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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 0.5x - 0.6x | 0.5x |
| Selected Fwd Revenue Multiple | 0.5x - 0.5x | 0.5x |
| Fair Value | S$0.057 - S$0.071 | S$0.064 |
| Upside | 31.4% - 64.7% | 48.1% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Federal International (2000) Ltd | BDU | SGX:BDU |
| Brook Crompton Holdings Ltd. | AWC | SGX:AWC |
| XMH Holdings Ltd. | BQF | SGX:BQF |
| Hiap Tong Corporation Ltd. | 5PO | Catalist:5PO |
| Far East Group Limited | 5TJ | Catalist:5TJ |
| TEHO International Inc Ltd. | 5OQ | Catalist:5OQ |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| BDU | AWC | BQF | 5PO | 5TJ | 5OQ | |||
| SGX:BDU | SGX:AWC | SGX:BQF | Catalist:5PO | Catalist:5TJ | Catalist:5OQ | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | -6.7% | 5.7% | 25.4% | 9.4% | 6.9% | 1.7% | ||
| 3Y CAGR | -9.6% | 8.6% | 32.5% | 10.5% | 5.9% | 4.1% | ||
| Latest Twelve Months | 60.5% | -7.8% | 34.6% | -0.4% | 10.2% | 6.7% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | -0.8% | 4.5% | 7.5% | 6.7% | -0.7% | 6.8% | ||
| Prior Fiscal Year | 0.4% | 5.7% | 16.4% | 4.0% | -2.5% | 4.5% | ||
| Latest Fiscal Year | -7.2% | 2.4% | 19.3% | 2.6% | 3.1% | 4.8% | ||
| Latest Twelve Months | 4.4% | 2.3% | 19.3% | 2.6% | 2.6% | 4.8% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 0.08x | 0.02x | 1.04x | 0.81x | 0.27x | 0.45x | ||
| EV / LTM EBIT | 1.7x | 1.1x | 5.4x | 31.5x | 10.2x | 9.4x | ||
| Price / LTM Sales | 0.38x | 0.31x | 1.05x | 0.33x | 0.09x | 0.16x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 0.02x | 0.27x | 1.04x | |||||
| Historical EV / LTM Revenue | 0.45x | 0.57x | 0.66x | |||||
| Selected EV / LTM Revenue | 0.50x | 0.53x | 0.55x | |||||
| (x) LTM Revenue | 64 | 64 | 64 | |||||
| (=) Implied Enterprise Value | 32 | 34 | 36 | |||||
| (-) Non-shareholder Claims * | (19) | (19) | (19) | |||||
| (=) Equity Value | 14 | 15 | 17 | |||||
| (/) Shares Outstanding | 235.4 | 235.4 | 235.4 | |||||
| Implied Value Range | 0.06 | 0.06 | 0.07 | |||||
| FX Rate: SGD/SGD | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 0.06 | 0.06 | 0.07 | 0.04 | ||||
| Upside / (Downside) | 34.2% | 51.0% | 67.8% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | BDU | AWC | BQF | 5PO | 5TJ | 5OQ | |
| Enterprise Value | 2 | 1 | 175 | 74 | 26 | 29 | |
| (+) Cash & Short Term Investments | 17 | 23 | 34 | 9 | 6 | 7 | |
| (+) Investments & Other | 16 | 0 | 0 | 0 | 19 | 0 | |
| (-) Debt | (11) | (4) | (33) | (53) | (40) | (25) | |
| (-) Other Liabilities | 0 | (2) | 0 | 0 | (2) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 24 | 18 | 177 | 30 | 8 | 10 | |
| (/) Shares Outstanding | 140.7 | 35.5 | 109.6 | 317.4 | 111.5 | 235.4 | |
| Implied Stock Price | 0.17 | 0.52 | 1.61 | 0.10 | 0.07 | 0.04 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 0.17 | 0.52 | 1.61 | 0.10 | 0.07 | 0.04 | |
| 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 | |