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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 9,9x - 10,9x | 10,4x |
Selected Fwd EBIT Multiple | 11,1x - 12,2x | 11,7x |
Fair Value | $82,05 - $91,35 | $86,70 |
Upside | 4,8% - 16,6% | 10,7% |
Benchmarks | Ticker | Full Ticker |
Anhui Conch Cement Company Limited | AQE | DB:AQE |
TCC Group Holdings Co., Ltd. | TAICA | BDL:TAICA |
TPI Polene Public Company Limited | NVP6 | DB:NVP6 |
Huaxin Cement Co., Ltd. | RC0 | DB:RC0 |
UltraTech Cement Limited | ULCL1 | BDL:ULCL1 |
Holcim AG | HCML.F | OTCPK:HCML.F |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
AQE | TAICA | NVP6 | RC0 | ULCL1 | HCML.F | ||
DB:AQE | BDL:TAICA | DB:NVP6 | DB:RC0 | BDL:ULCL1 | OTCPK:HCML.F | ||
Historical EBIT Growth | |||||||
5Y CAGR | -27.4% | -10.7% | 2.2% | -14.6% | 5.1% | 6.0% | |
3Y CAGR | -40.0% | -4.7% | -19.7% | -19.0% | -1.2% | 4.4% | |
Latest Twelve Months | -16.6% | 64.7% | -11.7% | -7.2% | 0.7% | 22.9% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 16.5% | 14.2% | 16.9% | 18.3% | 14.9% | 14.4% | |
Prior Fiscal Year | 8.4% | 9.2% | 14.4% | 13.5% | 13.9% | 15.8% | |
Latest Fiscal Year | 9.4% | 11.1% | 13.1% | 11.7% | 11.3% | 16.4% | |
Latest Twelve Months | 10.2% | 11.1% | 14.3% | 12.5% | 12.5% | 16.9% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 0.99x | 1.61x | 2.73x | 1.38x | 4.84x | 1.72x | |
EV / LTM EBITDA | 5.0x | 7.6x | 12.2x | 6.1x | 27.5x | 7.5x | |
EV / LTM EBIT | 9.7x | 14.5x | 19.0x | 11.0x | 38.7x | 10.4x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | 9.7x | 14.5x | 38.7x | ||||
Historical EV / LTM EBIT | 10.6x | 12.2x | 14.0x | ||||
Selected EV / LTM EBIT | 9.9x | 10.4x | 10.9x | ||||
(x) LTM EBIT | 4,439 | 4,439 | 4,439 | ||||
(=) Implied Enterprise Value | 43,898 | 46,209 | 48,519 | ||||
(-) Non-shareholder Claims * | (2,787) | (2,787) | (2,787) | ||||
(=) Equity Value | 41,111 | 43,422 | 45,732 | ||||
(/) Shares Outstanding | 551.0 | 551.0 | 551.0 | ||||
Implied Value Range | 74.61 | 78.80 | 83.00 | ||||
FX Rate: CHF/USD | 0.8 | 0.8 | 0.8 | Market Price | |||
Implied Value Range (Trading Cur) | 92.67 | 97.88 | 103.09 | 78.31 | |||
Upside / (Downside) | 18.3% | 25.0% | 31.6% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | AQE | TAICA | NVP6 | RC0 | ULCL1 | HCML.F | |
Enterprise Value | 99,625 | 262,069 | 97,788 | 54,276 | 3,763,319 | 37,527 | |
(+) Cash & Short Term Investments | 64,449 | 126,944 | 5,306 | 6,365 | 43,130 | 4,235 | |
(+) Investments & Other | 9,581 | 78,831 | 1,217 | 1,552 | 0 | 3,465 | |
(-) Debt | (29,139) | (223,742) | (77,645) | (21,444) | (241,022) | (9,814) | |
(-) Other Liabilities | (12,402) | (61,749) | (10,637) | (4,432) | 0 | (673) | |
(-) Preferred Stock | 0 | (2,000) | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 132,114 | 180,354 | 16,029 | 36,317 | 3,565,428 | 34,740 | |
(/) Shares Outstanding | 6,650.2 | 1,501.3 | 18,935.2 | 3,106.5 | 294.2 | 551.0 | |
Implied Stock Price | 19.87 | 120.13 | 0.85 | 11.69 | 12,120.16 | 63.05 | |
FX Conversion Rate to Trading Currency | 8.35 | 29.74 | 37.62 | 8.35 | 87.20 | 0.81 | |
Implied Stock Price (Trading Cur) | 2.38 | 4.04 | 0.02 | 1.40 | 139.00 | 78.31 | |
Trading Currency | EUR | USD | EUR | EUR | USD | USD | |
FX Rate to Reporting Currency | 8.35 | 29.74 | 37.62 | 8.35 | 87.20 | 0.81 |