|Shares Out. (in M):||28||P/E||0.0x||0.0x|
|Market Cap (in $M):||1,398||P/FCF||0.0x||0.0x|
|Net Debt (in $M):||266||EBIT||0||0|
|TEV (in $M):||1,664||TEV/EBIT||0.0x||0.0x|
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Competition & Pricing
If we reach 1.1-1.2 M starts in 2014, this normalized level implies a 4.5-5.5x EV/ EBITDA. Masonite traded at 7-8x EBITDA from 2000-2004, but that valuation did not reflect current cost structure, scale and industry changes. At the normalized level, the Company should generate $240-290M in FCF, a 17-21% FCF yield to the current equity – an attractive price on an absolute basis given the quality of the business. In addition to the common, you can also participate through the 6M warrants outstanding listed as MASZF and MAZSF with a strike price of $50.77 (reflecting the 2011 special dividend).
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