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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 10.4x - 11.5x | 11.0x |
| Selected Fwd EBITDA Multiple | 6.1x - 6.7x | 6.4x |
| Fair Value | €1.08 - €1.25 | €1.16 |
| Upside | -17.7% - -4.7% | -11.2% |
| Benchmarks | Ticker | Full Ticker |
| Marshalls plc | MSLH | LSE:MSLH |
| Breedon Group plc | BREE | LSE:BREE |
| Michelmersh Brick Holdings plc | MBH | AIM:MBH |
| Forterra plc | FORT | LSE:FORT |
| Ibstock plc | IBST | LSE:IBST |
| SigmaRoc plc | M2I2 | DB:M2I2 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| MSLH | BREE | MBH | FORT | IBST | M2I2 | ||
| LSE:MSLH | LSE:BREE | AIM:MBH | LSE:FORT | LSE:IBST | DB:M2I2 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | -1.4% | 8.9% | -0.4% | -7.7% | -9.6% | 72.6% | |
| 3Y CAGR | -2.1% | 8.6% | -3.6% | -7.0% | -9.6% | 85.9% | |
| Latest Twelve Months | -3.4% | 9.5% | -25.5% | -1.7% | -26.1% | 111.4% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 13.1% | 16.0% | 22.4% | 15.9% | 22.4% | 13.7% | |
| Prior Fiscal Year | 13.0% | 15.7% | 21.9% | 15.1% | 23.2% | 12.9% | |
| Latest Fiscal Year | 13.6% | 16.5% | 18.0% | 14.9% | 19.0% | 15.3% | |
| Latest Twelve Months | 13.6% | 15.8% | 18.0% | 14.9% | 19.0% | 15.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.35x | 1.20x | 1.42x | 1.47x | 2.04x | 1.88x | |
| EV / LTM EBITDA | 9.9x | 7.3x | 7.9x | 9.9x | 10.7x | 12.3x | |
| EV / LTM EBIT | 16.2x | 12.1x | 12.2x | 13.8x | 19.2x | 21.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 7.3x | 9.9x | 10.7x | ||||
| Historical EV / LTM EBITDA | 6.9x | 12.3x | 25.6x | ||||
| Selected EV / LTM EBITDA | 10.4x | 11.0x | 11.5x | ||||
| (x) LTM EBITDA | 147 | 147 | 147 | ||||
| (=) Implied Enterprise Value | 1,539 | 1,620 | 1,701 | ||||
| (-) Non-shareholder Claims * | (525) | (525) | (525) | ||||
| (=) Equity Value | 1,014 | 1,095 | 1,176 | ||||
| (/) Shares Outstanding | 1,114.9 | 1,114.9 | 1,114.9 | ||||
| Implied Value Range | 0.91 | 0.98 | 1.05 | ||||
| FX Rate: GBP/EUR | 0.9 | 0.9 | 0.9 | Market Price | |||
| Implied Value Range (Trading Cur) | 1.04 | 1.13 | 1.21 | 1.31 | |||
| Upside / (Downside) | -20.3% | -13.9% | -7.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | MSLH | BREE | MBH | FORT | IBST | M2I2 | |
| Enterprise Value | 836 | 1,881 | 99 | 505 | 749 | 1,796 | |
| (+) Cash & Short Term Investments | 20 | 21 | 6 | 15 | 9 | 131 | |
| (+) Investments & Other | 0 | 16 | 0 | 0 | 0 | 14 | |
| (-) Debt | (188) | (669) | (2) | (121) | (166) | (642) | |
| (-) Other Liabilities | 0 | (0) | 0 | 0 | 0 | (29) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 667 | 1,249 | 103 | 399 | 592 | 1,271 | |
| (/) Shares Outstanding | 252.8 | 346.5 | 93.3 | 210.6 | 394.7 | 1,114.9 | |
| Implied Stock Price | 2.64 | 3.61 | 1.11 | 1.90 | 1.50 | 1.14 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.87 | |
| Implied Stock Price (Trading Cur) | 2.64 | 3.61 | 1.11 | 1.90 | 1.50 | 1.31 | |
| Trading Currency | GBP | GBP | GBP | GBP | GBP | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.87 | |