Investor Presentaiton
CAPITAL MARKETS TRANSACTIONS INCREASED SHARE FLOAT
AND LIQUIDITY; VALUATION REMAINS ATTRACTIVE
GCC
TRANSACTIONS BENEFIT PUBLIC
MARKET SHAREHOLDERS
Transparent control group shareholdings
Float increased to 49% of shares
. Increased liquidity
2023 ESTIMATED EV/EBITDA MULTIPLES¹
US Average 11.5x
LatAm Peers 6.4x
SHARES STILL TRADE BELOW PEER GROUP
MULTIPLES
5.5x
10.0x
14.6x
14.5×
9.3x
7.4x
5.1x
6.6x
7.5x
●
Even after 100% price increase since 2017
GCC
Weighted
Peers²
Vulcan
Materials
Martin
Marietta
Summit
Materials
Eagle
Materials
Argos
Cemex
Cemex
LatAm
·
Trading at a 45% discount to weighted peers²
•
52% discount to U.S. average
14% discount to LatAm average
1 Source: J.P. Morgan (March 2023) and Morgan Stanley (March 2023) estimates
2 Weighted peers implies: 72% US peers + 28% LatAm peers
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