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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Ps Multiple | 0.9x - 1.0x | 1.0x |
| Selected Fwd Ps Multiple | 0.8x - 0.9x | 0.8x |
| Fair Value | €4.98 - €5.50 | €5.24 |
| Upside | 0.0% - 10.5% | 5.2% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Ibstock plc | - | LSE:IBST |
| Forterra plc | - | LSE:FORT |
| Michelmersh Brick Holdings plc | - | AIM:MBH |
| Holcim AG | - | LSE:0QKY |
| CRH plc | - | LSE:CRH |
| Breedon Group plc | - | DB:CQB0 |
| Select Price / LTM Sales Ratio | ||||||||
| Benchmark Companies | ||||||||
| IBST | FORT | MBH | 0QKY | CRH | CQB0 | |||
| LSE:IBST | LSE:FORT | AIM:MBH | LSE:0QKY | LSE:CRH | DB:CQB0 | |||
| Historical Sales Growth | ||||||||
| 5Y CAGR | -2.2% | -2.0% | 5.5% | -0.2% | 4.8% | 11.1% | ||
| 3Y CAGR | -3.6% | -2.4% | 5.6% | -0.5% | 6.8% | 8.5% | ||
| Latest Twelve Months | -9.8% | -0.6% | -9.3% | -2.2% | 1.8% | 6.0% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 7.0% | 7.1% | 11.7% | 10.6% | 8.5% | 6.4% | ||
| Prior Fiscal Year | 5.2% | 3.7% | 12.5% | 11.3% | 9.0% | 7.1% | ||
| Latest Fiscal Year | 4.1% | 5.1% | 8.7% | 11.1% | 9.7% | 6.1% | ||
| Latest Twelve Months | 4.1% | 5.1% | 8.7% | 11.1% | 9.7% | 6.1% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 10.3x | 9.0x | 6.8x | 8.7x | 10.4x | 7.3x | ||
| Price / LTM Sales | 1.8x | 1.0x | 1.3x | 1.8x | 1.6x | 1.0x | ||
| LTM P/E Ratio | 43.3x | 20.3x | 14.6x | 15.9x | 16.6x | 15.6x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/S Ratio | 1.0x | 1.6x | 1.8x | |||||
| Historical LTM P/S Ratio | 0.8x | 1.0x | 1.7x | |||||
| Selected Price / Sales Multiple | 0.9x | 1.0x | 1.0x | |||||
| (x) LTM Sales | 1,576 | 1,576 | 1,576 | |||||
| (=) Equity Value | 1,472 | 1,550 | 1,627 | |||||
| (/) Shares Outstanding | 345.8 | 345.8 | 345.8 | |||||
| Implied Value Range | 4.26 | 4.48 | 4.71 | |||||
| FX Rate: GBP/EUR | 0.9 | 0.9 | 0.9 | Market Price | ||||
| Implied Value Range (Trading Cur) | 4.91 | 5.17 | 5.42 | 4.98 | ||||
| Upside / (Downside) | -1.4% | 3.7% | 8.9% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | IBST | FORT | MBH | 0QKY | CRH | CQB0 | |
| Value of Common Equity | 654 | 356 | 89 | 46,297 | 55,795 | 1,494 | |
| (/) Shares Outstanding | 394.0 | 210.6 | 92.6 | 551.0 | 676.5 | 345.8 | |
| Implied Stock Price | 1.66 | 1.69 | 0.97 | 84.02 | 82.47 | 4.32 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.31 | 0.87 | |
| Implied Stock Price (Trading Cur) | 1.66 | 1.69 | 0.97 | 84.02 | 63.08 | 4.98 | |
| Trading Currency | GBP | GBP | GBP | CHF | GBP | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.31 | 0.87 | |