Lennox International Inc. | |||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|

Benchmarking Analysis - Financial Statistics and Ratios, Page 1 | |||||||||||||||||||||||||||

($ in millions, except per share data) | |||||||||||||||||||||||||||

Market Valuation | LTM Financial Statistics | LTM Profitability Margins | Growth Rates 1 year | ||||||||||||||||||||||||

Revenue | EBITDA | EPS | |||||||||||||||||||||||||

Company | Ticker | Equity Value |
Enterprise Value |
Revenue | EBITDA | EBIT | Net Income |
EBITDA (%) |
EBIT (%) |
Net Income (%) |
Hist. 1-year |
Est. 1-year |
Hist. 1-year |
Est. 1-year |
Hist. 1-year |
Est. 1-year |
|||||||||||

Lennox International Inc. | LII | $ 11,328.3 | $ 12,481.4 | $ 3,605.1 | $ 526.3 | $ 452.9 | $ 358.6 | 15% | 13% | 10% | (4%) | (6%) | (3%) | 0% | (0%) | (10%) | |||||||||||

Johnson Controls International plc | JCI | 33,046.4 | 40,293.4 | 22,317.0 | 2,928.0 | 2,106.0 | 795.0 | 13% | 9% | 4% | (7%) | 3% | (2%) | 13% | (33%) | NM | |||||||||||

Trane Technologies plc | TT | 34,626.0 | 37,111.1 | 15,982.3 | 2,412.4 | 2,032.4 | 923.3 | 15% | 13% | 6% | 16% | (26%) | 15% | (26%) | (0%) | (24%) | |||||||||||

A. O. Smith Corporation | AOS | 9,282.8 | 8,933.7 | 2,811.7 | 485.2 | 404.3 | 316.2 | 17% | 14% | 11% | (8%) | (6%) | (16%) | (5%) | (19%) | (13%) | |||||||||||

Watsco, Inc. | WSO | 8,191.8 | 8,540.3 | 4,972.5 | 398.0 | 372.1 | 311.1 | 8% | 7% | 6% | 6% | 5% | 3% | 10% | 3% | 6% | |||||||||||

AAON, Inc. | AAON | 3,448.0 | 3,379.0 | 520.4 | 125.4 | 101.3 | 77.4 | 24% | 19% | 15% | 13% | 10% | 50% | 36% | 60% | 40% | |||||||||||

Mean | 16% | 13% | 8% | 4% | (3%) | 10% | 5% | 2% | 39% | ||||||||||||||||||

Median | 15% | 13% | 6% | 6% | 3% | 3% | 10% | (0%) | 6% | ||||||||||||||||||

High | 24% | 19% | 15% | 16% | 10% | 50% | 36% | 60% | NM | ||||||||||||||||||

Low | 8% | 7% | 4% | (8%) | (26%) | (16%) | (26%) | (33%) | (24%) | ||||||||||||||||||

Lennox International Inc. | |||||||||||||||||||||||||||

Benchmarking Analysis - Financial Statistics and Ratios, Page 2 | |||||||||||||||||||||||||||

($ in millions, except per share data) | |||||||||||||||||||||||||||

General | Return on Investment | LTM Leverage Ratios | LTM Coverage Ratios | ||||||||||||||||||||||||

Company | Ticker | FYE | Beta | ROIC (%) |
ROE (%) |
ROA (%) |
Implied Div. Yield (%) |
Debt / Tot. Cap. (%) |
Debt / EBITDA (x) |
Net Debt / EBITDA (x) |
EBITDA / Int. Exp (x) |
(EBITDA - Cpx) / Int. (x) |
EBIT / Int. Exp. (x) |
||||||||||||||

Lennox International Inc. | LII | Dec-31 | 0.89 | 22% | NM | 17% | 4% | NM | 4.0x | 3.9x | 15.9x | 13.3x | 13.6x | ||||||||||||||

Johnson Controls International plc | JCI | Sep-30 | 1.19 | 5% | 4% | 2% | 9% | 55% | 7.6x | 6.9x | 13.5x | 11.5x | 9.7x | ||||||||||||||

Trane Technologies plc | TT | Dec-31 | 1.29 | 12% | 14% | 5% | 6% | 64% | 4.8x | 3.5x | 9.9x | 9.1x | 8.3x | ||||||||||||||

