Intrinsic value of Foundation Building Materials - FBM

Previous Close

$13.53

  Intrinsic Value

$64.79

stock screener

  Rating & Target

str. buy

+379%

Previous close

$13.53

 
Intrinsic value

$64.79

 
Up/down potential

+379%

 
Rating

str. buy

We calculate the intrinsic value of FBM stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2017), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 0.6

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  48.00
  43.70
  39.83
  36.35
  33.21
  30.39
  27.85
  25.57
  23.51
  21.66
  19.99
  18.49
  17.14
  15.93
  14.84
  13.85
  12.97
  12.17
  11.45
  10.81
  10.23
  9.71
  9.23
  8.81
  8.43
  8.09
  7.78
  7.50
  7.25
  7.03
Revenue, $m
  3,050
  4,383
  6,129
  8,357
  11,132
  14,516
  18,558
  23,303
  28,782
  35,016
  42,017
  49,787
  58,323
  67,614
  77,645
  88,402
  99,866
  112,021
  124,852
  138,346
  152,496
  167,296
  182,745
  198,847
  215,609
  233,046
  251,172
  270,012
  289,588
  309,933
Variable operating expenses, $m
  2,824
  4,030
  5,609
  7,624
  10,134
  13,194
  16,851
  21,143
  26,098
  31,737
  38,004
  45,033
  52,754
  61,157
  70,231
  79,960
  90,330
  101,324
  112,930
  125,136
  137,934
  151,321
  165,295
  179,859
  195,021
  210,792
  227,188
  244,228
  261,936
  280,338
Fixed operating expenses, $m
  77
  78
  80
  82
  84
  85
  87
  89
  91
  93
  95
  97
  100
  102
  104
  106
  109
  111
  113
  116
  118
  121
  124
  126
  129
  132
  135
  138
  141
  144
Total operating expenses, $m
  2,901
  4,108
  5,689
  7,706
  10,218
  13,279
  16,938
  21,232
  26,189
  31,830
  38,099
  45,130
  52,854
  61,259
  70,335
  80,066
  90,439
  101,435
  113,043
  125,252
  138,052
  151,442
  165,419
  179,985
  195,150
  210,924
  227,323
  244,366
  262,077
  280,482
Operating income, $m
  150
  275
  440
  651
  915
  1,236
  1,620
  2,071
  2,592
  3,186
  3,917
  4,657
  5,470
  6,355
  7,310
  8,335
  9,428
  10,586
  11,809
  13,095
  14,443
  15,854
  17,327
  18,861
  20,459
  22,121
  23,849
  25,645
  27,512
  29,451
EBITDA, $m
  333
  510
  743
  1,040
  1,411
  1,864
  2,405
  3,040
  3,774
  4,609
  5,547
  6,588
  7,733
  8,978
  10,323
  11,765
  13,302
  14,932
  16,653
  18,463
  20,360
  22,345
  24,417
  26,577
  28,825
  31,164
  33,595
  36,122
  38,748
  41,477
Interest expense (income), $m
  20
  54
  98
  156
  233
  331
  453
  602
  780
  989
  1,230
  1,504
  1,812
  2,154
  2,529
  2,938
  3,379
  3,853
  4,357
  4,892
  5,456
  6,050
  6,672
  7,324
  8,003
  8,712
  9,449
  10,216
  11,014
  11,843
  12,704
Earnings before tax, $m
  96
  178
  284
  418
  583
  783
  1,018
  1,291
  1,604
  1,956
  2,413
  2,845
  3,316
  3,825
  4,372
  4,956
  5,575
  6,229
  6,917
  7,639
  8,393
  9,182
  10,003
  10,858
  11,748
  12,672
  13,633
  14,632
  15,669
  16,748
Tax expense, $m
  26
  48
  77
  113
  158
  211
  275
  349
  433
  528
  651
  768
  895
  1,033
  1,181
  1,338
  1,505
  1,682
  1,868
  2,062
  2,266
  2,479
  2,701
  2,932
  3,172
  3,422
  3,681
  3,951
  4,231
  4,522
Net income, $m
  70
  130
  207
  305
  426
  571
  743
  943
  1,171
  1,428
  1,761
  2,077
  2,421
  2,793
  3,192
  3,618
  4,070
  4,547
  5,049
  5,576
  6,127
  6,703
  7,302
  7,926
  8,576
  9,251
  9,952
  10,681
  11,439
  12,226

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  2,004
  2,880
  4,027
  5,491
  7,314
  9,537
  12,193
  15,311
  18,911
  23,006
  27,606
  32,712
  38,320
  44,424
  51,015
  58,083
  65,615
  73,601
  82,031
  90,898
  100,195
  109,918
  120,069
  130,648
  141,662
  153,118
  165,028
  177,406
  190,268
  203,635
Adjusted assets (=assets-cash), $m
  2,004
  2,880
  4,027
  5,491
  7,314
  9,537
  12,193
  15,311
  18,911
  23,006
  27,606
  32,712
  38,320
  44,424
  51,015
  58,083
  65,615
  73,601
  82,031
  90,898
  100,195
  109,918
  120,069
  130,648
  141,662
  153,118
  165,028
  177,406
  190,268
  203,635
Revenue / Adjusted assets
  1.522
  1.522
  1.522
  1.522
  1.522
  1.522
  1.522
  1.522
  1.522
  1.522
  1.522
  1.522
  1.522
  1.522
  1.522
  1.522
  1.522
  1.522
  1.522
  1.522
  1.522
  1.522
  1.522
  1.522
  1.522
  1.522
  1.522
  1.522
  1.522
  1.522
Average production assets, $m
  1,184
  1,701
  2,378
  3,242
  4,319
  5,632
  7,201
  9,042
  11,167
  13,586
  16,302
  19,317
  22,629
  26,234
  30,126
  34,300
  38,748
  43,464
  48,442
  53,678
  59,169
  64,911
  70,905
  77,152
  83,656
  90,422
  97,455
  104,764
  112,360
  120,254
Working capital, $m
  43
  61
  86
  117
  156
  203
  260
  326
  403
  490
  588
  697
  817
  947
  1,087
  1,238
  1,398
  1,568
  1,748
  1,937
  2,135
  2,342
  2,558
  2,784
  3,019
  3,263
  3,516
  3,780
  4,054
  4,339
Total debt, $m
  1,050
  1,680
  2,506
  3,560
  4,873
  6,473
  8,386
  10,631
  13,222
  16,171
  19,483
  23,159
  27,197
  31,592
  36,338
  41,426
  46,849
  52,599
  58,669
  65,053
  71,747
  78,748
  86,056
  93,673
  101,603
  109,852
  118,427
  127,339
  136,600
  146,224
Total liabilities, $m
  1,443
  2,074
  2,899
  3,953
  5,266
  6,867
  8,779
  11,024
  13,616
  16,565
  19,876
  23,552
  27,590
  31,985
  36,731
  41,820
  47,243
  52,993
  59,063
  65,446
  72,140
  79,141
  86,450
  94,067
  101,997
  110,245
  118,820
  127,732
  136,993
  146,617
Total equity, $m
  561
  806
  1,128
  1,537
  2,048
  2,670
  3,414
  4,287
  5,295
  6,442
  7,730
  9,159
  10,730
  12,439
  14,284
  16,263
  18,372
  20,608
  22,969
  25,451
  28,054
  30,777
  33,619
  36,582
  39,665
  42,873
  46,208
  49,674
  53,275
  57,018
Total liabilities and equity, $m
  2,004
  2,880
  4,027
  5,490
  7,314
  9,537
  12,193
  15,311
  18,911
  23,007
  27,606
  32,711
  38,320
  44,424
  51,015
  58,083
  65,615
  73,601
  82,032
  90,897
  100,194
  109,918
  120,069
  130,649
  141,662
  153,118
  165,028
  177,406
  190,268
  203,635
Debt-to-equity ratio
  1.870
  2.080
  2.220
  2.320
  2.380
  2.420
  2.460
  2.480
  2.500
  2.510
  2.520
  2.530
  2.530
  2.540
  2.540
  2.550
  2.550
  2.550
  2.550
  2.560
  2.560
  2.560
  2.560
  2.560
  2.560
  2.560
  2.560
  2.560
  2.560
  2.560
Adjusted equity ratio
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  70
  130
  207
  305
  426
  571
  743
  943
  1,171
  1,428
  1,761
  2,077
  2,421
  2,793
  3,192
  3,618
  4,070
  4,547
  5,049
  5,576
  6,127
  6,703
  7,302
  7,926
  8,576
  9,251
  9,952
  10,681
  11,439
  12,226
Depreciation, amort., depletion, $m
  183
  235
  303
  389
  497
  628
  785
  969
  1,182
  1,424
  1,630
  1,932
  2,263
  2,623
  3,013
  3,430
  3,875
  4,346
  4,844
  5,368
  5,917
  6,491
  7,091
  7,715
  8,366
  9,042
  9,745
  10,476
  11,236
  12,025
Funds from operations, $m
  253
  365
  510
  694
  923
  1,199
  1,528
  1,912
  2,352
  2,851
  3,392
  4,008
  4,684
  5,416
  6,204
  7,048
  7,944
  8,893
  9,894
  10,944
  12,044
  13,194
  14,393
  15,642
  16,941
  18,293
  19,698
  21,158
  22,675
  24,251
Change in working capital, $m
  14
  19
  24
  31
  39
  47
  57
  66
  77
  87
  98
  109
  120
  130
  140
  151
  160
  170
  180
  189
  198
  207
  216
  225
  235
  244
  254
  264
  274
  285
Cash from operations, $m
  239
  346
  486
  663
  884
  1,152
  1,471
  1,845
  2,276
  2,764
  3,294
  3,900
  4,564
  5,286
  6,064
  6,897
  7,784
  8,723
  9,714
  10,755
  11,846
  12,986
  14,176
  15,416
  16,707
  18,049
  19,444
  20,894
  22,400
  23,966
Maintenance CAPEX, $m
  -80
  -118
  -170
  -238
  -324
  -432
  -563
  -720
  -904
  -1,117
  -1,359
  -1,630
  -1,932
  -2,263
  -2,623
  -3,013
  -3,430
  -3,875
  -4,346
  -4,844
  -5,368
  -5,917
  -6,491
  -7,091
  -7,715
  -8,366
  -9,042
  -9,745
  -10,476
  -11,236
New CAPEX, $m
  -385
  -517
  -677
  -864
  -1,077
  -1,313
  -1,569
  -1,841
  -2,126
  -2,419
  -2,716
  -3,015
  -3,312
  -3,605
  -3,892
  -4,174
  -4,448
  -4,716
  -4,978
  -5,236
  -5,490
  -5,742
  -5,994
  -6,247
  -6,504
  -6,765
  -7,033
  -7,310
  -7,596
  -7,894
Cash from investing activities, $m
  -465
  -635
  -847
  -1,102
  -1,401
  -1,745
  -2,132
  -2,561
  -3,030
  -3,536
  -4,075
  -4,645
  -5,244
  -5,868
  -6,515
  -7,187
  -7,878
  -8,591
  -9,324
  -10,080
  -10,858
  -11,659
  -12,485
  -13,338
  -14,219
  -15,131
  -16,075
  -17,055
  -18,072
  -19,130
Free cash flow, $m
  -225
  -290
  -362
  -439
  -517
  -593
  -660
  -716
  -754
  -771
  -781
  -746
  -680
  -582
  -452
  -289
  -94
  132
  389
  675
  988
  1,327
  1,691
  2,078
  2,488
  2,918
  3,369
  3,839
  4,328
  4,837
Issuance/(repayment) of debt, $m
  468
  631
  826
  1,054
  1,313
  1,600
  1,913
  2,245
  2,592
  2,949
  3,312
  3,676
  4,038
  4,395
  4,746
  5,088
  5,423
  5,750
  6,070
  6,384
  6,694
  7,001
  7,308
  7,617
  7,930
  8,248
  8,575
  8,912
  9,261
  9,624
Issuance/(repurchase) of shares, $m
  112
  116
  114
  105
  85
  51
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  580
  747
  940
  1,159
  1,398
  1,651
  1,914
  2,245
  2,592
  2,949
  3,312
  3,676
  4,038
  4,395
  4,746
  5,088
  5,423
  5,750
  6,070
  6,384
  6,694
  7,001
  7,308
  7,617
  7,930
  8,248
  8,575
  8,912
  9,261
  9,624
Total cash flow (excl. dividends), $m
  355
  457
  578
  719
  880
  1,059
  1,253
  1,529
  1,837
  2,178
  2,531
  2,930
  3,358
  3,813
  4,294
  4,799
  5,329
  5,882
  6,459
  7,059
  7,682
  8,328
  8,999
  9,695
  10,417
  11,166
  11,944
  12,751
  13,589
  14,461
Retained Cash Flow (-), $m
  -182
  -245
  -321
  -410
  -511
  -622
  -744
  -873
  -1,008
  -1,147
  -1,288
  -1,430
  -1,570
  -1,709
  -1,846
  -1,979
  -2,109
  -2,236
  -2,360
  -2,483
  -2,603
  -2,723
  -2,842
  -2,962
  -3,084
  -3,208
  -3,335
  -3,466
  -3,602
  -3,743
Prev. year cash balance distribution, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  2
  3
  4
  6
  8
  11
  15
  19
  23
  29
  35
  42
  50
  58
  68
  78
  88
  100
  112
  125
  138
  152
  167
  183
  199
  216
  233
  251
  270
  290
Cash available for distribution, $m
  173
  211
  257
  310
  370
  437
  509
  656
  830
  1,031
  1,243
  1,501
  1,788
  2,104
  2,448
  2,821
  3,220
  3,646
  4,098
  4,576
  5,079
  5,606
  6,157
  6,733
  7,334
  7,959
  8,609
  9,285
  9,988
  10,718
Discount rate, %
  8.90
  9.35
  9.81
  10.30
  10.82
  11.36
  11.93
  12.52
  13.15
  13.81
  14.50
  15.22
  15.98
  16.78
  17.62
  18.50
  19.43
  20.40
  21.42
  22.49
  23.61
  24.80
  26.03
  27.34
  28.70
  30.14
  31.65
  33.23
  34.89
  36.63
PV of cash for distribution, $m
  159
  177
  194
  209
  221
  229
  231
  255
  273
  283
  280
  274
  260
  240
  215
  187
  157
  129
  103
  79
  59
  43
  30
  20
  13
  8
  5
  3
  2
  1
Current shareholders' claim on cash, %
  83.2
  72.9
  66.5
  62.5
  60.3
  59.3
  59.2
  59.2
  59.2
  59.2
  59.2
  59.2
  59.2
  59.2
  59.2
  59.2
  59.2
  59.2
  59.2
  59.2
  59.2
  59.2
  59.2
  59.2
  59.2
  59.2
  59.2
  59.2
  59.2
  59.2

