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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 3.5x - 3.9x | 3.7x |
| Selected Fwd Revenue Multiple | 1.5x - 1.7x | 1.6x |
| Fair Value | A$0.28 - A$0.31 | A$0.29 |
| Upside | 48.0% - 62.5% | 55.3% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| InFocus Group Holdings Limited | IFG | ASX:IFG |
| Envirosuite Limited | EVS | ASX:EVS |
| ActivePort Group Ltd | ATV | ASX:ATV |
| Talius Group Limited | TAL | ASX:TAL |
| Xref Limited | XF1 | ASX:XF1 |
| DataWorks Group Limited | DWG | ASX:DWG |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| IFG | EVS | ATV | TAL | XF1 | DWG | |||
| ASX:IFG | ASX:EVS | ASX:ATV | ASX:TAL | ASX:XF1 | ASX:DWG | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 138.3% | 52.4% | NM- | 80.1% | 19.8% | 111.0% | ||
| 3Y CAGR | 153.9% | 6.9% | 227.6% | 45.5% | 11.2% | 634.3% | ||
| Latest Twelve Months | 447.1% | -1.0% | -42.7% | -8.7% | 0.4% | 72.5% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | -2119.4% | -31.4% | -76.2% | NA | -28.0% | -4043.9% | ||
| Prior Fiscal Year | -1078.9% | -19.1% | -11.4% | -10.7% | -14.0% | -1090.8% | ||
| Latest Fiscal Year | -328.1% | -21.6% | -2.6% | -30.2% | -27.9% | -143.1% | ||
| Latest Twelve Months | -84.2% | -21.4% | -32.1% | -30.2% | -16.2% | -124.9% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 1.26x | 1.97x | 0.91x | NA | 1.52x | 2.38x | ||
| EV / LTM EBIT | -1.5x | -9.2x | -2.8x | NA | -9.4x | -1.9x | ||
| Price / LTM Sales | 0.88x | 1.85x | 0.93x | NA | 1.25x | 2.67x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 0.91x | 1.39x | 1.97x | |||||
| Historical EV / LTM Revenue | -3.45x | 44.37x | 2906.82x | |||||
| Selected EV / LTM Revenue | 3.55x | 3.73x | 3.92x | |||||
| (x) LTM Revenue | 7 | 7 | 7 | |||||
| (=) Implied Enterprise Value | 26 | 27 | 28 | |||||
| (-) Non-shareholder Claims * | 2 | 2 | 2 | |||||
| (=) Equity Value | 28 | 29 | 30 | |||||
| (/) Shares Outstanding | 101.6 | 101.6 | 101.6 | |||||
| Implied Value Range | 0.27 | 0.29 | 0.30 | |||||
| FX Rate: AUD/AUD | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 0.27 | 0.29 | 0.30 | 0.19 | ||||
| Upside / (Downside) | 43.7% | 50.7% | 57.7% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | IFG | EVS | ATV | TAL | XF1 | DWG | |
| Enterprise Value | 2 | 114 | 10 | 16 | 32 | 17 | |
| (+) Cash & Short Term Investments | 0 | 4 | 4 | 4 | 3 | 3 | |
| (+) Investments & Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Debt | (1) | (11) | (4) | (0) | (9) | (1) | |
| (-) 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 | 2 | 107 | 10 | 20 | 26 | 19 | |
| (/) Shares Outstanding | 182.5 | 1,440.7 | 685.0 | 2,867.5 | 192.0 | 101.6 | |
| Implied Stock Price | 0.01 | 0.07 | 0.02 | 0.01 | 0.14 | 0.19 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 0.01 | 0.07 | 0.02 | 0.01 | 0.14 | 0.19 | |
| 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 | |