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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 9.2x - 10.2x | 9.7x |
| Selected Fwd EBITDA Multiple | 8.5x - 9.4x | 8.9x |
| Fair Value | kr302.61 - kr333.37 | kr317.99 |
| Upside | 0.8% - 11.1% | 5.9% |
| Benchmarks | Ticker | Full Ticker |
| Compagnie de Saint-Gobain S.A. | SGO | ENXTPA:SGO |
| Etex N.V. | 94124453 | ENXTBR:094124453 |
| Carlisle Companies Incorporated | CLE | DB:CLE |
| Owens Corning | O5Q | DB:O5Q |
| Masco Corporation | MSQ | DB:MSQ |
| Rockwool A/S | ROCK B | CPSE:ROCKB |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| SGO | 94124453 | CLE | O5Q | MSQ | ROCK B | ||
| ENXTPA:SGO | ENXTBR:094124453 | DB:CLE | DB:O5Q | DB:MSQ | CPSE:ROCKB | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 8.5% | 7.8% | 8.7% | 16.1% | 4.8% | 11.3% | |
| 3Y CAGR | 7.2% | 6.9% | 17.1% | 10.5% | 8.7% | 16.0% | |
| Latest Twelve Months | 3.3% | -2.6% | -0.7% | 18.3% | -2.9% | 21.1% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 12.5% | 18.0% | 22.7% | 21.8% | 17.8% | 19.1% | |
| Prior Fiscal Year | 13.8% | 18.5% | 25.9% | 22.4% | 19.1% | 20.4% | |
| Latest Fiscal Year | 14.6% | 18.1% | 25.8% | 23.3% | 19.4% | 23.2% | |
| Latest Twelve Months | 14.6% | 18.1% | 25.2% | 23.3% | 19.3% | 23.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.21x | 0.57x | 3.62x | 1.62x | 2.07x | 2.11x | |
| EV / LTM EBITDA | 8.3x | 3.1x | 14.4x | 6.9x | 10.7x | 9.1x | |
| EV / LTM EBIT | 10.9x | 5.1x | 16.8x | 9.4x | 11.9x | 12.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 3.1x | 8.3x | 14.4x | ||||
| Historical EV / LTM EBITDA | 7.6x | 9.1x | 12.8x | ||||
| Selected EV / LTM EBITDA | 9.2x | 9.7x | 10.2x | ||||
| (x) LTM EBITDA | 895 | 895 | 895 | ||||
| (=) Implied Enterprise Value | 8,233 | 8,667 | 9,100 | ||||
| (-) Non-shareholder Claims * | 291 | 291 | 291 | ||||
| (=) Equity Value | 8,524 | 8,958 | 9,391 | ||||
| (/) Shares Outstanding | 210.1 | 210.1 | 210.1 | ||||
| Implied Value Range | 40.58 | 42.64 | 44.70 | ||||
| FX Rate: EUR/DKK | 0.1 | 0.1 | 0.1 | Market Price | |||
| Implied Value Range (Trading Cur) | 302.85 | 318.24 | 333.64 | 300.20 | |||
| Upside / (Downside) | 0.9% | 6.0% | 11.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | SGO | 94124453 | CLE | O5Q | MSQ | ROCK B | |
| Enterprise Value | 56,356 | 2,142 | 17,689 | 17,202 | 15,738 | 8,159 | |
| (+) Cash & Short Term Investments | 8,460 | 417 | 220 | 361 | 377 | 403 | |
| (+) Investments & Other | 1,387 | 8 | 0 | 86 | 0 | 11 | |
| (-) Debt | (18,238) | (1,526) | (1,894) | (5,616) | (3,306) | (122) | |
| (-) Other Liabilities | (513) | (24) | 0 | (43) | (248) | (1) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 47,452 | 1,016 | 16,015 | 11,990 | 12,561 | 8,450 | |
| (/) Shares Outstanding | 496.9 | 78.2 | 43.2 | 85.5 | 210.9 | 210.1 | |
| Implied Stock Price | 95.50 | 13.00 | 371.12 | 140.17 | 59.55 | 40.22 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.13 | 1.13 | 1.13 | 0.13 | |
| Implied Stock Price (Trading Cur) | 95.50 | 13.00 | 328.70 | 124.15 | 52.74 | 300.20 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | DKK | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.13 | 1.13 | 1.13 | 0.13 | |