A. O. Smith Corporation | AOS | Dec-31 | 1.09 | 16% | 19% | 10% | 7% | 41% | 2.5x | 1.5x | 55.1x | 49.4x | 45.9x | ||||||||||||||

Watsco, Inc. | WSO | Dec-31 | 0.79 | 14% | 17% | 12% | 12% | 32% | 2.1x | 1.9x | NM | NM | NM | ||||||||||||||

AAON, Inc. | AAON | Dec-31 | 0.66 | 29% | 25% | 20% | 2% | 22% | 0.8x | 0.2x | NM | NM | NM | ||||||||||||||

Mean | 15% | 16% | 10% | 7% | 43% | 3.6x | 2.8x | NM | NM | NM | |||||||||||||||||

Median | 14% | 17% | 10% | 7% | 41% | 2.5x | 1.9x | 55.1x | 49.4x | 45.9x | |||||||||||||||||

High | 29% | 25% | 20% | 12% | 64% | 7.6x | 6.9x | NM | NM | NM | |||||||||||||||||

Low | 5% | 4% | 2% | 2% | 22% | 0.8x | 0.2x | 9.9x | 9.1x | 8.3x | |||||||||||||||||

Lennox International Inc. | |||||||||||||||||||||||||||

Comparable Companies Analysis | |||||||||||||||||||||||||||

($ in millions, except per share data) | |||||||||||||||||||||||||||

Enterprise Value / | Price / | ||||||||||||||||||||||||||

Company | Ticker | Current Share Price |
% of 52-wk high |
Equity Value |
Enterprise Value |
LTM Revenue |
2020E Revenue |
2021E Revenue |
LTM EBITDA |
2020E EBITDA |
2021E EBITDA |
LTM EBIT |
2020E EBIT |
2021E EBIT |
LTM EBITDA Margin |
Total Debt / EBITDA |
LTM EPS |
2020E EPS |
2021E EPS |
||||||||

Lennox International Inc. | LII | $ 295.9 | 93% | $ 11,328.3 | $ 12,481.4 | 3.5x | 3.5x | 3.3x | 23.7x | 22.2x | 19.6x | 27.6x | 25.1x | 21.9x | 15% | 4.0x | 31.9x | 31.8x | 28.2x | ||||||||

Johnson Controls International plc | JCI | 45.6 | 96% | 33,046.4 | 40,293.4 | 1.8x | 1.7x | 1.7x | 13.8x | 12.2x | 11.4x | 19.1x | 16.2x | 15.1x | 13% | 7.6x | 54.3x | 19.1x | 17.3x | ||||||||

Trane Technologies plc | TT | 145.9 | 95% | 34,626.0 | 37,111.1 | 2.3x | 3.0x | 2.8x | 15.4x | 19.8x | 17.5x | 18.3x | 23.2x | 20.3x | 15% | 4.8x | 30.4x | 34.3x | 29.0x | ||||||||

A. O. Smith Corporation | AOS | 57.5 | 99% | 9,282.8 | 8,933.7 | 3.2x | 3.2x | 3.0x | 18.4x | 17.6x | 15.3x | 22.1x | 20.3x | 17.4x | 17% | 2.5x | 29.6x | 29.8x | 25.1x | ||||||||

Watsco, Inc. | WSO | 235.8 | 95% | 8,191.8 | 8,540.3 | 1.7x | 1.7x | 1.6x | 21.5x | 20.4x | 19.4x | 22.9x | 21.7x | 20.6x | 8% | 2.1x | 34.7x | 34.1x | 31.9x | ||||||||

AAON, Inc. | AAON | 66.0 | 95% | 3,448.0 | 3,379.0 | 6.5x | 6.5x | 6.7x | 26.9x | 27.2x | 28.1x | 33.3x | 33.3x | 34.3x | 24% | 0.8x | 44.9x | 46.2x | 50.1x | ||||||||

Mean | 3.1x | 3.2x | 3.2x | 19.2x | 19.4x | 18.3x | 23.2x | 22.9x | 21.6x | 16% | 3.6x | 38.8x | 32.7x | 30.7x | |||||||||||||

