May. 19 at 5:45 PM
$TIC 3bil rev and 18% ebitda margins by 2029, makes for
$540 mil of ebitda by 2029. Using that metric, a 10x multiple on ebitda is
$5.4bil market cap. 284% increase from today’s valuation. More than likely there are better plays in the market, but with their contracted reoccurring revenue, seems like quite a fair entry point.
2026 ebitda expected to be 330-355 million. Given lower ebitda margin vs competitors of 15.5%, an 8x multiple seems fair. Competitors trading at 10-13x with ebitda margins around 20%. The 8x would value TIC closer to 2.7bil, or a 50% increase from today’s price.
Would like to see share price more fairly represent this. Biased hope, but what do others think? Debt too large to garner a similar multiple?
