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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 1.0x - 1.1x | 1.1x |
| Selected Fwd Revenue Multiple | 0.9x - 1.0x | 0.9x |
| Fair Value | €11.75 - €12.88 | €12.32 |
| Upside | -21.8% - -14.2% | -18.0% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Heidelberg Materials AG | 1HEI | BIT:1HEI |
| Vicat S.A. | VCT | ENXTPA:VCT |
| Buzzi S.p.A. | BZU | BIT:BZU |
| Holcim AG | HOLNE | SWX:HOLNE |
| CRH plc | CRG | DB:CRG |
| Cementir Holding N.V. | 3PC | DB:3PC |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| 1HEI | VCT | BZU | HOLNE | CRG | 3PC | |||
| BIT:1HEI | ENXTPA:VCT | BIT:BZU | SWX:HOLNE | DB:CRG | DB:3PC | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 2.4% | 7.2% | 6.1% | -0.2% | 4.8% | 6.7% | ||
| 3Y CAGR | 4.2% | 7.5% | 7.9% | -0.5% | 6.8% | 7.2% | ||
| Latest Twelve Months | 0.0% | -1.3% | 0.0% | -2.2% | 1.8% | -0.4% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 11.5% | 10.0% | 18.5% | 13.9% | 11.7% | 12.6% | ||
| Prior Fiscal Year | 12.9% | 10.2% | 22.6% | 15.8% | 12.8% | 14.7% | ||
| Latest Fiscal Year | 13.5% | 10.5% | 22.7% | 16.4% | 13.9% | 14.1% | ||
| Latest Twelve Months | 13.5% | 10.5% | 22.7% | 16.4% | 13.9% | 14.1% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 1.65x | 0.94x | 1.63x | 2.13x | 2.24x | 1.29x | ||
| EV / LTM EBIT | 12.2x | 8.9x | 7.2x | 12.9x | 16.2x | 9.2x | ||
| Price / LTM Sales | 1.46x | 0.58x | 1.93x | 1.91x | 1.87x | 1.37x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 0.94x | 1.65x | 2.24x | |||||
| Historical EV / LTM Revenue | 0.74x | 1.18x | 1.29x | |||||
| Selected EV / LTM Revenue | 1.01x | 1.06x | 1.11x | |||||
| (x) LTM Revenue | 1,688 | 1,688 | 1,688 | |||||
| (=) Implied Enterprise Value | 1,702 | 1,791 | 1,881 | |||||
| (-) Non-shareholder Claims * | 144 | 144 | 144 | |||||
| (=) Equity Value | 1,846 | 1,936 | 2,025 | |||||
| (/) Shares Outstanding | 155.5 | 155.5 | 155.5 | |||||
| Implied Value Range | 11.87 | 12.45 | 13.02 | |||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 11.87 | 12.45 | 13.02 | 15.02 | ||||
| Upside / (Downside) | -21.0% | -17.1% | -13.3% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 1HEI | VCT | BZU | HOLNE | CRG | 3PC | |
| Enterprise Value | 35,845 | 3,639 | 7,343 | 55,281 | 77,824 | 2,191 | |
| (+) Cash & Short Term Investments | 3,233 | 536 | 1,410 | 5,352 | 3,720 | 486 | |
| (+) Investments & Other | 2,616 | 160 | 478 | 3,530 | 737 | 11 | |
| (-) Debt | (8,558) | (1,783) | (608) | (13,856) | (15,564) | (213) | |
| (-) Other Liabilities | (1,179) | (303) | (5) | (716) | (1,243) | (139) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | (1) | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 31,957 | 2,249 | 8,619 | 49,591 | 65,473 | 2,336 | |
| (/) Shares Outstanding | 178.4 | 44.4 | 181.1 | 551.0 | 675.6 | 155.5 | |
| Implied Stock Price | 179.10 | 50.60 | 47.60 | 90.00 | 96.91 | 15.02 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.13 | 1.00 | |
| Implied Stock Price (Trading Cur) | 179.10 | 50.60 | 47.60 | 90.00 | 85.72 | 15.02 | |
| Trading Currency | EUR | EUR | EUR | CHF | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.13 | 1.00 | |