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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | -1.2x - -1.3x | -1.3x |
| Selected Fwd EBITDA Multiple | 0.6x - 0.7x | 0.7x |
| Fair Value | A$1.56 - A$1.66 | A$1.61 |
| Upside | 29.7% - 38.2% | 34.0% |
| Benchmarks | Ticker | Full Ticker |
| Genetic Signatures Limited | GSS | ASX:GSS |
| Proteomics International Laboratories Ltd | PIQ | ASX:PIQ |
| Trajan Group Holdings Limited | TRJ | ASX:TRJ |
| Memphasys Limited | MEM | ASX:MEM |
| Vitrafy Life Sciences Limited | VFY | ASX:VFY |
| OncoSil Medical Limited | OSL | ASX:OSL |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| GSS | PIQ | TRJ | MEM | VFY | OSL | ||
| ASX:GSS | ASX:PIQ | ASX:TRJ | ASX:MEM | ASX:VFY | ASX:OSL | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | NM- | NM- | 9.7% | NM- | NM- | NM- | |
| 3Y CAGR | NM- | NM- | 68.9% | NM- | NM- | NM- | |
| Latest Twelve Months | 11.0% | -19.3% | 5.2% | -5.4% | NM | -8.1% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | -35.2% | -140.6% | 5.6% | -436.8% | -4070.6% | -687.2% | |
| Prior Fiscal Year | -60.7% | -183.5% | 9.4% | -430.6% | -339.3% | -771.1% | |
| Latest Fiscal Year | -120.1% | -186.6% | 4.6% | -348.5% | -28479.6% | -765.1% | |
| Latest Twelve Months | -79.9% | -192.8% | 6.9% | -348.8% | 2873.3% | -659.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.49x | 15.57x | 0.98x | 11.82x | -146.53x | 4.54x | |
| EV / LTM EBITDA | -3.1x | -8.1x | 14.3x | -3.4x | -5.1x | -0.7x | |
| EV / LTM EBIT | -2.7x | -7.4x | 58.0x | -3.6x | -5.1x | -0.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -8.1x | -3.4x | 14.3x | ||||
| Historical EV / LTM EBITDA | -15.6x | -3.0x | -0.7x | ||||
| Selected EV / LTM EBITDA | -1.2x | -1.3x | -1.3x | ||||
| (x) LTM EBITDA | (13) | (13) | (13) | ||||
| (=) Implied Enterprise Value | 15 | 16 | 17 | ||||
| (-) Non-shareholder Claims * | 8 | 8 | 8 | ||||
| (=) Equity Value | 24 | 25 | 25 | ||||
| (/) Shares Outstanding | 14.2 | 14.2 | 14.2 | ||||
| Implied Value Range | 1.67 | 1.72 | 1.78 | ||||
| FX Rate: AUD/AUD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 1.67 | 1.72 | 1.78 | 1.20 | |||
| Upside / (Downside) | 39.0% | 43.7% | 48.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | GSS | PIQ | TRJ | MEM | VFY | OSL | |
| Enterprise Value | 47 | 54 | 157 | 13 | 63 | 9 | |
| (+) Cash & Short Term Investments | 41 | 5 | 10 | 1 | 34 | 8 | |
| (+) Investments & Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Debt | (1) | (0) | (56) | (4) | (0) | (0) | |
| (-) 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 | 86 | 60 | 111 | 9 | 97 | 17 | |
| (/) Shares Outstanding | 227.1 | 163.5 | 152.4 | 1,983.6 | 63.8 | 14.2 | |
| Implied Stock Price | 0.38 | 0.37 | 0.73 | 0.00 | 1.52 | 1.20 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 0.38 | 0.37 | 0.73 | 0.00 | 1.52 | 1.20 | |
| 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 | |