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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | -1.8x - -2.0x | -1.9x |
| Selected Fwd EBITDA Multiple | 36.9x - 40.8x | 38.8x |
| Fair Value | A$0.14 - A$0.16 | A$0.15 |
| Upside | 6.4% - 22.0% | 14.2% |
| Benchmarks | Ticker | Full Ticker |
| Australian Agricultural Company Limited | AAC | ASX:AAC |
| Murray Cod Australia Limited | MCA | ASX:MCA |
| Seafarms Group Limited | SFG | ASX:SFG |
| Inghams Group Limited | ING | ASX:ING |
| New Zealand King Salmon Investments Limited | NZK | ASX:NZK |
| Clean Seas Seafood Limited | CSS | ASX:CSS |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| AAC | MCA | SFG | ING | NZK | CSS | ||
| ASX:AAC | ASX:MCA | ASX:SFG | ASX:ING | ASX:NZK | ASX:CSS | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | NM- | NM- | NM- | 7.8% | -8.8% | NM- | |
| 3Y CAGR | NM- | NM- | NM- | 6.0% | NM- | NM- | |
| Latest Twelve Months | -7.2% | 130.9% | -288.0% | -36.2% | -49.2% | -70.6% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | -58.2% | -30.5% | -116.5% | 7.2% | 3.7% | -27.4% | |
| Prior Fiscal Year | -61.5% | -64.8% | -43.5% | 6.7% | 19.9% | 13.4% | |
| Latest Fiscal Year | -57.1% | -33.2% | -57.9% | 8.6% | 9.0% | -43.9% | |
| Latest Twelve Months | -57.1% | 29.2% | -97.1% | 5.2% | 9.0% | -34.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.43x | 11.03x | 1.15x | 0.88x | 0.41x | 0.62x | |
| EV / LTM EBITDA | -6.0x | 37.7x | -1.2x | 17.0x | 4.5x | -1.8x | |
| EV / LTM EBIT | -5.5x | 95.9x | -1.1x | 13.9x | 6.7x | -1.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -6.0x | 4.5x | 37.7x | ||||
| Historical EV / LTM EBITDA | -5.1x | -2.1x | 28.9x | ||||
| Selected EV / LTM EBITDA | -1.8x | -1.9x | -2.0x | ||||
| (x) LTM EBITDA | (22) | (22) | (22) | ||||
| (=) Implied Enterprise Value | 40 | 42 | 44 | ||||
| (-) Non-shareholder Claims * | (12) | (12) | (12) | ||||
| (=) Equity Value | 28 | 30 | 32 | ||||
| (/) Shares Outstanding | 209.5 | 209.5 | 209.5 | ||||
| Implied Value Range | 0.13 | 0.14 | 0.15 | ||||
| FX Rate: AUD/AUD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 0.13 | 0.14 | 0.15 | 0.14 | |||
| Upside / (Downside) | -1.7% | 5.7% | 13.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | AAC | MCA | SFG | ING | NZK | CSS | |
| Enterprise Value | 1,327 | 137 | 19 | 2,828 | 90 | 40 | |
| (+) Cash & Short Term Investments | 12 | 4 | 3 | 169 | 53 | 1 | |
| (+) Investments & Other | 1 | 0 | 0 | 3 | 0 | 0 | |
| (-) Debt | (497) | (31) | (13) | (1,655) | (15) | (13) | |
| (-) 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 | 844 | 111 | 10 | 1,345 | 128 | 28 | |
| (/) Shares Outstanding | 602.8 | 105.8 | 4,866.7 | 371.7 | 538.2 | 209.5 | |
| Implied Stock Price | 1.40 | 1.05 | 0.00 | 3.62 | 0.24 | 0.14 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.08 | 1.00 | |
| Implied Stock Price (Trading Cur) | 1.40 | 1.05 | 0.00 | 3.62 | 0.22 | 0.14 | |
| Trading Currency | AUD | AUD | AUD | AUD | AUD | AUD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.08 | 1.00 | |