Armstrong World Industries, Inc. (AWI)

Industry: 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
108670.KS	34	LX Hausys, Ltd.	2,238	-	-	4.51	4.85	10.03	20.22
LAMOSA.MX	35	Grupo Lamosa, S.A.	1,947	112.51	97.21	15.29	12.87	16.27	13.54
FRTA	36	Forterra, Inc.	1,858	13.70	13.70	8.38	7.38	12.41	9.16
NX	37	Quanex Building Pr	1,838	-	-	-	-	1.00	10.32
TYMN.L	38	Tyman plc	1,837	7.18	5.15	3.68	2.69	4.85	5.27
PURMO.HE	39	Purmo Group Oyj	1,772	-	-	6.36	6.36	5.99	11.50
2240.SR	40	Advanced Building	1,695	24.08	24.08	12.42	10.37	13.10	41.11
AWI	41	Armstrong World In	1,600	27.73	27.73	15.59	3.85	18.10	22.30
AZEK	42	The AZEK Company I	1,520	46.61	46.61	20.08	17.19	23.07	8.83
5930.T	43	Bunka Shutter Co.,	1,486	11.80	10.29	5.08	4.49	9.35	8.32
UPONOR.HE	44	Uponor Oyj	1,434	29.36	27.99	14.09	13.29	9.70	10.88
LIAB.ST	45	Lindab Internation	1,401	27.96	28.04	9.87	8.93	37.38	39.21
APOG	46	Apogee Enterprises	1,392	21.19	21.49	7.76	7.07	9.85	16.61
BLUESTARCO.BO	47	Blue Star Limited	1,354	70.81	37.94	46.50	31.24	70.67	30.32
344820.KS	48	KCC GLASS Corporat	1,324	-	-	5.56	5.56	-	-
AAON	49	AAON, Inc.	1,316	76.00	71.93	36.56	32.84	43.69	54.47

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	24.08	24.08	8.07	7.23	9.94	11.19
Full Range Median Multiple	27.96	27.99	9.13	8.16	11.22	12.52
Industry Multiple	40.11	34.95	14.01	11.79	19.10	19.98
Market Implied Multiple	27.74	27.74	15.60	3.85	18.11	22.31
Company (AWI) Multiple	27.73	27.73	15.59	3.85	18.10	22.30
(*) Net Income / EBITDA / Revenue	305	305	544	2,204	469	381
Winsorized Enterprise Value	N/A	N/A	4,394	15,928	4,661	4,259
Full Range Median Enterprise Value	N/A	N/A	4,970	17,978	5,260	4,767
(-) Net Debt	20	20	20	20	20	20
Winsorized Equity Value	7,355	7,355	4,374	15,908	4,641	4,239
Full Range Median Equity Value	8,540	8,549	4,950	17,958	5,240	4,747
(/) Shares Outstanding	43	43	43	43	43	43
Winsorized Fair Value	$170.25	$170.25	$101.25	$368.24	$107.43	$98.13
Full Range Median Fair Value	$197.69	$197.89	$114.58	$415.70	$121.30	$109.88
Current Price	$196.12	$196.12	$196.12	$196.12	$196.12	$196.12
Upside / Downside	-13.19%	-13.19%	-48.37%	87.76%	-45.22%	-49.97%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$119.17	$119.17	$70.87	$257.77	$75.20	$68.69
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	BUY	Don’t Buy	Don’t Buy