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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBITDA Multiple | 6,5x - 7,1x | 6,8x |
Selected Fwd EBITDA Multiple | 7,8x - 8,6x | 8,2x |
Fair Value | $69,01 - $77,63 | $73,32 |
Upside | -11,4% - -0,3% | -5,8% |
Benchmarks | Ticker | Full Ticker |
Taiheiyo Cement Corporation | TIE | DB:TIE |
The Siam Cement Public Company Limited | TCM1 | DB:TCM1 |
Vicat S.A. | VCT | ENXTPA:VCT |
Cementir Holding N.V. | CEM | BIT:CEM |
Heidelberg Materials AG | HEID | BRSE:HEID |
Holcim AG | HCML.F | OTCPK:HCML.F |
- | - | - |
Select LTM EBITDA Multiple | |||||||
Benchmark Companies | |||||||
TIE | TCM1 | VCT | CEM | HEID | HCML.F | ||
DB:TIE | DB:TCM1 | ENXTPA:VCT | BIT:CEM | BRSE:HEID | OTCPK:HCML.F | ||
Historical EBITDA Growth | |||||||
5Y CAGR | 4.7% | -10.5% | 9.0% | 9.1% | 6.3% | 2.3% | |
3Y CAGR | 10.5% | -26.6% | 6.0% | 10.5% | 7.8% | 2.6% | |
Latest Twelve Months | 12.9% | 34.4% | 2.6% | 2.3% | 5.9% | 1.5% | |
Historical EBITDA Profit Margin | |||||||
5 Year Average Margin | 13.1% | 10.4% | 16.4% | 18.7% | 16.6% | 20.6% | |
Prior Fiscal Year | 13.9% | 7.3% | 16.3% | 20.4% | 17.4% | 21.8% | |
Latest Fiscal Year | 15.5% | 6.0% | 17.0% | 20.2% | 18.5% | 22.6% | |
Latest Twelve Months | 15.5% | 5.8% | 17.0% | 20.1% | 18.5% | 22.6% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 0.62x | 0.79x | 1.03x | 1.32x | 1.86x | 1.48x | |
EV / LTM EBITDA | 4.0x | 13.7x | 6.0x | 6.6x | 10.1x | 6.6x | |
EV / LTM EBIT | 7.1x | 217.0x | 9.8x | 9.5x | 13.8x | 9.0x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBITDA | 4.0x | 6.6x | 13.7x | ||||
Historical EV / LTM EBITDA | 6.6x | 7.6x | 8.5x | ||||
Selected EV / LTM EBITDA | 6.5x | 6.8x | 7.1x | ||||
(x) LTM EBITDA | 5,966 | 5,966 | 5,966 | ||||
(=) Implied Enterprise Value | 38,539 | 40,567 | 42,595 | ||||
(-) Non-shareholder Claims * | (5,690) | (5,690) | (5,690) | ||||
(=) Equity Value | 32,849 | 34,877 | 36,905 | ||||
(/) Shares Outstanding | 551.0 | 551.0 | 551.0 | ||||
Implied Value Range | 59.61 | 63.30 | 66.98 | ||||
FX Rate: CHF/USD | 0.8 | 0.8 | 0.8 | Market Price | |||
Implied Value Range (Trading Cur) | 74.78 | 79.40 | 84.02 | 77.85 | |||
Upside / (Downside) | -3.9% | 2.0% | 7.9% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | TIE | TCM1 | VCT | CEM | HEID | HCML.F | |
Enterprise Value | 545,462 | 396,714 | 3,986 | 2,094 | 38,317 | 39,885 | |
(+) Cash & Short Term Investments | 74,987 | 42,747 | 536 | 486 | 3,233 | 5,352 | |
(+) Investments & Other | 219,344 | 156,529 | 160 | 0 | 2,616 | 3,530 | |
(-) Debt | (410,834) | (333,623) | (1,783) | (213) | (8,558) | (13,856) | |
(-) Other Liabilities | (34,455) | (65,330) | (303) | 0 | (1,179) | (716) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 394,504 | 197,037 | 2,595 | 2,367 | 34,429 | 34,195 | |
(/) Shares Outstanding | 111.4 | 1,200.0 | 44.4 | 155.5 | 177.9 | 551.0 | |
Implied Stock Price | 3,540.59 | 164.20 | 58.40 | 15.22 | 193.49 | 62.06 | |
FX Conversion Rate to Trading Currency | 171.87 | 38.19 | 1.00 | 1.00 | 1.07 | 0.80 | |
Implied Stock Price (Trading Cur) | 20.60 | 4.30 | 58.40 | 15.22 | 180.57 | 77.85 | |
Trading Currency | EUR | EUR | EUR | EUR | CHF | USD | |
FX Rate to Reporting Currency | 171.87 | 38.19 | 1.00 | 1.00 | 1.07 | 0.80 |