Vulcan Materials Company (VMC)

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
2009.HK	7	BBMG Corporation	15,714	-	-	20.84	24.60	48.09	2,616.96
AMRZ	8	Amrize Ltd	14,867	19.48	19.48	11.76	11.76	10.63	16.95
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

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	17.19	16.50	7.55	7.19	10.63	12.17
Full Range Median Multiple	17.66	17.44	9.63	8.38	12.59	12.81
Industry Multiple	18.93	19.25	10.91	10.68	22.22	188.49
Market Implied Multiple	36.03	31.90	17.36	15.09	20.79	24.37
Company (VMC) Multiple	36.22	32.07	17.44	15.16	20.89	24.49
(*) Net Income / EBITDA / Revenue	1,123	1,268	2,604	2,995	2,173	1,854
Winsorized Enterprise Value	N/A	N/A	19,651	21,532	23,097	22,570
Full Range Median Enterprise Value	N/A	N/A	25,062	25,089	27,359	23,751
(-) Net Debt	4,739	4,739	4,739	4,739	4,739	4,739
Winsorized Equity Value	19,304	20,924	14,912	16,794	18,358	17,832
Full Range Median Equity Value	19,822	22,109	20,323	20,350	22,620	19,012
(/) Shares Outstanding	132	132	132	132	132	132
Winsorized Fair Value	$146.02	$158.28	$112.80	$127.03	$138.86	$134.88
Full Range Median Fair Value	$149.94	$167.24	$153.73	$153.93	$171.11	$143.81
Current Price	$305.97	$305.97	$305.97	$305.97	$305.97	$305.97
Upside / Downside	-52.28%	-48.27%	-63.13%	-58.48%	-54.61%	-55.92%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$102.21	$110.79	$78.96	$88.92	$97.21	$94.42
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy