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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 10.5x - 11.7x | 11.1x |
| Selected Fwd EBITDA Multiple | 6.1x - 6.7x | 6.4x |
| Fair Value | €1.09 - €1.26 | €1.17 |
| Upside | -22.3% - -10.1% | -16.2% |
| Benchmarks | Ticker | Full Ticker |
| Breedon Group plc | BREE | LSE:BREE |
| Ibstock plc | IBST | LSE:IBST |
| Forterra plc | FORT | LSE:FORT |
| Michelmersh Brick Holdings plc | MBH | AIM:MBH |
| Marshalls plc | MSLH | LSE:MSLH |
| SigmaRoc plc | M2I2 | DB:M2I2 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| BREE | IBST | FORT | MBH | MSLH | M2I2 | ||
| LSE:BREE | LSE:IBST | LSE:FORT | AIM:MBH | LSE:MSLH | DB:M2I2 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 8.9% | -9.6% | -7.7% | -0.4% | -1.4% | 72.6% | |
| 3Y CAGR | 8.6% | -9.6% | -7.0% | -3.6% | -2.1% | 85.9% | |
| Latest Twelve Months | 9.5% | -6.4% | -7.4% | -25.5% | -1.1% | 111.4% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 16.0% | 22.1% | 16.1% | 22.4% | 13.1% | 13.7% | |
| Prior Fiscal Year | 15.7% | 23.2% | 15.1% | 21.9% | 13.0% | 12.9% | |
| Latest Fiscal Year | 16.5% | 19.0% | 14.9% | 18.0% | 13.6% | 15.3% | |
| Latest Twelve Months | 15.8% | 17.3% | 12.4% | 18.0% | 12.6% | 15.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.19x | 1.95x | 1.30x | 1.30x | 1.07x | 1.98x | |
| EV / LTM EBITDA | 7.5x | 11.3x | 10.6x | 7.2x | 8.5x | 12.9x | |
| EV / LTM EBIT | 13.4x | 21.2x | 15.2x | 11.1x | 13.9x | 22.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 7.2x | 8.5x | 11.3x | ||||
| Historical EV / LTM EBITDA | 6.9x | 12.6x | 25.6x | ||||
| Selected EV / LTM EBITDA | 10.5x | 11.1x | 11.7x | ||||
| (x) LTM EBITDA | 147 | 147 | 147 | ||||
| (=) Implied Enterprise Value | 1,554 | 1,635 | 1,717 | ||||
| (-) Non-shareholder Claims * | (525) | (525) | (525) | ||||
| (=) Equity Value | 1,028 | 1,110 | 1,192 | ||||
| (/) Shares Outstanding | 1,114.9 | 1,114.9 | 1,114.9 | ||||
| Implied Value Range | 0.92 | 1.00 | 1.07 | ||||
| FX Rate: GBP/EUR | 0.9 | 0.9 | 0.9 | Market Price | |||
| Implied Value Range (Trading Cur) | 1.07 | 1.15 | 1.24 | 1.40 | |||
| Upside / (Downside) | -23.7% | -17.6% | -11.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | BREE | IBST | FORT | MBH | MSLH | M2I2 | |
| Enterprise Value | 1,922 | 741 | 494 | 91 | 676 | 1,873 | |
| (+) Cash & Short Term Investments | 21 | 23 | 15 | 6 | 17 | 131 | |
| (+) Investments & Other | 16 | 0 | 0 | 0 | 0 | 14 | |
| (-) Debt | (669) | (200) | (103) | (2) | (209) | (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 | 1,290 | 564 | 406 | 95 | 484 | 1,348 | |
| (/) Shares Outstanding | 346.5 | 394.7 | 210.6 | 92.3 | 252.8 | 1,114.9 | |
| Implied Stock Price | 3.72 | 1.43 | 1.93 | 1.03 | 1.91 | 1.21 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.86 | |
| Implied Stock Price (Trading Cur) | 3.72 | 1.43 | 1.93 | 1.03 | 1.91 | 1.40 | |
| Trading Currency | GBP | GBP | GBP | GBP | GBP | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.86 | |