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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 3.0x - 3.3x | 3.2x |
| Selected Fwd Revenue Multiple | 0.9x - 1.0x | 1.0x |
| Fair Value | £0.16 - £0.17 | £0.17 |
| Upside | 34.9% - 39.7% | 37.3% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Abound Energy Inc. | ABND | CNSX:ABND |
| Eos Energy Enterprises, Inc. | EOSE | NasdaqCM:EOSE |
| Ilika plc | IKA | AIM:IKA |
| AFC Energy plc | AFC | AIM:AFC |
| Ceres Power Holdings plc | CWR | LSE:CWR |
| Invinity Energy Systems plc | IES | AIM:IES |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| ABND | EOSE | IKA | AFC | CWR | IES | |||
| CNSX:ABND | NasdaqCM:EOSE | AIM:IKA | AIM:AFC | LSE:CWR | AIM:IES | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | NM- | 99.3% | -4.2% | NM- | 27.7% | 54.2% | ||
| 3Y CAGR | NM- | 50.3% | -2.5% | 89.1% | 19.0% | 278.4% | ||
| Latest Twelve Months | NM | -4.7% | -5.2% | 1663.0% | 132.4% | -46.0% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | -2514.3% | -3817.8% | -642.2% | -3718.5% | -143.0% | -1825.8% | ||
| Prior Fiscal Year | NA | -890.1% | -1281.7% | -8819.4% | -266.1% | -643.9% | ||
| Latest Fiscal Year | NA | -1064.1% | -298.5% | -489.0% | -60.4% | -102.6% | ||
| Latest Twelve Months | -6001.6% | -1064.1% | -359.6% | -489.0% | -60.4% | -242.2% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 52.09x | 118.09x | 29.21x | 10.19x | 0.20x | 0.61x | ||
| EV / LTM EBIT | -0.9x | -11.1x | -8.1x | -2.1x | -0.3x | -0.3x | ||
| Price / LTM Sales | 45.41x | 71.00x | 34.73x | 14.03x | 2.18x | 5.99x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 0.20x | 29.21x | 118.09x | |||||
| Historical EV / LTM Revenue | 2.88x | 32.33x | 763.87x | |||||
| Selected EV / LTM Revenue | 3.00x | 3.16x | 3.31x | |||||
| (x) LTM Revenue | 9 | 9 | 9 | |||||
| (=) Implied Enterprise Value | 26 | 28 | 29 | |||||
| (-) Non-shareholder Claims * | 47 | 47 | 47 | |||||
| (=) Equity Value | 74 | 75 | 77 | |||||
| (/) Shares Outstanding | 440.6 | 440.6 | 440.6 | |||||
| Implied Value Range | 0.17 | 0.17 | 0.17 | |||||
| FX Rate: GBP/GBP | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 0.17 | 0.17 | 0.17 | 0.12 | ||||
| Upside / (Downside) | 38.4% | 41.1% | 43.7% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | ABND | EOSE | IKA | AFC | CWR | IES | |
| Enterprise Value | 3 | 1,843 | 49 | 38 | 10 | 6 | |
| (+) Cash & Short Term Investments | 0 | 74 | 10 | 15 | 102 | 49 | |
| (+) Investments & Other | 0 | 0 | 0 | 1 | 2 | 0 | |
| (-) Debt | (0) | (320) | (1) | (1) | (2) | (2) | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | (489) | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 3 | 1,108 | 59 | 53 | 113 | 53 | |
| (/) Shares Outstanding | 36.3 | 226.6 | 168.1 | 854.4 | 193.8 | 440.6 | |
| Implied Stock Price | 0.07 | 4.89 | 0.35 | 0.06 | 0.58 | 0.12 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 0.07 | 4.89 | 0.35 | 0.06 | 0.58 | 0.12 | |
| Trading Currency | CAD | USD | GBP | GBP | GBP | GBP | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |