Mercer Capital’s Construction Industry newsletter is a quarterly publication providing perspective on valuation issues pertinent to the construction industry, including residential, commercial, civil, paving, concrete, and more. Each issue includes a segment focus, market overview, mergers and acquisitions review, and more.

1. BUSINESS VALUATION &
FINANCIAL ADVISORY SERVICES
Construction Overview
Construction National GDP 1
Construction National Unemployment 2
Value of Construction Put-in-Place 3
Sector Focus:
Building Materials 4
Government Funding for Highways
Government Consumption and Investment 5
Trade-Weighted Index 6
Yield on 10-Year Treasury 7
Industrial Production Index 8
Value of Utilities Construction 9
Sector Round-up
Residential Construction 10
Roads, Bridges, and Highways 12
Nonresidential 13
Mergers and Acquisitions 14
Bellwether Stocks
Industry Participants 16
About Mercer Capital 19
www.mercercapital.com
VALUE FOCUS
Second Quarter 2015
Construction Building Materials
SEGMENT FOCUS
Building Materials
EXECUTIVE
INDUSTRY TRENDS
• MA activity increased due to proposed LafargeHolcim mega-
merger
• Put-in-place measures show strong quarterly and annual numbers
for residential and nonresidential
• The NAHB Indices show strong consumer confidence on the year,
particularly this past quarter
• The strengthening of the Dollar slowed as the 10-year yield spiked

2. © 2015 Mercer Capital // www.mercercapital.com 1
Mercer Capital’s Value Focus: Construction Building Materials Second Quarter 2015
GDP rose 3.7% over the past 12 months, falling at the higher end of an ideal range of 2% to 4% annually. Over the past
10 years, construction has averaged 4.1% of national GDP, and it accounted for 3.9% of GDP this past quarter. These
are signs the economy, including the construction industry, are healthy and returning to normal levels. Construction
lagged behind the rest of the economy, particularly in the years following the decline of 2009, but has since steadily
recovered, marked by a 9.8% year-over-year increase in Construction GDP.All of these figures are expected to continue
to improve going forward.
$0
$100
$200
$300
$400
$500
$600
$700
$800
-6.0%
-4.0%
-2.0%
0.0%
2.0%
4.0%
6.0%
GDP($Billions)
AnnualizedRealGrowthRate
Quarterly Growth Average Quarterly Growth GDP(CurrentDollars)
Source:Bureau ofEconomic Analysis
-6%
-4%
-2%
0%
2%
4%
6%
National Construction
Construction
Overview
Construction
National GDP
Construction Gross Domestic Product
% Change in GDP
Source:Tradingeconomics.com | U.S. Bureau of Economic Analysis
Construction GDP
Period % Change
Q-o-Q 1.8%
Y-o-Y 9.8%
National GDP
Period % Change
Q-o-Q 1.5%
Y-o-Y 3.7%

3. © 2015 Mercer Capital // www.mercercapital.com 2
Mercer Capital’s Value Focus: Construction Building Materials Second Quarter 2015
According to the Federal Reserve, a healthy economy typically has an unemployment rate between 4.5% and 6.0%.The
current level of 5.3% is right in the middle and has decreased from 6.1% a year ago in a steady fashion.
Construction is a cyclical and seasonal industry, so its unemployment rate is more volatile. The major contributing
factor to the seasonal nature of the construction industry is the weather. Production of materials and projects in
general decrease during the cold, winter months. The construction unemployment rate is currently 6.3%, down from
8.2% a year ago. This represents a generally positive trend for the industry. This number will likely continue to
decrease coming out of the cold months and into the strongest parts of the calendar year, especially considering the
unemployment rate was well above 10% in the middle of last quarter. Lower unemployment rates suggest an increase
of activity within the industry.
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
National Construction
Source: U.S. Bureau of Labor Statistics
Note: In the above graph, the national unemployment rate
is seasonally adjusted, but theconstructionunemployment
rate is not in order to showseasonality and recent trends.
Construction
Overview
Construction
National Unemployment
Unemployment Rate

