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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 23.8x - 26.3x | 25.0x |
| Selected Fwd EBIT Multiple | 20.1x - 22.2x | 21.1x |
| Fair Value | £4.44 - £4.90 | £4.67 |
| Upside | 16.5% - 28.4% | 22.4% |
| Benchmarks | Ticker | Full Ticker |
| NIOX Group Plc | NIOX | AIM:NIOX |
| Advanced Medical Solutions Group plc | AMS | AIM:AMS |
| Surgical Innovations Group plc | SUN | AIM:SUN |
| ConvaTec Group PLC | CTEC | LSE:CTEC |
| Creo Medical Group PLC | CREO | AIM:CREO |
| Tristel plc | TSTL | AIM:TSTL |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| NIOX | AMS | SUN | CTEC | CREO | TSTL | ||
| AIM:NIOX | AIM:AMS | AIM:SUN | LSE:CTEC | AIM:CREO | AIM:TSTL | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | -15.0% | NM- | 10.3% | NM- | 8.2% | |
| 3Y CAGR | NM- | -21.3% | NM- | 14.9% | NM- | 13.4% | |
| Latest Twelve Months | 67.4% | -40.6% | -8.5% | 19.5% | -4.9% | 32.2% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | -16.5% | 16.6% | -12.3% | 12.5% | -23396.8% | 15.3% | |
| Prior Fiscal Year | 12.5% | 15.0% | -4.9% | 13.7% | -660.0% | 14.9% | |
| Latest Fiscal Year | 18.4% | 6.3% | -5.3% | 15.3% | -692.5% | 16.8% | |
| Latest Twelve Months | 18.4% | 6.3% | -5.3% | 15.3% | -692.5% | 19.1% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 6.77x | 2.82x | 0.63x | 3.28x | 11.86x | 4.05x | |
| EV / LTM EBITDA | 25.7x | 22.0x | -20.3x | 14.2x | -1.8x | 18.7x | |
| EV / LTM EBIT | 36.7x | 44.6x | -11.9x | 21.4x | -1.7x | 21.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -11.9x | 21.4x | 44.6x | ||||
| Historical EV / LTM EBIT | 31.2x | 39.9x | 52.5x | ||||
| Selected EV / LTM EBIT | 23.8x | 25.0x | 26.3x | ||||
| (x) LTM EBIT | 8 | 8 | 8 | ||||
| (=) Implied Enterprise Value | 197 | 208 | 218 | ||||
| (-) Non-shareholder Claims * | 6 | 6 | 6 | ||||
| (=) Equity Value | 203 | 213 | 224 | ||||
| (/) Shares Outstanding | 47.7 | 47.7 | 47.7 | ||||
| Implied Value Range | 4.26 | 4.47 | 4.69 | ||||
| FX Rate: GBP/GBP | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 4.26 | 4.47 | 4.69 | 3.82 | |||
| Upside / (Downside) | 11.6% | 17.3% | 23.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | NIOX | AMS | SUN | CTEC | CREO | TSTL | |
| Enterprise Value | 283 | 500 | 8 | 7,386 | 7 | 176 | |
| (+) Cash & Short Term Investments | 11 | 17 | 0 | 65 | 9 | 12 | |
| (+) Investments & Other | 0 | 0 | 0 | 17 | 43 | 0 | |
| (-) Debt | (2) | (87) | (1) | (1,202) | (4) | (6) | |
| (-) Other Liabilities | 0 | (1) | 0 | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 292 | 430 | 7 | 6,266 | 54 | 182 | |
| (/) Shares Outstanding | 417.6 | 215.4 | 932.8 | 2,044.3 | 402.5 | 47.7 | |
| Implied Stock Price | 0.70 | 2.00 | 0.01 | 3.07 | 0.13 | 3.82 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.33 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 0.70 | 2.00 | 0.01 | 2.31 | 0.13 | 3.82 | |
| Trading Currency | GBP | GBP | GBP | GBP | GBP | GBP | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.33 | 1.00 | 1.00 | |