Masco Corporation (0JZ1.L)

Industry: Construction Materials 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
600585.SS	9	Anhui Conch Cement	11,947	13.92	18.30	5.48	6.72	12.89	11.57
000877.SZ	10	Tianshan Material	11,422	21.74	30.01	12.92	14.71	92.83	56.83
BZU.MI	11	Buzzi Unicem S.p.A	10,179	4.57	2.86	2.74	2.13	5.36	2.90
ULTRACEMCO.BO	12	UltraTech Cement L	9,201	51.51	49.85	26.47	24.11	49.24	15.95
FBU.AX	13	Fletcher Building	8,476	-	-	5.21	5.66	6.91	7.04
VMC	14	Vulcan Materials C	7,874	36.22	32.07	17.44	15.16	20.89	24.49
0QQ2.L	15	Geberit AG	7,760	17.44	16.58	11.82	8.38	12.59	12.17
0JZ1.L	16	Masco Corporation	7,597	17.87	20.09	13.73	13.69	14.35	13.37
0JZ0.L	17	Martin Marietta Ma	6,641	33.10	29.69	19.87	17.99	21.77	25.60
BCC	18	Boise Cascade Comp	6,512	16.95	16.40	7.55	7.19	27.23	12.81
0868.HK	19	Xinyi Glass Holdin	6,259	3.79	3.40	2.77	1.62	6.79	3.07
NK.PA	20	Imerys S.A.	6,069	-	-	9.63	9.79	7.41	8.87
5233.T	21	Taiheiyo Cement Co	5,722	8.29	7.93	5.37	5.13	8.36	9.99
WIE.VI	22	Wienerberger AG	5,455	18.45	16.43	7.46	6.73	8.84	13.35
1101.TW	23	TCC Group Holdings	5,092	23.98	29.87	7.75	7.66	71.96	24.72
600801.SS	24	Huaxin Cement Co.,	4,901	11.66	12.94	7.60	7.89	9.95	11.07

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	16.95	16.43	7.55	7.19	9.95	11.57
Full Range Median Multiple	17.44	16.58	7.60	7.66	12.59	12.17
Industry Multiple	20.12	20.49	10.01	9.39	24.20	16.03
Market Implied Multiple	18.11	20.35	13.88	13.85	14.51	13.52
Company (0JZ1.L) Multiple	17.87	20.09	13.73	13.69	14.35	13.37
(*) Net Income / EBITDA / Revenue	827	736	1,267	1,270	1,212	1,301
Winsorized Enterprise Value	N/A	N/A	9,562	9,133	12,061	15,044
Full Range Median Enterprise Value	N/A	N/A	9,634	9,730	15,258	15,833
(-) Net Debt	2,614	2,614	2,614	2,614	2,614	2,614
Winsorized Equity Value	14,018	12,089	6,948	6,519	9,447	12,430
Full Range Median Equity Value	14,421	12,200	7,020	7,116	12,644	13,219
(/) Shares Outstanding	210	210	210	210	210	210
Winsorized Fair Value	$66.75	$57.57	$33.09	$31.04	$44.99	$59.19
Full Range Median Fair Value	$68.67	$58.10	$33.43	$33.88	$60.21	$62.95
Current Price	$71.32	$71.32	$71.32	$71.32	$71.32	$71.32
Upside / Downside	-6.40%	-19.28%	-53.61%	-56.47%	-36.92%	-17.00%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$46.73	$40.30	$23.16	$21.73	$31.49	$41.43
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy