Argan, Inc. (AGX)

Industry: Engineering & Construction Model: Peers Multiples Valuation

Valuation Snapshot

Ticker	Rank	Name	Rev TTM (M)	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
ASHOKA.BO	199	Ashoka Buildcon Li	976	4.33	2.97	2.34	2.13	2.74	1.94
002116.SZ	200	China Haisum Engin	972	13.23	13.23	4.10	4.10	4.75	4.12
AB9.DE	201	ABO Energy GmbH &	964	6.65	4.80	5.53	4.29	3.68	2.95
3703.TW	202	Continental Holdin	946	30.64	33.63	27.12	26.39	46.55	70.93
SLND	203	Southland Holdings	935	-	-	18,719.44	18,719.44	-	-
004960.KS	204	HANSHIN Engineerin	929	6.64	9.37	6.26	6.56	8.01	16.15
ERB.WA	205	Erbud S.A.	925	-	-	13.80	15.57	12.88	476.14
AGX	206	Argan, Inc.	915	35.31	20.07	30.59	18.10	30.10	13.11
SXE.AX	207	Southern Cross Ele	894	9.03	9.03	4.25	3.31	4.27	3.40
1954.T	208	Nippon Koei Co., L	884	9.99	9.05	6.48	5.64	3.06	9.89
035890.KQ	209	Seohee Constructio	875	2.70	2.56	1.29	1.17	2.02	1.36
600491.SS	210	Long Yuan Construc	870	-	-	24.54	26.64	95.79	-
GNP.AX	211	GenusPlus Group Li	860	13.50	13.50	6.90	6.90	5.50	8.82
1879.T	212	Shinnihon Corporat	855	7.90	7.25	1.78	1.64	2.50	1.70
000628.SZ	213	ChengDu Hi-Tech De	851	510.54	685.65	75.32	74.05	105.93	210.00
TDSA.LS	214	Teixeira Duarte, S	850	2.24	1.01	10.72	11.89	42.00	13.66

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	7.28	8.14	6.26	5.64	4.51	4.12
Full Range Median Multiple	8.46	9.04	6.48	6.56	5.12	8.82
Industry Multiple	51.45	66.00	1,260.66	1,260.65	24.26	63.16
Market Implied Multiple	44.24	25.14	38.93	23.03	38.30	16.68
Company (AGX) Multiple	35.31	20.07	30.59	18.10	30.10	13.11
(*) Net Income / EBITDA / Revenue	120	211	128	217	131	300
Winsorized Enterprise Value	N/A	N/A	804	1,224	589	1,235
Full Range Median Enterprise Value	N/A	N/A	832	1,424	669	2,642
(-) Net Debt	-306	-306	-306	-306	-306	-306
Winsorized Equity Value	873	1,718	1,110	1,530	895	1,541
Full Range Median Equity Value	1,015	1,907	1,138	1,731	975	2,949
(/) Shares Outstanding	14	14	14	14	14	14
Winsorized Fair Value	$63.10	$124.21	$80.25	$110.63	$64.73	$111.46
Full Range Median Fair Value	$73.40	$137.87	$82.32	$125.14	$70.52	$213.21
Current Price	$383.66	$383.66	$383.66	$383.66	$383.66	$383.66
Upside / Downside	-83.55%	-67.63%	-79.08%	-71.16%	-83.13%	-70.95%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$44.17	$86.95	$56.17	$77.44	$45.31	$78.02
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy