Tetra Tech, Inc. (TTEK)

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
5076.T	60	INFRONEER Holdings	5,726	7.86	7.86	7.22	7.22	11.91	14.02
SCYR.MC	61	Sacyr, S.A.	5,506	29.81	29.81	8.15	7.54	11.45	7.92
STN	62	Stantec Inc.	5,415	38.24	30.53	19.63	16.50	21.93	24.39
BLD	63	TopBuild Corp.	5,236	19.29	15.99	12.96	10.75	15.00	12.91
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

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	16.41	15.99	8.15	7.22	10.78	10.65
Full Range Median Multiple	16.70	16.74	10.13	7.54	11.68	12.91
Industry Multiple	20.89	19.15	9.67	8.26	14.24	14.14
Market Implied Multiple	39.45	36.75	15.76	13.15	15.45	24.12
Company (TTEK) Multiple	35.59	33.16	14.34	11.97	14.05	21.95
(*) Net Income / EBITDA / Revenue	248	266	672	805	686	439
Winsorized Enterprise Value	N/A	N/A	5,480	5,818	7,393	4,677
Full Range Median Enterprise Value	N/A	N/A	6,810	6,074	8,008	5,671
(-) Net Debt	820	820	820	820	820	820
Winsorized Equity Value	4,065	4,252	4,660	4,998	6,573	3,857
Full Range Median Equity Value	4,137	4,451	5,991	5,254	7,188	4,851
(/) Shares Outstanding	262	262	262	262	262	262
Winsorized Fair Value	$15.50	$16.22	$17.77	$19.06	$25.07	$14.71
Full Range Median Fair Value	$15.78	$16.98	$22.85	$20.04	$27.42	$18.50
Current Price	$37.27	$37.27	$37.27	$37.27	$37.27	$37.27
Upside / Downside	-58.40%	-56.49%	-52.31%	-48.85%	-32.73%	-60.53%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$10.85	$11.35	$12.44	$13.34	$17.55	$10.30
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy