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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 7.0x - 7.8x | 7.4x |
| Selected Fwd EBITDA Multiple | 6.1x - 6.8x | 6.5x |
| Fair Value | €4.13 - €4.79 | €4.46 |
| Upside | -5.7% - 9.3% | 1.8% |
| Benchmarks | Ticker | Full Ticker |
| Ibstock plc | IBST | LSE:IBST |
| Forterra plc | FORT | LSE:FORT |
| Michelmersh Brick Holdings plc | MBH | AIM:MBH |
| Vicat S.A. | 0MGJ | LSE:0MGJ |
| Buzzi S.p.A. | 0NVQ | LSE:0NVQ |
| Breedon Group plc | CQB0 | DB:CQB0 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| IBST | FORT | MBH | 0MGJ | 0NVQ | CQB0 | ||
| LSE:IBST | LSE:FORT | AIM:MBH | LSE:0MGJ | LSE:0NVQ | DB:CQB0 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | -9.6% | -7.7% | -0.4% | 9.0% | 12.4% | 8.9% | |
| 3Y CAGR | -9.6% | -7.0% | -3.6% | 6.0% | 17.8% | 8.6% | |
| Latest Twelve Months | -6.4% | -7.4% | -25.5% | -5.0% | 2.2% | 9.5% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 22.1% | 16.1% | 22.4% | 16.5% | 25.1% | 16.0% | |
| Prior Fiscal Year | 23.2% | 15.1% | 21.9% | 16.3% | 27.8% | 15.7% | |
| Latest Fiscal Year | 19.0% | 14.9% | 18.0% | 17.0% | 28.5% | 16.5% | |
| Latest Twelve Months | 17.3% | 12.4% | 18.0% | 16.6% | 27.0% | 15.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.98x | 1.33x | 1.32x | 1.09x | 1.48x | 1.21x | |
| EV / LTM EBITDA | 11.5x | 10.7x | 7.3x | 6.6x | 5.5x | 7.6x | |
| EV / LTM EBIT | 21.6x | 15.5x | 11.3x | 10.7x | 7.1x | 13.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 5.5x | 7.3x | 11.5x | ||||
| Historical EV / LTM EBITDA | 5.9x | 8.2x | 13.4x | ||||
| Selected EV / LTM EBITDA | 7.0x | 7.4x | 7.8x | ||||
| (x) LTM EBITDA | 258 | 258 | 258 | ||||
| (=) Implied Enterprise Value | 1,814 | 1,910 | 2,005 | ||||
| (-) Non-shareholder Claims * | (632) | (632) | (632) | ||||
| (=) Equity Value | 1,182 | 1,278 | 1,373 | ||||
| (/) Shares Outstanding | 346.5 | 346.5 | 346.5 | ||||
| Implied Value Range | 3.41 | 3.69 | 3.96 | ||||
| FX Rate: GBP/EUR | 0.9 | 0.9 | 0.9 | Market Price | |||
| Implied Value Range (Trading Cur) | 3.96 | 4.28 | 4.60 | 4.38 | |||
| Upside / (Downside) | -9.5% | -2.2% | 5.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | IBST | FORT | MBH | 0MGJ | 0NVQ | CQB0 | |
| Enterprise Value | 750 | 499 | 92 | 4,172 | 6,807 | 1,939 | |
| (+) Cash & Short Term Investments | 23 | 15 | 6 | 529 | 1,273 | 21 | |
| (+) Investments & Other | 0 | 0 | 0 | 161 | 556 | 16 | |
| (-) Debt | (200) | (103) | (2) | (1,911) | (602) | (669) | |
| (-) Other Liabilities | 0 | 0 | 0 | (288) | (51) | (0) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 573 | 411 | 96 | 2,663 | 7,983 | 1,307 | |
| (/) Shares Outstanding | 394.7 | 210.6 | 92.3 | 44.5 | 181.0 | 346.5 | |
| Implied Stock Price | 1.45 | 1.95 | 1.04 | 59.80 | 44.10 | 3.77 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.86 | |
| Implied Stock Price (Trading Cur) | 1.45 | 1.95 | 1.04 | 59.80 | 44.10 | 4.38 | |
| Trading Currency | GBP | GBP | GBP | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.86 | |