	222	208	3,796

Enterprise Value	4,897
Projection Period	1,100	22.5%
Terminal Value	3,796	77.5%

(−) Current Net Debt	1,910

Equity Value	2,987
(/) Outstanding Shares	55

Fair Price	$53.96

Sensitivity Analysis

WACC \ Terminal Growth Rate	1.5%	2.0%	2.5%	3.0%	3.5%
5.9%	$79	$91	$106	$127	$156
6.9%	$58	$65	$74	$85	$100
7.9%	$43	$48	$54	$61	$70
8.9%	$33	$36	$40	$45	$50
9.9%	$25	$27	$30	$33	$37

Current price: $60.35. Green = undervalued, Red = overvalued.

Fair Value

$50.94

Market Price

$60.35

Upside / Downside

-15.6%

Verdict

Overvalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project H.B. Fuller Company's cash flows over 10 years with analyst estimates for the first 3–5 years, fading toward long-term GDP growth for the remaining years with line-by-line expense modeling. Revenue is projected revenue growing from 3.9% to 2.7% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 64, DPO 69, DIO 68). At a 7.9% WACC with mid-year discounting, the terminal value (59% of enterprise value) is derived from the Gordon Growth Model on Year 11 FCFF at a 2.5% perpetual rate. After subtracting net debt, the equity value implies a fair price of $50.94 per share, suggesting FUL is overvalued by 15.6% at the current price of $60.35.

FCFF Present Value Calculation

WACC

7.90%

3% – 20%

Terminal Growth

2.50%

0% – 6%

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	Terminal
Profit Before Tax	237	246	254	257	261	266	271	277	284	292	299
(−) Net Interest	117	122	126	127	129	131	134	137	140	144	148
(+) D&A	125	132	133	136	136	136	139	142	144	147	151
EBITDA	479	500	512	521	527	533	544	556	569	583	598

(−) Tax	75	78	80	81	83	84	86	88	90	92	95
(−) CapEx	128	134	138	140	142	144	147	150	154	158	162
(−) ΔWC	60	25	20	10	10	12	14	16	18	21	21
Free Cash Flow (FCFF)	216	263	274	290	293	293	298	302	307	312	320

Terminal Value											5,928
WACC / Discount Rate	7.9%
Long-term Growth Rate	2.5%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5.5	6.5	7.5	8.5	9.5	5
Present Value of FCF	208	235	227	222	208	193	182	171	161	152	2,771

Enterprise Value	4,729
Projection Period	1,959	41.4%
Terminal Value	2,771	58.6%

(−) Current Net Debt	1,910

Equity Value	2,820
(/) Outstanding Shares	55

Fair Price	$50.94

Sensitivity Analysis

WACC \ Terminal Growth Rate	1.5%	2.0%	2.5%	3.0%	3.5%
5.9%	$78	$88	$100	$117	$140
6.9%	$57	$63	$70	$79	$90
7.9%	$43	$47	$51	$56	$62
8.9%	$33	$35	$38	$41	$45
9.9%	$25	$27	$28	$31	$33

Current price: $60.35. Green = undervalued, Red = overvalued.

Fair Value

$116.08

Market Price

$60.35

Upside / Downside

+92.3%

Verdict

Undervalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project H.B. Fuller Company's cash flows over 5 years with line-by-line expense modeling. Revenue is projected revenue growing from 3.9% to 1.5% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 64, DPO 69, DIO 68). At a 7.9% WACC with mid-year discounting, the terminal value (87% of enterprise value) is derived by applying the industry peer median EV/EBITDA multiple of 19.6x to Year 6 EBITDA. After subtracting net debt, the equity value implies a fair price of $116.06 per share, suggesting FUL is undervalued by 92.3% at the current price of $60.35.

FCFF Present Value Calculation

WACC

7.90%

3% – 20%

EV/EBITDA Exit Multiple

19.60x

1x – 40x

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	Terminal
Profit Before Tax	237	246	254	257	261	268
(−) Net Interest	117	122	126	127	129	132
(+) D&A	125	132	133	136	136	140
EBITDA	479	500	512	521	527	540

(−) Tax	75	78	80	81	83	—
(−) CapEx	128	134	138	140	142	—
(−) ΔWC	60	25	20	10	10	—
Free Cash Flow (FCF)	216	263	274	290	293	—

Peers' EBITDA Multiple						19.6x
Terminal Value						10,582
WACC / Discount Rate	7.90%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5
Present Value of FCF	208	235	227	222	208	7,235

Enterprise Value	8,335
Projection Period	1,100	13.2%
Terminal Value	7,235	86.8%

(−) Current Net Debt	1,910
Equity Value	6,426
(÷) Outstanding Shares	55M
Fair Price	$116	+92.3%

Sensitivity Analysis

WACC \ EV/EBITDA Exit Multiple	15.6x	17.6x	19.6x	21.6x	23.6x
5.9%	$101	$115	$130	$144	$159
6.9%	$95	$109	$123	$137	$151
7.9%	$89	$103	$116	$129	$143
8.9%	$84	$97	$110	$122	$135
9.9%	$79	$92	$104	$116	$128

Current price: $60.35. Green = undervalued, Red = overvalued.

Based on default parameters

Fair Value

$99.84

Market Price

$60.35

Upside / Downside

+65.4%

Verdict

Undervalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project H.B. Fuller Company's cash flows over 10 years with analyst estimates for the first 3–5 years, fading toward long-term GDP growth for the remaining years with line-by-line expense modeling. Revenue is projected revenue growing from 3.9% to 2.7% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 64, DPO 69, DIO 68). At a 7.9% WACC with mid-year discounting, the terminal value (74% of enterprise value) is derived by applying the industry peer median EV/EBITDA multiple of 19.6x to Year 11 EBITDA. After subtracting net debt, the equity value implies a fair price of $99.82 per share, suggesting FUL is undervalued by 65.4% at the current price of $60.35.

FCFF Present Value Calculation

WACC

7.90%

3% – 20%

EV/EBITDA Exit Multiple

19.60x

1x – 40x

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	Terminal
Profit Before Tax	237	246	254	257	261	266	271	277	284	292	299
(−) Net Interest	117	122	126	127	129	131	134	137	140	144	148
(+) D&A	125	132	133	136	136	136	139	142	144	147	151
EBITDA	479	500	512	521	527	533	544	556	569	583	598

(−) Tax	75	78	80	81	83	84	86	88	90	92	—
(−) CapEx	128	134	138	140	142	144	147	150	154	158	—
(−) ΔWC	60	25	20	10	10	12	14	16	18	21	—
Free Cash Flow (FCF)	216	263	274	290	293	293	298	302	307	312	—

Peers' EBITDA Multiple											19.6x
Terminal Value											11,718
WACC / Discount Rate	7.90%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5.5	6.5	7.5	8.5	9.5	5
Present Value of FCF	208	235	227	222	208	193	182	171	161	152	5,478

Enterprise Value	7,436
Projection Period	1,959	26.3%
Terminal Value	5,478	73.7%

(−) Current Net Debt	1,910
Equity Value	5,527
(÷) Outstanding Shares	55M
Fair Price	$100	+65.4%

Sensitivity Analysis

WACC \ EV/EBITDA Exit Multiple	15.6x	17.6x	19.6x	21.6x	23.6x
5.9%	$99	$111	$123	$136	$148
6.9%	$89	$100	$111	$122	$133
7.9%	$80	$90	$100	$110	$120
8.9%	$71	$80	$90	$99	$108
9.9%	$64	$72	$80	$89	$97

Current price: $60.35. Green = undervalued, Red = overvalued.

Based on default parameters

Trading Multiples

Fair Value

$111.32

Market Price

$60.35

Upside / Downside

+84.5%

Verdict

Undervalued

Using the industry peer median P/E Multiples multiple (trailing + forward), H.B. Fuller Company (FUL) has a fair value of $111.32 based on 8 comparable companies in the Chemicals - Specialty industry.