4. © 2015 Mercer Capital // www.mercercapital.com 3
Mercer Capital’s Value Focus: Construction Building Materials Second Quarter 2015
The value of construction put-in-place is the total cost of construction on job sites during a particular period. The U.S.
Census Bureau tracks this data and reports the total monthly. These costs include, but are not limited to, the building
materials, labor, profit, engineering, interest, and taxes.
Year-over-year put-in-place construction has surged, up 19.5% for residential and 8.6% for nonresidential. This past
quarter shows a similar pattern with residential construction increasing by 4.8%, and nonresidential construction
increasing by 7.4%. These strong numbers are likely due to warmer weather. While growth figures will likely decline in
magnitude, they are expected to remain strong going forward. Higher levels of put-in-place construction suggest an
increase of activity within the industry.
Construction
Overview
Value of Construction
Put-in-Place
$0
$100
$200
$300
$400
$500
$600
$700
$800
$Billions
Residential Nonresidential
Source:U.S. Census Bureau
Value of Construction Put-in-Place
Residential
Period % Change
Q-o-Q 4.8%
Y-o-Y 19.5%
Nonresidential
Period % Change
Q-o-Q 7.4%
Y-o-Y 8.6%

5. © 2015 Mercer Capital // www.mercercapital.com 4
Mercer Capital’s Value Focus: Construction Building Materials Second Quarter 2015
This quarter was defined by historic levels of rainfall that hindered production and depressed volumes. Given the
nature of the industry, it is important to remember building materials are sold to contractors with backlogs, performing
construction projects that must eventually be completed, no matter how much rain falls. While quarterly gains were
lower than expectations, inclement weather simply delays profits as roads still need to be repaired and homes still need
to be built. Companies took advantage of down time to complete maintenance repairs on their fixed assets, which will
increase production capacity to match pent-up demand.
Congress has been working on a new bill to improve national infrastructure. State and local governments are typically
in charge of their construction projects, but they rely on federal funding to complete many projects. This long-term
bill would give not just funding, but security. Many states have kept big projects on the back-burner because they do
not have a guarantee that their funding will last for the duration of the project. The increased likelihood of such a bill
is a boon to the building materials industry, but state and local governments are also doing their part with increased
investment in respective transportation departments.
With demand postponed due to rain, volumes are expected to increase significantly. Volume increasing is typically a
leading indicator for increasing price levels, so building materials companies can expect a boost in their margins.Material
prices are frequently locked in for the duration of a project or on a yearly basis.With an expectation of price increases on
the horizon, quoted prices will likely be higher than current levels, but lower than future increases, benefitting both sides.
Expected increases in both residential and nonresidential construction will further help the building materials industry.
Increased spending on infrastructure and industrial projects is a boost to nonresidential construction while population
and employment growth help fuel residential construction. Diesel and gas prices for the quarter were lower than prior
quarters and significantly lower than prices in the prior year. With such heavy products and freight costs being a large
component of price, companies have accumulated significant savings on delivery.
Lafarge and Holcim, two of the largest players in the industry, both domestically and globally, have announced divestitures
of certain assets this quarter to avoid anti-trust regulation issues ahead of their looming merger. Eagle Materials,
Continental Concrete Company, and ESSROC Cement Corp will all acquired some of these assets when the merger
closes. US Concrete made a few acquisitions totaling 12 plants and 171 mixer trucks across Virginia, New York City, and
northern New Jersey. Summit Materials continued their growth strategy with another acquisition costing $15.9 million.
Sector Focus
Building Materials

6. © 2015 Mercer Capital // www.mercercapital.com 5
Mercer Capital’s Value Focus: Construction Building Materials Second Quarter 2015
Building materials are a crucial input to construction projects. Without funding, however, construction projects cannot
be completed. Much of this funding comes from public resources, so the industry must always be concerned with the
level of government spending on construction activity. Government consumption expenditures and gross investments
reached high levels during the recession to boost the economy and have declined significantly in the years following.
Spending likely will not reach that level any time soon, though it has increased slowly in the past couple of years and
is expected to continue in this direction. Government funding for highways is expected to increase significantly, as
demonstrated in the below graph, despite a small decrease from the previous year. This is in large part due to the
expected long-term congressional funding bill for highway repairs and construction.
Building Materials
Government Funding for
Highways Government
Consumption and
Investment
Government Funding for Highways
Government Consumption and Investment
$0
$50
$100
$150
$200
$250
$300
$Billions
Source: IBIS World | Bureau of Economic Analysis
$2,650
$2,700
$2,750
$2,800
$2,850
$2,900
$2,950
$3,000
$3,050
$3,100
$3,150
$Billions
Source: St. Louis Fed| U.S. Bureau of Economic Analysis
Government Funding
for Highways
Period % Change
Y-o-Y -2.1%
Government Consumption
and Investment
Period % Change
Q-o-Q 0.6%
Y-o-Y 0.7%

7. © 2015 Mercer Capital // www.mercercapital.com 6
Mercer Capital’s Value Focus: Construction Building Materials Second Quarter 2015
The Trade-Weighted Index measures the relative strength of the U.S. dollar in comparison to foreign currencies, putting
an emphasized weight on the most common trade partners and largest economies. When the dollar is strong, imports
become cheaper and exports become more expensive. The dollar is near its strongest level in the last 10 years, which
increases the cost for other countries to purchase U.S. building materials and decreases sales volume. It has declined
slightly in the past quarter, signaling that the rapid growth of the past year may finally be slowing.
80
90
100
110
120
Source: St. Louis Fed | Board of Governors of the Federal Reserve (US)
Building Materials
Trade-Weighted Index
Trade-Weighted Index
Trade-Weighted Index
Period % Change
Q-o-Q -1.0%
Y-o-Y 12.4%

8. © 2015 Mercer Capital // www.mercercapital.com 7
Mercer Capital’s Value Focus: Construction Building Materials Second Quarter 2015
The yield on 10-Year Treasury Bonds acts as a proxy for how expensive it is to finance construction projects. Growth
in the building materials industry could be adversely affected by the recent quarterly spike in interest rates. It should
be noted, however, that flight to safety during gloomy macroeconomic times can depress yields. An increase in
yields raises the cost of investment, but it can also signify increasing optimism, which leads to more spending in the
construction industry.
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
Source: St. Louis Fed| Board of Governors of theFederalReserve(US)
Building Materials
Yield on 10-Year Treasury
Yield on 10-Year Treasury
Yield on 10-Year Treasury
Period % Change
Q-o-Q 32 BPS
Y-o-Y -24 BPS

9. © 2015 Mercer Capital // www.mercercapital.com 8
Mercer Capital’s Value Focus: Construction Building Materials Second Quarter 2015
The Industrial Production Index is an indicator of economic activity that measures real production output of the
manufacturing, mining, and utilities industries. It acts a barometer for the level of demand for industrial products and
manufacturing activity. Building materials such as sand and gravel are important inputs of industrial production. IPI has
been steadily increasing since 2009, but it has slowed in the past year, particularly in the past quarter.This could show a
leveling off in demand for building materials, which would decrease industry revenue after years of slow, steady growth.
80
85
90
95
100
105
110
Source: St. Louis Fed | Board of Governors of the Federal Reserve (US)
Building Materials
Industrial Production Index
Industrial Production Index
Industrial Production Index
Period % Change
Q-o-Q -0.6%
Y-o-Y -0.2%

10. © 2015 Mercer Capital // www.mercercapital.com 9
Mercer Capital’s Value Focus: Construction Building Materials Second Quarter 2015
Cement and ready-mix concrete are used in most construction projects involving the utilities subsector such as
transportation, energy, gas, water, and sewage.There will always be a need for such infrastructure, so building materials
companies can rely on this revenue stream even though the growth rate of new projects fluctuates. The value of utilities
construction is expected to increase similar to non-residential construction levels as a whole, which should also increase
demand for the industry. While it is significantly down for the past year, the value of utilities construction has increased
in the past quarter. If this trend continues, building materials companies will experience increased demand.
$0
$20
$40
$60
$80
$100
$120
$140
$160
$180
$Billions
Source: US Census Bureau
Building Materials
Value of Utilities
Construction
Value of Utilities Construction
Value of Utilities Construction
Period % Change
Q-o-Q 6.4%
Y-o-Y -12.8%

11. © 2015 Mercer Capital // www.mercercapital.com 10
Mercer Capital’s Value Focus: Construction Building Materials Second Quarter 2015
The National Association of Home Builders uses surveys to produce two indices on the confidence level within the
homebuilding industry. For both surveys, respondents are asked to rate market conditions, with 50 being the index
average. Both indices showed clear declines due to the housing crisis, but they have steadily increased and have been
above 50 for the past year. HMI has spiked in the past quarter and undergone significant increases in the past year.
RMI has grown much slower, but this growth is certainly a positive indicator. While there will likely be fluctuations going
forward, it is a good sign as long as these indices are above average.
0
10
20
30
40
50
60
70
80
90
100
HMI RMI
Note: RMI is measured quarterly and approximated
for a monthly basis using a straight-line approach. Source: National Association of Home Builders
Sector Round-up
Residential Construction
NAHB Housing Market and Remodeling Market Indices
NAHB HMI
Period % Change
Q-o-Q 15.4%
Y-o-Y 22.4%
NAHB RMI
Period % Change
Q-o-Q 4.0%
Y-o-Y 4.9%

12. © 2015 Mercer Capital // www.mercercapital.com 11
Mercer Capital’s Value Focus: Construction Building Materials Second Quarter 2015
Building permits and housing starts are two important indicators for the home building industry. Both reflect demand,
consumer confidence, and the feasibility of financing such construction projects. Building permits can be issued and then
shelved by builders; therefore, housing starts are a better focused measure of current activity within the industry. Housing
permits and housing starts have felt the effect of the housing bubble with a steep drop of nearly 75% in three years from
Q1 2006 to Q1 2009. Both of these have recovered somewhat as the economy has gotten back on track, but they are
unlikely to reach prerecession highs, which were artificially high due to the housing bubble. As seen in the charts below,
all levels of permits and starts have increased notably over the past year driven by a particularly strong quarter.
Sector Round-up
Residential Construction
(continued)
Seasonally Adjusted Annualized Rates of New Housing Starts and Building Permits
Millions of Units
Private Housing Starts
Period % Change
Q-o-Q 23.1%
Y-o-Y 26.6%
Single Family Starts
Period % Change
Q-o-Q 10.0%
Y-o-Y 14.7%
Private Building Permits
Period % Change
Q-o-Q 29.4%
Y-o-Y 30.0%
Single Family Building Permits
Period % Change
Q-o-Q 7.0%
Y-o-Y 6.0%
0.2
0.3
0.4
0.5
0.6
0.7
0.8
0.9
1.0
1.1
1.2
1.3
1.4
1.5
1.6
1.7
1.8
1.9
2.0
2.1
2.2
2.3
2.4
Private Housing Starts Single Family Starts
Private Building Permits Single Family Building Permits
Source: U.S. Census Bureau
Note: Permits at a given date are generally a leading indicator of future starts.
Beginning with January 2004, building permit data reflects the change to the 20,000 place series.
Private
Housing
Single Family
Housing

13. © 2015 Mercer Capital // www.mercercapital.com 12
Mercer Capital’s Value Focus: Construction Building Materials Second Quarter 2015
The yield on 10-Year Treasury Bonds, as shownon page 7, can indirectly affect the road contracting industry. Higher
interest rates make construction projects more expensive to undertake. When yields on the 10-Year Treasury are low
and stable, the construction industry experiences increased investment and volume. When interest rates are high,
it is more expensive for the public sector to finance industry projects such as road building. The 10-Year yield has
significantly increased in the past quarter, despite an overall decrease in year-over-year yields. If the quarterly increase
continues, the industry will face rising investment costs. However, if the yearly trend continues, demand will likely
increase in the industry.
Road contractors submit bids to local and state governments, and construction jobs are awarded to the lowest bidder.
Higher input costs, like cement, decrease both the volume of projects the government is willing to start and the profit
margins for contractors. The US Geological Survey determines the trend of cement prices, and its increase represents
a negative sign for the industry.
$0
$20
$40
$60
$80
$100
$120
$140
$perTon
Sector Round-up
Roads, Bridges, and
Highways
Price of Cement
Price of Cement
Period % Change
Y-o-Y 5.0%
Source: IBIS World | U.S. Geological Survey

14. © 2015 Mercer Capital // www.mercercapital.com 13
Mercer Capital’s Value Focus: Construction Building Materials Second Quarter 2015
Corporate profit is essential for companies not only to survive, but to grow and expand.When corporate profit increases,
companies are more willing and able to open new branches and divisions. These additions lead to more commercial
construction. According to the chart below, corporate profit has increased notably in the past year, driven by a strong
quarter. If this growth continues, companies will be more likely to invest in nonresidential construction and, in turn,
increase the demand for building materials.
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
$1,600
$1,800
$2,000
$Billions
Source: St. Louis Federal Reserve
Sector Round-up
Nonresidential
Corporate Profit
Corporate Profit
Period % Change
Q-o-Q 6.3%
Y-o-Y 8.5%

15. © 2015 Mercer Capital // www.mercercapital.com 14
Mercer Capital’s Value Focus: Construction Building Materials Second Quarter 2015
Announce
Date
Industry
Subsector Target/Issuer Buyers/Investors Seller Description
June 18
Building
Materials
Lewis and Lewis Inc. Summit Materials, Inc.
Manufactures and supplies aggregate materials in
WY.
June 17
Building
Materials
Anchor Block Company and
Anchor Wall Systems, Inc.
Oldcastle Architectural,
Inc.
Designs, manufactures, and sells concrete land-
scape and masonry products.
June 14 Home Building Ryland Group Inc. CalAtlantic Group, Inc.
SSGA Funds Management,
Inc.; Impala Asset
Management, LLC
Homebuilder and mortgage-finance company based
in CA that also sells land and lots.
June 10 Home Building Bonterra Builders, LLC AV Homes, Inc. Designs and builds new homes in the Carolinas.
June 1
Building
Materials
DuBROOK Concrete, Inc. U.S. Concrete, Inc.
Manufactures and delivers ready-mixed concrete in
north VA with 3 RMC plants and 42 mixer trucks.
May 22
Building
Materials
Colonial Concrete
Company, Inc.
U.S. Concrete, Inc.
Produces ready-mix and other concrete products in
northeast NJ.
May 12
Building
Materials
A Leading Cement
Terminal in Puerto Rico
Cementos Argos
S.A. Putney Capital
Management, LLC
A reception, storage, and distribution terminal
in PR.
May 4
Building
Materials
Holcim (US) Inc., Slag
Grinding Plant
Eagle Materials Inc. Holcim (US) Inc.
Divestiture of a slag grinding plant in South
Chicago.
Mergers and Acquisitions

16. © 2015 Mercer Capital // www.mercercapital.com 15
Mercer Capital’s Value Focus: Construction Building Materials Second Quarter 2015
Announce
Date
Industry
Subsector Target/Issuer Buyers/Investors Seller Description
May 4 Home Building Fairmont Homes, Inc. Cavco Industries, Inc.
Provides manufactured and modular homes based
in IN.
May 1 Home Building JEH Homes, LLC
Taylor Morrison Home
Corporation
Designs and builds homes based in Alpharetta, GA.
April 29 Nonresidential
Cornerstone Environmental
Group, LLC
Tetra Tech, Inc.
Operates as an engineering and environmental
consulting, and field services company with
operations across the U.S.
April 24 Home Building Pacific Ridge Homes DR Horton Inc.
Homebuilder specializing in design and construction
of new homes and communities in greater Seattle
area.
April 22
Building
Materials
Holcim Ltd.,
Cement Facilities in USA
ESSROC Cement Corp. LafargeHolcim Ltd. Divestiture of cement facilities in U.S.
April 17
Building
Materials
Lafarge North America
Inc., Cement Assets
Continental Cement
Company, LLC
Lafarge North America Inc.
Divestiture of cement plants and distribution
terminals in the US, while acquiring a distribution
terminal in IA.
April 2
Building
Materials
Ferrara Brothers Building
Materials Corp.
U.S. Concrete, Inc. Concrete manufacturer based in NY.
Mergers and Acquisitions

