Granite Construction Incorporated (GVA)

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
DY	64	Dycom Industries,	5,173	28.00	17.37	13.46	11.32	15.40	16.77
TPC	65	Tutor Perini Corpo	5,103	-	-	14.41	14.61	14.96	25.00
1893.T	66	Penta-Ocean Constr	5,000	16.41	16.74	11.20	10.62	9.08	17.26
TTEK	67	Tetra Tech, Inc.	4,784	35.59	33.16	14.34	11.97	14.05	21.95
1944.T	68	Kinden Corporation	4,679	16.70	14.72	10.13	9.02	9.68	10.65
GFRD.L	69	Galliford Try Hold	4,562	8.02	9.74	2.65	2.71	3.72	6.11
GEKTERNA.AT	70	GEK TERNA Holdings	4,237	14.02	14.02	8.12	5.92	4.12	5.43
GVA	71	Granite Constructi	4,236	26.24	26.24	12.48	6.96	10.11	21.68
OHLA.MC	72	Obrascón Huarte L	4,196	-	-	1.93	1.52	17.15	4.10
ELTR.TA	73	Electra Limited	4,175	40.27	38.32	12.57	11.14	47.33	32.50
VEI.OL	74	Veidekke ASA	4,163	16.34	17.34	7.14	6.22	7.48	10.13
NWH.AX	75	NRW Holdings Limit	4,083	10.30	10.30	3.02	1.80	-	3.18
AEG.JO	76	Aveng Limited	4,064	-	-	0.41	0.44	-	-
600528.SS	77	China Railway Hi-t	4,052	12.73	13.25	10.30	10.66	13.35	12.75
5398.KL	78	Gamuda Berhad	3,909	29.83	24.46	23.70	19.96	18.35	23.27
000210.KS	79	DL Holdings Co. Lt	3,676	-	-	7.28	6.87	20.43	24.99

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	16.34	14.72	8.12	6.87	13.35	11.70
Full Range Median Multiple	16.41	16.74	10.13	9.02	14.05	14.76
Industry Multiple	20.75	19.04	9.38	8.32	15.01	15.29
Market Implied Multiple	29.04	29.04	13.57	7.57	11.00	23.59
Company (GVA) Multiple	26.24	26.24	12.48	6.96	10.11	21.68
(*) Net Income / EBITDA / Revenue	182	182	466	835	575	268
Winsorized Enterprise Value	N/A	N/A	3,783	5,739	7,673	3,136
Full Range Median Enterprise Value	N/A	N/A	4,719	7,530	8,075	3,956
(-) Net Debt	1,022	1,022	1,022	1,022	1,022	1,022
Winsorized Equity Value	2,982	2,686	2,760	4,716	6,651	2,114
Full Range Median Equity Value	2,994	3,054	3,697	6,508	7,053	2,933
(/) Shares Outstanding	44	44	44	44	44	44
Winsorized Fair Value	$68.30	$61.51	$63.21	$108.01	$152.31	$48.41
Full Range Median Fair Value	$68.56	$69.94	$84.66	$149.03	$161.52	$67.18
Current Price	$121.36	$121.36	$121.36	$121.36	$121.36	$121.36
Upside / Downside	-43.72%	-49.31%	-47.92%	-11.00%	25.51%	-60.11%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$47.81	$43.06	$44.25	$75.61	$106.62	$33.89
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy