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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 11.8x - 13.0x | 12.4x |
Selected Fwd EBIT Multiple | 8.9x - 9.8x | 9.4x |
Fair Value | $70.89 - $77.56 | $74.23 |
Upside | 36.9% - 49.8% | 43.3% |
Benchmarks | Ticker | Full Ticker |
Builders FirstSource, Inc. | BLDR | NYSE:BLDR |
American Woodmark Corporation | AMWD | NasdaqGS:AMWD |
Trex Company, Inc. | TREX | NYSE:TREX |
Simpson Manufacturing Co., Inc. | SSD | NYSE:SSD |
UFP Industries, Inc. | UFPI | NasdaqGS:UFPI |
Gibraltar Industries, Inc. | ROCK | NasdaqGS:ROCK |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
BLDR | AMWD | TREX | SSD | UFPI | ROCK | ||
NYSE:BLDR | NasdaqGS:AMWD | NYSE:TREX | NYSE:SSD | NasdaqGS:UFPI | NasdaqGS:ROCK | ||
Historical EBIT Growth | |||||||
5Y CAGR | 32.4% | 2.3% | 10.2% | 20.0% | 15.1% | 12.9% | |
3Y CAGR | -12.8% | 10.2% | -1.6% | 5.8% | -12.2% | 12.3% | |
Latest Twelve Months | -26.7% | -7.6% | 10.7% | -9.2% | -22.9% | -2.2% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 11.3% | 6.5% | 26.1% | 21.3% | 8.3% | 10.7% | |
Prior Fiscal Year | 12.7% | 6.7% | 25.2% | 21.7% | 9.0% | 12.0% | |
Latest Fiscal Year | 9.7% | 8.7% | 26.5% | 19.5% | 7.5% | 12.3% | |
Latest Twelve Months | 9.7% | 8.5% | 26.5% | 19.5% | 7.5% | 12.3% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 1.06x | 0.74x | 5.40x | 2.88x | 0.83x | 1.00x | |
EV / LTM EBITDA | 8.1x | 6.6x | 17.3x | 12.3x | 8.5x | 7.0x | |
EV / LTM EBIT | 10.9x | 8.7x | 20.3x | 14.8x | 11.0x | 8.1x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | 8.7x | 11.0x | 20.3x | ||||
Historical EV / LTM EBIT | 8.1x | 14.5x | 21.7x | ||||
Selected EV / LTM EBIT | 11.8x | 12.4x | 13.0x | ||||
(x) LTM EBIT | 162 | 162 | 162 | ||||
(=) Implied Enterprise Value | 1,898 | 1,998 | 2,098 | ||||
(-) Non-shareholder Claims * | 223 | 223 | 223 | ||||
(=) Equity Value | 2,121 | 2,221 | 2,321 | ||||
(/) Shares Outstanding | 29.7 | 29.7 | 29.7 | ||||
Implied Value Range | 71.47 | 74.84 | 78.21 | ||||
FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 71.47 | 74.84 | 78.21 | 51.78 | |||
Upside / (Downside) | 38.0% | 44.5% | 51.0% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | BLDR | AMWD | TREX | SSD | UFPI | ROCK | |
Enterprise Value | 17,466 | 1,311 | 6,217 | 6,428 | 5,497 | 1,314 | |
(+) Cash & Short Term Investments | 154 | 43 | 1 | 239 | 1,203 | 269 | |
(+) Investments & Other | 0 | 0 | 0 | 0 | 56 | 0 | |
(-) Debt | (4,333) | (519) | (255) | (481) | (357) | (47) | |
(-) Other Liabilities | 0 | 0 | 0 | 0 | (26) | 0 | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 13,287 | 835 | 5,962 | 6,187 | 6,373 | 1,537 | |
(/) Shares Outstanding | 113.6 | 14.8 | 107.2 | 42.0 | 60.8 | 29.7 | |
Implied Stock Price | 116.94 | 56.31 | 55.61 | 147.40 | 104.78 | 51.78 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 116.94 | 56.31 | 55.61 | 147.40 | 104.78 | 51.78 | |
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 |