Q1 2022 & FY 2021 Results
CAPITAL MARKETS TRANSACTIONS INCREASED SHARE FLOAT
AND LIQUIDITY; VALUATION REMAINS ATTRACTIVE
TRANSACTIONS BENEFIT PUBLIC
MARKET SHAREHOLDERS
Transparent control group shareholdings
Float increased to 48% of shares
. Increased liquidity
SHARES STILL TRADE BELOW PEER GROUP
MULTIPLES
2022 ESTIMATED EV/EBITDA MULTIPLES'
US Average 13.3x
GCC
LatAm Peers 6.3x
6.6x
11.3x
16.6x
16.9x
11.1x
8.5x
7.2x
5.9x
6.4x
5.8x
●
Even after 97% price increase since 2017
·
Trading at a 42% discount to weighted peers²
GCC
Weighted
Peers²
Vulcan
Materials
Martin
Marietta
Summit
Materials
Eagle
Materials
Argos
Cemex
Cemex
LatAm
Fortaleza
•
50% discount to U.S. average
No discount compared to LatAm average
1 Source: J.P. Morgan (May 2022) and Morgan Stanley (May 2022) estimates
2 Weighted peers implies: 72% US peers + 28% LatAm peers
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