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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 11.8x - 13.0x | 12.4x |
| Selected Fwd EBITDA Multiple | 7.3x - 8.0x | 7.7x |
| Fair Value | £0.61 - £0.68 | £0.65 |
| Upside | -4.8% - 7.2% | 1.2% |
| Benchmarks | Ticker | Full Ticker |
| WH Smith PLC | SMWH | LSE:SMWH |
| Shoe Zone plc | SHOE | AIM:SHOE |
| Marks Electrical Group PLC | MRK | AIM:MRK |
| Wickes Group plc | WIX | LSE:WIX |
| Caffyns plc | CFYN | LSE:CFYN |
| Victorian Plumbing Group plc | VIC | AIM:VIC |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| SMWH | SHOE | MRK | WIX | CFYN | VIC | ||
| LSE:SMWH | AIM:SHOE | AIM:MRK | LSE:WIX | LSE:CFYN | AIM:VIC | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 5.7% | 7.0% | NM- | -5.8% | 10.3% | 14.1% | |
| 3Y CAGR | 188.8% | 7.8% | NM- | -13.3% | -10.5% | -12.9% | |
| Latest Twelve Months | 15.9% | -37.7% | -165.8% | -6.3% | 64.0% | -0.5% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 7.0% | 8.5% | 5.7% | 7.3% | 2.3% | 7.8% | |
| Prior Fiscal Year | 12.7% | 12.7% | 1.1% | 6.1% | 1.2% | 5.9% | |
| Latest Fiscal Year | 13.8% | 11.2% | -0.7% | 5.8% | 1.9% | 6.7% | |
| Latest Twelve Months | 13.8% | 9.3% | -0.7% | 5.8% | 1.9% | 6.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.01x | 0.44x | 0.48x | 0.71x | 0.12x | 0.82x | |
| EV / LTM EBITDA | 7.3x | 4.8x | -69.2x | 12.3x | 6.5x | 12.3x | |
| EV / LTM EBIT | 9.2x | 9.2x | -32.6x | 16.5x | 9.8x | 12.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -69.2x | 6.5x | 12.3x | ||||
| Historical EV / LTM EBITDA | 5.9x | 16.9x | 25.7x | ||||
| Selected EV / LTM EBITDA | 11.8x | 12.4x | 13.0x | ||||
| (x) LTM EBITDA | 20 | 20 | 20 | ||||
| (=) Implied Enterprise Value | 236 | 249 | 261 | ||||
| (-) Non-shareholder Claims * | (39) | (39) | (39) | ||||
| (=) Equity Value | 197 | 210 | 222 | ||||
| (/) Shares Outstanding | 327.5 | 327.5 | 327.5 | ||||
| Implied Value Range | 0.60 | 0.64 | 0.68 | ||||
| FX Rate: GBP/GBP | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 0.60 | 0.64 | 0.68 | 0.64 | |||
| Upside / (Downside) | -5.7% | 0.3% | 6.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | SMWH | SHOE | MRK | WIX | CFYN | VIC | |
| Enterprise Value | 1,949 | 69 | 57 | 1,097 | 34 | 248 | |
| (+) Cash & Short Term Investments | 39 | 2 | 9 | 86 | 4 | 11 | |
| (+) Investments & Other | 12 | 0 | 0 | 0 | 0 | 0 | |
| (-) Debt | (1,094) | (35) | (2) | (705) | (24) | (50) | |
| (-) Other Liabilities | (34) | 0 | 0 | (1) | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 872 | 36 | 63 | 477 | 14 | 209 | |
| (/) Shares Outstanding | 124.6 | 46.2 | 104.3 | 236.7 | 2.7 | 327.5 | |
| Implied Stock Price | 7.00 | 0.78 | 0.61 | 2.02 | 5.00 | 0.64 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 7.00 | 0.78 | 0.61 | 2.02 | 5.00 | 0.64 | |
| 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 | |