1st Quartile | 1.8x | 1.7x | 1.7x | 15.4x | 17.6x | 15.3x | 19.1x | 20.3x | 17.4x | 13% | 2.1x | 30.4x | 29.8x | 25.1x | |||||||||||||

Median | 2.3x | 3.0x | 2.8x | 18.4x | 19.8x | 17.5x | 22.1x | 21.7x | 20.3x | 15% | 2.5x | 34.7x | 34.1x | 29.0x | |||||||||||||

3rd Quartile | 3.2x | 3.2x | 3.0x | 21.5x | 20.4x | 19.4x | 22.9x | 23.2x | 20.6x | 17% | 4.8x | 44.9x | 34.3x | 31.9x | |||||||||||||

High | 6.5x | 6.5x | 6.7x | 26.9x | 27.2x | 28.1x | 33.3x | 33.3x | 34.3x | 24% | 7.6x | 54.3x | 46.2x | 50.1x | |||||||||||||

Low | 1.7x | 1.7x | 1.6x | 13.8x | 12.2x | 11.4x | 18.3x | 16.2x | 15.1x | 8% | 0.8x | 29.6x | 19.1x | 17.3x | |||||||||||||

Lennox International Inc. | |||||||||||||||||||||||||||

Comparable Companies Analysis | |||||||||||||||||||||||||||

($ in millions, except per share data) | |||||||||||||||||||||||||||

EV / EBITDA | P/E | ||||||||||||||||||||||||||

Company | Ticker | Current Share Price |
% of 52-wk high |
Equity Value |
Enterprise Value |
2020E | 2021E | 2020E EBITDA Margin |
LTM Debt / EBITDA |
LTM Int. Exp / EBITDA |
2020E | 2021E | LT EPS Growth |
Dividend Yield |
|||||||||||||

Lennox International Inc. | LII | $ 295.9 | 93% | $ 11,328.3 | $ 12,481.4 | 22.2x | 19.6x | 16% | 4.0x | 0.1x | 31.8x | 28.2x | 3% | 4% | |||||||||||||

Johnson Controls International plc | JCI | 45.6 | 96% | 33,046.4 | 40,293.4 | 12.2x | 11.4x | 14% | 7.6x | 0.1x | 19.1x | 17.3x | 2% | 9% | |||||||||||||

Trane Technologies plc | TT | 145.9 | 95% | 34,626.0 | 37,111.1 | 19.8x | 17.5x | 15% | 4.8x | 0.1x | 34.3x | 29.0x | 2% | 6% | |||||||||||||

A. O. Smith Corporation | AOS | 57.5 | 99% | 9,282.8 | 8,933.7 | 17.6x | 15.3x | 18% | 2.5x | 0.0x | 29.8x | 25.1x | 5% | 7% | |||||||||||||

Watsco, Inc. | WSO | 235.8 | 95% | 8,191.8 | 8,540.3 | 20.4x | 19.4x | 8% | 2.1x | 0.0x | 34.1x | 31.9x | 2% | 12% | |||||||||||||

AAON, Inc. | AAON | 66.0 | 95% | 3,448.0 | 3,379.0 | 27.2x | 28.1x | 24% | 0.8x | 0.0x | 46.2x | 50.1x | 2% | 2% | |||||||||||||

Mean | 19.4x | 18.3x | 16% | 3.6x | 0.0x | 32.7x | 30.7x | 3% | 7% | ||||||||||||||||||

1st Quartile | 17.6x | 15.3x | 14% | 2.1x | 0.0x | 29.8x | 25.1x | 2% | 6% | ||||||||||||||||||

Median | 19.8x | 17.5x | 15% | 2.5x | 0.0x | 34.1x | 29.0x | 2% | 7% | ||||||||||||||||||

3rd Quartile | 20.4x | 19.4x | 18% | 4.8x | 0.1x | 34.3x | 31.9x | 2% | 9% | ||||||||||||||||||

High | 27.2x | 28.1x | 24% | 7.6x | 0.1x | 46.2x | 50.1x | 5% | 12% | ||||||||||||||||||

Low | 12.2x | 11.4x | 8% | 0.8x | 0.0x | 19.1x | 17.3x | 2% | 2% |

Data sourced from © 2020, S&P Global Market Intelligence.