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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 12.7x - 14.1x | 13.4x |
| Selected Fwd EBITDA Multiple | 8.5x - 9.4x | 9.0x |
| Fair Value | €27.43 - €30.45 | €28.94 |
| Upside | 22.4% - 35.9% | 29.2% |
| Benchmarks | Ticker | Full Ticker |
| CEMEX, S.A.B. de C.V. | CX | NYSE:CX |
| CRH plc | C1RH34 | BOVESPA:C1RH34 |
| Martin Marietta Materials, Inc. | M1LM34 | BOVESPA:M1LM34 |
| Vulcan Materials Company | V1MC34 | BOVESPA:V1MC34 |
| Holcim AG | HCML.Y | OTCPK:HCML.Y |
| James Hardie Industries plc | JHA | DB:JHA |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| CX | C1RH34 | M1LM34 | V1MC34 | HCML.Y | JHA | ||
| NYSE:CX | BOVESPA:C1RH34 | BOVESPA:M1LM34 | BOVESPA:V1MC34 | OTCPK:HCML.Y | DB:JHA | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 5.7% | 8.5% | 10.5% | 10.8% | 2.3% | 11.7% | |
| 3Y CAGR | -1.6% | 11.4% | 11.5% | 14.9% | 2.6% | 3.3% | |
| Latest Twelve Months | -11.9% | 9.7% | 2.2% | 7.3% | 1.5% | -4.2% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 16.9% | 17.0% | 29.3% | 25.3% | 20.6% | 26.7% | |
| Prior Fiscal Year | 17.0% | 17.5% | 31.2% | 25.7% | 21.8% | 28.6% | |
| Latest Fiscal Year | 16.5% | 18.9% | 31.5% | 27.6% | 22.6% | 27.8% | |
| Latest Twelve Months | 15.7% | 18.9% | 32.0% | 28.4% | 22.6% | 27.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.08x | 2.17x | 5.88x | 5.34x | 1.53x | 3.13x | |
| EV / LTM EBITDA | 6.9x | 11.5x | 18.4x | 18.8x | 6.8x | 11.3x | |
| EV / LTM EBIT | 10.7x | 15.9x | 25.6x | 27.4x | 9.3x | 14.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 6.8x | 11.5x | 18.8x | ||||
| Historical EV / LTM EBITDA | 10.5x | 15.6x | 19.9x | ||||
| Selected EV / LTM EBITDA | 12.7x | 13.4x | 14.1x | ||||
| (x) LTM EBITDA | 1,077 | 1,077 | 1,077 | ||||
| (=) Implied Enterprise Value | 13,711 | 14,432 | 15,154 | ||||
| (-) Non-shareholder Claims * | (645) | (645) | (645) | ||||
| (=) Equity Value | 13,065 | 13,787 | 14,509 | ||||
| (/) Shares Outstanding | 429.9 | 429.9 | 429.9 | ||||
| Implied Value Range | 30.39 | 32.07 | 33.75 | ||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 26.15 | 27.60 | 29.04 | 22.40 | |||
| Upside / (Downside) | 16.7% | 23.2% | 29.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | CX | C1RH34 | M1LM34 | V1MC34 | HCML.Y | JHA | |
| Enterprise Value | 16,567 | 77,678 | 42,230 | 38,198 | 63,851 | 11,836 | |
| (+) Cash & Short Term Investments | 1,179 | 3,352 | 101 | 181 | 5,352 | 563 | |
| (+) Investments & Other | 768 | 732 | 0 | 31 | 3,530 | 0 | |
| (-) Debt | (6,763) | (17,329) | (5,807) | (5,533) | (13,856) | (1,208) | |
| (-) Other Liabilities | (296) | (1,238) | (3) | (24) | (716) | 0 | |
| (-) Preferred Stock | 0 | (1) | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 11,454 | 63,194 | 36,521 | 32,853 | 58,161 | 11,191 | |
| (/) Shares Outstanding | 1,503.2 | 4,040.1 | 342.4 | 7,803.9 | 2,756.6 | 429.9 | |
| Implied Stock Price | 7.62 | 15.64 | 106.68 | 4.21 | 21.10 | 26.03 | |
| FX Conversion Rate to Trading Currency | 1.00 | 0.18 | 0.18 | 0.18 | 0.80 | 1.16 | |
| Implied Stock Price (Trading Cur) | 7.62 | 87.39 | 596.00 | 23.52 | 26.32 | 22.40 | |
| Trading Currency | USD | BRL | BRL | BRL | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 0.18 | 0.18 | 0.18 | 0.80 | 1.16 | |