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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 0.9x - 1.0x | 1.0x |
| Selected Fwd Revenue Multiple | 1.0x - 1.1x | 1.0x |
| Fair Value | €9.67 - €10.08 | €9.87 |
| Upside | 10.5% - 15.2% | 12.8% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Wilmington Capital Management Inc. | WCM.A | TSX:WCM.A |
| Flow Capital Corp. | FW | TSXV:FW |
| Coloured Ties Capital Inc. | TIE | TSXV:TIE |
| Elysee Development Corp. | ELC | TSXV:ELC |
| Canso Select Opportunities Corporation | CSOC.A | TSXV:CSOC.A |
| Pinetree Capital Ltd. | PI1 | DB:PI1 |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| WCM.A | FW | TIE | ELC | CSOC.A | PI1 | |||
| TSX:WCM.A | TSXV:FW | TSXV:TIE | TSXV:ELC | TSXV:CSOC.A | DB:PI1 | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 13.9% | -4.0% | NM- | -11.0% | NM- | 68.0% | ||
| 3Y CAGR | 13.5% | -29.7% | NM- | 33.2% | 63.2% | 140.5% | ||
| Latest Twelve Months | -46.8% | -30.3% | 50.1% | 242.8% | 94.1% | 134.3% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 3.4% | 52.8% | 66.3% | 80.5% | 92.2% | 108.8% | ||
| Prior Fiscal Year | 42.4% | 49.1% | 61.7% | 114.4% | 82.4% | 88.8% | ||
| Latest Fiscal Year | -42.1% | -5.0% | 9.3% | 63.0% | 97.3% | 97.6% | ||
| Latest Twelve Months | -96.2% | -5.1% | 195.0% | 88.3% | 96.9% | 96.2% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | -1.42x | 0.04x | 0.73x | -0.23x | -1.99x | 1.41x | ||
| EV / LTM EBIT | 1.5x | -0.8x | 0.4x | -0.3x | -2.1x | 1.5x | ||
| Price / LTM Sales | 17.44x | 6.97x | -0.94x | 2.70x | 1.73x | 4.07x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | -1.99x | -0.23x | 0.73x | |||||
| Historical EV / LTM Revenue | -1.30x | 2.18x | 6.09x | |||||
| Selected EV / LTM Revenue | 0.91x | 0.96x | 1.01x | |||||
| (x) LTM Revenue | 33 | 33 | 33 | |||||
| (=) Implied Enterprise Value | 30 | 32 | 33 | |||||
| (-) Non-shareholder Claims * | 88 | 88 | 88 | |||||
| (=) Equity Value | 118 | 119 | 121 | |||||
| (/) Shares Outstanding | 9.4 | 9.4 | 9.4 | |||||
| Implied Value Range | 12.54 | 12.71 | 12.88 | |||||
| FX Rate: CAD/EUR | 1.6 | 1.6 | 1.6 | Market Price | ||||
| Implied Value Range (Trading Cur) | 7.74 | 7.84 | 7.95 | 8.75 | ||||
| Upside / (Downside) | -11.5% | -10.4% | -9.2% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | WCM.A | FW | TIE | ELC | CSOC.A | PI1 | |
| Enterprise Value | 1 | 0 | (3) | (3) | (15) | 46 | |
| (+) Cash & Short Term Investments | 34 | 7 | 10 | 15 | 40 | 6 | |
| (+) Investments & Other | 1 | 67 | 0 | 2 | 0 | 82 | |
| (-) Debt | (0) | (47) | (0) | (2) | 0 | (0) | |
| (-) 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 | 36 | 27 | 7 | 12 | 25 | 133 | |
| (/) Shares Outstanding | 14.5 | 30.4 | 21.9 | 28.3 | 5.2 | 9.4 | |
| Implied Stock Price | 2.50 | 0.89 | 0.33 | 0.42 | 4.80 | 14.18 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.62 | |
| Implied Stock Price (Trading Cur) | 2.50 | 0.89 | 0.33 | 0.42 | 4.80 | 8.75 | |
| Trading Currency | CAD | CAD | CAD | CAD | CAD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.62 | |