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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Ps Multiple | 0.8x - 0.9x | 0.8x |
| Selected Fwd Ps Multiple | 0.7x - 0.8x | 0.8x |
| Fair Value | £2.10 - £2.32 | £2.21 |
| Upside | 50.1% - 65.9% | 58.0% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Crest Nicholson Holdings plc | - | LSE:CRST |
| Sanderson Design Group plc | - | AIM:SDG |
| Springfield Properties Plc | - | AIM:SPR |
| The Berkeley Group Holdings plc | - | LSE:BKG |
| Churchill China plc | - | AIM:CHH |
| Focusrite plc | - | AIM:TUNE |
| Select Price / LTM Sales Ratio | ||||||||
| Benchmark Companies | ||||||||
| CRST | SDG | SPR | BKG | CHH | TUNE | |||
| LSE:CRST | AIM:SDG | AIM:SPR | LSE:BKG | AIM:CHH | AIM:TUNE | |||
| Historical Sales Growth | ||||||||
| 5Y CAGR | -10.7% | -0.8% | 6.9% | -3.6% | 7.5% | 13.4% | ||
| 3Y CAGR | -7.7% | 5.0% | 7.1% | 3.8% | 31.3% | -3.0% | ||
| Latest Twelve Months | -6.0% | -7.5% | -14.2% | 0.4% | -7.4% | -11.2% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 1.6% | 5.8% | 4.8% | 18.9% | 8.2% | 9.9% | ||
| Prior Fiscal Year | 2.7% | 7.9% | 3.6% | 18.3% | 9.6% | 10.0% | ||
| Latest Fiscal Year | -16.7% | 7.5% | 2.8% | 16.1% | 9.4% | 1.6% | ||
| Latest Twelve Months | -16.7% | 4.4% | 3.6% | 15.0% | 9.9% | 1.6% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 42.5x | 4.5x | 8.5x | 5.6x | 3.6x | 3.9x | ||
| Price / LTM Sales | 0.6x | 0.3x | 0.4x | 1.4x | 0.8x | 0.5x | ||
| LTM P/E Ratio | -3.4x | 6.7x | 10.8x | 9.2x | 7.7x | 30.9x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/S Ratio | 0.3x | 0.6x | 1.4x | |||||
| Historical LTM P/S Ratio | 0.5x | 2.7x | 5.8x | |||||
| Selected Price / Sales Multiple | 0.8x | 0.8x | 0.9x | |||||
| (x) LTM Sales | 159 | 159 | 159 | |||||
| (=) Equity Value | 124 | 130 | 137 | |||||
| (/) Shares Outstanding | 58.6 | 58.6 | 58.6 | |||||
| Implied Value Range | 2.11 | 2.22 | 2.33 | |||||
| FX Rate: GBP/GBP | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 2.11 | 2.22 | 2.33 | 1.40 | ||||
| Upside / (Downside) | 50.7% | 58.6% | 66.6% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | CRST | SDG | SPR | BKG | CHH | TUNE | |
| Value of Common Equity | 365 | 30 | 102 | 3,582 | 60 | 82 | |
| (/) Shares Outstanding | 256.3 | 72.0 | 119.0 | 99.4 | 11.0 | 58.6 | |
| Implied Stock Price | 1.43 | 0.42 | 0.86 | 36.04 | 5.48 | 1.40 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 1.43 | 0.42 | 0.86 | 36.04 | 5.48 | 1.40 | |
| 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 | |