P/E Valuation — Chemicals - Specialty

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing P/E	Forward P/E
H.B. Fuller CompanyFUL	3,341	21.9x	15.4x
Century Aluminum CompanyCENX	5,870	141.2x	34.5x
Sensient Technologies CorporationSXT	5,237	38.9x	41.0x
Cabot CorporationCBT	4,014	12.8x	10.6x
The Scotts Miracle-Gro CompanySMG	3,795	26.5x	14.9x
United States Lime & Minerals, Inc.USLM	3,719	27.8x	28.3x
Hawkins, Inc.HWKN	3,471	41.2x	42.3x
Avient CorporationAVNT	3,381	41.4x	13.9x
WD-40 CompanyWDFC	2,951	32.8x	42.0x
Industry Median		35.9x	31.4x
(*) Profit after tax		152	217
Equity Value		5,450	6,874
(/) Outstanding shares		55	55
Fair Price		$98	$124

Selected Fair Value (avg of trailing + forward)

$111.32

+84.5%

Fair Value

$152.16

Market Price

$60.35

Upside / Downside

+152.1%

Verdict

Undervalued

Using the industry peer median EV/EBITDA multiple (trailing + forward), H.B. Fuller Company (FUL) has a fair value of $152.16 based on 9 comparable companies in the Chemicals - Specialty industry.

EV/EBITDA Valuation — Chemicals - Specialty

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/EBITDA	Forward EV/EBITDA
H.B. Fuller CompanyFUL	3,341	10.0x	9.7x
Century Aluminum CompanyCENX	5,870	44.2x	53.1x
Sensient Technologies CorporationSXT	5,237	22.3x	23.1x
Cabot CorporationCBT	4,014	6.3x	6.2x
The Scotts Miracle-Gro CompanySMG	3,795	14.4x	14.9x
United States Lime & Minerals, Inc.USLM	3,719	19.6x	19.1x
Hawkins, Inc.HWKN	3,471	22.7x	23.7x
Avient CorporationAVNT	3,381	8.7x	8.8x
Olin CorporationOLN	3,047	10.1x	10.6x
WD-40 CompanyWDFC	2,951	26.4x	28.1x
Industry Median		19.6x	19.1x
(*) EBITDA		527	541
= Enterprise Value		10,329	10,336
(-) Net Debt		1,910	1,910
Equity Value		8,419	8,426
(/) Outstanding shares		55	55
Fair Price		$152	$152

Selected Fair Value (avg of trailing + forward)

$152.16

+152.1%

Fair Value

$172.43

Market Price

$60.35

Upside / Downside

+185.7%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), H.B. Fuller Company (FUL) has a fair value of $172.43 based on 10 comparable companies in the Chemicals - Specialty industry.

EV/Revenue Valuation — Chemicals - Specialty

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
H.B. Fuller CompanyFUL	3,341	1.5x	1.5x
Century Aluminum CompanyCENX	5,870	2.5x	3.0x
Sensient Technologies CorporationSXT	5,237	3.7x	3.8x
Perimeter Solutions, S.A.PRM	4,661	6.7x	8.0x
Cabot CorporationCBT	4,014	1.3x	1.3x
The Scotts Miracle-Gro CompanySMG	3,795	1.8x	1.9x
United States Lime & Minerals, Inc.USLM	3,719	9.0x	8.8x
Hawkins, Inc.HWKN	3,471	3.7x	3.9x
Avient CorporationAVNT	3,381	1.5x	1.5x
Olin CorporationOLN	3,047	0.9x	1.0x
WD-40 CompanyWDFC	2,951	4.8x	5.1x
Industry Median		3.1x	3.4x
(*) Revenue		3,474	3,562
= Enterprise Value		10,758	12,151
(-) Net Debt		1,910	1,910
Equity Value		8,848	10,242
(/) Outstanding shares		55	55
Fair Price		$160	$185

Selected Fair Value (avg of trailing + forward)

$172.43

+185.7%

PEG Fair Value

Fair Value

$117.88

Market Price

$60.35

Upside / Downside

+95.3%

Verdict

Undervalued

Using the PEG framework with analyst consensus forward EPS growth of 25.0% plus 1.5% dividend yield, the company has a fair value of $117.88 based on NTM EPS (FY2026) of $4.72. The current PEG ratio is 0.48.

PEG Ratio

0.48Deep Value

01.02.03.0+

PEG = P/E ÷ (Growth + Yield) = 13.1 ÷ (26.1% + 1.5%) = 0.48

PEG < 1 = bargain, 1–1.5 = fair, > 2 = expensive.

Growth Category: Fast GrowerPEG moderately applicable

Growth above 25% is capped — hypergrowth may not be sustainable long-term.

Fair Value Calculation

EPS Growth RateForward	26.1%
Dividend Yield	+1.5%
Adjusted Growth (clamped 8–25%)Clamped	25.0%
Fair P/E	25.0x
NTM EPS (FY2026)	$4.72
Fair Value	$117.88

Growth Analysis

Forward GrowthActive

Period	EPS Est.	Growth	Analysts
FY2025 (actual)	$2.75	—	—
FY2026E	$4.72	+71.5%	5
FY2027E	$5.14	+9.0%	5
FY2028E	$5.51	+7.2%	4

3Y Forward EPS CAGR: 26.1%

Historical Growth

Year	Net Income	EPS	YoY
FY2021	$161.4M	$2.97	—
FY2022	$180.3M	$3.26	+9.8%
FY2023	$144.9M	$2.59	-20.6%
FY2024	$130.3M	$2.30	-11.2%
FY2025	$152.0M	$2.75	+19.6%

4Y Historical EPS CAGR: -1.9%

Earnings Power Value

Fair Value

$18.76

Market Price

$60.35

Upside / Downside

-68.9%

Verdict

Overvalued

Using the Earnings Power Value framework with a WACC of 7.9% and normalized earnings of $233.0M, the company has a fair value of $18.76 per share. The EPV range is $10.27 – $31.25 based on WACC sensitivity (6.4% – 9.4%).

Currency: USD Millions

	Low	Selected	High
Normalized Earnings	233	233	233
(/) WACC	9.4%	7.9%	6.4%
Enterprise Value	2,478	2,948	3,639
(-) Net debt	1,910	1,910	1,910
Equity Value	568	1,039	1,730
(/) Outstanding shares	55	55	55
Fair Price	$10.27	$18.76	$31.25

Dividend Discount Model

Fair Value

$16.54

Market Price

$60.35

Upside / Downside

-72.6%

Verdict

Overvalued

Using the Two-Stage Dividend Discount Model with a Cost of Equity of 9.9% and projected dividend growth of 9.0%, the fair value is $16.54 per share. The DDM range is $11.92 – $24.89 based on sensitivity analysis across Cost of Equity and growth rate assumptions.

Dividend Profile

Current DPS

$0.91

Dividend Yield

1.49%

Payout Ratio

33.1%

Dividend Coverage

3.02x

FCF Payout Ratio41.5%

DPS CAGR (4Y)9.1%

Historical Dividends Per Share

Year	DPS	Payout Ratio	YoY Growth
2025	$0.91	33.1%	+8.0%
2024	$0.84	36.5%	+8.4%
2023	$0.78	29.9%	+9.3%
2022	$0.71	21.7%	+10.5%
2021	$0.64	21.6%	—

Dividend Projections (5-Year)

Year	Projected DPS	Growth	Discount Factor	Present Value
2026	$0.99	9.0%	0.9101	$0.90
2027	$1.08	9.0%	0.8282	$0.89
2028	$1.18	9.0%	0.7537	$0.89
2029	$1.28	9.0%	0.6859	$0.88
2030	$1.40	9.0%	0.6242	$0.87
Terminal Value	$1.43 DPS	2.5%		$12.11

PV of Projected Dividends$4.43

PV of Terminal Value$12.11

Fair Value per Share$16.54

Sensitivity Analysis

Fair value under different Cost of Equity (rows) and DPS Growth Rate (columns) assumptions.

Ke \ Growth	7.0%	8.0%	9.0%	10.0%	11.0%
7.9%	$21	$22	$23	$24	$25
8.9%	$18	$18	$19	$20	$21
9.9%	$15	$16	$17	$17	$18
10.9%	$13	$14	$15	$15	$16
11.9%	$12	$12	$13	$13	$14

Disclaimer: Sweet Value Lab provides estimated intrinsic values for informational purposes only. This is not financial advice. All models rely on assumptions that may not reflect future performance. Always do your own research before making investment decisions.

H.B. Fuller Company (FUL) Valuation Summary

Updated Apr 28, 2026 22:23

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Growth Exit 5Y	$24.72 – $155.72	$53.96	-12.8%
Growth Exit 10Y	$24.82 – $139.90	$50.94	-17.7%
EBITDA Exit 5Y	$79.38 – $159.12	$116.06	+87.5%
EBITDA Exit 10Y	$63.57 – $147.78	$99.82	+61.3%
▸ Trading Multiples
P/E	$76.25 – $113.73	$111.32	+79.9%
EV/EBITDA	$61.23 – $181.58	$152.16	+145.9%
EV/Revenue	$57.77 – $268.22	$172.43	+178.6%
▸ PEG
PEG Fair Value	$117.88 – $117.88	$117.88	+90.5%
▸ Earnings Power Value
Earnings Power Value	$10.27 – $31.25	$18.76	-69.7%
▸ Dividend Discount
Dividend Discount	$11.92 – $24.89	$16.54	-73.3%

Valuation History

DCF Analysis

Fair Value

$53.96

Market Price

$60.35

Upside / Downside

-10.6%

Verdict

Overvalued

FCFF Present Value Calculation

WACC

7.90%

3% – 20%

Terminal Growth

2.50%

0% – 6%

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	Terminal
Profit Before Tax	237	246	254	257	261	268
(−) Net Interest	117	122	126	127	129	132
(+) D&A	125	132	133	136	136	140
EBITDA	479	500	512	521	527	540

(−) Tax	75	78	80	81	83	85
(−) CapEx	128	134	138	140	142	145
(−) ΔWC	60	25	20	10	10	10
Free Cash Flow (FCFF)	216	263	274	290	293	300

Terminal Value						5,552
WACC / Discount Rate	7.9%
Long-term Growth Rate	2.5%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5
Present Value of FCF	208	235	227	222	208	3,796

Enterprise Value	4,897
Projection Period	1,100	22.5%
Terminal Value	3,796	77.5%

(−) Current Net Debt	1,910

Equity Value	2,987
(/) Outstanding Shares	55

Fair Price	$53.96

Sensitivity Analysis

WACC \ Terminal Growth Rate	1.5%	2.0%	2.5%	3.0%	3.5%
5.9%	$79	$91	$106	$127	$156
6.9%	$58	$65	$74	$85	$100
7.9%	$43	$48	$54	$61	$70
8.9%	$33	$36	$40	$45	$50
9.9%	$25	$27	$30	$33	$37

Current price: $60.35. Green = undervalued, Red = overvalued.

Fair Value

$50.94

Market Price

$60.35

Upside / Downside

-15.6%

Verdict

Overvalued

FCFF Present Value Calculation

WACC

7.90%

3% – 20%

Terminal Growth

2.50%

0% – 6%

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	Terminal
Profit Before Tax	237	246	254	257	261	266	271	277	284	292	299
(−) Net Interest	117	122	126	127	129	131	134	137	140	144	148
(+) D&A	125	132	133	136	136	136	139	142	144	147	151
EBITDA	479	500	512	521	527	533	544	556	569	583	598

(−) Tax	75	78	80	81	83	84	86	88	90	92	95
(−) CapEx	128	134	138	140	142	144	147	150	154	158	162
(−) ΔWC	60	25	20	10	10	12	14	16	18	21	21
Free Cash Flow (FCFF)	216	263	274	290	293	293	298	302	307	312	320

Terminal Value											5,928
WACC / Discount Rate	7.9%
Long-term Growth Rate	2.5%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5.5	6.5	7.5	8.5	9.5	5
Present Value of FCF	208	235	227	222	208	193	182	171	161	152	2,771

Enterprise Value	4,729
Projection Period	1,959	41.4%
Terminal Value	2,771	58.6%

(−) Current Net Debt	1,910

Equity Value	2,820
(/) Outstanding Shares	55

Fair Price	$50.94

Sensitivity Analysis

WACC \ Terminal Growth Rate	1.5%	2.0%	2.5%	3.0%	3.5%
5.9%	$78	$88	$100	$117	$140
6.9%	$57	$63	$70	$79	$90
7.9%	$43	$47	$51	$56	$62
8.9%	$33	$35	$38	$41	$45
9.9%	$25	$27	$28	$31	$33

Current price: $60.35. Green = undervalued, Red = overvalued.

Fair Value

$116.08

Market Price

$60.35

Upside / Downside

+92.3%

Verdict

Undervalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project H.B. Fuller Company's cash flows over 5 years with line-by-line expense modeling. Revenue is projected revenue growing from 3.9% to 1.5% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 64, DPO 69, DIO 68). At a 7.9% WACC with mid-year discounting, the terminal value (87% of enterprise value) is derived by applying the industry peer median EV/EBITDA multiple of 19.6x to Year 6 EBITDA. After subtracting net debt, the equity value implies a fair price of $116.06 per share, suggesting FUL is undervalued by 92.3% at the current price of $60.35.

FCFF Present Value Calculation

WACC

7.90%

3% – 20%

EV/EBITDA Exit Multiple

19.60x

1x – 40x

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	Terminal
Profit Before Tax	237	246	254	257	261	268
(−) Net Interest	117	122	126	127	129	132
(+) D&A	125	132	133	136	136	140
EBITDA	479	500	512	521	527	540

(−) Tax	75	78	80	81	83	—
(−) CapEx	128	134	138	140	142	—
(−) ΔWC	60	25	20	10	10	—
Free Cash Flow (FCF)	216	263	274	290	293	—

Peers' EBITDA Multiple						19.6x
Terminal Value						10,582
WACC / Discount Rate	7.90%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5
Present Value of FCF	208	235	227	222	208	7,235

Enterprise Value	8,335
Projection Period	1,100	13.2%
Terminal Value	7,235	86.8%

(−) Current Net Debt	1,910
Equity Value	6,426
(÷) Outstanding Shares	55M
Fair Price	$116	+92.3%

Sensitivity Analysis

WACC \ EV/EBITDA Exit Multiple	15.6x	17.6x	19.6x	21.6x	23.6x
5.9%	$101	$115	$130	$144	$159
6.9%	$95	$109	$123	$137	$151
7.9%	$89	$103	$116	$129	$143
8.9%	$84	$97	$110	$122	$135
9.9%	$79	$92	$104	$116	$128

Current price: $60.35. Green = undervalued, Red = overvalued.

Based on default parameters

Fair Value

$99.84

Market Price

$60.35

Upside / Downside

+65.4%

Verdict

Undervalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project H.B. Fuller Company's cash flows over 10 years with analyst estimates for the first 3–5 years, fading toward long-term GDP growth for the remaining years with line-by-line expense modeling. Revenue is projected revenue growing from 3.9% to 2.7% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 64, DPO 69, DIO 68). At a 7.9% WACC with mid-year discounting, the terminal value (74% of enterprise value) is derived by applying the industry peer median EV/EBITDA multiple of 19.6x to Year 11 EBITDA. After subtracting net debt, the equity value implies a fair price of $99.82 per share, suggesting FUL is undervalued by 65.4% at the current price of $60.35.

FCFF Present Value Calculation

WACC

7.90%

3% – 20%

EV/EBITDA Exit Multiple

19.60x

1x – 40x

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	Terminal
Profit Before Tax	237	246	254	257	261	266	271	277	284	292	299
(−) Net Interest	117	122	126	127	129	131	134	137	140	144	148
(+) D&A	125	132	133	136	136	136	139	142	144	147	151
EBITDA	479	500	512	521	527	533	544	556	569	583	598

(−) Tax	75	78	80	81	83	84	86	88	90	92	—
(−) CapEx	128	134	138	140	142	144	147	150	154	158	—
(−) ΔWC	60	25	20	10	10	12	14	16	18	21	—
Free Cash Flow (FCF)	216	263	274	290	293	293	298	302	307	312	—

Peers' EBITDA Multiple											19.6x
Terminal Value											11,718
WACC / Discount Rate	7.90%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5.5	6.5	7.5	8.5	9.5	5
Present Value of FCF	208	235	227	222	208	193	182	171	161	152	5,478

Enterprise Value	7,436
Projection Period	1,959	26.3%
Terminal Value	5,478	73.7%

(−) Current Net Debt	1,910
Equity Value	5,527
(÷) Outstanding Shares	55M
Fair Price	$100	+65.4%

Sensitivity Analysis

WACC \ EV/EBITDA Exit Multiple	15.6x	17.6x	19.6x	21.6x	23.6x
5.9%	$99	$111	$123	$136	$148
6.9%	$89	$100	$111	$122	$133
7.9%	$80	$90	$100	$110	$120
8.9%	$71	$80	$90	$99	$108
9.9%	$64	$72	$80	$89	$97

Current price: $60.35. Green = undervalued, Red = overvalued.

Based on default parameters

Trading Multiples

Fair Value

$111.32

Market Price

$60.35

Upside / Downside

+84.5%

Verdict

Undervalued

P/E Valuation — Chemicals - Specialty

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing P/E	Forward P/E
H.B. Fuller CompanyFUL	3,341	21.9x	15.4x
Century Aluminum CompanyCENX	5,870	141.2x	34.5x
Sensient Technologies CorporationSXT	5,237	38.9x	41.0x
Cabot CorporationCBT	4,014	12.8x	10.6x
The Scotts Miracle-Gro CompanySMG	3,795	26.5x	14.9x
United States Lime & Minerals, Inc.USLM	3,719	27.8x	28.3x
Hawkins, Inc.HWKN	3,471	41.2x	42.3x
Avient CorporationAVNT	3,381	41.4x	13.9x
WD-40 CompanyWDFC	2,951	32.8x	42.0x
Industry Median		35.9x	31.4x
(*) Profit after tax		152	217
Equity Value		5,450	6,874
(/) Outstanding shares		55	55
Fair Price		$98	$124

Selected Fair Value (avg of trailing + forward)

$111.32

+84.5%

Fair Value

$152.16

Market Price

$60.35

Upside / Downside

+152.1%

Verdict

Undervalued

Using the industry peer median EV/EBITDA multiple (trailing + forward), H.B. Fuller Company (FUL) has a fair value of $152.16 based on 9 comparable companies in the Chemicals - Specialty industry.

EV/EBITDA Valuation — Chemicals - Specialty

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/EBITDA	Forward EV/EBITDA
H.B. Fuller CompanyFUL	3,341	10.0x	9.7x
Century Aluminum CompanyCENX	5,870	44.2x	53.1x
Sensient Technologies CorporationSXT	5,237	22.3x	23.1x
Cabot CorporationCBT	4,014	6.3x	6.2x
The Scotts Miracle-Gro CompanySMG	3,795	14.4x	14.9x
United States Lime & Minerals, Inc.USLM	3,719	19.6x	19.1x
Hawkins, Inc.HWKN	3,471	22.7x	23.7x
Avient CorporationAVNT	3,381	8.7x	8.8x
Olin CorporationOLN	3,047	10.1x	10.6x
WD-40 CompanyWDFC	2,951	26.4x	28.1x
Industry Median		19.6x	19.1x
(*) EBITDA		527	541
= Enterprise Value		10,329	10,336
(-) Net Debt		1,910	1,910
Equity Value		8,419	8,426
(/) Outstanding shares		55	55
Fair Price		$152	$152

Selected Fair Value (avg of trailing + forward)

$152.16

+152.1%

Fair Value

$172.43

Market Price

$60.35

Upside / Downside

+185.7%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), H.B. Fuller Company (FUL) has a fair value of $172.43 based on 10 comparable companies in the Chemicals - Specialty industry.

EV/Revenue Valuation — Chemicals - Specialty

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
H.B. Fuller CompanyFUL	3,341	1.5x	1.5x
Century Aluminum CompanyCENX	5,870	2.5x	3.0x
Sensient Technologies CorporationSXT	5,237	3.7x	3.8x
Perimeter Solutions, S.A.PRM	4,661	6.7x	8.0x
Cabot CorporationCBT	4,014	1.3x	1.3x
The Scotts Miracle-Gro CompanySMG	3,795	1.8x	1.9x
United States Lime & Minerals, Inc.USLM	3,719	9.0x	8.8x
Hawkins, Inc.HWKN	3,471	3.7x	3.9x
Avient CorporationAVNT	3,381	1.5x	1.5x
Olin CorporationOLN	3,047	0.9x	1.0x
WD-40 CompanyWDFC	2,951	4.8x	5.1x
Industry Median		3.1x	3.4x
(*) Revenue		3,474	3,562
= Enterprise Value		10,758	12,151
(-) Net Debt		1,910	1,910
Equity Value		8,848	10,242
(/) Outstanding shares		55	55
Fair Price		$160	$185

Selected Fair Value (avg of trailing + forward)

$172.43

+185.7%

PEG Fair Value

Fair Value

$117.88

Market Price

$60.35

Upside / Downside

+95.3%

Verdict

Undervalued

PEG Ratio

0.48Deep Value

01.02.03.0+

PEG = P/E ÷ (Growth + Yield) = 13.1 ÷ (26.1% + 1.5%) = 0.48

PEG < 1 = bargain, 1–1.5 = fair, > 2 = expensive.

Growth Category: Fast GrowerPEG moderately applicable

Growth above 25% is capped — hypergrowth may not be sustainable long-term.

Fair Value Calculation

EPS Growth RateForward	26.1%
Dividend Yield	+1.5%
Adjusted Growth (clamped 8–25%)Clamped	25.0%
Fair P/E	25.0x
NTM EPS (FY2026)	$4.72
Fair Value	$117.88

Growth Analysis

Forward GrowthActive

Period	EPS Est.	Growth	Analysts
FY2025 (actual)	$2.75	—	—
FY2026E	$4.72	+71.5%	5
FY2027E	$5.14	+9.0%	5
FY2028E	$5.51	+7.2%	4

3Y Forward EPS CAGR: 26.1%

Historical Growth

Year	Net Income	EPS	YoY
FY2021	$161.4M	$2.97	—
FY2022	$180.3M	$3.26	+9.8%
FY2023	$144.9M	$2.59	-20.6%
FY2024	$130.3M	$2.30	-11.2%
FY2025	$152.0M	$2.75	+19.6%

4Y Historical EPS CAGR: -1.9%

Earnings Power Value

Fair Value

$18.76

Market Price

$60.35

Upside / Downside

-68.9%

Verdict

Overvalued

Currency: USD Millions

	Low	Selected	High
Normalized Earnings	233	233	233
(/) WACC	9.4%	7.9%	6.4%
Enterprise Value	2,478	2,948	3,639
(-) Net debt	1,910	1,910	1,910
Equity Value	568	1,039	1,730
(/) Outstanding shares	55	55	55
Fair Price	$10.27	$18.76	$31.25

Dividend Discount Model

Fair Value

$16.54

Market Price

$60.35

Upside / Downside

-72.6%

Verdict

Overvalued

Dividend Profile

Current DPS

$0.91

Dividend Yield

1.49%

Payout Ratio

33.1%

Dividend Coverage

3.02x

FCF Payout Ratio41.5%

DPS CAGR (4Y)9.1%

Historical Dividends Per Share

Year	DPS	Payout Ratio	YoY Growth
2025	$0.91	33.1%	+8.0%
2024	$0.84	36.5%	+8.4%
2023	$0.78	29.9%	+9.3%
2022	$0.71	21.7%	+10.5%
2021	$0.64	21.6%	—

Dividend Projections (5-Year)

Year	Projected DPS	Growth	Discount Factor	Present Value
2026	$0.99	9.0%	0.9101	$0.90
2027	$1.08	9.0%	0.8282	$0.89
2028	$1.18	9.0%	0.7537	$0.89
2029	$1.28	9.0%	0.6859	$0.88
2030	$1.40	9.0%	0.6242	$0.87
Terminal Value	$1.43 DPS	2.5%		$12.11

PV of Projected Dividends$4.43

PV of Terminal Value$12.11

Fair Value per Share$16.54

Sensitivity Analysis

Fair value under different Cost of Equity (rows) and DPS Growth Rate (columns) assumptions.

Ke \ Growth	7.0%	8.0%	9.0%	10.0%	11.0%
7.9%	$21	$22	$23	$24	$25
8.9%	$18	$18	$19	$20	$21
9.9%	$15	$16	$17	$17	$18
10.9%	$13	$14	$15	$15	$16
11.9%	$12	$12	$13	$13	$14