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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 6.1x - 6.8x | 6.4x |
| Selected Fwd EBITDA Multiple | 6.3x - 7.0x | 6.7x |
| Fair Value | A$0.034 - A$0.044 | A$0.039 |
| Upside | 31.3% - 69.2% | 50.2% |
| Benchmarks | Ticker | Full Ticker |
| Mega First Corporation Berhad | MFCB | KLSE:MFCB |
| Malakoff Corporation Berhad | MALAKOF | KLSE:MALAKOF |
| Delorean Corporation Limited | DEL | ASX:DEL |
| S.G. Power Limited | SGPL | KASE:SGPL |
| Kong Sun Holdings Limited | 295 | SEHK:295 |
| Timah Resources Limited | TML | ASX:TML |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| MFCB | MALAKOF | DEL | SGPL | 295 | TML | ||
| KLSE:MFCB | KLSE:MALAKOF | ASX:DEL | KASE:SGPL | SEHK:295 | ASX:TML | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 29.7% | -7.0% | 27.0% | 9.8% | -39.9% | -7.9% | |
| 3Y CAGR | 12.7% | -3.9% | NM- | NM- | -45.7% | -5.6% | |
| Latest Twelve Months | 4.9% | 57.8% | 186.0% | -316.6% | 15.9% | 5.0% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 53.7% | 25.6% | -15.6% | -53.6% | 44.7% | 44.1% | |
| Prior Fiscal Year | 49.9% | 10.4% | -48.1% | -62.4% | 17.6% | 42.5% | |
| Latest Fiscal Year | 44.6% | 20.7% | 17.4% | 13.9% | 24.6% | 43.7% | |
| Latest Twelve Months | 42.0% | 20.4% | 15.8% | -42.1% | 24.6% | 43.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.33x | 1.05x | 1.19x | 12.73x | 3.73x | 2.41x | |
| EV / LTM EBITDA | 5.5x | 5.1x | 7.6x | -30.2x | 15.2x | 5.5x | |
| EV / LTM EBIT | 6.9x | 12.6x | 7.8x | -26.3x | -293.8x | 235.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -30.2x | 5.5x | 15.2x | ||||
| Historical EV / LTM EBITDA | 5.5x | 8.1x | 15.0x | ||||
| Selected EV / LTM EBITDA | 6.1x | 6.4x | 6.8x | ||||
| (x) LTM EBITDA | 4 | 4 | 4 | ||||
| (=) Implied Enterprise Value | 23 | 24 | 26 | ||||
| (-) Non-shareholder Claims * | (15) | (15) | (15) | ||||
| (=) Equity Value | 9 | 10 | 11 | ||||
| (/) Shares Outstanding | 88.8 | 88.8 | 88.8 | ||||
| Implied Value Range | 0.10 | 0.11 | 0.13 | ||||
| FX Rate: MYR/AUD | 2.8 | 2.8 | 2.8 | Market Price | |||
| Implied Value Range (Trading Cur) | 0.04 | 0.04 | 0.05 | 0.03 | |||
| Upside / (Downside) | 36.2% | 55.4% | 74.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | MFCB | MALAKOF | DEL | SGPL | 295 | TML | |
| Enterprise Value | 4,122 | 9,118 | 40 | 136 | 1,515 | 21 | |
| (+) Cash & Short Term Investments | 303 | 2,410 | 15 | 0 | 77 | 8 | |
| (+) Investments & Other | 252 | 1,414 | 0 | 0 | 633 | 0 | |
| (-) Debt | (1,084) | (7,986) | (18) | (2) | (1,943) | (22) | |
| (-) Other Liabilities | (211) | (240) | 0 | 0 | (62) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 3,383 | 4,716 | 37 | 134 | 219 | 6 | |
| (/) Shares Outstanding | 942.3 | 4,887.0 | 220.3 | 17.8 | 14,964.4 | 88.8 | |
| Implied Stock Price | 3.59 | 0.97 | 0.17 | 7.52 | 0.01 | 0.07 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 0.92 | 2.77 | |
| Implied Stock Price (Trading Cur) | 3.59 | 0.97 | 0.17 | 7.52 | 0.02 | 0.03 | |
| Trading Currency | MYR | MYR | AUD | PKR | HKD | AUD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 0.92 | 2.77 | |