17. © 2015 Mercer Capital // www.mercercapital.com 16
Mercer Capital’s Value Focus: Construction Building Materials Second Quarter 2015
Ticker Exchange
Stock
Price at
6/30/15
LTM Price Range
Enterprise
Value
LTM
LTM
Margin
EBITDA/
Rev.
LTM Multiple
Forward
Multiples
High Low Rev. EBITDA EV/Rev. EV/EBITDA
EV/
EBITDA
Residential
Beazer Homes USA Inc. BZH NYSE $19.95 $21.33 $14.20 $1,954.03 $1,540.47 $43.49 3% 1.3x 34.1x 12.3x
Comstock Holding Companies, Inc. CHCI Nasdaq 3.90 9.94 3.50 61.83 51.09 (0.15) 0% 1.2x 95.1x 0.0x
DR Horton Inc. DHI NYSE 27.36 29.29 19.29 13,086.66 10,124.00 1,124.40 11% 1.4x 13.3x 10.7x
Hovnanian Enterprises Inc. HOV NYSE 2.66 5.20 2.59 2,434.17 2,164.07 101.83 5% 1.1x 39.9x 19.4x
KB Home KBH NYSE 16.60 18.98 11.76 3,906.00 2,588.35 148.99 6% 1.5x 26.6x 16.0x
Lennar Corporation LEN NYSE 51.04 53.67 35.74 16,779.81 8,634.72 1,082.09 13% 1.9x 13.9x 12.2x
LGI Homes, Inc. LGIH Nasdaq 19.78 22.21 12.21 583.96 480.45 59.42 12% 1.4x 11.2x 9.1x
MDC Holdings Inc. MDC NYSE 29.97 31.23 23.67 2,104.49 1,785.71 100.93 6% 1.2x 20.8x 17.6x
NVR, Inc. NVR NYSE 1,340.00 1,387.40 1,040.83 5,569.82 4,741.15 549.40 12% 1.2x 10.9x 10.2x
PulteGroup, Inc. PHM NYSE 20.15 23.36 16.56 8,647.36 5,830.87 787.16 13% 1.4x 11.4x 9.3x
Toll Brothers Inc. TOL NYSE 38.19 40.33 28.92 9,591.47 4,113.58 514.53 13% 2.3x 18.1x 14.9x
Median $20.15 $23.36 $16.56 $3,906.00 $2,588.35 $148.99 11% 1.4x 18.1x 12.2x
Average $142.69 $149.36 $109.93 $5,883.60 $3,823.13 $410.19 8% 1.5x 26.8x 12.0x
All figures reported in millions, except per share data
Source: Capital IQ
Bellwether Stocks Industry Participants

