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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | -35.8x - -39.6x | -37.7x |
| Selected Fwd EBIT Multiple | 111.7x - 123.4x | 117.6x |
| Fair Value | €0.041 - €0.055 | €0.048 |
| Upside | -43.8% - -25.3% | -34.5% |
| Benchmarks | Ticker | Full Ticker |
| Hai Leck Holdings Limited | BLH | SGX:BLH |
| Annica Holdings Limited | 5AL | Catalist:5AL |
| Mencast Holdings Ltd. | 5NF | Catalist:5NF |
| Heatec Jietong Holdings Ltd. | 5OR | Catalist:5OR |
| Kim Heng Limited | 5G2 | Catalist:5G2 |
| CosmoSteel Holdings Limited | CMR | DB:CMR |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| BLH | 5AL | 5NF | 5OR | 5G2 | CMR | ||
| SGX:BLH | Catalist:5AL | Catalist:5NF | Catalist:5OR | Catalist:5G2 | DB:CMR | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | -5.7% | NM- | NM- | NM- | 9.9% | NM- | |
| 3Y CAGR | -31.9% | NM- | 24.4% | NM- | 21.5% | NM- | |
| Latest Twelve Months | -9.3% | 42.1% | 42.5% | 101.1% | -68.8% | -171.5% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 12.6% | -11.9% | 3.4% | -6.4% | 5.1% | 4.1% | |
| Prior Fiscal Year | 6.8% | -4.8% | 8.5% | -1.9% | 12.6% | 5.7% | |
| Latest Fiscal Year | 7.2% | -3.5% | 11.0% | 0.0% | 3.3% | -4.0% | |
| Latest Twelve Months | 10.9% | -3.5% | 11.0% | 0.0% | 3.3% | -1.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.87x | 1.57x | 1.13x | 0.32x | 0.99x | 0.78x | |
| EV / LTM EBITDA | 4.7x | -73.1x | 4.7x | 8.2x | 9.5x | 69.8x | |
| EV / LTM EBIT | 8.0x | -45.5x | 10.3x | 1278.9x | 30.4x | -45.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -45.5x | 10.3x | 1278.9x | ||||
| Historical EV / LTM EBIT | -19.0x | 6.6x | 9.4x | ||||
| Selected EV / LTM EBIT | -35.8x | -37.7x | -39.6x | ||||
| (x) LTM EBIT | (2) | (2) | (2) | ||||
| (=) Implied Enterprise Value | 55 | 58 | 61 | ||||
| (-) Non-shareholder Claims * | (38) | (38) | (38) | ||||
| (=) Equity Value | 18 | 21 | 24 | ||||
| (/) Shares Outstanding | 294.5 | 294.5 | 294.5 | ||||
| Implied Value Range | 0.06 | 0.07 | 0.08 | ||||
| FX Rate: SGD/EUR | 1.5 | 1.5 | 1.5 | Market Price | |||
| Implied Value Range (Trading Cur) | 0.04 | 0.05 | 0.05 | 0.07 | |||
| Upside / (Downside) | -43.8% | -34.5% | -25.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | BLH | 5AL | 5NF | 5OR | 5G2 | CMR | |
| Enterprise Value | 45 | 20 | (10) | 6 | 121 | 69 | |
| (+) Cash & Short Term Investments | 69 | 2 | 10 | 2 | 7 | 16 | |
| (+) Investments & Other | 11 | 0 | 71 | 0 | 0 | 0 | |
| (-) Debt | (4) | (2) | (59) | (6) | (73) | (53) | |
| (-) Other Liabilities | 0 | (0) | (2) | 0 | (8) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 121 | 19 | 10 | 3 | 49 | 32 | |
| (/) Shares Outstanding | 226.2 | 19,260.5 | 461.2 | 204.8 | 704.9 | 294.5 | |
| Implied Stock Price | 0.54 | 0.00 | 0.02 | 0.02 | 0.07 | 0.11 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.47 | |
| Implied Stock Price (Trading Cur) | 0.54 | 0.00 | 0.02 | 0.02 | 0.07 | 0.07 | |
| Trading Currency | SGD | SGD | SGD | SGD | SGD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.47 | |