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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 5.9x - 6.5x | 6.2x |
| Selected Fwd EBITDA Multiple | 7.2x - 8.0x | 7.6x |
| Fair Value | S$0.051 - S$0.065 | S$0.058 |
| Upside | -10.9% - 14.0% | 1.5% |
| Benchmarks | Ticker | Full Ticker |
| Hiap Tong Corporation Ltd. | 5PO | Catalist:5PO |
| Brook Crompton Holdings Ltd. | AWC | SGX:AWC |
| Federal International (2000) Ltd | BDU | SGX:BDU |
| XMH Holdings Ltd. | BQF | SGX:BQF |
| Far East Group Limited | 5TJ | Catalist:5TJ |
| TEHO International Inc Ltd. | 5OQ | Catalist:5OQ |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 5PO | AWC | BDU | BQF | 5TJ | 5OQ | ||
| Catalist:5PO | SGX:AWC | SGX:BDU | SGX:BQF | Catalist:5TJ | Catalist:5OQ | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 8.2% | -18.9% | NM- | NM- | 17.3% | 14.8% | |
| 3Y CAGR | 3.3% | -17.3% | NM- | 74.8% | 8.1% | -14.6% | |
| Latest Twelve Months | -7.3% | -31.0% | -243.7% | 51.9% | 1080.7% | 9.6% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 23.0% | 4.9% | 0.4% | 11.3% | 1.0% | 8.4% | |
| Prior Fiscal Year | 19.9% | 5.9% | 3.5% | 18.9% | -0.6% | 8.4% | |
| Latest Fiscal Year | 18.5% | 2.8% | -5.7% | 21.3% | 4.6% | 6.0% | |
| Latest Twelve Months | 18.5% | 2.9% | -5.7% | 21.3% | 4.6% | 8.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.83x | 0.03x | 0.03x | 0.69x | 0.33x | 0.52x | |
| EV / LTM EBITDA | 4.5x | 1.1x | -0.5x | 3.3x | 7.2x | 6.2x | |
| EV / LTM EBIT | 32.4x | 1.4x | -0.4x | 3.6x | 10.7x | 7.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -0.5x | 3.3x | 7.2x | ||||
| Historical EV / LTM EBITDA | 5.8x | 7.7x | 10.0x | ||||
| Selected EV / LTM EBITDA | 5.9x | 6.2x | 6.5x | ||||
| (x) LTM EBITDA | 5 | 5 | 5 | ||||
| (=) Implied Enterprise Value | 31 | 33 | 34 | ||||
| (-) Non-shareholder Claims * | (20) | (20) | (20) | ||||
| (=) Equity Value | 11 | 13 | 15 | ||||
| (/) Shares Outstanding | 235.4 | 235.4 | 235.4 | ||||
| Implied Value Range | 0.05 | 0.06 | 0.06 | ||||
| FX Rate: SGD/SGD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 0.05 | 0.06 | 0.06 | 0.06 | |||
| Upside / (Downside) | -15.3% | -3.1% | 9.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 5PO | AWC | BDU | BQF | 5TJ | 5OQ | |
| Enterprise Value | 77 | 2 | 4 | 119 | 31 | 33 | |
| (+) Cash & Short Term Investments | 9 | 23 | 15 | 34 | 8 | 7 | |
| (+) Investments & Other | 0 | 0 | 15 | 0 | 18 | 0 | |
| (-) Debt | (53) | (4) | (10) | (33) | (46) | (27) | |
| (-) Other Liabilities | 0 | (2) | 1 | 0 | (2) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 33 | 19 | 25 | 121 | 10 | 13 | |
| (/) Shares Outstanding | 317.4 | 35.5 | 140.7 | 109.6 | 111.5 | 235.4 | |
| Implied Stock Price | 0.11 | 0.54 | 0.18 | 1.10 | 0.09 | 0.06 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 0.11 | 0.54 | 0.18 | 1.10 | 0.09 | 0.06 | |
| Trading Currency | SGD | SGD | SGD | SGD | SGD | SGD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |