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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 15,7x - 17,4x | 16,6x |
| Selected Fwd EBITDA Multiple | 11,3x - 12,5x | 11,9x |
| Fair Value | €125,49 - €139,64 | €132,57 |
| Upside | -22,1% - -13,3% | -17,7% |
| Benchmarks | Ticker | Full Ticker |
| Quanex Building Products Corporation | NX | NYSE:NX |
| Apogee Enterprises, Inc. | APOG | NasdaqGS:APOG |
| Simpson Manufacturing Co., Inc. | SSD | NYSE:SSD |
| Carlisle Companies Incorporated | CSL | NYSE:CSL |
| Masco Corporation | MAS | NYSE:MAS |
| Armstrong World Industries, Inc. | 91A | DB:91A |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| NX | APOG | SSD | CSL | MAS | 91A | ||
| NYSE:NX | NasdaqGS:APOG | NYSE:SSD | NYSE:CSL | NYSE:MAS | DB:91A | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 3.3% | 9.1% | 19.5% | 8.7% | 4.8% | 4.6% | |
| 3Y CAGR | -2.6% | 6.8% | 8.3% | 17.1% | 8.7% | 11.0% | |
| Latest Twelve Months | 5.0% | -14.6% | 1.9% | -7.7% | -1.8% | 17.4% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 11.8% | 11.9% | 24.7% | 23.1% | 17.9% | 26.5% | |
| Prior Fiscal Year | 13.1% | 13.3% | 25.0% | 25.9% | 19.1% | 26.3% | |
| Latest Fiscal Year | 9.1% | 13.6% | 23.3% | 25.8% | 19.4% | 26.8% | |
| Latest Twelve Months | 9.3% | 12.2% | 23.4% | 24.5% | 19.6% | 27.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.08x | 0.90x | 3.45x | 3.49x | 2.29x | 5.53x | |
| EV / LTM EBITDA | 11.6x | 7.4x | 14.8x | 14.3x | 11.7x | 20.2x | |
| EV / LTM EBIT | 24.2x | 10.3x | 17.6x | 16.8x | 13.0x | 27.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 7.4x | 11.7x | 14.8x | ||||
| Historical EV / LTM EBITDA | 12.4x | 14.7x | 22.2x | ||||
| Selected EV / LTM EBITDA | 15.7x | 16.6x | 17.4x | ||||
| (x) LTM EBITDA | 427 | 427 | 427 | ||||
| (=) Implied Enterprise Value | 6,717 | 7,070 | 7,424 | ||||
| (-) Non-shareholder Claims * | (450) | (450) | (450) | ||||
| (=) Equity Value | 6,267 | 6,620 | 6,974 | ||||
| (/) Shares Outstanding | 43.3 | 43.3 | 43.3 | ||||
| Implied Value Range | 144.87 | 153.04 | 161.21 | ||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 124.43 | 131.44 | 138.46 | 161.00 | |||
| Upside / (Downside) | -22.7% | -18.4% | -14.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | NX | APOG | SSD | CSL | MAS | 91A | |
| Enterprise Value | 1,761 | 1,236 | 7,851 | 17,462 | 17,575 | 8,559 | |
| (+) Cash & Short Term Investments | 63 | 33 | 190 | 68 | 390 | 81 | |
| (+) Investments & Other | 0 | 0 | 0 | 0 | 0 | 35 | |
| (-) Debt | (927) | (376) | (457) | (1,896) | (3,224) | (566) | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | (234) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 897 | 894 | 7,584 | 15,634 | 14,507 | 8,109 | |
| (/) Shares Outstanding | 45.7 | 21.5 | 41.8 | 42.7 | 209.4 | 43.3 | |
| Implied Stock Price | 19.63 | 41.52 | 181.31 | 366.57 | 69.29 | 187.45 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.16 | |
| Implied Stock Price (Trading Cur) | 19.63 | 41.52 | 181.31 | 366.57 | 69.29 | 161.00 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.16 | |