Trian Partners Activist Presentation Deck
...That is Misunderstood and Significantly Undervalued
CY 2020 EV / EBITDA
8.3x
UK Distributors
TP Travis Perkins
Grafton Group plc
10.4x
FERGUSON
We believe Ferguson's
blended branch business
should be valued in-line with
specialty RMI distributors
...
12.3x
Broadline MRO
GRAINGER FASTENAL
FOR THE ONES WHO GET IT DONE
(1)
MSC
KD SUPPLY
BUILT
TO MAKE
YOU BETTER"
TOERI
13.4x
Home Improvement Retail Specialty RMI Distributors
Site One POOLCORP
LANDSCAPE SUPPLY
Stronger Together
watsco(2)
COOLING THE AMERICAS
HOME
SIG
Source: FactSet, company filings. Figures represent averages. Valuation metrics calculated off of Wall Street research 2019 calendar year estimates.
(1) Deducts Construction & Industrial segment at 8x EBITDA and a pro-rata share of net debt.
(2) Minority interest capitalized at 26x net income (Watsco's current P/E multiple) and added to enterprise value.
17.2x
LOWE'S
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