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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 13.1x - 14.5x | 13.8x |
| Selected Fwd EBIT Multiple | 2.1x - 2.3x | 2.2x |
| Fair Value | $0.36 - $0.39 | $0.38 |
| Upside | 15.4% - 27.3% | 21.3% |
| Benchmarks | Ticker | Full Ticker |
| James Hardie Industries plc | JHX | ASX:JHX |
| ReTo Eco-Solutions, Inc. | RETO | NasdaqCM:RETO |
| CEMEX, S.A.B. de C.V. | CXMS.F | OTCPK:CXMS.F |
| Knife River Corporation | KNF | NYSE:KNF |
| Smith-Midland Corporation | SMID | NasdaqCM:SMID |
| Steppe Cement Ltd. | SPPC.F | OTCPK:SPPC.F |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| JHX | RETO | CXMS.F | KNF | SMID | SPPC.F | ||
| ASX:JHX | NasdaqCM:RETO | OTCPK:CXMS.F | NYSE:KNF | NasdaqCM:SMID | OTCPK:SPPC.F | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 12.0% | NM- | 6.9% | NM- | 31.2% | -27.3% | |
| 3Y CAGR | 1.8% | NM- | 1.9% | 20.1% | 17.1% | -48.0% | |
| Latest Twelve Months | -8.4% | 36.3% | -15.9% | 0.7% | 785.4% | -31.6% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 21.9% | -3644.0% | 10.9% | 9.9% | 6.8% | 15.5% | |
| Prior Fiscal Year | 23.9% | -60124.6% | 11.6% | 11.0% | 1.9% | 5.2% | |
| Latest Fiscal Year | 22.2% | -225.9% | 11.0% | 11.3% | 12.6% | 3.4% | |
| Latest Twelve Months | 22.2% | -225.9% | 10.1% | 10.4% | 12.6% | 3.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.27x | 8.83x | 1.04x | 1.96x | 2.31x | 0.55x | |
| EV / LTM EBITDA | 11.8x | -3.9x | 6.6x | 12.8x | 14.4x | 5.5x | |
| EV / LTM EBIT | 14.7x | -3.9x | 10.3x | 18.8x | 18.3x | 16.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -3.9x | 14.7x | 18.8x | ||||
| Historical EV / LTM EBIT | 5.2x | 7.2x | 16.0x | ||||
| Selected EV / LTM EBIT | 13.1x | 13.8x | 14.5x | ||||
| (x) LTM EBIT | 3 | 3 | 3 | ||||
| (=) Implied Enterprise Value | 38 | 40 | 42 | ||||
| (-) Non-shareholder Claims * | 1 | 1 | 1 | ||||
| (=) Equity Value | 39 | 41 | 43 | ||||
| (/) Shares Outstanding | 132.2 | 132.2 | 132.2 | ||||
| Implied Value Range | 0.30 | 0.31 | 0.33 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 0.30 | 0.31 | 0.33 | 0.31 | |||
| Upside / (Downside) | -4.4% | 0.5% | 5.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | JHX | RETO | CXMS.F | KNF | SMID | SPPC.F | |
| Enterprise Value | 12,568 | 16 | 15,706 | 5,583 | 177 | 40 | |
| (+) Cash & Short Term Investments | 563 | 1 | 1,179 | 86 | 8 | 6 | |
| (+) Investments & Other | 0 | 0 | 768 | 52 | 0 | 0 | |
| (-) Debt | (1,208) | (0) | (6,763) | (1,219) | (5) | (5) | |
| (-) Other Liabilities | 0 | 0 | (296) | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 11,923 | 17 | 10,594 | 4,503 | 180 | 41 | |
| (/) Shares Outstanding | 429.9 | 6.7 | 15,134.4 | 56.7 | 5.3 | 132.2 | |
| Implied Stock Price | 27.73 | 2.49 | 0.70 | 79.48 | 33.84 | 0.31 | |
| FX Conversion Rate to Trading Currency | 0.65 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 42.47 | 2.49 | 0.70 | 79.48 | 33.84 | 0.31 | |
| Trading Currency | AUD | USD | USD | USD | USD | USD | |
| FX Rate to Reporting Currency | 0.65 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |