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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 7.5x - 8.3x | 7.9x |
| Selected Fwd EBIT Multiple | 5.5x - 6.1x | 5.8x |
| Fair Value | A$1.17 - A$1.30 | A$1.23 |
| Upside | 16.0% - 28.5% | 22.2% |
| Benchmarks | Ticker | Full Ticker |
| Adairs Limited | ADH | ASX:ADH |
| Temple & Webster Group Ltd | TPW | ASX:TPW |
| Kogan.com Ltd | KGN | ASX:KGN |
| Myer Holdings Limited | MYR | ASX:MYR |
| Joyce Corporation Ltd | JYC | ASX:JYC |
| Dusk Group Limited | DSK | ASX:DSK |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| ADH | TPW | KGN | MYR | JYC | DSK | ||
| ASX:ADH | ASX:TPW | ASX:KGN | ASX:MYR | ASX:JYC | ASX:DSK | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 6.8% | 57.7% | -3.3% | 22.7% | 19.7% | 3.8% | |
| 3Y CAGR | -17.6% | -24.7% | 23.6% | -1.5% | 8.6% | -41.2% | |
| Latest Twelve Months | 4.3% | 35.2% | 322.8% | NM | -19.3% | -3.4% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 13.9% | 3.6% | 0.2% | 6.2% | 16.4% | 16.0% | |
| Prior Fiscal Year | 10.6% | 2.6% | -7.4% | 7.1% | 16.6% | 12.7% | |
| Latest Fiscal Year | 10.1% | 1.6% | 4.4% | 6.2% | 16.8% | 6.2% | |
| Latest Twelve Months | 10.7% | 2.4% | 5.1% | 5.5% | 15.4% | 7.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.06x | 3.47x | 0.81x | 0.96x | 0.86x | 0.46x | |
| EV / LTM EBITDA | 8.5x | 135.7x | 13.2x | 12.9x | 5.0x | 4.5x | |
| EV / LTM EBIT | 9.9x | 145.8x | 15.8x | 17.2x | 5.6x | 6.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 5.6x | 15.8x | 145.8x | ||||
| Historical EV / LTM EBIT | 3.3x | 4.4x | 6.3x | ||||
| Selected EV / LTM EBIT | 7.5x | 7.9x | 8.3x | ||||
| (x) LTM EBIT | 10 | 10 | 10 | ||||
| (=) Implied Enterprise Value | 77 | 81 | 85 | ||||
| (-) Non-shareholder Claims * | (1) | (1) | (1) | ||||
| (=) Equity Value | 75 | 79 | 83 | ||||
| (/) Shares Outstanding | 62.3 | 62.3 | 62.3 | ||||
| Implied Value Range | 1.21 | 1.27 | 1.34 | ||||
| FX Rate: AUD/AUD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 1.21 | 1.27 | 1.34 | 1.01 | |||
| Upside / (Downside) | 19.7% | 26.1% | 32.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | ADH | TPW | KGN | MYR | JYC | DSK | |
| Enterprise Value | 628 | 1,882 | 373 | 2,432 | 126 | 64 | |
| (+) Cash & Short Term Investments | 12 | 139 | 68 | 282 | 32 | 39 | |
| (+) Investments & Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Debt | (267) | (21) | (20) | (1,557) | (29) | (40) | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | (5) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 373 | 2,000 | 420 | 1,158 | 125 | 63 | |
| (/) Shares Outstanding | 176.7 | 118.8 | 99.2 | 1,727.8 | 29.6 | 62.3 | |
| Implied Stock Price | 2.11 | 16.84 | 4.24 | 0.67 | 4.22 | 1.01 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 2.11 | 16.84 | 4.24 | 0.67 | 4.22 | 1.01 | |
| Trading Currency | AUD | AUD | AUD | AUD | AUD | AUD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |