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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 1,3x - 1,4x | 1,3x |
| Selected Fwd Revenue Multiple | 1,1x - 1,2x | 1,2x |
| Fair Value | CHF 121,30 - CHF 136,27 | CHF 128,79 |
| Upside | -28,5% - -19,7% | -24,1% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Wienerberger AG | WIB | XTRA:WIB |
| Buzzi S.p.A. | UCM | DB:UCM |
| China National Building Material Company Limited | D1Y | DB:D1Y |
| Holcim AG | HLB | DB:HLB |
| Anhui Conch Cement Company Limited | AQE | DB:AQE |
| Heidelberg Materials AG | HEID | BRSE:HEID |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| WIB | UCM | D1Y | HLB | AQE | HEID | |||
| XTRA:WIB | DB:UCM | DB:D1Y | DB:HLB | DB:AQE | BRSE:HEID | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 5.4% | 8.5% | -0.8% | -0.2% | 1.9% | 2.3% | ||
| 3Y CAGR | 4.4% | 10.2% | -6.2% | -0.5% | -7.2% | 4.1% | ||
| Latest Twelve Months | 6.8% | -1.0% | -14.9% | -2.2% | -24.6% | -0.3% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 10.6% | 17.6% | 10.4% | 13.9% | 18.3% | 11.5% | ||
| Prior Fiscal Year | 11.3% | 18.4% | 6.5% | 15.8% | 13.4% | 12.9% | ||
| Latest Fiscal Year | 7.6% | 22.7% | 6.0% | 16.4% | 9.0% | 13.9% | ||
| Latest Twelve Months | 7.6% | 22.6% | 4.3% | 16.4% | 8.0% | 13.9% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 1.22x | 1.93x | 1.13x | 2.32x | 0.74x | 1.67x | ||
| EV / LTM EBIT | 15.9x | 8.5x | 26.2x | 14.1x | 9.3x | 12.0x | ||
| Price / LTM Sales | 0.84x | 2.20x | 0.17x | 2.10x | 1.14x | 1.49x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 0.74x | 1.22x | 2.32x | |||||
| Historical EV / LTM Revenue | 0.78x | 0.99x | 1.67x | |||||
| Selected EV / LTM Revenue | 1.27x | 1.33x | 1.40x | |||||
| (x) LTM Revenue | 21,202 | 21,202 | 21,202 | |||||
| (=) Implied Enterprise Value | 26,844 | 28,257 | 29,670 | |||||
| (-) Non-shareholder Claims * | (3,901) | (3,901) | (3,901) | |||||
| (=) Equity Value | 22,943 | 24,356 | 25,769 | |||||
| (/) Shares Outstanding | 178.4 | 178.4 | 178.4 | |||||
| Implied Value Range | 128.58 | 136.50 | 144.42 | |||||
| FX Rate: EUR/CHF | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 122.72 | 130.27 | 137.83 | 169.67 | ||||
| Upside / (Downside) | -27.7% | -23.2% | -18.8% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | WIB | UCM | D1Y | HLB | AQE | HEID | |
| Enterprise Value | 5,490 | 8,106 | 202,698 | 59,488 | 98,215 | 35,623 | |
| (+) Cash & Short Term Investments | 374 | 1,332 | 37,584 | 5,352 | 76,906 | 3,220 | |
| (+) Investments & Other | 66 | 633 | 33,195 | 3,530 | 9,444 | 2,616 | |
| (-) Debt | (2,127) | (795) | (168,190) | (13,856) | (30,880) | (8,558) | |
| (-) Other Liabilities | (26) | (7) | (74,210) | (716) | (12,488) | (1,179) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 3,777 | 9,268 | 31,076 | 53,798 | 141,197 | 31,722 | |
| (/) Shares Outstanding | 111.4 | 181.2 | 8,434.8 | 2,790.5 | 6,901.4 | 178.4 | |
| Implied Stock Price | 33.90 | 51.15 | 3.68 | 19.28 | 20.46 | 177.78 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 7.85 | 0.95 | 7.85 | 1.05 | |
| Implied Stock Price (Trading Cur) | 33.90 | 51.15 | 0.47 | 20.20 | 2.61 | 169.67 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | CHF | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 7.85 | 0.95 | 7.85 | 1.05 | |