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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 17.5x - 19.4x | 18.5x |
| Selected Fwd EBIT Multiple | 15.1x - 16.6x | 15.8x |
| Fair Value | €71.97 - €80.88 | €76.43 |
| Upside | 8.4% - 21.8% | 15.1% |
| Benchmarks | Ticker | Full Ticker |
| Compagnie de Saint-Gobain S.A. | COD | LSE:COD |
| Owens Corning | OC | NYSE:OC |
| Masco Corporation | 0JZ1 | LSE:0JZ1 |
| Systemair AB (publ) | 0HDK | LSE:0HDK |
| Lindab International AB (publ) | 0MWK | LSE:0MWK |
| Kingspan Group plc | KRX | DB:KRX |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| COD | OC | 0JZ1 | 0HDK | 0MWK | KRX | ||
| LSE:COD | NYSE:OC | LSE:0JZ1 | LSE:0HDK | LSE:0MWK | DB:KRX | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 9.3% | 19.8% | 5.0% | 10.3% | 2.0% | 12.7% | |
| 3Y CAGR | 7.0% | 10.4% | 9.9% | 10.8% | -7.1% | 5.7% | |
| Latest Twelve Months | 3.3% | 13.3% | -1.3% | 8.9% | -17.8% | 7.7% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 9.9% | 16.7% | 16.0% | 8.4% | 10.3% | 10.4% | |
| Prior Fiscal Year | 10.7% | 17.1% | 17.3% | 8.3% | 9.0% | 10.4% | |
| Latest Fiscal Year | 11.1% | 17.3% | 17.5% | 9.0% | 7.7% | 10.1% | |
| Latest Twelve Months | 11.2% | 16.3% | 17.7% | 9.0% | 7.3% | 9.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.25x | 1.58x | 2.44x | 1.67x | 1.56x | 1.63x | |
| EV / LTM EBITDA | 8.4x | 7.1x | 12.5x | 14.7x | 17.0x | 13.2x | |
| EV / LTM EBIT | 11.2x | 9.7x | 13.8x | 18.7x | 21.2x | 16.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 9.7x | 13.8x | 21.2x | ||||
| Historical EV / LTM EBIT | 12.9x | 19.4x | 29.4x | ||||
| Selected EV / LTM EBIT | 17.5x | 18.5x | 19.4x | ||||
| (x) LTM EBIT | 887 | 887 | 887 | ||||
| (=) Implied Enterprise Value | 15,561 | 16,380 | 17,199 | ||||
| (-) Non-shareholder Claims * | (2,306) | (2,306) | (2,306) | ||||
| (=) Equity Value | 13,255 | 14,074 | 14,893 | ||||
| (/) Shares Outstanding | 181.7 | 181.7 | 181.7 | ||||
| Implied Value Range | 72.96 | 77.47 | 81.98 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 72.96 | 77.47 | 81.98 | 66.40 | |||
| Upside / (Downside) | 9.9% | 16.7% | 23.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | COD | OC | 0JZ1 | 0HDK | 0MWK | KRX | |
| Enterprise Value | 60,887 | 17,910 | 18,685 | 20,689 | 20,647 | 14,369 | |
| (+) Cash & Short Term Investments | 5,990 | 230 | 390 | 426 | 468 | 581 | |
| (+) Investments & Other | 1,082 | 674 | 0 | 29 | 0 | 37 | |
| (-) Debt | (18,777) | (5,977) | (3,224) | (1,293) | (4,657) | (2,719) | |
| (-) Other Liabilities | (561) | (41) | (234) | (8) | 0 | (206) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 48,621 | 12,796 | 15,617 | 19,843 | 16,458 | 12,063 | |
| (/) Shares Outstanding | 495.1 | 83.6 | 209.4 | 208.0 | 77.0 | 181.7 | |
| Implied Stock Price | 98.20 | 153.01 | 74.60 | 95.40 | 213.64 | 66.40 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 98.20 | 153.01 | 74.60 | 95.40 | 213.64 | 66.40 | |
| Trading Currency | EUR | USD | USD | SEK | SEK | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |