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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 14.4x - 15.9x | 15.2x |
| Selected Fwd EBIT Multiple | 11.4x - 12.6x | 12.0x |
| Fair Value | $80.18 - $88.70 | $84.44 |
| Upside | 30.7% - 44.6% | 37.7% |
| Benchmarks | Ticker | Full Ticker |
| American Woodmark Corporation | AMWD | NasdaqGS:AMWD |
| Trex Company, Inc. | TREX | NYSE:TREX |
| Builders FirstSource, Inc. | BLDR | NYSE:BLDR |
| Simpson Manufacturing Co., Inc. | SSD | NYSE:SSD |
| Apogee Enterprises, Inc. | APOG | NasdaqGS:APOG |
| Gibraltar Industries, Inc. | ROCK | NasdaqGS:ROCK |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| AMWD | TREX | BLDR | SSD | APOG | ROCK | ||
| NasdaqGS:AMWD | NYSE:TREX | NYSE:BLDR | NYSE:SSD | NasdaqGS:APOG | NasdaqGS:ROCK | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 2.3% | 10.2% | 32.4% | 20.0% | 14.0% | 12.9% | |
| 3Y CAGR | 10.2% | -1.6% | -12.8% | 5.8% | 11.2% | 12.3% | |
| Latest Twelve Months | -7.6% | -20.7% | -32.5% | -3.9% | -4.0% | -2.3% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 6.5% | 26.0% | 11.4% | 21.5% | 8.3% | 10.8% | |
| Prior Fiscal Year | 6.7% | 25.2% | 12.7% | 21.7% | 10.3% | 12.0% | |
| Latest Fiscal Year | 8.7% | 26.5% | 9.7% | 19.5% | 10.3% | 12.3% | |
| Latest Twelve Months | 8.5% | 24.0% | 8.7% | 19.6% | 10.3% | 12.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.76x | 5.98x | 1.06x | 3.10x | 0.85x | 1.39x | |
| EV / LTM EBITDA | 6.7x | 20.7x | 8.7x | 13.2x | 6.3x | 9.4x | |
| EV / LTM EBIT | 8.9x | 24.9x | 12.2x | 15.8x | 8.3x | 11.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 8.3x | 12.2x | 24.9x | ||||
| Historical EV / LTM EBIT | 9.8x | 14.5x | 21.7x | ||||
| Selected EV / LTM EBIT | 14.4x | 15.2x | 15.9x | ||||
| (x) LTM EBIT | 163 | 163 | 163 | ||||
| (=) Implied Enterprise Value | 2,354 | 2,478 | 2,601 | ||||
| (-) Non-shareholder Claims * | (21) | (21) | (21) | ||||
| (=) Equity Value | 2,332 | 2,456 | 2,580 | ||||
| (/) Shares Outstanding | 29.5 | 29.5 | 29.5 | ||||
| Implied Value Range | 79.09 | 83.29 | 87.49 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 79.09 | 83.29 | 87.49 | 61.33 | |||
| Upside / (Downside) | 29.0% | 35.8% | 42.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | AMWD | TREX | BLDR | SSD | APOG | ROCK | |
| Enterprise Value | 1,369 | 6,970 | 17,661 | 7,103 | 1,176 | 1,830 | |
| (+) Cash & Short Term Investments | 43 | 5 | 115 | 150 | 47 | 25 | |
| (+) Investments & Other | 0 | 0 | 0 | 0 | 5 | 0 | |
| (-) Debt | (519) | (495) | (5,109) | (483) | (352) | (46) | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 894 | 6,480 | 12,667 | 6,770 | 876 | 1,809 | |
| (/) Shares Outstanding | 14.8 | 107.2 | 110.5 | 41.8 | 21.6 | 29.5 | |
| Implied Stock Price | 60.26 | 60.43 | 114.62 | 161.86 | 40.61 | 61.33 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 60.26 | 60.43 | 114.62 | 161.86 | 40.61 | 61.33 | |
| 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 | |