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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 12.6x - 14.0x | 13.3x |
| Selected Fwd EBITDA Multiple | 5.3x - 5.8x | 5.5x |
| Fair Value | $1.15 - $1.80 | $1.48 |
| Upside | -49.1% - -20.2% | -34.6% |
| Benchmarks | Ticker | Full Ticker |
| L.B. Foster Company | FSTR | NasdaqGS:FSTR |
| Twin Disc, Incorporated | TWIN | NasdaqGS:TWIN |
| The Timken Company | TKR | NYSE:TKR |
| Gibraltar Industries, Inc. | ROCK | NasdaqGS:ROCK |
| Northwest Pipe Company | NWPX | NasdaqGS:NWPX |
| NN, Inc. | NNBR | NasdaqGS:NNBR |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| FSTR | TWIN | TKR | ROCK | NWPX | NNBR | ||
| NasdaqGS:FSTR | NasdaqGS:TWIN | NYSE:TKR | NasdaqGS:ROCK | NasdaqGS:NWPX | NasdaqGS:NNBR | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | -5.9% | 0.0% | 3.8% | 12.3% | 9.1% | -3.1% | |
| 3Y CAGR | 21.1% | 63.5% | 5.3% | 8.9% | 26.6% | -13.8% | |
| Latest Twelve Months | 23.2% | -22.6% | -8.8% | -1.9% | 35.6% | -1.9% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 4.8% | 5.8% | 18.5% | 12.8% | 13.0% | 5.8% | |
| Prior Fiscal Year | 4.9% | 8.0% | 19.2% | 14.0% | 11.2% | 5.0% | |
| Latest Fiscal Year | 6.1% | 8.8% | 18.2% | 14.4% | 13.7% | 5.1% | |
| Latest Twelve Months | 6.1% | 7.5% | 18.2% | 14.4% | 13.7% | 5.1% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.52x | 0.44x | 1.53x | 1.19x | 1.10x | 0.78x | |
| EV / LTM EBITDA | 8.4x | 5.8x | 8.4x | 8.2x | 8.0x | 15.3x | |
| EV / LTM EBIT | 14.9x | 11.1x | 11.4x | 9.6x | 11.2x | -17.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 5.8x | 8.2x | 8.4x | ||||
| Historical EV / LTM EBITDA | 8.7x | 15.3x | 57.6x | ||||
| Selected EV / LTM EBITDA | 12.6x | 13.3x | 14.0x | ||||
| (x) LTM EBITDA | 24 | 24 | 24 | ||||
| (=) Implied Enterprise Value | 302 | 317 | 333 | ||||
| (-) Non-shareholder Claims * | (252) | (252) | (252) | ||||
| (=) Equity Value | 50 | 66 | 82 | ||||
| (/) Shares Outstanding | 49.9 | 49.9 | 49.9 | ||||
| Implied Value Range | 1.00 | 1.32 | 1.64 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 1.00 | 1.32 | 1.64 | 2.26 | |||
| Upside / (Downside) | -55.7% | -41.6% | -27.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | FSTR | TWIN | TKR | ROCK | NWPX | NNBR | |
| Enterprise Value | 275 | 142 | 6,990 | 1,558 | 542 | 364 | |
| (+) Cash & Short Term Investments | 3 | 16 | 389 | 269 | 5 | 18 | |
| (+) Investments & Other | 0 | 0 | 1 | 0 | 0 | 35 | |
| (-) Debt | (65) | (50) | (2,179) | (47) | (137) | (206) | |
| (-) Other Liabilities | (1) | (1) | (158) | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | (99) | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 212 | 107 | 5,043 | 1,781 | 410 | 113 | |
| (/) Shares Outstanding | 10.8 | 14.1 | 70.2 | 30.4 | 9.9 | 49.9 | |
| Implied Stock Price | 19.68 | 7.57 | 71.87 | 58.66 | 41.30 | 2.26 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 19.68 | 7.57 | 71.87 | 58.66 | 41.30 | 2.26 | |
| Trading Currency | USD | USD | USD | USD | USD | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |