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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 158.0x - 174.7x | 166.3x |
| Selected Fwd EBIT Multiple | 40.9x - 45.2x | 43.1x |
| Fair Value | €2.31 - €3.01 | €2.66 |
| Upside | -47.8% - -31.9% | -39.8% |
| Benchmarks | Ticker | Full Ticker |
| Smart Concrete Public Company Limited | SMART | SET:SMART |
| Diamond Building Products Public Company Limited | DRT | SET:DRT |
| Siam City Cement Public Company Limited | SCCC | SET:SCCC |
| Holcim AG | HCML.F | OTCPK:HCML.F |
| Heidelberg Materials AG | HLBZ.F | OTCPK:HLBZ.F |
| The Siam Cement Public Company Limited | TCM1 | DB:TCM1 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| SMART | DRT | SCCC | HCML.F | HLBZ.F | TCM1 | ||
| SET:SMART | SET:DRT | SET:SCCC | OTCPK:HCML.F | OTCPK:HLBZ.F | DB:TCM1 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 20.3% | -1.2% | 0.5% | 6.0% | 9.9% | -34.6% | |
| 3Y CAGR | 28.9% | -5.9% | 6.6% | 4.4% | 10.2% | -59.1% | |
| Latest Twelve Months | -40.2% | -41.4% | 52.8% | 1.9% | 4.8% | 149.6% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 13.8% | 14.2% | 10.0% | 13.9% | 11.5% | 5.3% | |
| Prior Fiscal Year | 20.2% | 13.8% | 7.0% | 15.8% | 12.9% | 2.3% | |
| Latest Fiscal Year | 18.5% | 12.0% | 11.8% | 16.4% | 13.5% | 0.7% | |
| Latest Twelve Months | 16.4% | 9.8% | 12.1% | 16.4% | 13.5% | 0.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.54x | 0.99x | 1.31x | 1.45x | 1.81x | 0.79x | |
| EV / LTM EBITDA | 2.2x | 6.4x | 6.7x | 6.4x | 9.8x | 13.7x | |
| EV / LTM EBIT | 3.3x | 10.2x | 10.8x | 8.9x | 13.4x | 216.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 3.3x | 10.2x | 13.4x | ||||
| Historical EV / LTM EBIT | -40.2x | 17.2x | 21.3x | ||||
| Selected EV / LTM EBIT | 158.0x | 166.3x | 174.7x | ||||
| (x) LTM EBIT | 1,866 | 1,866 | 1,866 | ||||
| (=) Implied Enterprise Value | 294,853 | 310,371 | 325,890 | ||||
| (-) Non-shareholder Claims * | (199,677) | (199,677) | (199,677) | ||||
| (=) Equity Value | 95,176 | 110,694 | 126,213 | ||||
| (/) Shares Outstanding | 1,200.0 | 1,200.0 | 1,200.0 | ||||
| Implied Value Range | 79.31 | 92.25 | 105.18 | ||||
| FX Rate: THB/EUR | 38.2 | 38.2 | 38.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 2.08 | 2.42 | 2.75 | 4.42 | |||
| Upside / (Downside) | -53.0% | -45.4% | -37.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | SMART | DRT | SCCC | HCML.F | HLBZ.F | TCM1 | |
| Enterprise Value | 286 | 4,788 | 63,586 | 38,484 | 38,305 | 402,234 | |
| (+) Cash & Short Term Investments | 258 | 20 | 5,162 | 5,352 | 3,233 | 42,747 | |
| (+) Investments & Other | 0 | 0 | 2,108 | 3,530 | 2,616 | 156,529 | |
| (-) Debt | (23) | (877) | (18,833) | (13,856) | (8,558) | (333,623) | |
| (-) Other Liabilities | 0 | 0 | (8,068) | (716) | (1,179) | (65,330) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 521 | 3,930 | 43,955 | 32,794 | 34,417 | 202,557 | |
| (/) Shares Outstanding | 1,041.6 | 812.0 | 298.0 | 551.0 | 178.0 | 1,200.0 | |
| Implied Stock Price | 0.50 | 4.84 | 147.50 | 59.52 | 193.33 | 168.80 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 0.80 | 0.85 | 38.19 | |
| Implied Stock Price (Trading Cur) | 0.50 | 4.84 | 147.50 | 74.68 | 226.86 | 4.42 | |
| Trading Currency | THB | THB | THB | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 0.80 | 0.85 | 38.19 | |