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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM P/E Multiple | 14.0x - 15.4x | 14.7x |
| Selected Fwd P/E Multiple | 10.3x - 11.4x | 10.9x |
| Fair Value | €142.07 - €157.02 | €149.54 |
| Upside | -30.2% - -22.8% | -26.5% |
| Benchmarks | - | Full Ticker |
| Cementir Holding N.V. | - | DB:3PC |
| Buzzi S.p.A. | - | DB:UCM |
| Vicat S.A. | - | DB:4HM |
| Eagle Materials Inc. | - | DB:E5M |
| Holcim AG | - | XTRA:HLBN |
| Heidelberg Materials AG | - | DB:HEI |
| - | - | - |
| Select Price / LTM EPS Ratio | ||||||||
| Benchmark Companies | ||||||||
| 3PC | UCM | 4HM | E5M | HLBN | HEI | |||
| DB:3PC | DB:UCM | DB:4HM | DB:E5M | XTRA:HLBN | DB:HEI | |||
| Historical Net Income Growth | ||||||||
| 5Y CAGR | 19.3% | 19.6% | 12.9% | 14.9% | 5.6% | 9.2% | ||
| 3Y CAGR | 21.2% | 20.3% | 10.1% | 7.4% | 8.6% | -1.1% | ||
| Latest Twelve Months | -11.7% | -2.5% | 5.5% | -3.0% | -4.0% | -14.1% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 10.9% | 17.0% | 6.5% | 19.8% | 10.6% | 5.0% | ||
| Prior Fiscal Year | 11.9% | 22.3% | 6.6% | 21.1% | 11.3% | 9.6% | ||
| Latest Fiscal Year | 11.9% | 21.8% | 7.0% | 20.5% | 11.1% | 8.2% | ||
| Latest Twelve Months | 10.3% | 21.8% | 7.0% | 20.5% | 11.1% | 8.2% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 6.8x | 6.5x | 6.4x | 11.2x | 6.8x | 10.3x | ||
| Price / LTM Sales | 1.4x | 2.1x | 0.7x | 3.3x | 1.3x | 1.7x | ||
| LTM P/E Ratio | 14.0x | 9.8x | 10.4x | 16.0x | 12.0x | 20.9x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/E Ratio | 9.8x | 12.0x | 16.0x | |||||
| Historical LTM P/E Ratio | -5.4x | 6.4x | 20.9x | |||||
| Selected P/E Multiple | 14.0x | 14.7x | 15.4x | |||||
| (x) LTM Net Income | 1,746 | 1,746 | 1,746 | |||||
| (=) Equity Value | 24,387 | 25,671 | 26,954 | |||||
| (/) Shares Outstanding | 177.9 | 177.9 | 177.9 | |||||
| Implied Value Range | 137.06 | 144.27 | 151.48 | |||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 137.06 | 144.27 | 151.48 | 203.50 | ||||
| Upside / (Downside) | -32.7% | -29.1% | -25.6% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | 3PC | UCM | 4HM | E5M | HLBN | HEI | |
| Value of Common Equity | 2,389 | 9,253 | 2,826 | 7,284 | 71,562 | 36,210 | |
| (/) Shares Outstanding | 155.5 | 181.1 | 44.4 | 32.6 | 1,133.2 | 177.9 | |
| Implied Stock Price | 15.36 | 51.10 | 63.60 | 223.24 | 63.15 | 203.50 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.17 | 0.93 | 1.00 | |
| Implied Stock Price (Trading Cur) | 15.36 | 51.10 | 63.60 | 191.00 | 67.80 | 203.50 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.17 | 0.93 | 1.00 | |