crete Pumping (US:BBCP)2025-01-10 00:06Business Overview - Concrete Pumping Holdings (CPH) reported revenue of $426 million and Adjusted EBITDA of $112 million for FY'24, with a 26% margin[8] - The company generated $72 million in Free Cash Flow in FY'24 and is a market leader in every region it serves[8] - CPH estimates the total US market opportunity for Eco-Pan is over $850 million, with current penetration at approximately 8% representing $71 million of FY'24 revenue[31] Market Position and Growth Strategy - CPH is the largest concrete pumping service provider in the US and UK [13, 26] - The company's US concrete pumping market share is 17%, approximately 6x larger than the next nearest competitor [25] - CPH is pursuing a growth strategy that includes capturing greater market share, optimizing pricing and utilization, expanding Eco-Pan services, pursuing acquisitions, and exploring greenfield opportunities [28] Financial Outlook and Valuation - CPH projects FY 2025 revenue between $425 million and $445 million and Adjusted EBITDA between $115 million and $125 million [74] - The company anticipates at least $65 million in Free Cash Flow for FY 2025, implying an 18% yield to its current equity value of $371 million [74, 75] - CPH's enterprise value is $703 million, with net debt of $332 million [93] - CPH's EV/TTM Adjusted EBITDA is 63x, representing a 49% and 62% discount to specialty rental and waste peers, respectively [90]