Foundation Building Materials, Inc. is a specialty distributor of wallboard and suspended ceiling systems in the United States and Canada. The Company’s segments include Specialty Building Products and Mechanical Insulation. The Company fabricates and distributes its products for specialty contractors seeking to improve or maintain energy efficiency in a range of commercial and industrial buildings. It serves markets across the United States and in Canada. Specialty building products segment distributes wallboard and accessories, metal framing, suspended ceiling systems and other products. Other products include stucco and Exterior insulation and finish system (EIFS), as well as offerings, such as tools, safety accessories and fasteners. Its Mechanical insulation segment includes insulation solutions for pipes and mechanical systems and the primary end markets served are new non-residential construction, non- residential repair and remodel construction and industrial markets.

FINANCIAL RATIOS  of  Foundation Building Materials (FBM)

Valuation Ratios
P/E Ratio -20.7
Price to Sales 0.4
Price to Book 1.8
Price to Tangible Book
Price to Cash Flow 17.6
Price to Free Cash Flow 193.3
Growth Rates
Sales Growth Rate 69.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 130.8%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 223.1%
Total Debt to Equity 223.1%
Interest Coverage -1
Management Effectiveness
Return On Assets -1.4%
Ret/ On Assets - 3 Yr. Avg. 2.7%
Return On Total Capital -3.2%
Ret/ On T. Cap. - 3 Yr. Avg. -4.5%
Return On Equity -9%
Return On Equity - 3 Yr. Avg. -13.2%
Asset Turnover 1.3
Profitability Ratios
Gross Margin 28.5%
Gross Margin - 3 Yr. Avg. 27.8%
EBITDA Margin 2%
EBITDA Margin - 3 Yr. Avg. 2.1%
Operating Margin 1.2%
Oper. Margin - 3 Yr. Avg. 0.3%
Pre-Tax Margin -3.1%
Pre-Tax Margin - 3 Yr. Avg. -2.8%
Net Profit Margin -2%
Net Profit Margin - 3 Yr. Avg. -2.3%
Effective Tax Rate 34.9%
Eff/ Tax Rate - 3 Yr. Avg. -17.1%
Payout Ratio 0%

FBM stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the FBM stock intrinsic value calculation we used $2061 million for the last fiscal year's total revenue generated by Foundation Building Materials. The default revenue input number comes from 2017 income statement of Foundation Building Materials. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our FBM stock valuation model: a) initial revenue growth rate of 48% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 8.9%, whose default value for FBM is calculated based on our internal credit rating of Foundation Building Materials, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Foundation Building Materials.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of FBM stock the variable cost ratio is equal to 93.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $75 million in the base year in the intrinsic value calculation for FBM stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 9.3% for Foundation Building Materials.

Corporate tax rate of 27% is the nominal tax rate for Foundation Building Materials. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the FBM stock is equal to 0.1%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for FBM are equal to 38.8%.

Life of production assets of 10 years is the average useful life of capital assets used in Foundation Building Materials operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for FBM is equal to 1.4%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $379 million for Foundation Building Materials - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 41 million for Foundation Building Materials is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Foundation Building Materials at the current share price and the inputted number of shares is $0.6 billion.

COMPANY NEWS

▶ Foundation Building Materials Prices $450 Million Term Loan   [May-14-18 04:40PM  Business Wire]
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