dealership industry quarterly update q4 2018 … · cervus equipment corporation is a global...
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QUARTERLY UPDATE Q4 2018
DEALERSHIP INDUSTRY
Page 2
INDUSTRY OVERVIEW
1: Capital IQ. Data as of December 31, 2018; SEC Filings via Haig Report.2: https://canada.autonews.com3: https://todaystrucking.com
• Continued consolidation in the industry.
• Dealership location, brand and strength of management team continues to play an importantrole in valuation.
• Owners of single location dealerships are feeling vulnerable to the potential disruption thattechnological changes could have on the traditional dealership model. Valuations are stillhigh, so those planning on exiting within the next 10 years may want to consider it in thenear future.2
• We are still currently experiencing a ‘sellers’ market among both independents and multi-location groups depending on location and company specific factors.
• Fragmented marketplace presents an opportunity for merger and acquisition (M&A) activityamongst independents.
• Canadians purchased 35,700 Class 8 trucks last year which is 29 percent above levels seen in2017, and analysts forecasted unit sales of 36,800 in 2019 and a decline to 26,100 Class 8trucks in 2020 – a drop of 29 percent.3
• Established and emerging manufacturers alike are racing to bring some form of battery-electric vehicles or fuel cells to North America, with several introducing all-important testfleets during 2019.3
• Weak Canadian dollar is impairing margin and performance of Canadian-based dealershipsthat source from the U.S. Trade dispute concerns continue to linger.
• Continued consolidation and interest of remaining independent dealerships with buyer poolshrinking may balance out valuation multiples in line with historical averages.
• Accelerated consolidation amongst Case-IH and New Holland dealers with a push at the OEMlevel for independents to sell. Valuations can vary significantly by location.
AUTOMOTIVE
HEAVY TRUCK
AG IMPLEMENT
M&A TRANSACTIONS & PERFORMANCE
977 M
2,207 M
1,126 M913 M
1,350 M986 M
-
10
20
30
40
50
60
70
80
-
500 M
1,000 M
1,500 M
2,000 M
2013 2014 2015 2016 2017 2018
Tra
nsa
ctio
n V
olu
me
(Nu
mb
er o
f D
eals
)
Tra
ns
act
ion
Va
lue
(C
AD
$ M
illio
ns)
PUBLICLY DISCLOSED DEALERSHIP TRANSACTIONS (NORTH AMERICA)1
Transaction Value Transaction Volume
Page 3
-
10%
20%
30%
40%
50%
60%
70%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
-
100,000
200,000
300,000
400,000
500,000
600,000
700,000
800,000
Pa
ssen
ger
Veh
icle
Sa
les
(Un
its)
CANADIAN PASSENGER VEHICLE SALES1
Cars Light Truck (includes SUVs and crossovers) Domestic (%) Foreign (%)
-53.0%
-26.0%-20.4%
-11.8%
10.1%
22.7%
-60%
-40%
-20%
-
20%
40%
60%
2015 2016 2017 2018
3 YEAR INDEX PERFORMANCE2
AutoCanada Inc. US Dealership Peers Domestic OEM Peers
Foreign OEM Peers TSX S&P 500
Fourth quarter 2018 passenger vehicle sales fall short of the same quarter in 2017 by 28,032 units and was the lowestfourth quarter in five years. The net decrease in units sold was comprised of a decrease of 12,353 cars and 15,659 lighttrucks, capturing the shift in consumer preference towards SUVs and crossovers. The split in domestic vs. foreign salesfrom fourth quarter 2017 to fourth quarter 2018 has shifted further towards foreign vehicles, the highest percentage infour years.
INDUSTRY SNAPSHOT
1: Desrosiers Automotive Consultants monthly reports, January 2015 – December 2018.2: Capital IQ. Data as of December 31, 2018.3: US Dealership Peers: AutoNation, Group 1 Automotive, Asbury Automotive, Sonic Automotive, Lithia Motors and Penske Automotive. Domestic OEMPeers: General Motors, Ford, and Fiat Chrysler. Foreign OEM Peers: Toyota, Honda and Nissan.Note: LTM refers to last twelve months.
2018201720162015
AUTOMOTIVE
Q4 2018LTM
-16.73%-49.87%
AutoCanada Inc. (Canada’s only publicly traded automotive dealership group) continues to see softness in share priceover the past three years. The U.S. dealership peer group, as well as the domestic and foreign OEM peer groups, have alsoexperienced declines in share price from 2015, lagging behind both the TSX and S&P 500.
AutoCanada Inc.
3 3
3
Q4 Q4 Q4 Q4
Page 4
62.5m
133.6m
63.8m
24.9m 17.0m
134.9m
-
20 M
40 M
60 M
80 M
100 M
120 M
140 M
2013 2014 2015 2016 2017 2018
Tra
nsa
ctio
n V
alu
e (C
AD
$ M
illi
on
s)
AUTOCANADA INC. DISCLOSED TRANSACTION VALUES1
Publicly Disclosed Transaction Values
6 Year AutoCanada
Disclosed
M&A Glance1
Total Deal Value (CAD$)
436.7mTotal Number of Transactions
26Average Transaction Value
16.8m
AutoCanada Inc. M&A Review1
• The only publicly traded automotive dealership in Canada isAutoCanada Inc., and is, therefore, the closest publicly availablecomparable to a privately owned car dealership.
• AutoCanada is one of Canada’s largest multi-location automobiledealership groups, currently operating 68 franchised dealerships inCanada and the U.S. AutoCanada is well diversified, offering 28 brandsof vehicles.
• AutoCanada had a large $111 million transaction in March 2018where they acquired a dealership group of 8 locations in the U.S.,making up the bulk of their deal activity in 2018.
• With the recent expansion into the U.S., aggregate transaction valuesfor AutoCanada Inc. surpassed the last high seen in 2014.
• AutoCanada acquired its 68th franchised location and 28th brand inNovember 2018 with the purchase of its first Ford dealership, locatedin Windsor, Ontario.
1: Capital IQ. Data as of December 31, 2018. M&A summary data is based on publicly disclosed transactions. Not all transactions have disclosedfinancial information. Currency in CAD.
AUTOMOTIVE
INDUSTRY SNAPSHOT
Page 5
-8%
-6%
-4%
-2%
-
2%
4%
6%
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
-
100 M
200 M
300 M
400 M
500 M
Net
Pro
fit B
efo
re T
ax
(% o
f R
even
ue)
Hea
vy T
ruck
Sa
les
(CA
D$
Mil
lio
ns)
PENSKE & CERVUS HEAVY TRUCK DIVISION PERFORMANCE1
Penske Heavy Truck Sales ($) Cervus Heavy Truck Sales ($)
Penske Heavy Truck Net Profit (%) Cervus Heavy Truck Net Profit (%)
-4.8%-3.9%
-13.1%
10.1%
22.7%
-40%
-20%
0%
20%
40%
60%
2015 2016 2017 2018
3 Year Index Performance1
Penske Automotive Group, Inc. Cervus Equipment Corporation OEM Peers
TSX S&P 500
Q4 2018LTM
-6.52%-15.23%
Q42
Penske Automotive Group is a publicly traded, global dealership group. While their focus is on automotive, Penske alsohas a heavy truck division. Cervus Equipment Corporation is a global agricultural, construction and heavy truck dealershipgroup. While agriculturally focused, Cervus generates approximately 25 percent of its sales from its Peterbilt heavy truckdivision. Heavy truck revenues and net profit margins from these two publicly comparable companies have been isolatedin order to gauge divisional performance as a metric for the industry in general.
1: Capital IQ. Data as of December 31, 2018.2: Penske Automotive Group and Cervus Equipment Corporation are both diversified companies, therefore the share price performances shown aboveare not inherently related to the performance of their heavy truck divisions.3: OEM Peers: Daimler AG (Freightliner, Western Star), AB Volvo (Volvo, Mack), Navistar (International) and PACCAR Inc. (Kenworth, Peterbilt).
Penske Automotive Group has seen volatility in share prices, with a large decline in the first quarter of 2018, followed by amodest recovery in the second quarter but slip in third and fourth quarters 2018. Cervus Equipment has experienced anoverall average flat trend since the fourth quarter of 2015, but has been volatile over that period. The heavy truck OEMpeer group has dropped dramatically over the past three quarters, and currently trades approximately 13 percent belowits share price of three years ago.
HEAVY TRUCK
INDUSTRY SNAPSHOT
201720162015
3
Cervus Equipment
Q4 2018LTM
-14.92%-15.74%
Penske Automotive
Q4 Q4 Q42
2018
Page 6
-
2 B
4 B
6 B
8 B
10 B
12 B
100 M
150 M
200 M
250 M
300 M
350 M
400 M
450 M
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
Farm
Ca
sh R
ecei
pts
(C
AD
$ B
illi
on
s)
Rev
enu
e (C
AD
$ M
illi
on
s)
REVENUE1 VS. FARM CASH RECEIPTS2 PER QUARTER
Rocky Mountain Equipment Cervus Equipment Farm Cash Receipts (AB, SK, MB)
17.5%
62.3%
10.1%
22.7%
-20%
-
20%
40%
60%
80%
100%
120%
2015 2016 2017 2018
3 Year Index Performance1
Dealership Peers OEM Peers TSX S&P 500
Farm cash receipts have trended upwards since 2014 with third quarter 2018 receipts exceeding third quarter 2014 by 4percent, with a defined pattern of drastic annual fluctuations. Agriculture implement and equipment sales tend to displayan inverse pattern, trailing farm cash receipts but following general trends. Agriculture implement and equipment saleshave also trended upwards since 2014.
The dealership peer group has underperformed the OEM peer group and the S&P 500 from fourth quarter 2015 to fourthquarter 2018. While a share price rebound was seen near the end of 2017, 2018 saw a large decline in share price. Theagricultural implement/construction OEM peer group has seen significant index out-performance over the past two years,with a slight decline over 2018.
1: Capital IQ. Data as of December 31, 2018.2: Farm product prices, crops and livestock – Statistics Canada.3: Dealership Peers: Rocky Mountain Equipment, Cervus and Titan Machinery. OEM Peers: Deere & Company (John Deere), CNH Industrial (Case IH, NewHolland), Kuboto Corp., Caterpillar Inc. (CAT) and AGCO Corporation (Massey Ferguson).
20172016201520142013
AGRICULTURAL IMPLEMENT
INDUSTRY SNAPSHOT
Q4 2018LTM
-14.98%-35.14%
Dealership Peers
Q4 2018LTM
-12.82%-17.79%
OEM Peers
3 3
Q4 Q4 Q4 Q4
2018
Page 7
MACRO ECONOMIC INDICATORS
-
0.50%
1.00%
1.50%
2.00%
2.50%
3.00%
%
PRIME INTEREST RATE2
95
98
101
104
107
110
113
116
119
Ind
ex
CONSUMER CONFIDENCE INDEX1
25,000
28,000
31,000
34,000
37,000
40,000
43,000
CA
D$
PER CAPITA DISPOSABLE INCOME1
1.75
1.80
1.85
1.90
1.95
2.00
2.05
2.10
2.15
CA
D$
Mil
lio
ns
NEW VEHICLE SALES1
The key external drivers that affect the various dealership industries in Canada include: new vehicle sales, per capitadisposal income, consumer confidence index, prime interest rate, gross domestic product, farm cash receipts and cropcommodity prices. In general, most key industry drivers point toward a positive industry outlook. However, with the Bankof Canada interest rate increase in 2018 to 1.75 percent, rate headwinds could have an impact on vehicle purchases,leasing, and dealership profitability due to higher carrying costs of floor plan financing. The full impact of recent andexpected rate increases are not yet known. Further, recent trade wars and higher consumer borrowing costs areprojected to erode consumer confidence.
1: IBISWorld Industry Reports2: Bank of CanadaNote: “F” indicates forecast.
Further rate increases expected
Strong Outlook In Industry Drivers
Page 8
MACRO ECONOMIC INDICATORS
102
104
106
108
110
112
114
116
118
-
200
400
600
800
1,000
1,200
Nov-14 May-15 Nov-15 May-16 Nov-16 May-17 Nov-17 May-18
Farm
Pri
ce I
np
ut
Ind
ex
CA
D$/
met
ric
ton
ne
CROP COMMODITY PRICES2
Wheat - excl. durum Durum Barley Soybeans Grain corn
Flaxseed Canola Lentils Dry peas Farm input price index
1.3 T
1.6 T
1.9 T
2.2 T
2.5 T
CA
D$
Tri
llio
ns
GDP - CANADA1
-
2 B
4 B
6 B
8 B
10 B
12 B
14 B
16 B
CA
D$
Bil
lio
ns
FARM CASH RECEIPTS (AB, SK, MB)2
1: IBISWorld Industry Reports2: Farm product prices, crops and livestock – Statistics Canada.
Farm
Inp
ut
Pri
ce In
dex
Page 9
SELECT RECENT M&A TRANSACTIONS
Location Ontario
Date December 2018
• Jim Pattison Auto Group (“PAG) has acquired CanyonCreek Toyota. MNP Corporate Finance Inc. acted asexclusive financial advisor to Canyon Creek Toyota instructuring and negotiating this transaction.
