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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 0.6x - 0.7x | 0.6x |
| Selected Fwd Revenue Multiple | 0.7x - 0.8x | 0.7x |
| Fair Value | €0.034 - €0.046 | €0.040 |
| Upside | -55.1% - -38.4% | -46.8% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Hai Leck Holdings Limited | BLH | SGX:BLH |
| Mencast Holdings Ltd. | 5NF | Catalist:5NF |
| Annica Holdings Limited | 5AL | Catalist:5AL |
| Kim Heng Limited | 5G2 | Catalist:5G2 |
| AMOS Group Limited | 49B | SGX:49B |
| CosmoSteel Holdings Limited | CMR | DB:CMR |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| BLH | 5NF | 5AL | 5G2 | 49B | CMR | |||
| SGX:BLH | Catalist:5NF | Catalist:5AL | Catalist:5G2 | SGX:49B | DB:CMR | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | -8.1% | 4.5% | 6.8% | 16.1% | -10.5% | -4.7% | ||
| 3Y CAGR | -15.0% | 5.2% | 18.1% | 24.7% | -11.8% | 22.3% | ||
| Latest Twelve Months | -22.7% | 10.5% | -20.3% | 21.3% | -30.8% | 20.8% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 12.6% | 3.4% | -11.9% | 5.1% | -13.6% | 4.1% | ||
| Prior Fiscal Year | 6.8% | 8.5% | -4.8% | 12.6% | -8.8% | 5.7% | ||
| Latest Fiscal Year | 7.2% | 11.0% | -3.5% | 3.3% | -16.1% | -4.0% | ||
| Latest Twelve Months | 10.9% | 11.0% | -3.5% | 3.3% | -17.8% | -1.7% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 0.89x | 1.16x | 1.57x | 0.98x | 0.41x | 0.76x | ||
| EV / LTM EBIT | 8.2x | 10.6x | -45.5x | 30.3x | -2.3x | -44.8x | ||
| Price / LTM Sales | 2.35x | 0.22x | 1.53x | 0.39x | 0.22x | 0.35x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 0.41x | 0.98x | 1.57x | |||||
| Historical EV / LTM Revenue | 0.32x | 0.39x | 0.53x | |||||
| Selected EV / LTM Revenue | 0.59x | 0.62x | 0.65x | |||||
| (x) LTM Revenue | 91 | 91 | 91 | |||||
| (=) Implied Enterprise Value | 54 | 57 | 59 | |||||
| (-) Non-shareholder Claims * | (38) | (38) | (38) | |||||
| (=) Equity Value | 16 | 19 | 22 | |||||
| (/) Shares Outstanding | 294.5 | 294.5 | 294.5 | |||||
| Implied Value Range | 0.05 | 0.06 | 0.07 | |||||
| FX Rate: SGD/EUR | 1.5 | 1.5 | 1.5 | Market Price | ||||
| Implied Value Range (Trading Cur) | 0.04 | 0.04 | 0.05 | 0.08 | ||||
| Upside / (Downside) | -51.2% | -42.7% | -34.1% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | BLH | 5NF | 5AL | 5G2 | 49B | CMR | |
| Enterprise Value | 46 | (9) | 20 | 121 | 26 | 71 | |
| (+) Cash & Short Term Investments | 69 | 10 | 2 | 7 | 5 | 16 | |
| (+) Investments & Other | 11 | 71 | 0 | 0 | 0 | 0 | |
| (-) Debt | (4) | (59) | (2) | (73) | (17) | (53) | |
| (-) Other Liabilities | 0 | (2) | (0) | (8) | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 122 | 12 | 19 | 48 | 14 | 33 | |
| (/) Shares Outstanding | 226.2 | 461.2 | 19,260.5 | 704.9 | 208.3 | 294.5 | |
| Implied Stock Price | 0.54 | 0.03 | 0.00 | 0.07 | 0.07 | 0.11 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.49 | |
| Implied Stock Price (Trading Cur) | 0.54 | 0.03 | 0.00 | 0.07 | 0.07 | 0.08 | |
| Trading Currency | SGD | SGD | SGD | SGD | SGD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.49 | |