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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 3.4x - 3.7x | 3.5x |
| Selected Fwd EBITDA Multiple | 1.7x - 1.9x | 1.8x |
| Fair Value | £1.75 - £1.91 | £1.83 |
| Upside | -6.9% - 1.8% | -2.5% |
| Benchmarks | Ticker | Full Ticker |
| Minera IRL Limited | MIRL | BVL:MIRL |
| Orosur Mining Inc. | OMI | AIM:OMI |
| AltynGold plc | ALTN | LSE:ALTN |
| Vast Resources plc | VAST | AIM:VAST |
| Kavango Resources Plc | KAV | LSE:KAV |
| Serabi Gold plc | SRB | AIM:SRB |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| MIRL | OMI | ALTN | VAST | KAV | SRB | ||
| BVL:MIRL | AIM:OMI | LSE:ALTN | AIM:VAST | LSE:KAV | AIM:SRB | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | NM- | NM- | 73.9% | NM- | NM- | 17.1% | |
| 3Y CAGR | NM- | NM- | 25.6% | NM- | NM- | 21.9% | |
| Latest Twelve Months | -1049.3% | -76.1% | 124.1% | -13.7% | -80.6% | 284.3% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 6.5% | NA | 39.8% | -517.9% | -319.0% | 24.8% | |
| Prior Fiscal Year | -6.2% | NA | 35.7% | -237.7% | NA | 14.4% | |
| Latest Fiscal Year | -8.8% | NA | 53.3% | -495.6% | -1276.2% | 37.8% | |
| Latest Twelve Months | -16.6% | NA | 53.3% | -2133.2% | -1276.2% | 42.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.59x | NA | 2.92x | 54.62x | 116.23x | 1.66x | |
| EV / LTM EBITDA | -21.6x | -13.8x | 5.5x | -2.6x | -9.1x | 3.9x | |
| EV / LTM EBIT | -21.4x | -8.1x | 6.7x | -2.4x | -6.0x | 4.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -21.6x | -9.1x | 5.5x | ||||
| Historical EV / LTM EBITDA | 2.2x | 3.3x | 3.7x | ||||
| Selected EV / LTM EBITDA | 3.4x | 3.5x | 3.7x | ||||
| (x) LTM EBITDA | 44 | 44 | 44 | ||||
| (=) Implied Enterprise Value | 147 | 155 | 162 | ||||
| (-) Non-shareholder Claims * | 21 | 21 | 21 | ||||
| (=) Equity Value | 168 | 176 | 183 | ||||
| (/) Shares Outstanding | 75.7 | 75.7 | 75.7 | ||||
| Implied Value Range | 2.22 | 2.32 | 2.42 | ||||
| FX Rate: USD/GBP | 1.3 | 1.3 | 1.3 | Market Price | |||
| Implied Value Range (Trading Cur) | 1.65 | 1.73 | 1.80 | 1.88 | |||
| Upside / (Downside) | -12.2% | -8.1% | -4.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | MIRL | OMI | ALTN | VAST | KAV | SRB | |
| Enterprise Value | 117 | 41 | 279 | 24 | 51 | 170 | |
| (+) Cash & Short Term Investments | 1 | 2 | 10 | 0 | 2 | 27 | |
| (+) Investments & Other | 0 | 0 | 0 | 1 | 0 | 0 | |
| (-) Debt | (112) | 0 | (60) | (11) | (5) | (6) | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | (0) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 5 | 43 | 229 | 14 | 48 | 191 | |
| (/) Shares Outstanding | 231.1 | 313.2 | 27.3 | 3,111.6 | 3,048.7 | 75.7 | |
| Implied Stock Price | 0.02 | 0.14 | 8.37 | 0.00 | 0.02 | 2.52 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.34 | 1.34 | 1.34 | 1.34 | 1.34 | |
| Implied Stock Price (Trading Cur) | 0.02 | 0.10 | 6.24 | 0.00 | 0.01 | 1.88 | |
| Trading Currency | USD | GBP | GBP | GBP | GBP | GBP | |
| FX Rate to Reporting Currency | 1.00 | 1.34 | 1.34 | 1.34 | 1.34 | 1.34 | |