Industria De La Construcción
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Seale & Associates Creative Solutions. Trusted Advice. INDUSTRIA DE LA CONSTRUCCIÓN 1° TRIMESTRE 2020 ACTUALIZACIÓN DE MÚLTIPLOS INDUSTRIA DE LA CONSTRUCCIÓN – ACTUALIZACIÓN DE MÚLTIPLOS “Los múltiplos de valuación de la industria de la Construcción han disminuido significativamente debido a la reciente pandemia (COVID-19) la cual ha causado distorsión en los mercados. A continuación presentamos los múltiplos de valuación antes de la caída del mercado (Febrero 19, 2020), así como los últimos múltiplos disponibles a la fecha de publicación de este reporte” SITUACIÓN ACTUAL DE LOS MERCADOS EMPRESAS PÚBLICAS COMPARABLES – GLOBAL CONSTRUCTORAS Promedio Anual Pre Crisis Post Crisis Cap. Valor Ventas Margen VE / EBITDA febrero 19, 2020 abril 22, 2020 Compañia País Mdo. Empresa US$M EBITDA VE / VE / VE / VE / US$M US$M 2018 2019 EBITDA Ventas EBITDA Ventas ACS, Actividades de ESP $6,733 $9,316 $43,826 5.6% 7.0x 5.8x 3.6x 0.3x 2.8x 0.2x Construcción y Servicios, S.A. AECOM USA $5,009 $8,858 $20,053 4.7% 9.7x 9.5x 11.5x 0.6x 8.6x 0.4x Bouygues SA FRA $10,383 $16,152 $42,564 9.1% 6.2x 5.6x 5.9x 0.6x 3.6x 0.4x China Communications CHN $16,501 $57,277 $79,678 7.1% 10.5x 11.2x 11.5x 0.8x 9.8x 0.7x Construction Company Limited China Energy Engineering CHN $3,060 $16,308 $35,516 6.0% 7.4x 7.6x 8.3x 0.6x 6.9x 0.5x Corporation Limited China Gezhouba Group CHN $4,383 $13,650 $15,790 9.7% 10.8x 10.3x 10.1x 1.1x 8.9x 0.9x Company Limited China Railway Group Limited CHN $20,338 $35,017 $122,197 4.9% 8.3x 7.1x 6.1x 0.3x 5.5x 0.3x China State Construction CHN $30,778 $99,449 $186,404 7.1% 7.0x 7.0x 7.6x 0.5x 7.5x 0.5x Engineering Corporation China State Construction HKG $3,831 $7,518 $7,917 12.9% 8.4x 7.0x 6.5x 1.1x 6.3x 0.9x International Holdings Limited CIMIC Group Limited AUS $4,288 $4,311 $10,328 12.1% 9.3x 6.9x 4.2x 0.6x 3.2x 0.5x Colas SA FRA $3,741 $4,622 $15,361 6.0% 7.6x 7.1x 7.5x 0.5x 4.4x 0.3x Fomento de Construcciones y ESP $3,263 $8,194 $7,195 14.7% 8.5x 8.2x 8.0x 1.3x 6.6x 1.2x Contratas, S.A. HOCHTIEF Aktiengesellschaft DEU $5,100 $4,946 $29,011 5.3% 7.7x 5.5x 3.9x 0.3x 2.3x 0.2x Impulsora del Desarrollo y el MEX $4,737 $7,380 $913 41.4% 17.8x 16.8x 24.7x 11.0x 25.8x 10.5x Empleo en América Latina Jacobs Engineering Group Inc. USA $10,406 $11,884 $13,014 7.5% 13.2x 12.5x 15.3x 1.2x 12.2x 0.9x Larsen & Toubro Limited IND $15,554 $31,701 $21,398 12.7% 19.3x 16.9x 15.9x 2.0x 12.7x 1.6x Metallurgical Corporation of CHN $6,987 $15,324 $48,635 5.1% 10.2x 8.7x 7.9x 0.4x 6.1x 0.3x China Ltd. Obayashi Corporation JPN $5,964 $6,487 $18,915 9.1% 6.3x 5.2x 5.0x 0.5x 3.7x 0.3x Power Construction Corporation CHN $7,960 $53,528 $46,197 8.6% 12.9x 13.7x 13.6x 1.2x 13.4x 1.1x of China, Ltd Sacyr, S.A. ESP $962 $7,959 $4,689 15.9% 9.4x 10.8x 12.0x 2.0x 16.9x 1.8x Shimizu Corporation JPN $5,659 $7,135 $16,132 9.3% 6.3x 5.7x 6.1x 0.6x 4.7x 0.4x Skanska AB (publ) SWE $6,938 $7,670 $18,502 5.3% 10.9x 8.9x 9.5x 0.6x 7.2x 0.4x Taisei Corporation JPN $6,178 $5,528 $15,901 9.8% 5.2x 4.5x 4.6x 0.5x 3.5x 0.3x VINCI SA FRA $43,137 $72,836 $54,932 16.2% 9.2x 9.9x 9.9x 1.8x 7.7x 1.4x Media 10.8% 9.8x 9.1x 9.4x 1.4x 8.3x 1.2x Mediana 9.1% 9.2x 8.2x 8.0x 0.6x 6.9x 0.5x Industria de la Construcción Fuentes: Capital IQ, Mergermarket Seale & Associates 1° Trimestre 2020 Creative Solutions. Trusted Advice. INDUSTRIA DE LA CONSTRUCCIÓN – ACTUALIZACIÓN DE MÚLTIPLOS MATERIALES PARA CONSTRUCCIÓN: Componentes arquitectónicos y de construcción de una edificación Promedio Anual Pre Crisis Post Crisis Cap. Valor Ventas Margen VE / EBITDA febrero 19, 2020 abril 22, 2020 Compañia País Mdo. Empresa US$M EBITDA VE / VE / VE / VE / US$M US$M 2018 2019 EBITDA Ventas EBITDA Ventas ACC Limited IND $3,020 $2,433 $2,011 15.5% 13.6x 11.7x 9.2x 1.4x 7.9x 1.2x Adelaide Brighton Limited AUS $948 $1,272 $1,066 13.3% 13.3x 9.5x 9.6x 1.7x 8.3x 1.3x Anhui Conch Cement Company CHN $43,579 $35,275 $22,552 30.3% 6.4x 4.2x 5.3x 1.5x 5.1x 1.6x Limited BBMG Corporation CHN $4,451 $22,274 $13,188 16.1% 14.5x 10.4x 9.3x 1.5x 10.3x 1.7x Beijing Oriental Yuhong CHN $8,301 $8,946 $2,605 16.1% 18.0x 15.5x 16.6x 2.7x 21.7x 3.5x Waterproof Technology Co., Ltd. Buzzi Unicem S.p.A. ITA $3,215 $3,802 $3,617 21.3% 7.2x 6.6x 7.1x 1.7x 4.5x 1.1x CEMEX, S.A.B. de C.V. MEX $2,888 $12,564 $13,130 15.8% 8.5x 7.6x 7.1x 1.3x 6.8x 1.2x China National Building Material CHN $10,350 $40,946 $36,393 18.5% 9.8x 6.3x 5.9x 1.2x 5.5x 1.1x Company Limited China Shanshui Cement Group CHN $1,270 $1,990 $3,085 31.5% 5.6x 3.7x 3.0x 0.9x 2.0x 0.6x Limited China Tianrui Group Cement CHN $3,204 $4,740 $1,736 37.1% 10.5x 7.8x 7.1x 2.4x 7.6x 2.7x Company Limited Corporación Moctezuma, S.A.B. MEX $2,032 $1,950 $678 42.0% 9.1x 8.1x 8.9x 3.8x 8.6x 3.7x de C.V. CRH plc IRL $22,187 $30,123 $28,200 14.8% 9.6x 9.3x 10.1x 1.4x 6.9x 1.1x Dalmia Bharat Limited IND $1,312 $1,497 $1,410 20.8% 7.2x 11.9x 8.7x 1.8x 5.5x 1.1x Eagle Materials Inc. USA $2,139 $3,006 $1,420 26.8% 11.3x 10.2x 10.6x 3.3x 6.9x 2.1x Fletcher Building Limited NZL $1,766 $3,297 $5,450 8.5% 43.4x 7.9x 8.9x 0.9x 7.0x 0.7x Grasim Industries Limited IND $4,391 $17,620 $10,876 22.9% 14.1x 9.3x 8.2x 2.0x 7.3x 1.7x HeidelbergCement AG DEU $8,506 $19,322 $21,225 15.3% 8.4x 7.8x 7.1x 1.2x 5.2x 0.9x Huaxin Cement Co., Ltd. CHN $6,216 $6,403 $4,323 34.9% 5.3x 3.9x 3.9x 1.3x 4.2x 1.5x LafargeHolcim Ltd CHE $22,794 $36,254 $27,591 19.9% 24.0x 11.1x 7.1x 1.7x 5.6x 1.3x Martin Marietta Materials, Inc. USA $11,139 $14,390 $4,422 28.3% 14.9x 15.5x 15.0x 4.3x 10.4x 3.3x Posco Chemical Co., Ltd. KOR $2,628 $2,852 $1,285 9.0% 18.4x 17.0x 22.0x 2.6x 22.7x 2.4x RHI Magnesita N.V. AUS $1,270 $1,986 $3,279 17.5% 10.7x 6.2x 4.3x 0.8x 3.6x 0.7x Siam City Cement Public THA $1,088 $1,896 $1,608 16.5% 13.6x 11.4x 10.0x 1.7x 7.3x 1.3x Company Limited Ssangyong Cement Industrial KOR $2,221 $2,787 $1,333 25.5% 10.0x 9.8x 7.7x 2.0x 8.8x 2.2x Co., Ltd. Summit Materials, Inc. USA $1,393 $3,049 $2,222 19.7% 10.6x 9.9x 8.9x 1.9x 6.2x 1.4x The Siam Cement Public THA $12,174 $19,310 $14,717 12.2% 8.1x 9.5x 10.2x 1.5x 9.6x 1.4x Company Limited UltraTech Cement Limited IND $12,990 $15,829 $5,553 22.6% 21.3x 19.2x 16.9x 3.8x 13.5x 3.1x Vulcan Materials Company USA $14,051 $16,982 $4,929 24.6% 18.7x 17.3x 15.6x 4.2x 12.9x 3.4x Wienerberger AG AUT $1,824 $2,797 $3,890 16.0% 8.1x 6.8x 7.1x 1.2x 4.3x 0.7x Media 19.8% 14.3x 10.8x 10.1x 2.1x 8.2x 1.7x Mediana 19.8% 11.0x 9.8x 8.9x 1.8x 7.0x 1.4x Industria de la Construcción Fuentes: Capital IQ, Mergermarket Seale & Associates 1° Trimestre 2020 Creative Solutions.