• Canyon Creek’s owners founded the business in 1992.
• Today, JPAG is comprised of 12 brands and more than25 locations across Western Canada.
• Redhead Equipment has acquired Norsask FarmEquipment Ltd. MNP Corporate Finance Inc. acted asexclusive financial advisor to Norsask Farm EquipmentLtd. in structuring and negotiating this transaction.
• Norsask is a full-service Case IH farm equipmentdealership and is located near North Battleford,Saskatchewan.
• Redhead is a large and comprehensive multi-line heavyequipment dealer in Saskatchewan.
• Publicly listed AutoCanada acquired Rose City Ford inWindsor, Ontario, making it the first Ford store inCanada for AutoCanada after Ford Canada’s policychange regarding public company ownership.
• Rose City Ford is a 65,000-square-foot dealership thatemploys approximately 65 staff and sells approximately1,425 vehicles annually.
acquired
acquired
Location Saskatchewan
Date November 2018
Location Ontario
Date November 2018
Location Alberta
Date October 2018
acquired
• Publicly listed Automotive Properties Real EstateInvestment Trust of Canada recently completed anacquisition of the Brimell Toyota automotive dealershipproperty in Scarborough, Ontario for a purchase priceof approximately C$26 million.
• Brimell Toyota is a full-service dealership that was builtin 2002 and includes a collision centre and car wash andrepresents a total gross leasable area of 55,600 squarefeet.
acquired the property of
Page 10
PUBLIC COMPARABLE ANALYSISGROWTH, MARGINS & MULTIPLES
13%
11%
11%
5%
5%
4%
- 2% 4% 6% 8% 10% 12% 14%
Ag Implement/Construction OEMs
Heavy Trucks OEMs
Automobile OEMs
Ag Implement/Construction Dealerships
Heavy Truck Dealerships
Automotive Dealerships
Median EBITDA Margin (LTM)1
4%
-5%
4%
4%
5%
- 2% 4% 6%
Ag Implement/Construction OEMs
Heavy Trucks OEMs
Automobile OEMs
Ag Implement/Construction Dealerships
Heavy Truck Dealerships
Automotive Dealerships
Median Revenue Growth (NTM)1
19%
17%
2%
6%
27%
5%
- 5% 10% 15% 20% 25% 30%
Ag Implement/Construction OEMs
Heavy Trucks OEMs
Automobile OEMs
Ag Implement/Construction Dealerships
Heavy Truck Dealerships
Automotive Dealerships
Median Revenue Growth (LTM)1
13%
2%
8%
1: Capital IQ. Data as of December 31st, 2018.2: Heavy Truck Dealerships are comprised of two divisions of larger companies. Forward-looking information is not available on a divisional basis.Note: “LTM” refers to last twelve months. “NTM” refers to next twelve months.
Note 2
Agriculture Implement/Construction Dealerships
Agriculture Implement/Construction Dealerships
Agriculture Implement/Construction Dealerships
Agriculture Implement/Construction OEMs
Agriculture Implement/Construction OEMs
Agriculture Implement/Construction OEMs
Page 11
PUBLIC COMPARABLE ANALYSISGROWTH, MARGINS & MULTIPLES
9.5x
7.6x
9.1x
11.5x
9.8x
- 2.0x 4.0x 6.0x 8.0x 10.0x 12.0x 14.0x
Ag Implement/Construction OEMs
Heavy Trucks OEMs
Automobile OEMs
Ag Implement/Construction Dealerships
Heavy Truck Dealerships
Automotive Dealerships
Median EV/EBITDA (NTM)1
10.1x
8.3x
7.1x
11.8x
9.5x
- 2.0x 4.0x 6.0x 8.0x 10.0x 12.0x 14.0x
Ag Implement/Construction OEMs
Heavy Trucks OEMs
Automobile OEMs
Ag Implement/Construction Dealerships
Heavy Truck Dealerships
Automotive Dealerships
Median EV/EBITDA (LTM)1
14%
13%
11%
4%
3%
- 2% 4% 6% 8% 10% 12% 14% 16%
Ag Implement/Construction OEMs
Heavy Trucks OEMs
Automobile OEMs
Ag Implement/Construction Dealerships
Heavy Truck Dealerships
Automotive Dealerships
Median EBITDA Margin (NTM)19%
9.4x
9.5x
1: Capital IQ. Data as of December 31st, 2018.2: Heavy Truck Dealerships are comprised of two divisions of larger companies. Enterprise Value and forward-looking information are not available on adivisional basis.Note: “LTM” refers to last twelve months. “NTM” refers to next twelve months. EV/EBITDA multiples may include real estate.
Note 2
Note 2
Note 2
Agriculture Implement/Construction Dealerships
Agriculture Implement/Construction Dealerships
Agriculture Implement/Construction Dealerships
Agriculture Implement/Construction OEMs
Agriculture Implement/Construction OEMs
Agriculture Implement/Construction OEMs
Page 12
PUBLIC COMPARABLE ANALYSISTRADING MULTIPLES & OPERATING STATISTICS
$CAD 'millions
Company Notes
Market
Capitalization
Enterprise
Value Revenue
Revenue
Growth EBITDA
EBITDA
Margin
Revenue
Growth
EBITDA
Margin
NTM
EV/EBITDA
LTM
EV/EBITDA LTM EV/REV
Automotive Dealerships
AutoCanada Inc. $311 $1,446 $3,101 3.4% $72 2.3% 6.4% 2.8% 15.6x 20.1x .5x
AutoNation, Inc. $4,381 $12,729 $28,031 1.7% $1,216 4.3% 2.6% 4.3% 9.8x 9.9x .4x
Group 1 Automotive, Inc. $1,330 $5,189 $15,012 6.8% $607 4.0% 2.0% 3.3% 9.7x 8.1x .3x
Asbury Automotive Group, Inc. $1,783 $4,206 $8,740 4.8% $449 5.1% 3.8% 4.6% 9.7x 8.9x .5x
Sonic Automotive, Inc. $803 $4,061 $12,985 3.0% $409 3.2% 6.1% 2.9% 9.7x 9.4x .3x
Li thia Motors , Inc. $2,451 $6,879 $14,932 19.4% $683 4.6% 9.0% 4.0% 10.0x 9.5x .4x
Penske Automotive Group, Inc. $4,669 $12,318 $29,400 8.9% $1,162 4.0% 4.6% 3.4% 11.7x 10.0x .4x
Median $1,783 $5,189 $14,932 4.8% $607 4.0% 4.6% 3.4% 9.8x 9.5x .4x
Mean $2,247 $6,690 $16,029 6.8% $657 3.9% 4.9% 3.6% 10.9x 10.8x .4x
Heavy Truck Dealerships
Penske Automotive - Heavy Truck 2 $1,742 38.2% $90 5.2%
Cervus Equipment - Heavy Truck 2 $344 15.2% $14 3.9%
Median $1,043 26.7% $52 4.5%
Mean $1,043 26.7% $52 4.5%
Ag Implement/Construction Dealerships
Rocky Mountain Dealerships Inc. $175 $563 $1,029 6.0% $47 4.5% 4.1% 3.5% 14.8x 12.1x .5x
Cervus Equipment Corporation $199 $404 $1,323 8.4% $61 4.6% 3.0% 4.5% 6.6x 6.6x .3x
Ti tan Machinery Inc. $389 $874 $1,642 5.7% $71 4.4% 5.4% 4.3% 11.5x 11.8x .5x
Cervus Equipment - Agricul tura l 2 $907 9.6% $42 4.6%
Cervus Equipment - Construction 2 $71 (24.0%) $4 5.2%
Titan Machinery - Agricul tura l 2 $932 3.2% $38 4.1%
Titan Machinery - Construction 2 $400 3.3% $22 5.6%
Median $199 $563 $932 5.7% $42 4.6% 4.1% 4.3% 11.5x 11.8x .5x
Mean $254 $614 $901 1.7% $41 4.7% 4.2% 4.1% 11.0x 10.2x .5x
Automobile OEMs
General Motors Company $64,422 $182,476 $189,200 (1.0%) $29,439 15.6% 2.5% 15.4% 5.9x 5.9x .9x
Fiat Chrys ler Automobi les N.V. $30,723 $35,927 $170,576 5.4% $16,653 9.8% 0.9% 11.4% 1.7x 2.1x .2x
Ford Motor Company $41,524 $218,852 $218,788 2.3% $15,935 7.3% (12.1%) 8.2% 14.0x 11.2x 1.0x
Daimler AG $76,736 $266,386 $247,119 1.9% $25,198 10.2% 3.6% 10.9% 9.1x 10.2x 1.0x
Honda Motor Co., Ltd. $63,343 $126,870 $179,261 6.7% $19,036 10.6% 8.1% 9.6% 7.8x 6.1x .6x
Nissan Motor Co., Ltd. $42,822 $132,163 $134,766 (1.8%) $15,687 11.6% 9.9% 7.7% 11.2x 7.7x .9x
