Advanced Drainage Systems, Inc. (WMS)

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
FBIN	20	Fortune Brands Inn	4,490	19.51	21.18	11.86	12.27	17.88	16.63
002380.KS	21	KCC Corporation	4,460	2.40	2.40	3.99	3.20	15.19	11.13
NIBE-B.ST	22	NIBE Industrier AB	4,394	26.20	25.13	18.76	18.16	20.84	19.66
5929.T	23	Sanwa Holdings Cor	4,226	14.95	12.05	8.34	7.05	8.74	8.45
002271.SZ	24	Beijing Oriental Y	3,826	-	-	27.13	34.26	27.33	11,441.42
000786.SZ	25	Beijing New Buildi	3,600	12.94	12.36	9.50	9.20	14.64	11.46
JELD	26	JELD-WEN Holding,	3,305	-	-	-	-	129.93	-
WMS	27	Advanced Drainage	2,987	23.53	19.44	12.99	12.25	12.77	14.18
BXC	28	BlueLinx Holdings	2,949	41.61	53.82	10.54	11.86	22.93	21.05
DOOR	29	Masonite Internati	2,773	20.42	18.04	11.50	9.91	19.17	14.98
601865.SS	30	Flat Glass Group C	2,348	115.91	143.73	20.42	18.73	21.13	108.20
SSD	31	Simpson Manufactur	2,311	20.19	17.84	12.05	10.46	12.61	13.56
5932.T	32	Sankyo Tateyama, I	2,309	-	-	8.75	8.74	-	59.57
601636.SS	33	Zhuzhou Kibing Gro	2,247	32.17	39.33	23.11	26.76	146.57	78.91
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

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	20.19	18.04	11.02	10.19	17.07	15.81
Full Range Median Multiple	20.42	21.18	11.68	11.16	18.52	18.15
Industry Multiple	38.07	40.28	13.27	13.45	34.52	845.63
Market Implied Multiple	27.02	22.32	14.82	13.97	14.56	16.18
Company (WMS) Multiple	23.53	19.44	12.99	12.25	12.77	14.18
(*) Net Income / EBITDA / Revenue	458	555	878	931	893	804
Winsorized Enterprise Value	N/A	N/A	9,673	9,485	15,247	12,709
Full Range Median Enterprise Value	N/A	N/A	10,253	10,390	16,546	14,589
(-) Net Debt	618	618	618	618	618	618
Winsorized Equity Value	9,255	10,008	9,055	8,867	14,629	12,091
Full Range Median Equity Value	9,360	11,751	9,635	9,772	15,927	13,971
(/) Shares Outstanding	78	78	78	78	78	78
Winsorized Fair Value	$119.03	$128.71	$116.46	$114.04	$188.15	$155.51
Full Range Median Fair Value	$120.38	$151.14	$123.92	$125.68	$204.85	$179.68
Current Price	$159.30	$159.30	$159.30	$159.30	$159.30	$159.30
Upside / Downside	-25.28%	-19.20%	-26.89%	-28.41%	18.11%	-2.38%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$83.32	$90.10	$81.52	$79.83	$131.71	$108.86
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy