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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 5.8x - 6.4x | 6.1x |
| Selected Fwd EBITDA Multiple | 6.2x - 6.8x | 6.5x |
| Fair Value | A$0.11 - A$0.14 | A$0.12 |
| Upside | 25.9% - 51.9% | 38.9% |
| Benchmarks | Ticker | Full Ticker |
| Simonds Group Limited | SIO | ASX:SIO |
| AVJennings Limited | AVJ | ASX:AVJ |
| Atomos Limited | AMS | ASX:AMS |
| Audeara Limited | AUA | ASX:AUA |
| Fleetwood Limited | FWD | ASX:FWD |
| Gale Pacific Limited | GAP | ASX:GAP |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| SIO | AVJ | AMS | AUA | FWD | GAP | ||
| ASX:SIO | ASX:AVJ | ASX:AMS | ASX:AUA | ASX:FWD | ASX:GAP | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | -16.2% | -10.5% | NM- | NM- | -14.7% | -16.2% | |
| 3Y CAGR | -7.5% | -22.8% | NM- | NM- | -22.3% | -31.9% | |
| Latest Twelve Months | 199.0% | -48.9% | 10.2% | 13.9% | -3.1% | 21.2% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | -0.1% | 7.7% | -28.6% | -117.2% | 5.1% | 8.1% | |
| Prior Fiscal Year | -3.9% | 12.8% | -64.6% | -135.3% | 3.1% | 7.5% | |
| Latest Fiscal Year | 1.4% | 4.0% | -51.7% | -88.9% | 3.7% | 4.3% | |
| Latest Twelve Months | 1.5% | 3.2% | -48.8% | -73.7% | 4.7% | 5.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.09x | 1.72x | 0.43x | 0.86x | 0.44x | 0.30x | |
| EV / LTM EBITDA | 6.1x | 53.4x | -0.9x | -1.2x | 9.3x | 5.4x | |
| EV / LTM EBIT | 8.0x | 54.8x | -0.9x | -1.2x | 10.5x | 8.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -1.2x | 6.1x | 53.4x | ||||
| Historical EV / LTM EBITDA | 5.8x | 6.2x | 8.3x | ||||
| Selected EV / LTM EBITDA | 5.8x | 6.1x | 6.4x | ||||
| (x) LTM EBITDA | 10 | 10 | 10 | ||||
| (=) Implied Enterprise Value | 60 | 64 | 67 | ||||
| (-) Non-shareholder Claims * | (31) | (31) | (31) | ||||
| (=) Equity Value | 29 | 33 | 36 | ||||
| (/) Shares Outstanding | 284.6 | 284.6 | 284.6 | ||||
| Implied Value Range | 0.10 | 0.11 | 0.13 | ||||
| FX Rate: AUD/AUD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 0.10 | 0.11 | 0.13 | 0.09 | |||
| Upside / (Downside) | 14.9% | 27.4% | 39.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | SIO | AVJ | AMS | AUA | FWD | GAP | |
| Enterprise Value | 60 | 567 | 15 | 3 | 204 | 57 | |
| (+) Cash & Short Term Investments | 8 | 10 | 1 | 2 | 58 | 23 | |
| (+) Investments & Other | 0 | 17 | 0 | 0 | 0 | 0 | |
| (-) Debt | (17) | (224) | (11) | (0) | (20) | (54) | |
| (-) 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 | 50 | 371 | 5 | 5 | 242 | 26 | |
| (/) Shares Outstanding | 359.9 | 557.7 | 1,215.0 | 179.9 | 92.3 | 284.6 | |
| Implied Stock Price | 0.14 | 0.67 | 0.00 | 0.03 | 2.62 | 0.09 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 0.14 | 0.67 | 0.00 | 0.03 | 2.62 | 0.09 | |
| 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 | |