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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 0.5x - 0.6x | 0.6x |
| Selected Fwd Revenue Multiple | 0.6x - 0.6x | 0.6x |
| Fair Value | €3.34 - €3.71 | €3.52 |
| Upside | 19.3% - 32.4% | 25.8% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| SThree plc | STEM | LSE:STEM |
| Hays plc | HAS | LSE:HAS |
| RTC Group plc | RTC | AIM:RTC |
| Gattaca plc | GATC | AIM:GATC |
| Robert Walters plc | RWA | LSE:RWA |
| PageGroup plc | 3MI | DB:3MI |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| STEM | HAS | RTC | GATC | RWA | 3MI | |||
| LSE:STEM | LSE:HAS | AIM:RTC | AIM:GATC | LSE:RWA | DB:3MI | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 2.4% | 2.7% | 0.4% | -9.3% | -6.0% | 1.0% | ||
| 3Y CAGR | 3.9% | 7.2% | 7.6% | -2.1% | -2.8% | 1.9% | ||
| Latest Twelve Months | -10.2% | -6.9% | -2.0% | 4.9% | -16.2% | -13.5% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 4.5% | 2.1% | 0.0% | 0.4% | 3.4% | 6.6% | ||
| Prior Fiscal Year | 4.7% | 2.6% | 2.7% | 0.8% | 2.5% | 5.9% | ||
| Latest Fiscal Year | 4.5% | 1.0% | 2.7% | 0.5% | 0.6% | 3.0% | ||
| Latest Twelve Months | 4.5% | 0.5% | 2.7% | 0.5% | 0.6% | 3.0% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 0.18x | 0.18x | 0.14x | 0.02x | 0.19x | 0.46x | ||
| EV / LTM EBIT | 4.1x | 37.3x | 5.3x | 3.6x | 32.3x | 15.2x | ||
| Price / LTM Sales | 0.20x | 0.16x | 0.13x | 0.06x | 0.17x | 0.44x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 0.02x | 0.18x | 0.19x | |||||
| Historical EV / LTM Revenue | 0.46x | 0.76x | 1.26x | |||||
| Selected EV / LTM Revenue | 0.53x | 0.56x | 0.58x | |||||
| (x) LTM Revenue | 1,739 | 1,739 | 1,739 | |||||
| (=) Implied Enterprise Value | 919 | 967 | 1,015 | |||||
| (-) Non-shareholder Claims * | (41) | (41) | (41) | |||||
| (=) Equity Value | 877 | 925 | 974 | |||||
| (/) Shares Outstanding | 313.9 | 313.9 | 313.9 | |||||
| Implied Value Range | 2.79 | 2.95 | 3.10 | |||||
| FX Rate: GBP/EUR | 0.9 | 0.9 | 0.9 | Market Price | ||||
| Implied Value Range (Trading Cur) | 3.25 | 3.42 | 3.60 | 2.80 | ||||
| Upside / (Downside) | 15.9% | 22.3% | 28.7% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | STEM | HAS | RTC | GATC | RWA | 3MI | |
| Enterprise Value | 279 | 1,237 | 14 | 8 | 169 | 798 | |
| (+) Cash & Short Term Investments | 70 | 154 | 1 | 19 | 68 | 95 | |
| (+) Investments & Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Debt | (40) | (291) | (2) | (2) | (88) | (137) | |
| (-) 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 | 309 | 1,100 | 13 | 24 | 149 | 757 | |
| (/) Shares Outstanding | 127.8 | 1,591.8 | 13.6 | 31.5 | 65.8 | 313.9 | |
| Implied Stock Price | 2.42 | 0.69 | 0.93 | 0.78 | 2.27 | 2.41 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.86 | |
| Implied Stock Price (Trading Cur) | 2.42 | 0.69 | 0.93 | 0.78 | 2.27 | 2.80 | |
| Trading Currency | GBP | GBP | GBP | GBP | GBP | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.86 | |