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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 10.1x - 11.2x | 10.7x |
| Selected Fwd EBITDA Multiple | 5.8x - 6.5x | 6.2x |
| Fair Value | €1.06 - €1.23 | €1.14 |
| Upside | -14.0% - -0.1% | -7.1% |
| Benchmarks | Ticker | Full Ticker |
| Michelmersh Brick Holdings plc | MBH | AIM:MBH |
| Marshalls plc | MSLH | LSE:MSLH |
| Ibstock plc | IBST | LSE:IBST |
| Breedon Group plc | BREE | LSE:BREE |
| Forterra plc | FORT | LSE:FORT |
| SigmaRoc plc | M2I2 | DB:M2I2 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| MBH | MSLH | IBST | BREE | FORT | M2I2 | ||
| AIM:MBH | LSE:MSLH | LSE:IBST | LSE:BREE | LSE:FORT | DB:M2I2 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | -0.4% | -1.4% | -9.6% | 8.9% | -7.7% | 72.6% | |
| 3Y CAGR | -3.6% | -2.1% | -9.6% | 8.6% | -7.0% | 85.9% | |
| Latest Twelve Months | -25.5% | -3.4% | -26.1% | 11.7% | -1.7% | 111.4% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 22.4% | 13.1% | 22.4% | 16.0% | 15.9% | 13.7% | |
| Prior Fiscal Year | 21.9% | 13.0% | 23.2% | 15.7% | 15.1% | 12.9% | |
| Latest Fiscal Year | 18.0% | 13.6% | 19.0% | 16.5% | 14.9% | 15.3% | |
| Latest Twelve Months | 18.0% | 13.6% | 19.0% | 16.5% | 14.9% | 15.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.32x | 1.46x | 2.45x | 1.26x | 1.46x | 1.77x | |
| EV / LTM EBITDA | 7.3x | 10.7x | 12.9x | 7.7x | 9.8x | 11.5x | |
| EV / LTM EBIT | 11.3x | 17.5x | 23.1x | 12.8x | 13.7x | 20.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 7.3x | 9.8x | 12.9x | ||||
| Historical EV / LTM EBITDA | 6.9x | 11.5x | 25.6x | ||||
| Selected EV / LTM EBITDA | 10.1x | 10.7x | 11.2x | ||||
| (x) LTM EBITDA | 147 | 147 | 147 | ||||
| (=) Implied Enterprise Value | 1,495 | 1,574 | 1,652 | ||||
| (-) Non-shareholder Claims * | (525) | (525) | (525) | ||||
| (=) Equity Value | 970 | 1,048 | 1,127 | ||||
| (/) Shares Outstanding | 1,114.9 | 1,114.9 | 1,114.9 | ||||
| Implied Value Range | 0.87 | 0.94 | 1.01 | ||||
| FX Rate: GBP/EUR | 0.8 | 0.8 | 0.8 | Market Price | |||
| Implied Value Range (Trading Cur) | 1.04 | 1.12 | 1.20 | 1.23 | |||
| Upside / (Downside) | -15.8% | -9.0% | -2.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | MBH | MSLH | IBST | BREE | FORT | M2I2 | |
| Enterprise Value | 92 | 903 | 899 | 1,979 | 504 | 1,677 | |
| (+) Cash & Short Term Investments | 6 | 20 | 9 | 29 | 15 | 131 | |
| (+) Investments & Other | 0 | 0 | 0 | 15 | 0 | 14 | |
| (-) Debt | (2) | (188) | (166) | (434) | (121) | (642) | |
| (-) Other Liabilities | 0 | 0 | 0 | (0) | 0 | (29) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 96 | 734 | 742 | 1,588 | 398 | 1,152 | |
| (/) Shares Outstanding | 92.4 | 252.8 | 394.6 | 346.3 | 210.6 | 1,114.9 | |
| Implied Stock Price | 1.04 | 2.91 | 1.88 | 4.59 | 1.89 | 1.03 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.84 | |
| Implied Stock Price (Trading Cur) | 1.04 | 2.91 | 1.88 | 4.59 | 1.89 | 1.23 | |
| Trading Currency | GBP | GBP | GBP | GBP | GBP | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.84 | |