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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 10.4x - 11.4x | 10.9x |
| Selected Fwd EBITDA Multiple | 9.8x - 10.8x | 10.3x |
| Fair Value | €5 - €5.98 | €5.49 |
| Upside | -16.7% - -0.4% | -8.5% |
| Benchmarks | Ticker | Full Ticker |
| Diamond Building Products Public Company Limited | DRT | SET:DRT |
| Smart Concrete Public Company Limited | SMART | SET:SMART |
| Siam City Cement Public Company Limited | SCCC | SET:SCCC |
| Buzzi S.p.A. | UCM | DB:UCM |
| Heidelberg Materials AG | HLBZ.F | OTCPK:HLBZ.F |
| The Siam Cement Public Company Limited | TCM1 | DB:TCM1 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| DRT | SMART | SCCC | UCM | HLBZ.F | TCM1 | ||
| SET:DRT | SET:SMART | SET:SCCC | DB:UCM | OTCPK:HLBZ.F | DB:TCM1 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 0.0% | 11.4% | 0.4% | 12.4% | 6.3% | -10.5% | |
| 3Y CAGR | -4.7% | 17.3% | 4.3% | 17.8% | 7.8% | -26.6% | |
| Latest Twelve Months | -34.2% | -46.8% | 44.0% | 2.2% | 17.8% | 104.5% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 19.4% | 21.8% | 16.8% | 25.1% | 16.8% | 10.1% | |
| Prior Fiscal Year | 18.5% | 26.0% | 13.4% | 27.8% | 17.4% | 7.3% | |
| Latest Fiscal Year | 17.4% | 25.9% | 18.9% | 28.5% | 18.5% | 6.0% | |
| Latest Twelve Months | 14.5% | 20.7% | 19.9% | 27.0% | 19.2% | 7.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.13x | 0.91x | 1.26x | 1.70x | 1.94x | 0.92x | |
| EV / LTM EBITDA | 7.7x | 4.4x | 6.3x | 6.3x | 10.1x | 12.7x | |
| EV / LTM EBIT | 13.1x | 7.6x | 10.3x | 8.2x | 13.6x | 55.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 4.4x | 6.3x | 10.1x | ||||
| Historical EV / LTM EBITDA | 8.3x | 11.1x | 25.9x | ||||
| Selected EV / LTM EBITDA | 10.4x | 10.9x | 11.4x | ||||
| (x) LTM EBITDA | 36,657 | 36,657 | 36,657 | ||||
| (=) Implied Enterprise Value | 379,423 | 399,393 | 419,363 | ||||
| (-) Non-shareholder Claims * | (192,009) | (192,009) | (192,009) | ||||
| (=) Equity Value | 187,415 | 207,384 | 227,354 | ||||
| (/) Shares Outstanding | 1,200.0 | 1,200.0 | 1,200.0 | ||||
| Implied Value Range | 156.18 | 172.82 | 189.46 | ||||
| FX Rate: THB/EUR | 37.4 | 37.4 | 37.4 | Market Price | |||
| Implied Value Range (Trading Cur) | 4.18 | 4.62 | 5.07 | 6.00 | |||
| Upside / (Downside) | -30.4% | -23.0% | -15.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | DRT | SMART | SCCC | UCM | HLBZ.F | TCM1 | |
| Enterprise Value | 5,355 | 433 | 65,609 | 7,646 | 42,968 | 461,331 | |
| (+) Cash & Short Term Investments | 18 | 215 | 6,008 | 1,273 | 1,326 | 45,174 | |
| (+) Investments & Other | 0 | 0 | 2,038 | 556 | 2,257 | 152,082 | |
| (-) Debt | (988) | (23) | (20,672) | (602) | (8,656) | (327,681) | |
| (-) Other Liabilities | 0 | 0 | (7,687) | (51) | (957) | (61,584) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 4,385 | 625 | 45,296 | 8,823 | 36,938 | 269,322 | |
| (/) Shares Outstanding | 812.0 | 1,041.6 | 298.0 | 181.0 | 177.1 | 1,200.0 | |
| Implied Stock Price | 5.40 | 0.60 | 152.00 | 48.74 | 208.60 | 224.44 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 0.85 | 37.41 | |
| Implied Stock Price (Trading Cur) | 5.40 | 0.60 | 152.00 | 48.74 | 245.53 | 6.00 | |
| Trading Currency | THB | THB | THB | EUR | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 0.85 | 37.41 | |