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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 7.3x - 8.1x | 7.7x |
| Selected Fwd EBITDA Multiple | 6.1x - 6.8x | 6.4x |
| Fair Value | £1.03 - £1.22 | £1.13 |
| Upside | -37.0% - -25.3% | -31.2% |
| Benchmarks | Ticker | Full Ticker |
| Visum Technologies plc | VIS | OFEX:VIS |
| The Character Group plc | CCT | AIM:CCT |
| Games Workshop Group PLC | GAW | LSE:GAW |
| Rapala VMC Corporation | 0MEF | LSE:0MEF |
| Victoria PLC | VCP | AIM:VCP |
| Tandem Group plc | TND | AIM:TND |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| VIS | CCT | GAW | 0MEF | VCP | TND | ||
| OFEX:VIS | AIM:CCT | LSE:GAW | LSE:0MEF | AIM:VCP | AIM:TND | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | NM- | -9.3% | 19.2% | -7.2% | 10.8% | -15.3% | |
| 3Y CAGR | NM- | -14.3% | 10.7% | -26.7% | 11.7% | -35.7% | |
| Latest Twelve Months | NM | 20.9% | 26.3% | -1.7% | -102.2% | 338.0% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 0.0% | 6.7% | 40.8% | 8.1% | 12.8% | 6.3% | |
| Prior Fiscal Year | NA | 5.0% | 39.8% | 5.3% | 12.6% | -2.5% | |
| Latest Fiscal Year | NA | 6.0% | 41.6% | 5.2% | 12.2% | 5.3% | |
| Latest Twelve Months | NA | 6.0% | 43.4% | 5.2% | -0.3% | 5.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.13x | 0.27x | 8.10x | 0.53x | 1.01x | 0.54x | |
| EV / LTM EBITDA | NA | 4.5x | 18.6x | 10.1x | -331.6x | 10.1x | |
| EV / LTM EBIT | 0.0x | 5.1x | 19.8x | 23.9x | -11.1x | 13.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -331.6x | 7.3x | 18.6x | ||||
| Historical EV / LTM EBITDA | -35.6x | 5.9x | 10.1x | ||||
| Selected EV / LTM EBITDA | 7.3x | 7.7x | 8.1x | ||||
| (x) LTM EBITDA | 1 | 1 | 1 | ||||
| (=) Implied Enterprise Value | 10 | 10 | 11 | ||||
| (-) Non-shareholder Claims * | (4) | (4) | (4) | ||||
| (=) Equity Value | 5 | 6 | 6 | ||||
| (/) Shares Outstanding | 5.5 | 5.5 | 5.5 | ||||
| Implied Value Range | 0.97 | 1.06 | 1.15 | ||||
| FX Rate: GBP/GBP | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 0.97 | 1.06 | 1.15 | 1.64 | |||
| Upside / (Downside) | -41.0% | -35.3% | -29.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | VIS | CCT | GAW | 0MEF | VCP | TND | |
| Enterprise Value | 0 | 33 | 4,692 | 89 | 1,223 | 13 | |
| (+) Cash & Short Term Investments | 0 | 15 | 126 | 22 | 93 | 1 | |
| (+) Investments & Other | 0 | 0 | 0 | 0 | 3 | 0 | |
| (-) Debt | 0 | (2) | (46) | (86) | (1,222) | (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 | 0 | 45 | 4,771 | 25 | 97 | 9 | |
| (/) Shares Outstanding | 52.1 | 18.3 | 33.0 | 17.9 | 114.6 | 5.5 | |
| Implied Stock Price | 0.00 | 2.45 | 144.70 | 1.39 | 0.85 | 1.64 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 0.00 | 2.45 | 144.70 | 1.39 | 0.85 | 1.64 | |
| Trading Currency | GBP | GBP | GBP | EUR | GBP | GBP | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |