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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 1.1x - 1.2x | 1.2x |
| Selected Fwd Revenue Multiple | 0.7x - 0.8x | 0.8x |
| Fair Value | £0.17 - £0.19 | £0.18 |
| Upside | 14.3% - 23.4% | 18.9% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| SIMEC Atlantis Energy Limited | SAE | AIM:SAE |
| AFC Energy plc | AFC | AIM:AFC |
| LPA Group Plc | LPA | AIM:LPA |
| Gelion plc | GELN | AIM:GELN |
| Pod Point Group Holdings Plc | PODP | LSE:PODP |
| Checkit plc | CKT | AIM:CKT |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| SAE | AFC | LPA | GELN | PODP | CKT | |||
| AIM:SAE | AIM:AFC | AIM:LPA | AIM:GELN | LSE:PODP | AIM:CKT | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 21.8% | NM- | 3.8% | NM- | 25.1% | 7.5% | ||
| 3Y CAGR | 24.4% | 89.1% | 8.8% | 8.4% | -4.8% | 18.8% | ||
| Latest Twelve Months | -5.4% | 732.0% | -10.9% | 11.7% | -17.0% | 17.5% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | -103.0% | -3368.9% | 0.3% | -405.0% | -29.7% | -51.1% | ||
| Prior Fiscal Year | 31.1% | -8819.4% | -0.2% | -355.0% | -44.5% | -40.8% | ||
| Latest Fiscal Year | 38.7% | -489.0% | -0.1% | -327.3% | -61.2% | -27.7% | ||
| Latest Twelve Months | 38.7% | -601.7% | -3.5% | -261.8% | -61.2% | -27.7% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 4.40x | 29.79x | 0.51x | 13.63x | 0.17x | 0.84x | ||
| EV / LTM EBIT | 11.4x | -5.0x | -14.9x | -5.2x | -0.3x | -3.0x | ||
| Price / LTM Sales | 1.00x | 30.86x | 0.34x | 15.08x | 0.19x | 1.16x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 0.17x | 4.40x | 29.79x | |||||
| Historical EV / LTM Revenue | 0.84x | 1.11x | 2.78x | |||||
| Selected EV / LTM Revenue | 1.09x | 1.15x | 1.21x | |||||
| (x) LTM Revenue | 14 | 14 | 14 | |||||
| (=) Implied Enterprise Value | 15 | 16 | 17 | |||||
| (-) Non-shareholder Claims * | 5 | 5 | 5 | |||||
| (=) Equity Value | 20 | 21 | 22 | |||||
| (/) Shares Outstanding | 108.0 | 108.0 | 108.0 | |||||
| Implied Value Range | 0.18 | 0.19 | 0.20 | |||||
| FX Rate: GBP/GBP | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 0.18 | 0.19 | 0.20 | 0.15 | ||||
| Upside / (Downside) | 23.0% | 28.0% | 33.0% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | SAE | AFC | LPA | GELN | PODP | CKT | |
| Enterprise Value | 63 | 107 | 11 | 32 | 9 | 12 | |
| (+) Cash & Short Term Investments | 6 | 4 | 0 | 3 | 5 | 5 | |
| (+) Investments & Other | 0 | 1 | 0 | 0 | 0 | 0 | |
| (-) Debt | (60) | (0) | (4) | (0) | (4) | (1) | |
| (-) Other Liabilities | 5 | 0 | 0 | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 14 | 111 | 7 | 35 | 10 | 16 | |
| (/) Shares Outstanding | 722.8 | 1,081.8 | 13.2 | 176.9 | 156.9 | 108.0 | |
| Implied Stock Price | 0.02 | 0.10 | 0.55 | 0.20 | 0.06 | 0.15 | |
| 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 | 0.10 | 0.55 | 0.20 | 0.06 | 0.15 | |
| 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 | |