- Tecnoglass is the largest glass fabricator in the US for the year 2020.
- The most interesting thing about TGLS is its vertically-integrated business model. It means that management has significant control over the purchase of raw materials, distribution, and installation.
- I believe that the joint venture agreement with Saint-Gobain will help the company develop more projects. In my opinion, management may present this joint venture to other large companies.
- I obtained an EBIAT of $58-$173 million from 2021 to 2031, and an EBITDA of $146-$354 million. I believe that my numbers are very conservative.
- I also assumed an EBITDA margin of 25%-28% because other competitors report similar margins. Saint-Gobain and other peers report an EBITDA margin of 14%-33%.
For further details see:
Tecnoglass: Genuine Production Facilities, And Cheap