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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 5.2x - 5.8x | 5.5x |
| Selected Fwd EBITDA Multiple | 5.2x - 5.7x | 5.4x |
| Fair Value | €2 - €2.06 | €2.03 |
| Upside | 10.1% - 13.5% | 11.8% |
| Benchmarks | Ticker | Full Ticker |
| St. James's Place plc | STJ | LSE:STJ |
| Schroders plc | SDR | LSE:SDR |
| Jupiter Fund Management Plc | JUP | LSE:JUP |
| 3i Group plc | III | LSE:III |
| Ninety One Group | N91 | LSE:N91 |
| Ashmore Group Plc | A1B | DB:A1B |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| STJ | SDR | JUP | III | N91 | A1B | ||
| LSE:STJ | LSE:SDR | LSE:JUP | LSE:III | LSE:N91 | DB:A1B | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 7.7% | 0.5% | -9.3% | 89.0% | -0.9% | -17.6% | |
| 3Y CAGR | 6.3% | -7.3% | -23.2% | 7.5% | -9.0% | -26.5% | |
| Latest Twelve Months | 147.8% | -3.5% | -7.8% | 30.8% | -7.2% | -25.5% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 9.4% | 27.0% | 33.5% | 94.7% | 34.4% | 58.3% | |
| Prior Fiscal Year | 2.2% | 25.3% | 29.9% | 96.0% | 34.8% | 51.2% | |
| Latest Fiscal Year | 4.0% | 24.2% | 27.9% | 97.1% | 32.0% | 39.0% | |
| Latest Twelve Months | 4.0% | 24.2% | 27.9% | 97.1% | 32.0% | 39.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.25x | 0.44x | 0.27x | 3.06x | 2.16x | 1.35x | |
| EV / LTM EBITDA | 6.3x | 1.8x | 1.0x | 3.1x | 6.8x | 3.4x | |
| EV / LTM EBIT | 6.4x | 2.0x | 1.0x | 3.1x | 6.9x | 3.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 1.0x | 3.1x | 6.8x | ||||
| Historical EV / LTM EBITDA | 3.4x | 5.3x | 9.7x | ||||
| Selected EV / LTM EBITDA | 5.2x | 5.5x | 5.8x | ||||
| (x) LTM EBITDA | 73 | 73 | 73 | ||||
| (=) Implied Enterprise Value | 381 | 402 | 422 | ||||
| (-) Non-shareholder Claims * | 791 | 791 | 791 | ||||
| (=) Equity Value | 1,173 | 1,193 | 1,213 | ||||
| (/) Shares Outstanding | 655.8 | 655.8 | 655.8 | ||||
| Implied Value Range | 1.79 | 1.82 | 1.85 | ||||
| FX Rate: GBP/EUR | 0.9 | 0.9 | 0.9 | Market Price | |||
| Implied Value Range (Trading Cur) | 2.09 | 2.13 | 2.16 | 1.82 | |||
| Upside / (Downside) | 15.1% | 17.1% | 19.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | STJ | SDR | JUP | III | N91 | A1B | |
| Enterprise Value | (175,781) | (718) | 98 | 15,726 | 1,303 | 228 | |
| (+) Cash & Short Term Investments | 353 | 5,129 | 504 | 412 | 391 | 746 | |
| (+) Investments & Other | 182,342 | 2,031 | 2 | 25,272 | 27 | 60 | |
| (-) Debt | (624) | (602) | (91) | (1,239) | (87) | (6) | |
| (-) Other Liabilities | 0 | (85) | 0 | 0 | (0) | (8) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 6,289 | 5,755 | 513 | 40,171 | 1,634 | 1,019 | |
| (/) Shares Outstanding | 529.6 | 1,568.2 | 508.8 | 965.4 | 894.7 | 655.8 | |
| Implied Stock Price | 11.88 | 3.67 | 1.01 | 41.61 | 1.83 | 1.55 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.86 | |
| Implied Stock Price (Trading Cur) | 11.88 | 3.67 | 1.01 | 41.61 | 1.83 | 1.82 | |
| 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 | |