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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | -9.3x - -10.2x | -9.7x |
| Selected Fwd EBITDA Multiple | 22.1x - 24.4x | 23.3x |
| Fair Value | €0.26 - €0.29 | €0.28 |
| Upside | -18.5% - -8.5% | -13.5% |
| Benchmarks | Ticker | Full Ticker |
| Tekmar Group plc | TGP | AIM:TGP |
| Plexus Holdings plc | POS | AIM:POS |
| Getech Group plc | GTC | AIM:GTC |
| Enteq Technologies Plc | NTQ | AIM:NTQ |
| John Wood Group PLC | WG. | LSE:WG. |
| Chesterfield Special Cylinders Holdings Plc | PRS | DB:PRS |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| TGP | POS | GTC | NTQ | WG. | PRS | ||
| AIM:TGP | AIM:POS | AIM:GTC | AIM:NTQ | LSE:WG. | DB:PRS | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | NM- | NM- | NM- | NM- | -21.2% | NM- | |
| 3Y CAGR | NM- | NM- | NM- | NM- | -26.8% | NM- | |
| Latest Twelve Months | 58.3% | 38.3% | 58.3% | -135.7% | -69.1% | -162.7% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | -3.2% | -161.4% | -43.4% | -2639.6% | 3.8% | -1.2% | |
| Prior Fiscal Year | -19.3% | -202.0% | -56.1% | NA | 2.8% | 8.7% | |
| Latest Fiscal Year | -8.7% | 40.4% | -73.7% | NA | 2.7% | -7.6% | |
| Latest Twelve Months | -8.7% | 17.5% | -37.2% | -13528.0% | 0.9% | -7.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.28x | 0.80x | 0.58x | 50.69x | 0.25x | 0.92x | |
| EV / LTM EBITDA | -3.2x | 4.6x | -1.6x | -0.4x | 29.0x | -12.1x | |
| EV / LTM EBIT | -2.4x | 129.3x | -1.6x | -0.4x | -62.9x | -8.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -3.2x | -0.4x | 29.0x | ||||
| Historical EV / LTM EBITDA | -12.1x | 21.0x | 50.8x | ||||
| Selected EV / LTM EBITDA | -9.3x | -9.7x | -10.2x | ||||
| (x) LTM EBITDA | (1) | (1) | (1) | ||||
| (=) Implied Enterprise Value | 10 | 11 | 12 | ||||
| (-) Non-shareholder Claims * | (1) | (1) | (1) | ||||
| (=) Equity Value | 9 | 10 | 10 | ||||
| (/) Shares Outstanding | 38.7 | 38.7 | 38.7 | ||||
| Implied Value Range | 0.23 | 0.25 | 0.26 | ||||
| FX Rate: GBP/EUR | 0.9 | 0.9 | 0.9 | Market Price | |||
| Implied Value Range (Trading Cur) | 0.27 | 0.29 | 0.30 | 0.32 | |||
| Upside / (Downside) | -15.5% | -10.3% | -5.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | TGP | POS | GTC | NTQ | WG. | PRS | |
| Enterprise Value | 9 | 8 | 3 | 1 | 1,352 | 12 | |
| (+) Cash & Short Term Investments | 5 | 1 | 0 | 1 | 472 | 0 | |
| (+) Investments & Other | 0 | 0 | 0 | 0 | 104 | 0 | |
| (-) Debt | (7) | (1) | (0) | (0) | (1,737) | (2) | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | (8) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 6 | 9 | 3 | 2 | 183 | 11 | |
| (/) Shares Outstanding | 138.7 | 105.4 | 152.5 | 104.3 | 687.5 | 38.7 | |
| Implied Stock Price | 0.05 | 0.08 | 0.02 | 0.02 | 0.27 | 0.27 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.33 | 1.33 | 0.86 | |
| Implied Stock Price (Trading Cur) | 0.05 | 0.08 | 0.02 | 0.02 | 0.20 | 0.32 | |
| Trading Currency | GBP | GBP | GBP | GBP | GBP | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.33 | 1.33 | 0.86 | |