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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 7.8x - 8.6x | 8.2x |
Selected Fwd EBIT Multiple | 6.7x - 7.4x | 7.0x |
Fair Value | €13.82 - €15.09 | €14.45 |
Upside | -6.5% - 2.1% | -2.2% |
Benchmarks | Ticker | Full Ticker |
Buzzi S.p.A. | BZU | BIT:BZU |
Heidelberg Materials AG | 1HEI | BIT:1HEI |
CRH plc | CRG | DB:CRG |
Titan S.A. | TITC | ENXTBR:TITC |
Holcim AG | HLBN | DB:HLBN |
Cementir Holding N.V. | 3PC | DB:3PC |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
BZU | 1HEI | CRG | TITC | HLBN | 3PC | ||
BIT:BZU | BIT:1HEI | DB:CRG | ENXTBR:TITC | DB:HLBN | DB:3PC | ||
Historical EBIT Growth | |||||||
5Y CAGR | 16.7% | 9.9% | 12.0% | 25.8% | 6.0% | 11.4% | |
3Y CAGR | 22.6% | 10.2% | 14.2% | 46.3% | 4.4% | 11.6% | |
Latest Twelve Months | 0.6% | 4.8% | 8.1% | 7.8% | 1.9% | 0.0% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 18.5% | 11.5% | 11.9% | 11.0% | 13.9% | 12.7% | |
Prior Fiscal Year | 22.6% | 12.9% | 12.8% | 15.4% | 15.8% | 14.7% | |
Latest Fiscal Year | 22.7% | 13.5% | 13.9% | 15.7% | 16.4% | 14.1% | |
Latest Twelve Months | 22.7% | 13.5% | 13.7% | 15.9% | 16.4% | 13.9% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 1.63x | 1.81x | 2.21x | 1.21x | 1.45x | 1.30x | |
EV / LTM EBITDA | 5.7x | 9.8x | 11.7x | 5.6x | 6.4x | 6.4x | |
EV / LTM EBIT | 7.2x | 13.4x | 16.1x | 7.6x | 8.9x | 9.3x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | 7.2x | 8.9x | 16.1x | ||||
Historical EV / LTM EBIT | 6.3x | 8.2x | 11.1x | ||||
Selected EV / LTM EBIT | 7.8x | 8.2x | 8.6x | ||||
(x) LTM EBIT | 235 | 235 | 235 | ||||
(=) Implied Enterprise Value | 1,826 | 1,922 | 2,018 | ||||
(-) Non-shareholder Claims * | 273 | 273 | 273 | ||||
(=) Equity Value | 2,099 | 2,195 | 2,291 | ||||
(/) Shares Outstanding | 155.5 | 155.5 | 155.5 | ||||
Implied Value Range | 13.49 | 14.11 | 14.73 | ||||
FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 13.49 | 14.11 | 14.73 | 14.78 | |||
Upside / (Downside) | -8.7% | -4.5% | -0.3% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | BZU | 1HEI | CRG | TITC | HLBN | 3PC | |
Enterprise Value | 7,067 | 38,407 | 78,057 | 3,203 | 72,461 | 2,026 | |
(+) Cash & Short Term Investments | 1,410 | 3,233 | 3,352 | 449 | 5,352 | 486 | |
(+) Investments & Other | 478 | 2,616 | 732 | 0 | 3,530 | 0 | |
(-) Debt | (608) | (8,558) | (17,329) | (728) | (13,856) | (213) | |
(-) Other Liabilities | (5) | (1,179) | (1,238) | (137) | (716) | 0 | |
(-) Preferred Stock | 0 | 0 | (1) | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 8,344 | 34,518 | 63,573 | 2,787 | 66,771 | 2,299 | |
(/) Shares Outstanding | 181.1 | 178.0 | 673.2 | 74.5 | 1,126.9 | 155.5 | |
Implied Stock Price | 46.08 | 193.90 | 94.44 | 37.40 | 59.25 | 14.78 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.17 | 1.00 | 0.94 | 1.00 | |
Implied Stock Price (Trading Cur) | 46.08 | 193.90 | 80.48 | 37.40 | 63.36 | 14.78 | |
Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.17 | 1.00 | 0.94 | 1.00 |