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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 5.2x - 5.8x | 5.5x |
| Selected Fwd EBIT Multiple | 2.4x - 2.7x | 2.6x |
| Fair Value | £0.0037 - £0.0041 | £0.0039 |
| Upside | 18.6% - 31.6% | 25.1% |
| Benchmarks | Ticker | Full Ticker |
| AltynGold plc | ALTN | LSE:ALTN |
| Kavango Resources Plc | KAV | LSE:KAV |
| Vast Resources plc | VAST | AIM:VAST |
| Jubilee Metals Group PLC | JLP | AIM:JLP |
| Gemfields Group Limited | GEM | AIM:GEM |
| Strategic Minerals Plc | SML | AIM:SML |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| ALTN | KAV | VAST | JLP | GEM | SML | ||
| LSE:ALTN | LSE:KAV | AIM:VAST | AIM:JLP | AIM:GEM | AIM:SML | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | NM- | NM- | 13.8% | NM- | NM- | |
| 3Y CAGR | 24.9% | NM- | NM- | -42.7% | NM- | 97.5% | |
| Latest Twelve Months | 171.2% | -167.9% | -11.5% | -29.3% | -283.8% | 1624.8% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 28.5% | -2304.6% | -563.4% | 19.6% | 6.9% | 12.6% | |
| Prior Fiscal Year | 24.0% | NA | -256.6% | 10.9% | 18.4% | -8.9% | |
| Latest Fiscal Year | 43.4% | -1936.2% | -526.9% | 5.7% | -41.6% | 45.3% | |
| Latest Twelve Months | 43.4% | -1936.2% | -2257.4% | 4.9% | -41.6% | 45.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.56x | 113.60x | 57.07x | 0.65x | 1.41x | 2.21x | |
| EV / LTM EBITDA | 4.8x | -8.9x | -2.7x | 6.6x | 8.3x | 4.8x | |
| EV / LTM EBIT | 5.9x | -5.9x | -2.5x | 13.3x | -3.4x | 4.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -5.9x | -2.5x | 13.3x | ||||
| Historical EV / LTM EBIT | 4.9x | 21.8x | 91.7x | ||||
| Selected EV / LTM EBIT | 5.2x | 5.5x | 5.8x | ||||
| (x) LTM EBIT | 2 | 2 | 2 | ||||
| (=) Implied Enterprise Value | 11 | 12 | 12 | ||||
| (-) Non-shareholder Claims * | (0) | (0) | (0) | ||||
| (=) Equity Value | 11 | 11 | 12 | ||||
| (/) Shares Outstanding | 2,349.3 | 2,349.3 | 2,349.3 | ||||
| Implied Value Range | 0.00 | 0.00 | 0.01 | ||||
| FX Rate: USD/GBP | 1.4 | 1.4 | 1.4 | Market Price | |||
| Implied Value Range (Trading Cur) | 0.00 | 0.00 | 0.00 | 0.00 | |||
| Upside / (Downside) | 8.8% | 14.7% | 20.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | ALTN | KAV | VAST | JLP | GEM | SML | |
| Enterprise Value | 243 | 50 | 25 | 162 | 300 | 10 | |
| (+) Cash & Short Term Investments | 10 | 2 | 0 | 9 | 21 | 1 | |
| (+) Investments & Other | 0 | 0 | 1 | 20 | 0 | 0 | |
| (-) Debt | (60) | (5) | (11) | (40) | (106) | (1) | |
| (-) Other Liabilities | 0 | (0) | 0 | (5) | (57) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 193 | 47 | 15 | 146 | 159 | 10 | |
| (/) Shares Outstanding | 27.3 | 3,048.7 | 3,111.6 | 3,146.3 | 1,724.2 | 2,349.3 | |
| Implied Stock Price | 7.06 | 0.02 | 0.00 | 0.05 | 0.09 | 0.00 | |
| FX Conversion Rate to Trading Currency | 1.36 | 1.36 | 1.36 | 1.36 | 1.36 | 1.36 | |
| Implied Stock Price (Trading Cur) | 5.18 | 0.01 | 0.00 | 0.03 | 0.07 | 0.00 | |
| Trading Currency | GBP | GBP | GBP | GBP | GBP | GBP | |
| FX Rate to Reporting Currency | 1.36 | 1.36 | 1.36 | 1.36 | 1.36 | 1.36 | |