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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 12.0x - 13.2x | 12.6x |
| Selected Fwd EBIT Multiple | 12.3x - 13.6x | 13.0x |
| Fair Value | €54.37 - €61.42 | €57.89 |
| Upside | -9.6% - 2.1% | -3.7% |
| Benchmarks | Ticker | Full Ticker |
| Armstrong World Industries, Inc. | AWI | NYSE:AWI |
| Carlisle Companies Incorporated | CSL | NYSE:CSL |
| Fortune Brands Innovations, Inc. | FBIN | NYSE:FBIN |
| Zurn Elkay Water Solutions Corporation | ZWS | NYSE:ZWS |
| Owens Corning | OC | NYSE:OC |
| Masco Corporation | MSQ | DB:MSQ |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| AWI | CSL | FBIN | ZWS | OC | MSQ | ||
| NYSE:AWI | NYSE:CSL | NYSE:FBIN | NYSE:ZWS | NYSE:OC | DB:MSQ | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 3.6% | 11.6% | 1.0% | -4.6% | 19.8% | 5.0% | |
| 3Y CAGR | 15.0% | 24.6% | -2.6% | 30.2% | 10.4% | 9.9% | |
| Latest Twelve Months | 17.2% | -10.5% | -8.2% | 12.3% | 11.7% | -1.3% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 18.8% | 18.7% | 16.5% | 14.1% | 16.4% | 16.0% | |
| Prior Fiscal Year | 19.4% | 21.5% | 15.2% | 14.0% | 17.1% | 17.3% | |
| Latest Fiscal Year | 19.6% | 22.4% | 16.7% | 16.3% | 17.3% | 17.5% | |
| Latest Twelve Months | 20.1% | 20.7% | 15.9% | 16.6% | 16.5% | 17.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 5.60x | 3.39x | 2.12x | 4.82x | 1.58x | 2.30x | |
| EV / LTM EBITDA | 20.5x | 13.9x | 10.5x | 21.7x | 7.0x | 11.7x | |
| EV / LTM EBIT | 27.9x | 16.4x | 13.3x | 29.0x | 9.6x | 13.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 9.6x | 16.4x | 29.0x | ||||
| Historical EV / LTM EBIT | 10.1x | 13.4x | 18.6x | ||||
| Selected EV / LTM EBIT | 12.0x | 12.6x | 13.2x | ||||
| (x) LTM EBIT | 1,355 | 1,355 | 1,355 | ||||
| (=) Implied Enterprise Value | 16,217 | 17,070 | 17,924 | ||||
| (-) Non-shareholder Claims * | (3,068) | (3,068) | (3,068) | ||||
| (=) Equity Value | 13,149 | 14,002 | 14,856 | ||||
| (/) Shares Outstanding | 209.4 | 209.4 | 209.4 | ||||
| Implied Value Range | 62.80 | 66.88 | 70.96 | ||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 53.80 | 57.30 | 60.79 | 60.14 | |||
| Upside / (Downside) | -10.5% | -4.7% | 1.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | AWI | CSL | FBIN | ZWS | OC | MSQ | |
| Enterprise Value | 8,693 | 16,962 | 9,549 | 7,784 | 17,365 | 17,765 | |
| (+) Cash & Short Term Investments | 81 | 68 | 235 | 202 | 400 | 390 | |
| (+) Investments & Other | 35 | 0 | 0 | 0 | 631 | 0 | |
| (-) Debt | (566) | (1,896) | (2,996) | (556) | (6,004) | (3,224) | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | (42) | (234) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 8,243 | 15,134 | 6,788 | 7,429 | 12,350 | 14,697 | |
| (/) Shares Outstanding | 43.3 | 42.7 | 120.0 | 167.6 | 83.6 | 209.4 | |
| Implied Stock Price | 190.56 | 354.84 | 56.55 | 44.34 | 147.73 | 70.20 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.17 | |
| Implied Stock Price (Trading Cur) | 190.56 | 354.84 | 56.55 | 44.34 | 147.73 | 60.14 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.17 | |