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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 19.6x - 21.6x | 20.6x |
| Selected Fwd EBIT Multiple | 16.6x - 18.4x | 17.5x |
| Fair Value | A$25.13 - A$27.85 | A$26.49 |
| Upside | -32.7% - -25.5% | -29.1% |
| Benchmarks | Ticker | Full Ticker |
| Bapcor Limited | BAP | ASX:BAP |
| NTAW Holdings Limited | NTD | ASX:NTD |
| Toys"R"Us ANZ Limited | TOY | ASX:TOY |
| Jatcorp Limited | JAT | ASX:JAT |
| Inchcape plc | IHCP.F | OTCPK:IHCP.F |
| Supply Network Limited | SNL | ASX:SNL |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| BAP | NTD | TOY | JAT | IHCP.F | SNL | ||
| ASX:BAP | ASX:NTD | ASX:TOY | ASX:JAT | OTCPK:IHCP.F | ASX:SNL | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | -1.1% | 5.9% | NM- | 18.4% | 9.3% | 31.0% | |
| 3Y CAGR | -11.3% | -25.4% | NM- | NM- | 39.9% | 32.7% | |
| Latest Twelve Months | -24.6% | -87.9% | 36.7% | 91.0% | -16.1% | 25.1% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 9.4% | 4.0% | -65.0% | -8.6% | 4.3% | 14.5% | |
| Prior Fiscal Year | 8.8% | 2.1% | -59.0% | -6.4% | 6.7% | 16.2% | |
| Latest Fiscal Year | 6.8% | 2.5% | -125.0% | 3.6% | 6.3% | 16.3% | |
| Latest Twelve Months | 6.4% | 0.4% | -169.3% | -1.1% | 6.0% | 16.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.92x | 0.37x | 4.82x | 1.31x | 0.57x | 5.03x | |
| EV / LTM EBITDA | 12.1x | 22.1x | -3.3x | -343.4x | 8.6x | 28.5x | |
| EV / LTM EBIT | 14.3x | 93.5x | -2.9x | -117.7x | 9.5x | 29.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -117.7x | 9.5x | 93.5x | ||||
| Historical EV / LTM EBIT | 14.7x | 17.8x | 21.3x | ||||
| Selected EV / LTM EBIT | 19.6x | 20.6x | 21.6x | ||||
| (x) LTM EBIT | 55 | 55 | 55 | ||||
| (=) Implied Enterprise Value | 1,085 | 1,142 | 1,199 | ||||
| (-) Non-shareholder Claims * | (30) | (30) | (30) | ||||
| (=) Equity Value | 1,055 | 1,112 | 1,169 | ||||
| (/) Shares Outstanding | 43.5 | 43.5 | 43.5 | ||||
| Implied Value Range | 24.28 | 25.60 | 26.91 | ||||
| FX Rate: AUD/AUD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 24.28 | 25.60 | 26.91 | 37.36 | |||
| Upside / (Downside) | -35.0% | -31.5% | -28.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | BAP | NTD | TOY | JAT | IHCP.F | SNL | |
| Enterprise Value | 1,860 | 197 | 23 | 33 | 5,406 | 1,653 | |
| (+) Cash & Short Term Investments | 89 | 25 | 1 | 2 | 569 | 19 | |
| (+) Investments & Other | 8 | 0 | 0 | 0 | 23 | 0 | |
| (-) Debt | (629) | (178) | (19) | (7) | (3,089) | (49) | |
| (-) Other Liabilities | (2) | (3) | 0 | 1 | (88) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 1,327 | 42 | 4 | 30 | 2,821 | 1,624 | |
| (/) Shares Outstanding | 339.4 | 167.7 | 151.3 | 83.3 | 370.8 | 43.5 | |
| Implied Stock Price | 3.91 | 0.25 | 0.03 | 0.36 | 7.61 | 37.36 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 0.74 | 1.00 | |
| Implied Stock Price (Trading Cur) | 3.91 | 0.25 | 0.03 | 0.36 | 10.23 | 37.36 | |
| Trading Currency | AUD | AUD | AUD | AUD | USD | AUD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 0.74 | 1.00 | |