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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 11.9x - 13.2x | 12.6x |
| Selected Fwd EBIT Multiple | 14.4x - 15.9x | 15.2x |
| Fair Value | £0.041 - £0.049 | £0.045 |
| Upside | 27.0% - 50.2% | 38.6% |
| Benchmarks | Ticker | Full Ticker |
| boohoo group plc | DEBS | AIM:DEBS |
| Frasers Group Plc | FRAS | LSE:FRAS |
| JD Sports Fashion Plc | JD. | LSE:JD. |
| ASOS Plc | ASC | LSE:ASC |
| Currys plc | CURY | LSE:CURY |
| Mothercare plc | MTC | AIM:MTC |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| DEBS | FRAS | JD. | ASC | CURY | MTC | ||
| AIM:DEBS | LSE:FRAS | LSE:JD. | LSE:ASC | LSE:CURY | AIM:MTC | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | 24.9% | 15.1% | NM- | 6.7% | -12.3% | |
| 3Y CAGR | NM- | 27.9% | 1.3% | NM- | -2.6% | 184.4% | |
| Latest Twelve Months | -6.5% | -3.2% | 12.6% | -32.5% | 44.5% | -47.1% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 2.0% | 8.4% | 9.3% | -2.2% | 1.8% | 6.8% | |
| Prior Fiscal Year | -2.1% | 8.0% | 8.9% | -7.0% | 1.6% | 8.8% | |
| Latest Fiscal Year | -3.0% | 9.4% | 9.3% | -11.4% | 2.3% | 12.3% | |
| Latest Twelve Months | -3.9% | 9.1% | 9.3% | -10.9% | 2.3% | 7.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.37x | 0.62x | 0.69x | 0.31x | 0.23x | 0.73x | |
| EV / LTM EBITDA | -39.7x | 4.8x | 5.9x | -3.2x | 4.2x | 8.4x | |
| EV / LTM EBIT | -9.7x | 6.8x | 7.5x | -2.8x | 10.3x | 9.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -9.7x | 6.8x | 10.3x | ||||
| Historical EV / LTM EBIT | -32.0x | 7.9x | 11.7x | ||||
| Selected EV / LTM EBIT | 11.9x | 12.6x | 13.2x | ||||
| (x) LTM EBIT | 4 | 4 | 4 | ||||
| (=) Implied Enterprise Value | 44 | 47 | 49 | ||||
| (-) Non-shareholder Claims * | (17) | (17) | (17) | ||||
| (=) Equity Value | 27 | 29 | 32 | ||||
| (/) Shares Outstanding | 563.7 | 563.7 | 563.7 | ||||
| Implied Value Range | 0.05 | 0.05 | 0.06 | ||||
| FX Rate: GBP/GBP | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 0.05 | 0.05 | 0.06 | 0.03 | |||
| Upside / (Downside) | 47.9% | 60.6% | 73.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | DEBS | FRAS | JD. | ASC | CURY | MTC | |
| Enterprise Value | 504 | 3,286 | 7,912 | 835 | 2,043 | 35 | |
| (+) Cash & Short Term Investments | 132 | 336 | 731 | 221 | 209 | 3 | |
| (+) Investments & Other | 30 | 1,026 | 39 | 46 | 0 | 0 | |
| (-) Debt | (389) | (1,763) | (3,738) | (732) | (965) | (20) | |
| (-) Other Liabilities | 0 | (30) | (450) | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 277 | 2,855 | 4,494 | 371 | 1,287 | 18 | |
| (/) Shares Outstanding | 1,387.8 | 432.9 | 5,083.0 | 119.3 | 1,092.4 | 563.7 | |
| Implied Stock Price | 0.20 | 6.60 | 0.88 | 3.11 | 1.18 | 0.03 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 0.20 | 6.60 | 0.88 | 3.11 | 1.18 | 0.03 | |
| 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 | |