Valmont Industries, Inc. (VMI)

Industry: Conglomerates 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
SCHO.CO	47	Aktieselskabet Sch	5,430	15.26	15.34	6.53	6.00	11.35	10.83
HLMA.L	48	Halma plc	5,326	23.55	19.54	14.59	11.93	13.30	19.60
NVP8.SG	49	Berli Jucker Publi	4,972	15.65	16.53	10.36	10.24	19.64	18.00
BN4.SI	50	Keppel Corporation	4,863	19.92	17.04	21.95	17.39	19.21	21.11
001740.KS	51	SK Networks Compan	4,772	22.44	22.44	4.04	4.40	13.85	18.03
9435.T	52	Hikari Tsushin, In	4,545	18.71	16.29	13.61	12.24	23.25	21.34
9048.T	53	Nagoya Railroad Co	4,452	10.59	8.61	10.48	9.91	25.62	21.77
VMI	54	Valmont Industries	4,103	32.50	29.37	16.22	14.77	14.54	17.37
002020.KS	55	Kolon Corporation	4,020	-	-	5.75	5.27	10.33	79.94
3105.T	56	Nisshinbo Holdings	3,273	8.41	8.41	4.74	3.97	168.40	6.98
000009.SZ	57	China Baoan Group	3,180	455.98	704.86	17.24	14.91	22.46	25.06
LIFCO-B.ST	58	Lifco AB (publ)	2,994	40.51	34.46	23.72	19.98	31.00	25.43
9008.T	59	Keio Corporation	2,967	10.29	10.29	9.44	8.15	12.52	11.33
1821.T	60	Sumitomo Mitsui Co	2,863	140.82	258.86	9.10	10.72	12.56	15.75
600008.SS	61	Beijing Capital Ec	2,787	13.64	12.96	11.07	10.37	16.92	20.86
OMN.JO	62	Omnia Holdings Lim	2,731	4.74	4.51	2.34	2.24	3.45	3.03

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	15.45	15.82	9.44	9.91	13.85	18.03
Full Range Median Multiple	17.18	16.41	10.36	10.24	16.92	19.60
Industry Multiple	57.18	82.15	11.00	9.85	26.92	21.27
Market Implied Multiple	37.46	33.84	18.51	16.85	16.59	19.81
Company (VMI) Multiple	32.50	29.37	16.22	14.77	14.54	17.37
(*) Net Income / EBITDA / Revenue	234	259	507	557	566	474
Winsorized Enterprise Value	N/A	N/A	4,786	5,520	7,836	8,541
Full Range Median Enterprise Value	N/A	N/A	5,253	5,704	9,573	9,286
(-) Net Debt	632	632	632	632	632	632
Winsorized Equity Value	3,611	4,091	4,154	4,888	7,203	7,909
Full Range Median Equity Value	4,014	4,244	4,621	5,072	8,941	8,654
(/) Shares Outstanding	20	20	20	20	20	20
Winsorized Fair Value	$182.96	$207.28	$210.48	$247.68	$364.99	$400.75
Full Range Median Fair Value	$203.41	$215.06	$234.13	$257.01	$453.02	$438.47
Current Price	$443.58	$443.58	$443.58	$443.58	$443.58	$443.58
Upside / Downside	-58.75%	-53.27%	-52.55%	-44.16%	-17.72%	-9.66%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$128.07	$145.09	$147.34	$173.38	$255.49	$280.53
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy