Investor Presentaiton
October 12, 2021
APPENDIX: INTERNATIONAL PEER VALUATIONS
Ceramic Tile Peers
GBM
Market Cap
(USD Million)
Average
EV/EBITDA
Price/Earnings
1 year Return
P/BV
Dividend Yield
2021e
2022e
2021e
2022e
%
YTD
Return %
Net Debt to
EBITDA Mg.
EBITDA
Mohawk Industries, Inc.
13,243
0.0%
1.5x
7.2x
6.6x
12.8x
11.8x
103.9%
36.1%
0.8x
14.9%
Monalisa Group CO, Ltd
1,796
1.2%
3.3x
12.1x
9.3x
15.4x
11.8x
-27.2%
-11.1%
0.0x
15.8%
Tarkett SA
1,542
0.0%
1.6x
7.1x
5.6x
25.4x
14.9x
105.2%
38.2%
2.2x
8.8%
Saudi Ceramic Co
1,354
0.0%
3.1x
11.5×
11.3x
15.8x
13.7x
97.0%
78.7%
1.6x
13.2%
Grupo Lamosa SAB de CV
1,248
2.3%
2.1x
4.6x
4.2x
6.7x
6.4x
208.4%
89.7%
0.7x
19.9%
Nichiha Corp
1,129
2.0%
1.2x
7.2x
5.2x
14.9x
12.1x
19.1%
3.6%
-1.4x
14.4%
Dynasty Ceramics
814
5.3%
4.0x
9.5x
9.0x
15.2x
14.5x
25.1%
38.2%
0.3x
26.6%
RAK Ceramics
779
13.4%
1.3x
7.8x
7.2x
7.8x
7.4x
116.6%
100.7%
2.3x
16.6%
Interceramic
529
2.6%
2.2x
5.8x
5.6x
17.3x
14.3x
50.7%
32.8%
1.8x
14.8%
SCG Ceramics PCL
477
0.0%
1.7x
10.5×
10.0x
23.8x
21.8x
134.0%
60.7%
-0.6x
8.7%
Average
2.7%
2.2x
8.3x
7.4x
15.5x
12.9x
83.3%
46.8%
0.8x
15.4%
Adhesives Peers
Sika
Henkel AG & Co.
RPM International, Inc.
H.B Fuller Co.
Market Cap
Average
EV/EBITDA
Price/Earnings
1 year Return
P/BV
(USD Million)
Dividend Yield
2021e
2022e
2021e
2022e
%
YTD
Return %
Net Debt to
EBITDA Mg.
EBITDA
45,864
0.8%
11.6x
25.1x
21.4x
42.6x
36.5x
26.8%
25.2%
1.7x
17.5%
37,982
2.4%
N.A.
9.7x
8.8x
17.0x
15.6x
-9.4%
-13.9%
3.0x
16.9%
10,349
2.0%
5.8x
13.1x
14.0x
19.1x
20.9x
-7.9%
-11.0%
2.0x
13.2%
3,339
1.1%
2.1x
10.6x
9.2x
18.3x
15.2x
30.1%
23.5%
3.7x
12.8%
2,597
0.6%
6.2x
11.2x
8.4x
14.7x
11.1x
6.3%
23.2%
1.0x
12.8%
1.4%
6.4x
13.9x
12.4x
22.3x
19.9x
9.2%
9.4%
2.3x
14.6%
Keshun Waterpoof Technologies
Average
Retail Home Distributors Peers (CERAMIC Franchise Stores Peers)
Market Cap
Average
EV/EBITDA
Price/Earnings
1 year Return
P/BV
(USD Million)
Dividend Yield
2021e
2022e
2021e
2022e
%
YTD
Return %
Net Debt to
EBITDA Mg.
EBITDA
Home Depot Inc
350,105
2.0%
N.A.
18.4x
15.8x
27.6x
22.8x
22.4%
27.0%
1.5x
16.6%
Lowe's Cos Inc
140,952
1.7%
N.A.
14.3x
12.5x
23.3x
17.9x
29.4%
28.2%
1.7x
10.9%
Fortune Brands Home & Security
13,304
1.4%
4.4x
11.5x
10.3x
16.7x
15.3x
18.2%
13.5%
1.9x
15.2%
Dunelm Group PLC
4,136
2.9%
10.6x
13.2x
11.3x
24.2x
21.2x
1.6%
22.5%
0.7x
15.6%
D&O Home Collection Co Ltd
880
0.4%
1.3x
8.9x
7.6x
8.1x
6.7x
-47.1%
-27.6%
3.2x
14.5%
Average
1.7%
5.4x
13.3x
11.5x
20.0x
16.8x
4.9%
12.7%
1.8x
14.6%
LAMOSA/CERAMIC: THE ROAD TO GROWTH IS PAVED WITH TILES. | 64View entire presentation