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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 1.1x - 1.2x | 1.1x |
| Selected Fwd Revenue Multiple | 1.0x - 1.1x | 1.0x |
| Fair Value | $7.64 - $8.87 | $8.25 |
| Upside | 23.8% - 43.8% | 33.8% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| GCC, S.A.B. de C.V. | GCC * | BMV:GCC* |
| James Hardie Industries plc | JHX | NYSE:JHX |
| Knife River Corporation | KNF | NYSE:KNF |
| Titan Cement International S.A. | TITC | ENXTBR:TITC |
| Vulcan Materials Company | VMC * | BMV:VMC* |
| CEMEX, S.A.B. de C.V. | CX | NYSE:CX |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| GCC * | JHX | KNF | TITC | VMC * | CX | |||
| BMV:GCC* | NYSE:JHX | NYSE:KNF | ENXTBR:TITC | BMV:VMC* | NYSE:CX | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 7.9% | 9.4% | NM- | 10.4% | 8.5% | 4.6% | ||
| 3Y CAGR | 9.6% | 10.6% | 9.2% | 15.5% | 10.1% | 4.1% | ||
| Latest Twelve Months | -3.8% | 1.6% | 2.4% | 3.8% | -2.2% | -9.1% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 24.8% | 21.7% | 9.9% | 10.6% | 17.2% | 11.0% | ||
| Prior Fiscal Year | 27.9% | 20.6% | 11.0% | 15.4% | 17.8% | 11.6% | ||
| Latest Fiscal Year | 28.4% | 23.9% | 11.3% | 15.7% | 19.1% | 11.0% | ||
| Latest Twelve Months | 28.2% | 22.6% | 11.3% | 15.7% | 19.5% | 10.3% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 1.87x | 2.78x | 2.04x | 1.35x | 5.32x | 0.95x | ||
| EV / LTM EBIT | 6.6x | 12.3x | 17.9x | 8.6x | 27.3x | 9.2x | ||
| Price / LTM Sales | 2.05x | 2.61x | 1.87x | 1.14x | 4.62x | 0.56x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 1.35x | 2.04x | 5.32x | |||||
| Historical EV / LTM Revenue | 0.83x | 1.10x | 1.55x | |||||
| Selected EV / LTM Revenue | 1.06x | 1.12x | 1.17x | |||||
| (x) LTM Revenue | 15,907 | 15,907 | 15,907 | |||||
| (=) Implied Enterprise Value | 16,891 | 17,780 | 18,670 | |||||
| (-) Non-shareholder Claims * | (5,880) | (5,880) | (5,880) | |||||
| (=) Equity Value | 11,011 | 11,900 | 12,789 | |||||
| (/) Shares Outstanding | 1,438.9 | 1,438.9 | 1,438.9 | |||||
| Implied Value Range | 7.65 | 8.27 | 8.89 | |||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 7.65 | 8.27 | 8.89 | 6.17 | ||||
| Upside / (Downside) | 24.0% | 34.0% | 44.1% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | GCC * | JHX | KNF | TITC | VMC * | CX | |
| Enterprise Value | 2,468 | 10,854 | 5,734 | 3,574 | 39,469 | 14,758 | |
| (+) Cash & Short Term Investments | 873 | 539 | 237 | 124 | 181 | 1,179 | |
| (+) Investments & Other | 29 | 0 | 46 | 106 | 31 | 0 | |
| (-) Debt | (632) | (1,188) | (727) | (745) | (5,465) | (6,763) | |
| (-) Other Liabilities | (1) | 0 | 0 | (37) | (24) | (296) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 2,738 | 10,205 | 5,290 | 3,021 | 34,192 | 8,878 | |
| (/) Shares Outstanding | 326.9 | 429.9 | 56.7 | 74.2 | 132.1 | 1,438.9 | |
| Implied Stock Price | 8.38 | 23.74 | 93.38 | 40.70 | 258.84 | 6.17 | |
| FX Conversion Rate to Trading Currency | 0.05 | 1.00 | 1.00 | 1.00 | 0.05 | 1.00 | |
| Implied Stock Price (Trading Cur) | 164.45 | 23.74 | 93.38 | 40.70 | 5,082.10 | 6.17 | |
| Trading Currency | MXN | USD | USD | EUR | MXN | USD | |
| FX Rate to Reporting Currency | 0.05 | 1.00 | 1.00 | 1.00 | 0.05 | 1.00 | |