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NCS

NCI Building

$20.70

0.15 (0.73%)

18:27
07/17/18
07/17
18:27
07/17/18
18:27

NCI Building Systems, Ply Gem Parent to combine in stock-for-stock merger

NCI Building Systems and Ply Gem Parent, LLC, a manufacturer of exterior building products for residential construction, announced that they have signed a definitive agreement under which the two companies will combine in a stock-for-stock merger. The combined company will have a pro forma enterprise value of $5.5B and an implied equity value of $2.6B, based on NCI's closing share price on July 17, 2018. Under the terms of the agreement, NCI will issue 58.7 million shares to Ply Gem shareholders. Upon the close of the transaction, NCI shareholders will own 53% of the Company's common equity, with Ply Gem shareholders owning 47%. The transaction is generally expected to be tax-free to the Ply Gem owners for U.S. federal income tax purposes. On a combined basis for calendar year 2018, the company is expected to generate revenue of approximately $4.5B and Pro Forma Adjusted EBITDA of $660M-$680M, including run-rate synergies and cost savings. The company expects that, after three years following close, cost reduction initiatives and merger-related synergies will yield over $150M in annual cost savings. Clearly scoped standalone cost reduction initiatives are already well underway at both NCI and Ply Gem. Combination-specific synergies include manufacturing efficiencies and procurement and general & administrative savings. The transaction is expected to be immediately accretive to adjusted cash earnings per share and free cash flow. The transaction has been unanimously approved by a special committee of independent directors formed by NCI's Board of Directors and by NCI's full Board. The transaction is expected to close in the fourth calendar quarter of 2018, subject to approval by NCI shareholders and customary regulatory approvals.

NCS NCI Building
$20.70

0.15 (0.73%)

09/08/17
LEHM
09/08/17
NO CHANGE
Target $16
LEHM
Overweight
NCI Building post-earnings selloff yesterday 'too severe,' says Barclays
Barclays analyst Michael Dahl lowered his price target for NCI Building Systems to $16 from $19 but calls yesterday's post-earnings selloff "too severe." Yesterday's 21% pullback was "too harsh" given where estimates moved, Dahl tells investors in a research note. NCI Building remains a "strong earnings growth story" supported by internal margin initiatives, trading at an attractive valuation, the analyst contends. He keeps an Overweight rating on the shares.
12/08/17
DADA
12/08/17
NO CHANGE
Target $18
DADA
Neutral
NCI Building price target raised to $18 from $15 at DA Davidson
DA Davidson analyst Brent Thielman raised his price target on NCI Building to $18 after Q4 earnings. Thielman says the results continue to show modest growth in "low-to-mid rise building market-focused business" despite the hurricane-related headwinds observed mainly in the Engineering Building Systems. The analyst is also positive on the progress around cost controls supporting the case for the company to return to peak margin levels. Thielman keeps his Neutral rating, saying share price upside is contained in the absence of "more immediate growth catalysts".
06/07/18
LEHM
06/07/18
NO CHANGE
Target $24
LEHM
Overweight
NCI Building price target raised to $24 from $21 at Barclays
Barclays analyst Matthew Bouley raised his price target for NCI Building Systems to $24 saying a margin inflection is now in sight following the company's Q2 results. The analyst expects NCI to reach the awaited inflection point in margin performance in Q3 and he forecasts accelerating incrementals in Q4 and into 2019. Bouley keeps an Overweight rating on NCI Building.

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