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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 0.9x - 1.0x | 1.0x |
| Selected Fwd Revenue Multiple | 0.7x - 0.8x | 0.7x |
| Fair Value | £0.16 - £0.17 | £0.16 |
| Upside | 19.7% - 29.0% | 24.4% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| SIMEC Atlantis Energy Limited | SAE | AIM:SAE |
| Gelion plc | GELN | AIM:GELN |
| AFC Energy plc | AFC | AIM:AFC |
| LPA Group Plc | LPA | AIM:LPA |
| Pod Point Group Holdings Plc | PODP | LSE:PODP |
| Checkit plc | CKT | AIM:CKT |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| SAE | GELN | AFC | LPA | PODP | CKT | |||
| AIM:SAE | AIM:GELN | AIM:AFC | AIM:LPA | LSE:PODP | AIM:CKT | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 47.1% | NM- | NM- | 3.8% | 40.0% | 7.5% | ||
| 3Y CAGR | 7.7% | 8.4% | 89.1% | 8.8% | 23.5% | 18.8% | ||
| Latest Twelve Months | -7.3% | 11.7% | 1663.0% | 8.4% | 1.2% | 17.5% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | -145.4% | -405.0% | -3718.5% | 0.7% | -26.6% | -51.1% | ||
| Prior Fiscal Year | -123.9% | -355.0% | -8819.4% | -0.2% | -27.1% | -40.8% | ||
| Latest Fiscal Year | 31.1% | -327.3% | -489.0% | -0.1% | -44.5% | -27.7% | ||
| Latest Twelve Months | 32.1% | -261.8% | -489.0% | -0.1% | -50.3% | -27.7% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 4.75x | 5.54x | 15.96x | 0.37x | -0.23x | 0.70x | ||
| EV / LTM EBIT | 14.8x | -2.1x | -3.3x | -349.0x | 0.5x | -2.5x | ||
| Price / LTM Sales | 1.15x | 7.00x | 19.64x | 0.28x | 0.16x | 1.01x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | -0.23x | 4.75x | 15.96x | |||||
| Historical EV / LTM Revenue | 0.70x | 1.11x | 2.78x | |||||
| Selected EV / LTM Revenue | 0.95x | 1.00x | 1.05x | |||||
| (x) LTM Revenue | 14 | 14 | 14 | |||||
| (=) Implied Enterprise Value | 13 | 14 | 15 | |||||
| (-) Non-shareholder Claims * | 5 | 5 | 5 | |||||
| (=) Equity Value | 18 | 19 | 19 | |||||
| (/) Shares Outstanding | 108.0 | 108.0 | 108.0 | |||||
| Implied Value Range | 0.17 | 0.17 | 0.18 | |||||
| FX Rate: GBP/GBP | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 0.17 | 0.17 | 0.18 | 0.13 | ||||
| Upside / (Downside) | 24.9% | 29.8% | 34.7% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | SAE | GELN | AFC | LPA | PODP | CKT | |
| Enterprise Value | 68 | 16 | 68 | 9 | (14) | 10 | |
| (+) Cash & Short Term Investments | 8 | 3 | 15 | 1 | 29 | 5 | |
| (+) Investments & Other | 0 | 0 | 1 | 0 | 0 | 0 | |
| (-) Debt | (58) | (0) | (1) | (3) | (5) | (1) | |
| (-) Other Liabilities | (2) | 0 | 0 | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 17 | 19 | 84 | 7 | 10 | 14 | |
| (/) Shares Outstanding | 722.8 | 176.9 | 854.4 | 13.2 | 156.9 | 108.0 | |
| Implied Stock Price | 0.02 | 0.11 | 0.10 | 0.50 | 0.06 | 0.13 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 0.02 | 0.11 | 0.10 | 0.50 | 0.06 | 0.13 | |
| Trading Currency | GBP | GBP | GBP | GBP | GBP | GBP | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |