Investor Presentaiton
October 12, 2021
LAMOSA: INVESTMENT THESIS
A quality management team that has leveraged its strengths and focused on what they know best (ceramic tiles) to achieve competitive advantages.
Economies of scale and lower freight costs achieved through its position in the industry...
#2
#1
Ceramic Tiles Market Share
#2
N/A
N/A
N/A
Adhesives Market Share
#1
World
Mexico
Argentina
Chile
Peru
Colombia
Brazil
Spain
US
Mexico
-2%
-40%
-25%
~1%
-2%
-5%
...have allowed LAMOSA to boast EBITDA margins of over 500 bps. versus its Mexican peers and remain as one of the most profitable players.
Additional Advantages vs. Peers:
•
Economies of scale
1. Better supplier contracts
2. Plants' operational flexibility
(longer production runs)
Cutting-edge technology
•⚫ Lower freight costs
()
GBM
5-Year Average EBITDA Margin
27.5%
21.2%
17.3%
16.5%
16.1%
16.0%
15.2%
15.1%
13.7%
9.0%
8.2%
Dynasty
LAMOSA
Mohawk
*Vitromex 2021
Ceramics
Kajaria
Ceramics
RAK
Ceramics
Source: GBM Research
Monalisa
Group Co
Saudi
Ceramic
CERAMIC
Portobello
Vitromex*
Panaria
Group
LAMOSA/CERAMIC: THE ROAD TO GROWTH IS PAVED WITH TILES. | 32View entire presentation