crete Pumping (US:BBCP)2025-06-05 20:18Business Overview - Concrete Pumping Holdings (CPH) reported revenue of $402 million [8], Adjusted EBITDA of $105 million with a 26.1% margin, and Free Cash Flow of $69 million for the trailing twelve months (TTM) ending Q2 2025 [8] - CPH is the largest concrete pumping service provider in the U S and the U K [12] - The company also provides concrete waste management services in the U S with an emerging presence in the U K [12] Market Position and Growth Strategy - CPH is approximately 6 times larger than its nearest competitor in the U S and U K concrete pumping industry [23] - The company aims to capture greater market share, optimize pricing and utilization, expand Eco-Pan services, pursue acquisitions, and explore greenfield opportunities for continued growth [25] - The total U S market opportunity for Eco-Pan is estimated to be over $850 million, with current penetration representing 17% of FY24 revenue, or $71 million [27] Financial Performance and Valuation - CPH's management team beneficially owns approximately 5% of the company [56] - The company's enterprise value is $776 million, with an equity value of $389 million and net debt of $387 million [84] - CPH's valuation measures include an EV/TTM Adjusted EBITDA of 7 4x and a free cash flow yield of 18% [84] FY 2025 Outlook - CPH anticipates revenue between $380 million and $390 million for FY 2025 [69] - Adjusted EBITDA is projected to be in the range of $95 million to $100 million [69] - Free cash flow is expected to be around $45 million, implying a 12% yield to the current equity value of $389 million [69, 70]