Toyota Motor Corporation $227,894 $423,377 $340,149 4.0% $54,536 16.0% 8.0% 11.9% 9.4x 7.1x 1.1x
Daimler AG - Automotive 2 $159,184 (0.3%) $19,430 12.2%
Median $63,343 $182,476 $184,231 2.1% $19,233 11.1% 3.6% 10.9% 9.1x 7.1x .9x
Mean $78,209 $198,007 $204,880 2.1% $24,489 11.7% 3.0% 10.7% 8.4x 7.2x .8x
Heavy Trucks OEMs
AB Volvo (publ ) $36,192 $51,581 $60,011 16.8% $6,315 10.5% (5.3%) 13.9% 6.3x 7.5x .9x
Navis tar International Corporation $3,503 $9,114 $13,476 19.6% $1,023 7.6% 4.7% 8.1% 7.6x 8.6x .7x
PACCAR Inc $27,245 $35,191 $32,061 20.8% $5,107 15.9% (6.0%) 12.5% 9.1x 8.3x 1.1x
AB Volvo - Heavy Truck 2 $36,284 15.6% $5,385 14.8%
Daimler AG - Heavy Truck 2 $56,158 7.8% $5,532 9.9%
Median $27,245 $35,191 $36,284 16.8% $5,385 10.5% (5.3%) 12.5% 7.6x 8.3x .9x
Mean $22,314 $31,962 $39,598 16.1% $4,672 11.7% (2.2%) 11.5% 7.6x 8.1x .9x
Ag Implement/Construction OEMs
Deere & Company $64,845 $118,519 $48,914 28.4% $7,821 16.0% (4.0%) 16.8% 14.4x 14.6x 2.3x
CNH Industria l N.V. $17,014 $45,021 $35,918 13.0% $4,208 11.7% 9.3% 9.2% 11.8x 10.1x 1.2x
Kubota Corporation $23,899 $32,161 $21,022 9.5% $2,843 13.5% 8.7% 14.3% 9.5x 10.4x 1.4x
Caterpi l lar Inc. $102,320 $141,383 $74,670 20.4% $15,101 20.2% 0.3% 20.6% 9.2x 9.4x 1.9x
AGCO Corporation $5,947 $8,212 $12,005 18.0% $1,051 8.8% 4.5% 8.7% 7.3x 7.4x .6x
Deere & Company - Agricul tura l 2 $30,417 15.0% $4,932 16.2%
Deere & Company - Construction 2 $13,299 77.7% $1,558 11.7%
CNH - Agricul tura l 2 $15,843 16.6% $1,948 12.3%
CNH - Construction 2 $4,009 30.5% $216 5.4%
AB Volvo - Construction 2 $12,209 26.7% $1,940 15.9%
Median $23,899 $45,021 $18,433 19.2% $2,395 12.9% 4.5% 14.3% 9.5x 10.1x 1.4x
Mean $42,805 $69,059 $26,831 25.6% $4,162 13.2% 3.8% 13.9% 10.4x 10.4x 1.5x
(Figures In $CAD Millions, except percentages and ratios)1
LTM Operating Figures NTM Consensus Estimates Valuation
1: Capital IQ. Data as of December 31, 2018.2: Market Capitalization, Enterprise Value, and forward-looking information are not available on a divisional basis.Note: LTM refers to last twelve months. NTM refers to next twelve months. EV/EBITDA multiples may include real estate.
Page 13
MNPCF – LEADERSHIP TEAM
DUE DILIGENCE LEADERSHIP
TRANSACTION LEADERSHIP
Aleem BandaliManaging Director
Dale AntonsenManaging Director
John CaggianielloManaging Director
[email protected] 416.513.4177
Brett FranklinPresident
Mike ReynoldsManaging Director
Johnny EarlManaging Director
[email protected] 604.637.1514
Dan PorterManaging Director
Stephen ShawManaging Director
Jason BurgessManaging Director
Mark RegehrManaging Director
Craig MaloneyManaging Director
Patrick KhouzamManaging Director
Page 14
MNPCF – RECENT TRANSACTIONS
DEALERSHIPS
NATIONAL