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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Ps Multiple | 1.1x - 1.2x | 1.2x |
| Selected Fwd Ps Multiple | 1.1x - 1.3x | 1.2x |
| Fair Value | £0.78 - £0.86 | £0.82 |
| Upside | 33.2% - 47.2% | 40.2% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| NCC Group plc | - | LSE:NCC |
| Softcat plc | - | LSE:SCT |
| Redcentric plc | - | AIM:RCN |
| FDM Group (Holdings) plc | - | LSE:FDM |
| Computacenter plc | - | LSE:CCC |
| Ingenta plc | - | AIM:ING |
| Select Price / LTM Sales Ratio | ||||||||
| Benchmark Companies | ||||||||
| NCC | SCT | RCN | FDM | CCC | ING | |||
| LSE:NCC | LSE:SCT | AIM:RCN | LSE:FDM | LSE:CCC | AIM:ING | |||
| Historical Sales Growth | ||||||||
| 5Y CAGR | 5.1% | -0.6% | 11.8% | -1.0% | 6.6% | -1.4% | ||
| 3Y CAGR | 6.0% | 7.1% | 21.3% | -1.2% | 11.4% | 0.2% | ||
| Latest Twelve Months | -3.9% | 10.7% | 3.6% | -22.8% | 0.6% | -5.8% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 2.2% | 10.7% | -0.7% | 11.4% | 2.9% | 12.2% | ||
| Prior Fiscal Year | -1.4% | 11.4% | -6.5% | 12.2% | 2.9% | 21.2% | ||
| Latest Fiscal Year | -7.6% | 12.4% | -2.1% | 8.0% | 2.5% | 12.5% | ||
| Latest Twelve Months | -7.6% | 12.0% | 0.4% | 8.0% | 2.5% | 12.5% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 18.4x | 21.1x | 13.9x | 6.7x | 8.8x | 2.8x | ||
| Price / LTM Sales | 1.5x | 3.4x | 1.2x | 0.9x | 0.4x | 0.9x | ||
| LTM P/E Ratio | -19.7x | 28.5x | 326.2x | 11.8x | 15.8x | 6.9x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/S Ratio | 0.4x | 1.2x | 3.4x | |||||
| Historical LTM P/S Ratio | 0.9x | 1.4x | 1.9x | |||||
| Selected Price / Sales Multiple | 1.1x | 1.2x | 1.2x | |||||
| (x) LTM Sales | 10 | 10 | 10 | |||||
| (=) Equity Value | 11 | 12 | 12 | |||||
| (/) Shares Outstanding | 15.1 | 15.1 | 15.1 | |||||
| Implied Value Range | 0.75 | 0.79 | 0.82 | |||||
| FX Rate: GBP/GBP | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 0.75 | 0.79 | 0.82 | 0.59 | ||||
| Upside / (Downside) | 27.5% | 34.2% | 41.0% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | NCC | SCT | RCN | FDM | CCC | ING | |
| Value of Common Equity | 481 | 3,575 | 198 | 242 | 2,700 | 9 | |
| (/) Shares Outstanding | 306.2 | 199.4 | 159.0 | 109.3 | 104.9 | 15.1 | |
| Implied Stock Price | 1.57 | 17.93 | 1.25 | 2.22 | 25.74 | 0.59 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 1.57 | 17.93 | 1.25 | 2.22 | 25.74 | 0.59 | |
| 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 | |