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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 9.7x - 10.7x | 10.2x |
| Selected Fwd EBIT Multiple | 7.2x - 7.9x | 7.5x |
| Fair Value | £0.53 - £0.58 | £0.56 |
| Upside | 38.7% - 51.6% | 45.1% |
| Benchmarks | Ticker | Full Ticker |
| System1 Group PLC | SYS1 | AIM:SYS1 |
| STV Group plc | STVG | LSE:STVG |
| WPP plc | WPP | LSE:WPP |
| Bloomsbury Publishing Plc | BMY | LSE:BMY |
| YouGov plc | YOU | AIM:YOU |
| The Pebble Group plc | PEBB | AIM:PEBB |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| SYS1 | STVG | WPP | BMY | YOU | PEBB | ||
| AIM:SYS1 | LSE:STVG | LSE:WPP | LSE:BMY | AIM:YOU | AIM:PEBB | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 11.4% | -12.1% | 0.6% | 27.9% | 16.5% | -7.1% | |
| 3Y CAGR | -1.3% | -21.7% | 2.7% | 33.8% | 15.4% | -4.4% | |
| Latest Twelve Months | 175.5% | 49.0% | 152.4% | 85.4% | -17.8% | 9.8% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 7.2% | 12.9% | 3.6% | 10.6% | 14.9% | 7.9% | |
| Prior Fiscal Year | 3.6% | 5.7% | 3.5% | 10.0% | 18.7% | 6.3% | |
| Latest Fiscal Year | 10.3% | 7.6% | 8.9% | 12.5% | 11.8% | 6.9% | |
| Latest Twelve Months | 13.4% | 7.6% | 8.9% | 13.3% | 11.8% | 6.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.96x | 0.62x | 0.66x | 1.27x | 1.57x | 0.42x | |
| EV / LTM EBITDA | 16.4x | 6.3x | 6.1x | 8.3x | 8.2x | 5.3x | |
| EV / LTM EBIT | 14.7x | 8.2x | 7.4x | 9.5x | 13.3x | 6.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 7.4x | 9.5x | 14.7x | ||||
| Historical EV / LTM EBIT | 6.1x | 15.3x | 28.5x | ||||
| Selected EV / LTM EBIT | 9.7x | 10.2x | 10.7x | ||||
| (x) LTM EBIT | 9 | 9 | 9 | ||||
| (=) Implied Enterprise Value | 83 | 88 | 92 | ||||
| (-) Non-shareholder Claims * | 10 | 10 | 10 | ||||
| (=) Equity Value | 93 | 97 | 102 | ||||
| (/) Shares Outstanding | 162.2 | 162.2 | 162.2 | ||||
| Implied Value Range | 0.57 | 0.60 | 0.63 | ||||
| FX Rate: GBP/GBP | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 0.57 | 0.60 | 0.63 | 0.39 | |||
| Upside / (Downside) | 48.8% | 55.8% | 62.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | SYS1 | STVG | WPP | BMY | YOU | PEBB | |
| Enterprise Value | 69 | 117 | 9,711 | 488 | 527 | 53 | |
| (+) Cash & Short Term Investments | 9 | 11 | 2,638 | 38 | 74 | 16 | |
| (+) Investments & Other | 0 | 2 | 651 | 0 | 0 | 0 | |
| (-) Debt | (1) | (67) | (6,348) | (36) | (239) | (7) | |
| (-) Other Liabilities | 0 | 11 | (259) | 0 | (0) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 77 | 74 | 6,393 | 490 | 362 | 62 | |
| (/) Shares Outstanding | 12.7 | 45.7 | 1,073.0 | 81.6 | 116.8 | 162.2 | |
| Implied Stock Price | 6.08 | 1.63 | 5.96 | 6.00 | 3.10 | 0.39 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 6.08 | 1.63 | 5.96 | 6.00 | 3.10 | 0.39 | |
| 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 | |