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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 0.9x - 1.0x | 1.0x |
| Selected Fwd Revenue Multiple | 0.9x - 1.0x | 0.9x |
| Fair Value | €0.078 - €0.092 | €0.085 |
| Upside | 52.0% - 79.2% | 65.6% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Seven West Media Limited | SWM | ASX:SWM |
| Enero Group Limited | EGG | ASX:EGG |
| Nine Entertainment Co. Holdings Limited | NEC | ASX:NEC |
| GTN Limited | GTN | ASX:GTN |
| Rent.com.au Limited | RNT | ASX:RNT |
| Gumtree Australia Markets Limited | HO6 | DB:HO6 |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| SWM | EGG | NEC | GTN | RNT | HO6 | |||
| ASX:SWM | ASX:EGG | ASX:NEC | ASX:GTN | ASX:RNT | DB:HO6 | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | -0.2% | 28.4% | 6.0% | -0.1% | 8.5% | 84.7% | ||
| 3Y CAGR | 3.6% | 26.0% | 3.9% | 8.7% | 1.6% | 58.4% | ||
| Latest Twelve Months | -5.9% | -0.4% | -0.6% | 2.6% | 5.1% | -9.6% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 11.5% | 8.8% | 15.8% | -1.9% | -89.4% | 7.5% | ||
| Prior Fiscal Year | 14.5% | 9.7% | 16.4% | -0.5% | -139.8% | 15.8% | ||
| Latest Fiscal Year | 8.1% | 3.7% | 12.8% | 0.6% | -109.8% | 0.3% | ||
| Latest Twelve Months | 5.9% | 2.9% | 10.8% | 0.5% | -122.0% | -0.1% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 0.37x | 0.06x | 1.27x | 0.56x | 3.99x | 0.79x | ||
| EV / LTM EBIT | 6.2x | 2.0x | 11.8x | 102.5x | -3.3x | -806.0x | ||
| Price / LTM Sales | 0.15x | 0.09x | 0.83x | 0.62x | 4.43x | 0.39x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 0.06x | 0.56x | 3.99x | |||||
| Historical EV / LTM Revenue | 0.93x | 3.74x | 5.18x | |||||
| Selected EV / LTM Revenue | 0.91x | 0.96x | 1.00x | |||||
| (x) LTM Revenue | 87 | 87 | 87 | |||||
| (=) Implied Enterprise Value | 79 | 83 | 87 | |||||
| (-) Non-shareholder Claims * | (35) | (35) | (35) | |||||
| (=) Equity Value | 45 | 49 | 53 | |||||
| (/) Shares Outstanding | 355.9 | 355.9 | 355.9 | |||||
| Implied Value Range | 0.13 | 0.14 | 0.15 | |||||
| FX Rate: AUD/EUR | 1.8 | 1.8 | 1.8 | Market Price | ||||
| Implied Value Range (Trading Cur) | 0.07 | 0.08 | 0.08 | 0.05 | ||||
| Upside / (Downside) | 36.6% | 49.4% | 62.2% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | SWM | EGG | NEC | GTN | RNT | HO6 | |
| Enterprise Value | 500 | 45 | 3,342 | 104 | 12 | 67 | |
| (+) Cash & Short Term Investments | 57 | 48 | 158 | 15 | 1 | 5 | |
| (+) Investments & Other | 120 | 0 | 33 | 0 | 0 | 0 | |
| (-) Debt | (469) | (17) | (1,129) | (4) | (0) | (40) | |
| (-) Other Liabilities | 0 | (7) | (201) | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 208 | 70 | 2,201 | 115 | 14 | 33 | |
| (/) Shares Outstanding | 1,538.0 | 90.7 | 1,583.8 | 192.3 | 758.2 | 355.9 | |
| Implied Stock Price | 0.14 | 0.77 | 1.39 | 0.60 | 0.02 | 0.09 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.78 | |
| Implied Stock Price (Trading Cur) | 0.14 | 0.77 | 1.39 | 0.60 | 0.02 | 0.05 | |
| Trading Currency | AUD | AUD | AUD | AUD | AUD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.78 | |