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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 17.7x - 19.6x | 18.6x |
Selected Fwd EBIT Multiple | 14.4x - 16.0x | 15.2x |
Fair Value | $33.86 - $39.70 | $36.78 |
Upside | 52.2% - 78.4% | 65.3% |
Benchmarks | Ticker | Full Ticker |
Beacon Roofing Supply, Inc. | BECN | NasdaqGS:BECN |
DNOW Inc. | DNOW | NYSE:DNOW |
Ameresco, Inc. | AMRC | NYSE:AMRC |
Construction Partners, Inc. | ROAD | NasdaqGS:ROAD |
Concrete Pumping Holdings, Inc. | BBCP | NasdaqCM:BBCP |
WillScot Holdings Corporation | WSC | NasdaqCM:WSC |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
BECN | DNOW | AMRC | ROAD | BBCP | WSC | ||
NasdaqGS:BECN | NYSE:DNOW | NYSE:AMRC | NasdaqGS:ROAD | NasdaqCM:BBCP | NasdaqCM:WSC | ||
Historical EBIT Growth | |||||||
5Y CAGR | 33.9% | 24.0% | 9.8% | 16.1% | 12.7% | 31.5% | |
3Y CAGR | 10.4% | 98.0% | -5.4% | 50.8% | 10.8% | 23.2% | |
Latest Twelve Months | -3.8% | -10.2% | -2.6% | 43.8% | -10.0% | -14.2% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 6.3% | 2.3% | 6.7% | 4.9% | 11.9% | 21.6% | |
Prior Fiscal Year | 7.9% | 6.3% | 6.2% | 5.0% | 13.8% | 27.9% | |
Latest Fiscal Year | 7.1% | 5.6% | 4.7% | 6.5% | 12.3% | 23.7% | |
Latest Twelve Months | 7.1% | 5.6% | 4.7% | 6.8% | 12.2% | 23.7% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 1.13x | 0.65x | 1.54x | 2.75x | 1.71x | 3.38x | |
EV / LTM EBITDA | 12.3x | 9.3x | 15.8x | 23.0x | 6.6x | 12.5x | |
EV / LTM EBIT | 15.9x | 11.7x | 33.0x | 40.6x | 14.0x | 14.3x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | 11.7x | 15.9x | 40.6x | ||||
Historical EV / LTM EBIT | 14.3x | 30.7x | 35.5x | ||||
Selected EV / LTM EBIT | 17.7x | 18.6x | 19.6x | ||||
(x) LTM EBIT | 567 | 567 | 567 | ||||
(=) Implied Enterprise Value | 10,032 | 10,560 | 11,088 | ||||
(-) Non-shareholder Claims * | (3,953) | (3,953) | (3,953) | ||||
(=) Equity Value | 6,079 | 6,607 | 7,135 | ||||
(/) Shares Outstanding | 183.6 | 183.6 | 183.6 | ||||
Implied Value Range | 33.12 | 35.99 | 38.87 | ||||
FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 33.12 | 35.99 | 38.87 | 22.25 | |||
Upside / (Downside) | 48.8% | 61.8% | 74.7% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | BECN | DNOW | AMRC | ROAD | BBCP | WSC | |
Enterprise Value | 11,019 | 1,471 | 2,633 | 5,233 | 692 | 8,037 | |
(+) Cash & Short Term Investments | 83 | 256 | 109 | 133 | 85 | 16 | |
(+) Investments & Other | 0 | 0 | 22 | 16 | 0 | 7 | |
(-) Debt | (3,462) | (67) | (2,274) | (1,264) | (443) | (3,975) | |
(-) Other Liabilities | 0 | (4) | (34) | 0 | 0 | 0 | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | (25) | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 7,640 | 1,656 | 455 | 4,117 | 309 | 4,085 | |
(/) Shares Outstanding | 61.8 | 108.8 | 52.5 | 55.9 | 53.1 | 183.6 | |
Implied Stock Price | 123.65 | 15.22 | 8.66 | 73.58 | 5.82 | 22.25 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 123.65 | 15.22 | 8.66 | 73.58 | 5.82 | 22.25 | |
Trading Currency | USD | USD | USD | USD | USD | USD | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |