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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 10.5x - 11.6x | 11.0x |
| Selected Fwd EBITDA Multiple | 6.1x - 6.8x | 6.5x |
| Fair Value | A$0.31 - A$0.35 | A$0.33 |
| Upside | 3.2% - 16.2% | 9.7% |
| Benchmarks | Ticker | Full Ticker |
| Mayfield Group Holdings Limited | MYG | ASX:MYG |
| SKS Technologies Group Limited | SKS | ASX:SKS |
| Excelsior Capital Limited | ECL | ASX:ECL |
| ClearVue Technologies Limited | CPV | ASX:CPV |
| International Graphite Limited | IG6 | ASX:IG6 |
| FOS Capital Limited | FOS | ASX:FOS |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| MYG | SKS | ECL | CPV | IG6 | FOS | ||
| ASX:MYG | ASX:SKS | ASX:ECL | ASX:CPV | ASX:IG6 | ASX:FOS | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | -1.5% | 45.7% | 51.1% | NM- | NM- | 31.9% | |
| 3Y CAGR | 543.2% | 250.3% | 84.9% | NM- | NM- | 150.2% | |
| Latest Twelve Months | -9.1% | 487.9% | 13691.9% | 12.7% | 4.2% | 145.7% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 3.3% | 1.5% | 17.7% | -85285.7% | -56595.6% | 3.6% | |
| Prior Fiscal Year | 6.9% | 1.2% | -85.1% | -11715.2% | NA | 4.2% | |
| Latest Fiscal Year | 6.4% | 5.7% | 97.5% | -30417.3% | NA | 7.5% | |
| Latest Twelve Months | 5.4% | 7.2% | 97.9% | -25247.9% | -36089.1% | 8.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.07x | 1.22x | 0.29x | 1476.95x | 1212.12x | 0.87x | |
| EV / LTM EBITDA | 19.9x | 16.9x | 0.3x | -5.8x | -3.4x | 10.5x | |
| EV / LTM EBIT | 24.0x | 18.7x | 0.3x | -5.6x | -3.1x | 12.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -5.8x | 0.3x | 19.9x | ||||
| Historical EV / LTM EBITDA | 10.7x | 15.5x | 24.0x | ||||
| Selected EV / LTM EBITDA | 10.5x | 11.0x | 11.6x | ||||
| (x) LTM EBITDA | 2 | 2 | 2 | ||||
| (=) Implied Enterprise Value | 25 | 26 | 28 | ||||
| (-) Non-shareholder Claims * | (4) | (4) | (4) | ||||
| (=) Equity Value | 21 | 22 | 23 | ||||
| (/) Shares Outstanding | 67.2 | 67.2 | 67.2 | ||||
| Implied Value Range | 0.31 | 0.33 | 0.35 | ||||
| FX Rate: AUD/AUD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 0.31 | 0.33 | 0.35 | 0.31 | |||
| Upside / (Downside) | 1.3% | 7.7% | 14.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | MYG | SKS | ECL | CPV | IG6 | FOS | |
| Enterprise Value | 108 | 247 | (20) | 55 | 12 | 25 | |
| (+) Cash & Short Term Investments | 11 | 20 | 78 | 7 | 1 | 1 | |
| (+) Investments & Other | 0 | 0 | 37 | 0 | 0 | 0 | |
| (-) Debt | (3) | (8) | 0 | (1) | (1) | (5) | |
| (-) 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 | 116 | 259 | 96 | 61 | 12 | 21 | |
| (/) Shares Outstanding | 93.3 | 113.1 | 29.0 | 278.6 | 193.6 | 67.2 | |
| Implied Stock Price | 1.25 | 2.29 | 3.30 | 0.22 | 0.06 | 0.31 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 1.25 | 2.29 | 3.30 | 0.22 | 0.06 | 0.31 | |
| 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 | |