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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 1.0x - 1.2x | 1.1x |
| Selected Fwd Revenue Multiple | 1.0x - 1.1x | 1.0x |
| Fair Value | €0.67 - €0.77 | €0.72 |
| Upside | 18.2% - 36.2% | 27.2% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| GCC, S.A.B. de C.V. | GCC * | BMV:GCC* |
| James Hardie Industries plc | JHX | NYSE:JHX |
| Knife River Corporation | KNF | NYSE:KNF |
| Titan Cement International S.A. | TITC | ENXTBR:TITC |
| Vulcan Materials Company | VMC * | BMV:VMC* |
| CEMEX, S.A.B. de C.V. | CEXB | DB:CEXB |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| GCC * | JHX | KNF | TITC | VMC * | CEXB | |||
| BMV:GCC* | NYSE:JHX | NYSE:KNF | ENXTBR:TITC | BMV:VMC* | DB:CEXB | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 7.9% | 9.4% | NM- | 10.4% | 8.5% | 4.6% | ||
| 3Y CAGR | 9.6% | 10.6% | 9.2% | 15.5% | 10.1% | 4.1% | ||
| Latest Twelve Months | -3.8% | 1.6% | 2.5% | 2.9% | -2.2% | -3.9% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 24.8% | 21.7% | 9.9% | 10.6% | 17.2% | 10.9% | ||
| Prior Fiscal Year | 27.9% | 20.6% | 11.0% | 15.4% | 17.8% | 11.6% | ||
| Latest Fiscal Year | 28.4% | 23.9% | 11.3% | 15.7% | 19.1% | 11.0% | ||
| Latest Twelve Months | 28.2% | 22.6% | 10.4% | 15.9% | 19.5% | 10.1% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 1.98x | 2.85x | 2.20x | 1.24x | 5.44x | 0.95x | ||
| EV / LTM EBIT | 7.0x | 12.6x | 21.1x | 7.9x | 27.9x | 9.4x | ||
| Price / LTM Sales | 2.17x | 2.68x | 1.81x | 1.13x | 4.72x | 0.62x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 1.24x | 2.20x | 5.44x | |||||
| Historical EV / LTM Revenue | 0.83x | 1.10x | 1.55x | |||||
| Selected EV / LTM Revenue | 1.04x | 1.10x | 1.15x | |||||
| (x) LTM Revenue | 15,907 | 15,907 | 15,907 | |||||
| (=) Implied Enterprise Value | 16,566 | 17,438 | 18,310 | |||||
| (-) Non-shareholder Claims * | (5,112) | (5,112) | (5,112) | |||||
| (=) Equity Value | 11,454 | 12,325 | 13,197 | |||||
| (/) Shares Outstanding | 15,134.4 | 15,134.4 | 15,134.4 | |||||
| Implied Value Range | 0.76 | 0.81 | 0.87 | |||||
| FX Rate: USD/EUR | 1.1 | 1.1 | 1.1 | Market Price | ||||
| Implied Value Range (Trading Cur) | 0.67 | 0.72 | 0.77 | 0.57 | ||||
| Upside / (Downside) | 19.0% | 28.1% | 37.1% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | GCC * | JHX | KNF | TITC | VMC * | CEXB | |
| Enterprise Value | 2,677 | 11,107 | 6,460 | 3,363 | 39,826 | 14,735 | |
| (+) Cash & Short Term Investments | 873 | 539 | 86 | 449 | 181 | 1,179 | |
| (+) Investments & Other | 29 | 0 | 52 | 0 | 31 | 768 | |
| (-) Debt | (632) | (1,188) | (1,219) | (728) | (5,533) | (6,763) | |
| (-) Other Liabilities | (1) | 0 | 0 | (137) | (24) | (296) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 2,946 | 10,458 | 5,380 | 2,947 | 34,481 | 9,623 | |
| (/) Shares Outstanding | 327.4 | 429.9 | 56.7 | 74.2 | 132.1 | 15,134.4 | |
| Implied Stock Price | 9.00 | 24.33 | 94.96 | 39.70 | 261.02 | 0.64 | |
| FX Conversion Rate to Trading Currency | 0.05 | 1.00 | 1.00 | 1.00 | 0.05 | 1.13 | |
| Implied Stock Price (Trading Cur) | 175.19 | 24.33 | 94.96 | 39.70 | 5,082.10 | 0.57 | |
| Trading Currency | MXN | USD | USD | EUR | MXN | EUR | |
| FX Rate to Reporting Currency | 0.05 | 1.00 | 1.00 | 1.00 | 0.05 | 1.13 | |