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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 6.3x - 7.0x | 6.6x |
| Selected Fwd EBITDA Multiple | 4.8x - 5.3x | 5.0x |
| Fair Value | €32.41 - €38.91 | €35.66 |
| Upside | -12.4% - 5.2% | -3.6% |
| Benchmarks | Ticker | Full Ticker |
| Imerys S.A. | 0NPX | LSE:0NPX |
| Wienerberger AG | 0MKZ | LSE:0MKZ |
| RATH Aktiengesellschaft | 0FRT | LSE:0FRT |
| Cementir Holding N.V. | 0HY2 | LSE:0HY2 |
| Caltagirone SpA | 0OIY | LSE:0OIY |
| RHI Magnesita N.V. | RHIM | WBAG:RHIM |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 0NPX | 0MKZ | 0FRT | 0HY2 | 0OIY | RHIM | ||
| LSE:0NPX | LSE:0MKZ | LSE:0FRT | LSE:0HY2 | LSE:0OIY | WBAG:RHIM | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | -2.0% | 1.9% | 3.3% | 9.1% | 11.4% | -1.7% | |
| 3Y CAGR | 1.1% | -1.1% | 27.8% | 10.5% | 13.3% | 9.6% | |
| Latest Twelve Months | 22.8% | -15.4% | -44.9% | -1.6% | 1.6% | -4.3% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 14.9% | 15.9% | 10.2% | 18.6% | 16.4% | 14.2% | |
| Prior Fiscal Year | 13.2% | 16.6% | 9.1% | 20.4% | 14.7% | 13.7% | |
| Latest Fiscal Year | 17.0% | 13.2% | 12.1% | 20.2% | 17.6% | 13.5% | |
| Latest Twelve Months | 17.0% | 13.2% | 6.9% | 20.2% | 17.3% | 13.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.01x | 1.19x | 0.60x | 1.16x | 0.64x | 0.89x | |
| EV / LTM EBITDA | 5.9x | 9.0x | 8.7x | 5.7x | 3.7x | 6.6x | |
| EV / LTM EBIT | 12.8x | 16.9x | 27.8x | 8.2x | 5.3x | 9.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 3.7x | 5.9x | 9.0x | ||||
| Historical EV / LTM EBITDA | 5.5x | 6.6x | 7.8x | ||||
| Selected EV / LTM EBITDA | 6.3x | 6.6x | 7.0x | ||||
| (x) LTM EBITDA | 470 | 470 | 470 | ||||
| (=) Implied Enterprise Value | 2,956 | 3,111 | 3,267 | ||||
| (-) Non-shareholder Claims * | (1,386) | (1,386) | (1,386) | ||||
| (=) Equity Value | 1,570 | 1,725 | 1,881 | ||||
| (/) Shares Outstanding | 47.2 | 47.2 | 47.2 | ||||
| Implied Value Range | 33.26 | 36.56 | 39.85 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 33.26 | 36.56 | 39.85 | 37.00 | |||
| Upside / (Downside) | -10.1% | -1.2% | 7.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 0NPX | 0MKZ | 0FRT | 0HY2 | 0OIY | RHIM | |
| Enterprise Value | 3,627 | 5,267 | 76 | 2,030 | 1,550 | 3,132 | |
| (+) Cash & Short Term Investments | 640 | 281 | 11 | 486 | 434 | 576 | |
| (+) Investments & Other | 179 | 52 | 3 | 11 | 877 | 39 | |
| (-) Debt | (1,911) | (2,127) | (48) | (213) | (398) | (1,831) | |
| (-) Other Liabilities | (20) | (26) | (0) | (139) | (1,319) | (170) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 2,515 | 3,448 | 42 | 2,174 | 1,144 | 1,746 | |
| (/) Shares Outstanding | 84.4 | 110.3 | 1.7 | 155.5 | 149.8 | 47.2 | |
| Implied Stock Price | 29.79 | 31.27 | 24.00 | 13.98 | 7.64 | 37.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 29.79 | 31.27 | 24.00 | 13.98 | 7.64 | 37.00 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |