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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 7.6x - 8.5x | 8.1x |
| Selected Fwd EBITDA Multiple | 5.3x - 5.8x | 5.6x |
| Fair Value | $0.82 - $0.95 | $0.89 |
| Upside | -5.2% - 9.1% | 1.9% |
| Benchmarks | Ticker | Full Ticker |
| GCC, S.A.B. de C.V. | GCC * | BMV:GCC* |
| Corporación Moctezuma, S.A.B. de C.V. | CMOCTEZ * | BMV:CMOCTEZ* |
| Buzzi S.p.A. | UCM | DB:UCM |
| Cementir Holding N.V. | CEM | BIT:CEM |
| Vicat S.A. | VCT | ENXTPA:VCT |
| CEMEX, S.A.B. de C.V. | CXMS.F | OTCPK:CXMS.F |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| GCC * | CMOCTEZ * | UCM | CEM | VCT | CXMS.F | ||
| BMV:GCC* | BMV:CMOCTEZ* | DB:UCM | BIT:CEM | ENXTPA:VCT | OTCPK:CXMS.F | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 12.3% | 10.2% | 12.4% | 9.1% | 9.0% | 5.7% | |
| 3Y CAGR | 14.5% | 9.2% | 17.8% | 10.5% | 6.0% | -1.6% | |
| Latest Twelve Months | -3.1% | -4.7% | 2.2% | 3.0% | -5.0% | -23.4% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 32.3% | 43.4% | 25.1% | 18.7% | 16.5% | 16.8% | |
| Prior Fiscal Year | 33.5% | 45.1% | 27.8% | 20.4% | 16.3% | 17.0% | |
| Latest Fiscal Year | 35.6% | 44.1% | 28.5% | 20.2% | 17.0% | 16.5% | |
| Latest Twelve Months | 34.3% | 44.7% | 27.0% | 19.6% | 16.6% | 14.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.08x | 3.50x | 1.49x | 1.25x | 1.09x | 1.14x | |
| EV / LTM EBITDA | 6.1x | 7.8x | 5.5x | 6.4x | 6.6x | 7.8x | |
| EV / LTM EBIT | 7.6x | 8.5x | 7.2x | 9.4x | 10.7x | 13.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 5.5x | 6.4x | 7.8x | ||||
| Historical EV / LTM EBITDA | 5.0x | 6.8x | 10.0x | ||||
| Selected EV / LTM EBITDA | 7.6x | 8.1x | 8.5x | ||||
| (x) LTM EBITDA | 2,273 | 2,273 | 2,273 | ||||
| (=) Implied Enterprise Value | 17,384 | 18,298 | 19,213 | ||||
| (-) Non-shareholder Claims * | (5,270) | (5,270) | (5,270) | ||||
| (=) Equity Value | 12,114 | 13,029 | 13,944 | ||||
| (/) Shares Outstanding | 14,508.3 | 14,508.3 | 14,508.3 | ||||
| Implied Value Range | 0.83 | 0.90 | 0.96 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 0.83 | 0.90 | 0.96 | 0.87 | |||
| Upside / (Downside) | -4.0% | 3.2% | 10.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | GCC * | CMOCTEZ * | UCM | CEM | VCT | CXMS.F | |
| Enterprise Value | 2,770 | 67,746 | 6,625 | 2,096 | 4,181 | 17,892 | |
| (+) Cash & Short Term Investments | 827 | 7,307 | 1,273 | 309 | 529 | 1,166 | |
| (+) Investments & Other | 32 | 0 | 556 | 11 | 161 | 783 | |
| (-) Debt | (628) | (362) | (602) | (168) | (1,911) | (6,921) | |
| (-) Other Liabilities | (1) | 0 | (51) | (124) | (288) | (297) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 3,000 | 74,692 | 7,802 | 2,124 | 2,672 | 12,622 | |
| (/) Shares Outstanding | 327.4 | 932.8 | 181.0 | 155.5 | 44.5 | 14,508.3 | |
| Implied Stock Price | 9.16 | 80.07 | 43.10 | 13.66 | 60.00 | 0.87 | |
| FX Conversion Rate to Trading Currency | 0.05 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 171.95 | 80.07 | 43.10 | 13.66 | 60.00 | 0.87 | |
| Trading Currency | MXN | MXN | EUR | EUR | EUR | USD | |
| FX Rate to Reporting Currency | 0.05 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |