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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 12.7x - 14.1x | 13.4x |
| Selected Fwd EBIT Multiple | 8.8x - 9.8x | 9.3x |
| Fair Value | €5.45 - €6.17 | €5.81 |
| Upside | 4.3% - 18.0% | 11.1% |
| Benchmarks | Ticker | Full Ticker |
| Ibstock plc | IBST | LSE:IBST |
| Forterra plc | FORT | LSE:FORT |
| Michelmersh Brick Holdings plc | MBH | AIM:MBH |
| Holcim AG | 0QKY | LSE:0QKY |
| CRH plc | CRH | LSE:CRH |
| Breedon Group plc | CQB0 | DB:CQB0 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| IBST | FORT | MBH | 0QKY | CRH | CQB0 | ||
| LSE:IBST | LSE:FORT | AIM:MBH | LSE:0QKY | LSE:CRH | DB:CQB0 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | -15.1% | -10.8% | -2.0% | 6.0% | 12.0% | 7.0% | |
| 3Y CAGR | -15.4% | -11.2% | -6.3% | 4.4% | 14.2% | 7.2% | |
| Latest Twelve Months | -40.3% | -3.9% | -33.8% | 1.9% | 9.8% | 6.6% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 14.9% | 12.4% | 15.7% | 13.9% | 11.7% | 9.8% | |
| Prior Fiscal Year | 15.9% | 11.1% | 16.0% | 15.8% | 12.8% | 9.8% | |
| Latest Fiscal Year | 10.5% | 10.7% | 11.7% | 16.4% | 13.9% | 9.9% | |
| Latest Twelve Months | 10.5% | 10.7% | 11.7% | 16.4% | 13.9% | 9.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.28x | 1.38x | 1.22x | 2.21x | 2.09x | 1.24x | |
| EV / LTM EBITDA | 10.5x | 9.2x | 6.4x | 9.8x | 11.1x | 7.5x | |
| EV / LTM EBIT | 21.7x | 12.9x | 10.5x | 13.5x | 15.1x | 12.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 10.5x | 13.5x | 21.7x | ||||
| Historical EV / LTM EBIT | 9.0x | 12.6x | 26.5x | ||||
| Selected EV / LTM EBIT | 12.7x | 13.4x | 14.1x | ||||
| (x) LTM EBIT | 156 | 156 | 156 | ||||
| (=) Implied Enterprise Value | 1,986 | 2,090 | 2,195 | ||||
| (-) Non-shareholder Claims * | (391) | (391) | (391) | ||||
| (=) Equity Value | 1,595 | 1,700 | 1,804 | ||||
| (/) Shares Outstanding | 345.8 | 345.8 | 345.8 | ||||
| Implied Value Range | 4.61 | 4.91 | 5.22 | ||||
| FX Rate: GBP/EUR | 0.8 | 0.8 | 0.8 | Market Price | |||
| Implied Value Range (Trading Cur) | 5.47 | 5.83 | 6.19 | 5.23 | |||
| Upside / (Downside) | 4.6% | 11.4% | 18.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | IBST | FORT | MBH | 0QKY | CRH | CQB0 | |
| Enterprise Value | 834 | 474 | 86 | 58,133 | 73,921 | 1,916 | |
| (+) Cash & Short Term Investments | 9 | 15 | 6 | 5,352 | 3,720 | 29 | |
| (+) Investments & Other | 0 | 0 | 0 | 3,530 | 737 | 15 | |
| (-) Debt | (166) | (121) | (2) | (13,856) | (15,564) | (434) | |
| (-) Other Liabilities | 0 | 0 | 0 | (716) | (1,243) | (0) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | (1) | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 678 | 368 | 89 | 52,443 | 61,570 | 1,525 | |
| (/) Shares Outstanding | 394.0 | 210.6 | 92.6 | 551.0 | 677.9 | 345.8 | |
| Implied Stock Price | 1.72 | 1.75 | 0.97 | 95.17 | 90.83 | 4.41 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.31 | 0.84 | |
| Implied Stock Price (Trading Cur) | 1.72 | 1.75 | 0.97 | 95.17 | 69.28 | 5.23 | |
| Trading Currency | GBP | GBP | GBP | CHF | GBP | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.31 | 0.84 | |