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Building Products & Materials Industry Update BUILDING PRODUCTS & MATERIALS INDUSTRY UPDATE │ AUGUST 2015 www.harriswilliams.com Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, which is authorised and regulated by the Financial Conduct Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business. 0 BUILDING PRODUCTS & MATERIALS INDUSTRY UPDATE │ AUGUST 2015 BUILDING PRODUCTS & MATERIALS GROUP OVERVIEW CONTENTS INTRODUCTION . WHAT WE’RE READING Harris Williams & Co. is pleased to present our Building Products and Materials . PUBLIC MARKETS Industry Update for August 2015. This report provides commentary and analysis on . PUBLIC COMPARABLES current capital market trends and merger and acquisition dynamics within the . M&A ACTIVITY global building products and materials industry. We hope you find this edition helpful and encourage you to contact us directly if you would like to discuss our perspective on current industry trends and M&A opportunities or our relevant industry experience. CONTACTS Mike Hogan OUR PRACTICE Managing Director [email protected] Harris Williams & Co. is a leading advisor to the building products and materials +1 (804) 915-0104 industry. Our significant experience covers a broad range of end markets, industries, and business models. Ryan Nelson Managing Director [email protected] Distribution & Construction Building Products +1 (804) 915-0121 Services Materials . Acoustical . Roofing . Architectural and . Aggregates Trey Packard . Cabinets and . Siding . Engineering . Asphalt Vice President . Countertops . Tools and Hardware . Installation and . Aluminum [email protected] . Carpet and Flooring . Windows and Doors . Contracting . Bricks +1 (804) 887-6016 . Gypsum / Wallboard . Lumber and . Clay . Electrical Fixtures . Hardware . Glass . HVAC . Plumbing . Precast Concrete / . Lumber . Roofing and Siding Ready Mix . Plumbing Fixtures . Site Development . Steel . Wallboard . Stone a portfolio company of a portfolio company of a portfolio company of a portfolio company of a portfolio company of Building a subsidiary of has been acquired by Products has been acquired by has been acquired by has been acquired by has been acquired by a portfolio company of has been acquired by a portfolio company of a portfolio company of a portfolio company of a portfolio company of Distribution & has been acquired by Services has been recapitalized has been acquired by has been acquired by has been acquired by by a portfolio company of a portfolio company of Select Atlanta, a division of Georgia Construction aggregates has been acquired by assets of LaFarge has been acquired by Materials has been acquired by SA have been has been acquired by acquired by a division of a subsidiary of www.harriswilliams.com www.harriswilliams.com PAGE | 1 BUILDING PRODUCTS & MATERIALS INDUSTRY UPDATE │ AUGUST 2015 WHAT WE’RE READING U.S. HOUSING STARTS NEAR EIGHT-YEAR HIGH, BUT PERMITS FALL Reuters 8/18/2015 WASHINGTON, Aug 18 (Reuters) - U.S. housing starts rose to a near eight-year high in July as builders ramped up construction of single-family homes, suggesting that the economy was firing on almost all cylinders. The Commerce Department report on Tuesday added to solid payrolls, retail sales and industrial output data in suggesting the economy got off to a strong start in the third quarter. The steady flow of upbeat economic reports has bolstered views that the Federal Reserve will raise interest rates in September. "The Fed is likely to take further reassurance that housing is on an improving trend and this should add to the view that the economy is in more normal territory," said John Ryding, an economist at RDQ Economics in New York. Read the full article here. BUILDERS’ SENTIMENT INCHES UP NAHB 8/17/2015 The August read on builder sentiment continued its slow rise to a nine plus year high of 61, up one point from July. The index has been at 60 or more since June and above the tipping point of 50 since July 2014. Components measuring current and future home sales also rose to or remained at new heights not seen since late 2005. The current sales index rose one point to 66 and the expected sales component remained at 70 after rising to that level in July. Regional indicators (as measured by a three-month moving average) also rose or remained at heightened levels. Read the full article here. BUILDING MATERIAL PRICES FALL DESPITE RISING CONSTRUCTION SPENDING Construction Dive 8/17/2015 The July numbers bucked conventional wisdom, which says prices of building materials should spike when construction spending is up and fall when spending is down. But nonresidential construction spending is on an upswing, rising by approximately 11.5% between June 2014 and June 2015, and multifamily construction is booming in most U.S. cities. Yet the prices of concrete, fabricated structural metal products, iron and steel, prepared asphalt, metals, and nonferrous wire and cable fell slightly last month. Crude energy materials and crude petroleum prices tumbled more substantially. Read the full article here. JUNE CONSTRUCTION SPENDING POSTS SMALLEST GAIN IN FIVE MONTHS, BUT UP 12% ANNUALLY Forbes Business 8/3/2015 Construction spending in the U.S. rose 12% year-over-year in June, the Commerce Department said Monday. But on a monthly basis, the gain was the smallest in five months. Spending in June was nearly flat with May’s level, inching up just 0.1% to a seasonally adjusted annual rate of $1,064.6 billion. That was the smallest rise for construction spending since January. But June’s total is 12% higher than the estimate for June 2014, when (seasonally adjusted, annual) construction spending stood at $950.3 billion. The June increase fell short of the consensus 0.6% bump forecast by economists surveyed ahead of the release by Bloomberg . Read the full article here. OLDCASTLE PARENT CLOSES ON LAFARGE, HOLCIM ASSETS Rock Journal 8/6/2015 CRH has closed on a portfolio of Lafarge S.A. and Holcim Ltd. cement, concrete and aggregate production assets in 10 countries across the Americas and Europe. At a $7.2 billion enterprise value, the transaction is among the largest to date involving publicly traded, global heavy building materials companies – trailing Cemex-Rinker and HeidelbergCement-Hanson ($15 billion–$16 billion; 2007) and Lafarge-Orascom ($12 billion, 2008). The acquired assets represent the bulk of properties Lafarge and Holcim officials agreed to unload in advance of an early-July merger forming LafargeHolcim Ltd. The assets span nearly 700 sites, approximately 10 percent of which are cement, ready mixed concrete and aggregate plants, plus 18 terminals, under or tied to Holcim (Canada) Inc. Those properties extend to the north a solid footprint Oldcastle Materials enjoys throughout Great Lakes markets in the U.S. Read the full article here. www.harriswilliams.com PAGE | 2 BUILDING PRODUCTS & MATERIALS INDUSTRY UPDATE │ AUGUST 2015 PUBLIC MARKETS MEDIAN REVENUE GROWTH (2011 – 2014) MEDIAN REVENUE GROWTH (2014 – 2015P) Building Materials 7.3% Building Materials 2.9% Building Products 8.7% Building Products 7.1% Building Products Distributors 9.9% Building Products Distributors 3.8% MEDIAN EBITDA MARGIN (2013 – 2015P) MEDIAN EBITDA GROWTH (2014E-2015P) Building Materials 15.0% Building Materials 9.9% Building Products 12.8% Building Products 14.7% Building Products Distributors 4.9% Building Products Distributors 8.9% MEDIAN CAPEX / REVENUE (2015E) MEDIAN TEV / 2015 EBITDA Building Materials 5.8% Building Materials 9.8x Building Products 2.7% Building Products 11.2x Building Products Distributors 1.2% Building Products Distributors 11.8x HISTORICAL STOCK PRICES (AUGUST 10TH, 2010 – AUGUST 15TH, 2015) 200% 150% 100% 50% 0% (50%) Aug-10 Feb-11 Aug-11 Feb-12 Aug-12 Feb-13 Aug-13 Feb-14 Aug-14 Feb-15 Aug-15 Building Materials Index Building Products Index Building Products Distributors Index S&P 500 Index www.harriswilliams.com PAGE | 3 BUILDING PRODUCTS & MATERIALS INDUSTRY UPDATE │ AUGUST 2015 PUBLIC COMPARABLES BUILDING PRODUCTS As of August 17, 2015 ($ in Millions, except per share amounts) Stock Performance Current % of 2014 TEV / EBITDA Price LTM High Mkt Cap TEV Revenue EBITDA Margin 2015 2016 ASSA ABLOY AB $19.82 91.8% $22,254 $25,038 $7,265 $1,312 18.1% 17.1x 15.6x Mohawk Industries Inc. 206.96 99.6% 15,328 18,661 7,803 1,161 14.9% 13.6x 11.5x Masco Corporation 27.18 95.8% 9,362 11,458 8,521 1,003 11.8% 11.0x 10.0x Fortune Brands Home & Security, Inc. 50.98 99.9% 8,141 9,310 4,014 498 12.4% 14.7x 12.2x Lennox International, Inc. 123.53 98.7% 5,631 6,640 3,367 387 11.5% 14.6x 12.6x Owens Corning 46.45 99.5% 5,459 7,596 5,276 717 13.6% 9.5x 8.4x USG Corporation 32.19 98.5% 4,666 6,562 3,724 454 12.2% 11.1x 9.6x Kingspan Group plc 25.23 94.6% 4,445 4,623 2,289 229 10.0% 15.0x 12.7x Armstrong World Industries, Inc. 58.73 98.0% 3,245 4,080 2,515 313 12.5% 11.0x 9.8x Masonite International Corporation 64.64 88.2% 1,961 2,319 1,838 117 6.3% 11.7x 8.6x Interface Inc. 25.63 94.3% 1,691 1,878 1,004 113 11.3% 12.0x 10.4x Trex Co. Inc. 40.83 70.7% 1,312 1,346 392 84 21.4% 13.6x 11.0x Nortek Inc. 74.63 83.0% 1,214 2,670 2,546 242 9.5% 9.1x 8.2x American Woodmark Corp. 64.87 98.0% 1,063 901 807 57 7.0% 11.2x 9.9x Ply Gem Holdings, Inc 14.26 93.2% 972 1,992 1,567 119 7.6% 11.5x 8.6x Continental Building Products, Inc.
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