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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 11,6x - 12,9x | 12,2x |
| Selected Fwd EBITDA Multiple | 7,9x - 8,8x | 8,3x |
| Fair Value | €3,64 - €4,50 | €4,07 |
| Upside | -2,2% - 21,0% | 9,4% |
| Benchmarks | Ticker | Full Ticker |
| Siam City Cement Public Company Limited | SCCC | SET:SCCC |
| Smart Concrete Public Company Limited | SMART | SET:SMART |
| Diamond Building Products Public Company Limited | DRT | SET:DRT |
| Holcim AG | HCML.F | OTCPK:HCML.F |
| Anhui Conch Cement Company Limited | 914 | SEHK:914 |
| The Siam Cement Public Company Limited | TCM1 | DB:TCM1 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| SCCC | SMART | DRT | HCML.F | 914 | TCM1 | ||
| SET:SCCC | SET:SMART | SET:DRT | OTCPK:HCML.F | SEHK:914 | DB:TCM1 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 0.4% | 11.4% | 0.0% | 2.3% | -18.7% | -10.5% | |
| 3Y CAGR | 4.3% | 17.3% | -4.7% | 2.6% | -28.1% | -26.6% | |
| Latest Twelve Months | 46.2% | -18.7% | -16.7% | 1.5% | -12.1% | -16.0% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 16.6% | 21.7% | 19.9% | 20.6% | 22.1% | 10.7% | |
| Prior Fiscal Year | 13.4% | 26.0% | 18.5% | 21.8% | 13.7% | 7.3% | |
| Latest Fiscal Year | 18.9% | 25.9% | 17.4% | 22.6% | 18.6% | 6.0% | |
| Latest Twelve Months | 18.9% | 25.9% | 17.4% | 22.6% | 18.6% | 6.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.45x | 0.74x | 1.18x | 2.05x | 0.87x | 0.74x | |
| EV / LTM EBITDA | 7.7x | 2.9x | 6.8x | 9.1x | 4.7x | 12.4x | |
| EV / LTM EBIT | 12.3x | 4.0x | 9.8x | 12.5x | 9.3x | 104.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 2.9x | 6.8x | 9.1x | ||||
| Historical EV / LTM EBITDA | 8.3x | 11.1x | 12.4x | ||||
| Selected EV / LTM EBITDA | 11.6x | 12.2x | 12.9x | ||||
| (x) LTM EBITDA | 30,627 | 30,627 | 30,627 | ||||
| (=) Implied Enterprise Value | 356,200 | 374,948 | 393,695 | ||||
| (-) Non-shareholder Claims * | (207,226) | (207,226) | (207,226) | ||||
| (=) Equity Value | 148,974 | 167,721 | 186,469 | ||||
| (/) Shares Outstanding | 1,200.0 | 1,200.0 | 1,200.0 | ||||
| Implied Value Range | 124.14 | 139.77 | 155.39 | ||||
| FX Rate: THB/EUR | 37.9 | 37.9 | 37.9 | Market Price | |||
| Implied Value Range (Trading Cur) | 3.28 | 3.69 | 4.10 | 3.72 | |||
| Upside / (Downside) | -11.9% | -0.8% | 10.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | SCCC | SMART | DRT | HCML.F | 914 | TCM1 | |
| Enterprise Value | 64,123 | 431 | 5,874 | 53,734 | 86,009 | 376,285 | |
| (+) Cash & Short Term Investments | 5,415 | 249 | 15 | 5,352 | 70,739 | 51,895 | |
| (+) Investments & Other | 2,022 | 0 | 0 | 3,530 | 20,425 | 156,206 | |
| (-) Debt | (19,831) | (24) | (674) | (13,856) | (30,243) | (348,435) | |
| (-) Other Liabilities | (8,071) | 0 | 0 | (716) | (12,437) | (66,893) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 43,657 | 656 | 5,216 | 48,044 | 134,492 | 169,059 | |
| (/) Shares Outstanding | 298.0 | 1,041.6 | 855.0 | 551.0 | 6,339.5 | 1,200.0 | |
| Implied Stock Price | 146.50 | 0.63 | 6.10 | 87.19 | 21.22 | 140.88 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 0.82 | 0.94 | 37.87 | |
| Implied Stock Price (Trading Cur) | 146.50 | 0.63 | 6.10 | 105.95 | 22.50 | 3.72 | |
| Trading Currency | THB | THB | THB | USD | HKD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 0.82 | 0.94 | 37.87 | |