Complete LMB Stock Valuation Analysis
Comprehensive intrinsic value analysis using 6 different methodologies
LMB DCF Analysis
LMB (Limbach Holdings, Inc.) discounted cash flow analysis with multiple scenarios, growth assumptions, and terminal value calculations
Financial Projections
| Metrics | 2022 (Historical) | 2023 (Historical) | 2024 (Historical) | 2025 (Projected) | 2026 (Projected) | 2027 (Projected) | 2028 (Projected) | 2029 (Projected) |
|---|---|---|---|---|---|---|---|---|
| Revenue | $496.8M | $516.4M | $518.8M | $520.1M | $521.4M | $522.5M | $523.5M | $524.4M |
| Revenue Growth % | - | 3.9% | 0.5% | 0.3% | 0.2% | 0.2% | 0.2% | 0.2% |
| EBIT | $12.0M | $29.3M | $38.6M | $26.9M | $27.5M | $28.1M | $28.7M | $29.2M |
| EBIT Margin % | 2.4% | 5.7% | 7.4% | 5.2% | 5.3% | 5.4% | 5.5% | 5.6% |
| Tax Rate % | 29.2% | 26.1% | 22.7% | 24.8% | 24.9% | 24.9% | 24.9% | 24.9% |
| NOPAT | $8.5M | $21.6M | $29.8M | $20.2M | $20.7M | $21.1M | $21.5M | $22.0M |
| NOPAT Margin % | 1.7% | 4.2% | 5.8% | 3.9% | 4.0% | 4.0% | 4.1% | 4.2% |
| Capex | $993.0K | $2.3M | $7.5M | $5.2M | $5.2M | $5.2M | $5.2M | $5.2M |
| Capex / Revenue % | 0.2% | 0.4% | 1.5% | 1.0% | 1.0% | 1.0% | 1.0% | 1.0% |
| Depreciation | $8.2M | $8.2M | $11.9M | $9.6M | $9.6M | $9.6M | $9.6M | $9.7M |
| D&A / Revenue % | 1.6% | 1.6% | 2.3% | 1.8% | 1.8% | 1.8% | 1.8% | 1.8% |
| Change in NWC | $3.7M | $4.9M | $-2.6M | $4.2M | $3.4M | $2.7M | $2.2M | $1.8M |
| NWC Change / Revenue % | 0.8% | 1.0% | -0.5% | 0.8% | 0.7% | 0.5% | 0.4% | 0.3% |
| Unlevered FCF | $11.9M | $22.7M | $36.8M | $20.4M | $21.7M | $22.8M | $23.8M | $24.6M |
| UFCF % Chg. | - | 90.1% | 62.2% | -44.5% | 6.3% | 5.2% | 4.3% | 3.7% |
| FCF / Revenue % | 2.4% | 4.4% | 7.1% | 3.9% | 4.2% | 4.4% | 4.5% | 4.7% |
| Discount Factor | - | - | - | 0.914 | 0.836 | 0.764 | 0.698 | 0.638 |
| Present Value of FCF | - | - | - | $18.6M | $18.1M | $17.4M | $16.6M | $15.7M |
| Sum of PV of UFCF | - | - | - | $18.6M | $36.7M | $54.2M | $70.7M | $86.5M |
WACC Calculation
Weighted Average Cost of Capital used for discounting cash flows.
| WACC Calculation | Value |
|---|---|
| Cost of Debt | 7.3% |
| Tax Rate | 24.8% |
| After Tax Cost of Debt | 5.5% |
| Risk Free Rate | 4.35% |
| Market Risk Premium | 4.3% |
| Beta | 1.19 |
| Cost of Equity | 9.5% |
| Total Debt | $48.7M |
| Market Cap | $1.7B |
| Total Capital | $1.8B |
| Debt Weighting | 2.7% |
| Equity Weighting | 97.3% |
| WACC | 9.4% |
Terminal Value
Choose between perpetuity growth or exit multiple methods.
| Terminal Value Calculation | Value |
|---|---|
| Terminal Growth Rate | 2.5% |
| Final Year FCF | $24.6M |
| Terminal Value | $366.5M |
| PV of Terminal Value | $234.0M |
| Cumulative PV of UFCF | $86.5M |
| Net Debt | $3.8M |
| Equity Value | $316.6M |
| Shares Outstanding | 12.0M |
| Implied Share Price | $26 |
| Current Share Price | $150 |
| Implied Upside/(Downside) | -82.5% |
Valuation Summary
$26.32
Implied Price
$150.01
Current Price
-82.5%
Upside/Downside
9.4%
WACC
LMB Peer Valuation Analysis
Relative valuation based on comparable company trading multiples
Peer Valuation Analysis
Fair Value Range Analysis
Based on median multiples from 11 peer companies in Industrials
P/E Ratio
$97.98
-34.7%
Peer Median: 35.2x
EV/EBITDA
$106.37
-29.1%
Peer Median: 23.7x
P/S Ratio
$42.95
-71.4%
Peer Median: 0.9x
Interpretation: Each multiple provides a different perspective on fair value. Consider which multiple is most relevant for LMB's business model and current situation.
Multiple Comparison
| Multiple | LMB Current | Peer Median | Peer Average | Premium/Discount | Assessment |
|---|---|---|---|---|---|
| P/E Ratio | 54.0x | 35.2x | 37.9x | 53.1% | Overvalued |
| EV/EBITDA | 33.5x | 23.7x | 20.7x | 41.3% | Overvalued |
| P/S Ratio | 3.3x | 0.9x | 1.4x | 249.3% | Overvalued |
Peer Companies
Click any company to view their valuation
| Company | Market Cap | P/E Ratio | EV/EBITDA | P/S Ratio |
|---|---|---|---|---|
| $3.50B | 23.1x | 17.2x | 1.1x | |
| $2.91B | 35.2x | 30.9x | 3.3x | |
| $2.86B | 85.4x | 26.5x | 0.8x | |
| $2.58B | 116.8x | 24.7x | 0.6x | |
| $1.88B | 4731.4x | 13.0x | 0.7x | |
| $1.74B | 54.0x | 33.5x | 3.3x | |
| $0.76B | 10.9x | 9.1x | 0.9x | |
| $0.97B | 19.3x | 12.4x | 0.5x | |
| $0.53B | 175.0x | 23.7x | 1.2x | |
| $0.42B | 13.0x | 9.9x | 0.8x | |
| $56.87B | 62.2x | 27.1x | 2.3x |
LMB Graham Number
Benjamin Graham's conservative valuation formula for defensive investors
Input Data
| EPS (TTM) | $2.78 | Latest 10-K |
| Book Value per Share | $12.76 | Latest 10-K Balance Sheet |
| Graham Constant | 22.5 | Benjamin Graham's formula |
Graham Number Result
$28.25
Intrinsic Value
$150.01
Current Price
-81.2%
Upside/Downside
Confidence: High
Conservative value investing approach
Calculation Breakdown
Formula:
√(22.5 × EPS × BVPS)
Step 1: Multiply constant by EPS
22.5 × 2.78 = 62.55
Step 2: Multiply by Book Value per Share
62.55 × 12.76 = 798.06
Step 3: Take square root
√798.06 = 28.25
Graham Number Result:
$28.25
LMB Graham Intrinsic Value
Growth-adjusted intrinsic value with two formula variants
Formula Selection
V = EPS × (8.5 + 2g)
Graham's original P/E shortcut for growth, no interest-rate adjustment
V = [EPS × (8.5 + 2g) × 4.4] / Y
Graham's 1974 refinement: adds rate-environment sensitivity
Active Formula: Base-Growth
2.78 × (8.5 + 2 × 60.1%)
Input Data & Growth Assumptions
Current EPS (TTM)$2.78
Latest 10-K • 2024-12-31T00:00:00
Historical 3Y60.1%
Financial statements
Custom
%
Enter a positive growth rate estimate (0-50%)
Graham Intrinsic Value Result
$357.84
Intrinsic Value
$150.01
Current Price
+138.5%
Upside/Downside
Base Formula
Growth: 60.1%
LMB Peter Lynch Fair Value
Growth-based valuation using PEG ratio analysis for growth stocks
Fair Value Calculation
EPS (TTM)$2.78
Latest 10-K • 2024-12-31T00:00:00
Historical 3Y60.1%
3-year earnings growth
60.1%
1%50%
Fair Value Formula: EPS × Growth Rate
$2.78 × 60.1% = $167.10
$167.10
Fair Value
$150.01
Current Price
+11.4%
Upside/Downside
PEG Analysis
54.0x
Current P/E
60.1%
Growth Rate
0.90
PEG Ratio (P/E ÷ Growth Rate)
Undervalued
PEG Ratio Interpretation:
• PEG < 1.0: Undervalued (growth exceeds P/E)
• PEG = 1.0: Fairly valued (ideal Lynch ratio)
• PEG > 1.5: Overvalued (paying premium for growth)
Peter Lynch's Rule:
"The P/E ratio of any company that's fairly priced will equal its growth rate." A stock with 15% growth should trade at a P/E of 15 (PEG = 1.0).
LMB Earnings Power Value (EPV)
Normalized earnings-based valuation for sustainable earning power assessment
Earnings Normalization
| Earnings Component | Amount ($B) | Description |
|---|---|---|
| Reported Earnings | 0.0 | Base earnings from financial statements |
| Normalized Earnings | 0.0 | Final normalized earning power |
One-time Items: Remove non-recurring gains/losses
Cyclical Adjustment: Normalize for economic cycle position
EPV Result
$28.63
EPV per Share
$150.01
Current Price
-80.9%
Upside/Downside
9.0%
WACC: 9.0% (calculated from market data)
Confidence: High
Normalized earnings approach
EPV Calculation Breakdown
Enterprise Value Calculation
| Normalized Earnings | $0.0B |
| Cost of Capital | 9.0% |
| Enterprise Value | $0.3B |
Per Share Value
| Enterprise Value | $0.3B |
| Shares Outstanding | 0.0B |
| EPV per Share | $28.63 |
WACC Components
| Cost of Equity | 9.1% |
| After-Tax Cost of Debt | 3.5% |
| Equity Weight | 97.4% |
| Debt Weight | 2.6% |
| WACC | 9.0% |