18. © 2015 Mercer Capital // www.mercercapital.com 17
Mercer Capital’s Value Focus: Construction Building Materials Second Quarter 2015
Ticker Exchange
Stock
Price at
6/30/15
LTM Price Range
Enterprise
Value
LTM
LTM
Margin
EBITDA/
Rev.
LTM Multiple
Forward
Multiples
High Low Rev. EBITDA EV/Rev. EV/EBITDA
EV/
EBITDA
Building Materials
Eagle Materials Inc. EXP NYSE $76.33 $105.69 $68.54 $4,350.63 $1,085.08 $312.60 29% 4.1x 12.5x 10.9x
Martin Marietta Materials, Inc. MLM NYSE 141.51 155.98 103.09 11,164.73 3,179.60 707.78 22% 3.8x 17.1x 12.5x
MDU Resources Group Inc. MDU NYSE 19.53 35.41 19.22 6,221.27 4,110.05 450.44 11% 1.3x 7.5x 8.8x
Summit Materials, Inc. SUM NYSE 25.12 28.57 19.36 1,681.49 1,287.78 174.48 14% 1.3x 10.5x 6.6x
US Concrete, Inc. USCR Nasdaq 37.89 40.93 21.48 818.17 793.13 83.62 11% 1.1x 10.2x 7.6x
Vulcan Materials Company VMC NYSE 83.93 93.07 54.10 13,105.78 3,155.04 678.93 22% 4.3x 21.0x 15.7x
Cemex SAB de CV (ADR) CX NYSE N/A N/A N/A N/A N/A N/A 19% 2.0x 11.2x 0.0x
CRH PLC (ADR) CRH NYSE N/A N/A N/A N/A N/A N/A 9% 1.2x 13.9x 0.0x
HeidelbergCement HEI GR N/A N/A N/A N/A N/A N/A 17% 1.6x 8.9x 8.0x
LafargeHolcim Group LHN VTX N/A N/A N/A N/A N/A N/A 19% 1.8x 9.1x 9.0x
Median $57.11 $67.00 $37.79 $5,285.95 $2,221.41 $381.52 18% 1.7x 10.8x 8.4x
Average $64.05 $76.61 $47.63 $6,223.68 $2,268.45 $401.31 17% 2.3x 12.2x 7.9x
Roads, Bridges, and Highways
Granite Construction Inc. GVA NYSE $35.51 $39.09 $30.44 $1,279.14 $2,299.04 $115.29 5% 0.5x 9.5x 7.0x
Sterling Construction Co STRL Nasdaq 4.00 10.01 2.23 106.33 637.99 (6.06) -1% 0.2x NM 26.2x
Tutor Perini Corporation TPC NYSE 21.58 32.51 20.07 1,843.49 4,831.47 230.79 5% 0.4x 6.7x 6.5x
Median $21.58 $32.51 $20.07 $1,279.14 $2,299.04 $115.29 5% 0.4x 8.1x 7.0x
Average $20.36 $27.20 $17.58 $1,076.32 $2,589.50 $113.34 3% 0.4x 8.1x 13.2x
All figures reported in millions, except per share data
Source: Capital IQ
Bellwether Stocks Industry Participants
Note: CX, CRH, HEI, and LHN report in foreign currency. Margin and multiples unaffected and shown for analysis.

19. © 2015 Mercer Capital // www.mercercapital.com 18
Mercer Capital’s Value Focus: Construction Building Materials Second Quarter 2015
Ticker Exchange
Stock
Price at
6/30/15
LTM Price Range
Enterprise
Value
LTM
LTM
Margin
EBITDA/
Rev.
LTM Multiple
Forward
Multiples
High Low Rev. EBITDA EV/Rev. EV/EBITDA
EV/
EBITDA
Nonresidential
Aecom Technology Corporation ACM NYSE $33.08 $38.24 $24.82 $9,407.81 $15,828.77 $863.16 5% 0.7x 11.9x 8.4x
Chicago Bridge and Iron Company N.V. CBI NYSE 50.04 70.27 32.16 7,451.80 13,085.28 1,269.05 10% 0.6x 5.9x 5.7x
Dycom Industries Inc. DY NYSE 58.85 60.82 24.84 2,429.93 1,925.90 222.27 12% 1.3x 10.9x 9.0x
EMCOR Group Inc. EME NYSE 47.77 48.84 38.68 2,963.61 6,523.28 345.88 5% 0.5x 8.8x 8.0x
Fluor Corporation FLR NYSE 53.01 79.20 51.80 7,022.67 20,254.03 1,348.13 7% 0.3x 5.0x 5.4x
Jacobs Engineering Group Inc. JEC NYSE 40.62 55.00 37.87 5,278.96 12,216.32 783.54 6% 0.4x 6.6x 7.3x
MasTech, Inc. MTZ NYSE 19.87 32.10 15.34 2,841.42 4,616.65 348.95 8% 0.6x 7.3x 6.4x
Quanta Services, Inc. PWR NYSE 28.82 37.49 25.34 6,269.71 7,907.30 623.66 8% 0.8x 8.4x 7.1x
Median $44.20 $51.92 $28.75 $5,774.33 $10,061.81 $703.60 7% 0.6x 7.8x 7.2x
Average $41.51 $52.75 $31.36 $5,458.24 $10,294.69 $725.58 8% 0.6x 8.1x 7.2x
All figures reported in millions, except per share data
Source: Capital IQ
Bellwether Stocks Industry Participants

20. Mercer
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