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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 11.9x - 13.2x | 12.5x |
| Selected Fwd EBIT Multiple | 11.8x - 13.0x | 12.4x |
| Fair Value | kr307.38 - kr337.86 | kr322.62 |
| Upside | 26.4% - 39.0% | 32.7% |
| Benchmarks | Ticker | Full Ticker |
| Compagnie de Saint-Gobain S.A. | SGO | ENXTPA:SGO |
| Etex N.V. | 94124453 | ENXTBR:094124453 |
| Owens Corning | O5Q | DB:O5Q |
| Carlisle Companies Incorporated | CLE | DB:CLE |
| Masco Corporation | MSQ | DB:MSQ |
| Rockwool A/S | ROCK B | CPSE:ROCKB |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| SGO | 94124453 | O5Q | CLE | MSQ | ROCK B | ||
| ENXTPA:SGO | ENXTBR:094124453 | DB:O5Q | DB:CLE | DB:MSQ | CPSE:ROCKB | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 9.3% | 8.0% | 19.8% | 11.6% | 5.0% | 12.6% | |
| 3Y CAGR | 7.0% | 2.3% | 10.4% | 24.6% | 9.9% | 19.0% | |
| Latest Twelve Months | 3.3% | -9.3% | 13.3% | -10.5% | -1.3% | 16.7% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 9.9% | 12.0% | 16.7% | 18.7% | 16.0% | 13.6% | |
| Prior Fiscal Year | 10.7% | 12.2% | 17.1% | 21.5% | 17.3% | 14.7% | |
| Latest Fiscal Year | 11.1% | 11.2% | 17.3% | 22.4% | 17.5% | 17.5% | |
| Latest Twelve Months | 11.2% | 11.2% | 16.3% | 20.7% | 17.7% | 17.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.29x | 0.59x | 1.55x | 3.66x | 2.44x | 1.65x | |
| EV / LTM EBITDA | 8.7x | 3.2x | 7.0x | 15.0x | 12.4x | 7.1x | |
| EV / LTM EBIT | 11.5x | 5.2x | 9.5x | 17.7x | 13.8x | 9.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 5.2x | 11.5x | 17.7x | ||||
| Historical EV / LTM EBIT | 10.0x | 11.4x | 18.1x | ||||
| Selected EV / LTM EBIT | 11.9x | 12.5x | 13.2x | ||||
| (x) LTM EBIT | 678 | 678 | 678 | ||||
| (=) Implied Enterprise Value | 8,078 | 8,503 | 8,928 | ||||
| (-) Non-shareholder Claims * | 498 | 498 | 498 | ||||
| (=) Equity Value | 8,576 | 9,001 | 9,426 | ||||
| (/) Shares Outstanding | 209.0 | 209.0 | 209.0 | ||||
| Implied Value Range | 41.04 | 43.07 | 45.10 | ||||
| FX Rate: EUR/DKK | 0.1 | 0.1 | 0.1 | Market Price | |||
| Implied Value Range (Trading Cur) | 306.32 | 321.51 | 336.69 | 243.15 | |||
| Upside / (Downside) | 26.0% | 32.2% | 38.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | SGO | 94124453 | O5Q | CLE | MSQ | ROCK B | |
| Enterprise Value | 60,540 | 2,204 | 16,316 | 18,116 | 18,557 | 6,309 | |
| (+) Cash & Short Term Investments | 5,990 | 417 | 230 | 68 | 390 | 499 | |
| (+) Investments & Other | 1,082 | 8 | 674 | 0 | 0 | 0 | |
| (-) Debt | (18,777) | (1,526) | (5,977) | (1,896) | (3,224) | 0 | |
| (-) Other Liabilities | (561) | (24) | (41) | 0 | (234) | (1) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 48,274 | 1,079 | 11,202 | 16,288 | 15,489 | 6,807 | |
| (/) Shares Outstanding | 495.1 | 78.2 | 83.6 | 42.7 | 209.4 | 209.0 | |
| Implied Stock Price | 97.50 | 13.80 | 133.95 | 381.90 | 73.98 | 32.57 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.16 | 1.16 | 1.16 | 0.13 | |
| Implied Stock Price (Trading Cur) | 97.50 | 13.80 | 115.01 | 327.90 | 63.52 | 243.15 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | DKK | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.16 | 1.16 | 1.16 | 0.13 | |