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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | -18.6x - -20.6x | -19.6x |
| Selected Fwd EBITDA Multiple | 7.4x - 8.2x | 7.8x |
| Fair Value | €1.06 - €1.17 | €1.12 |
| Upside | -37.8% - -31.6% | -34.7% |
| Benchmarks | Ticker | Full Ticker |
| Inter-Rock Minerals Inc. | IRO | TSXV:IRO |
| Borealis Foods Inc. | BRLS | NasdaqCM:BRLS |
| Planet Based Foods Global Inc. | PBF | CNSX:PBF |
| AgriFORCE Growing Systems Ltd. | AGRI | NasdaqCM:AGRI |
| Kuber Resources Corporation | KUBR | OTCPK:KUBR |
| Beyond Oil Ltd. | UH9 | DB:UH9 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| IRO | BRLS | PBF | AGRI | KUBR | UH9 | ||
| TSXV:IRO | NasdaqCM:BRLS | CNSX:PBF | NasdaqCM:AGRI | OTCPK:KUBR | DB:UH9 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 3.4% | NM- | NM- | NM- | NM- | NM- | |
| 3Y CAGR | 11.0% | NM- | NM- | NM- | NM- | NM- | |
| Latest Twelve Months | 16.5% | -12.5% | 42.2% | 18.5% | -15.9% | -70.3% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 4.4% | -53.0% | -5472.3% | -19274.5% | 37.3% | 35882.8% | |
| Prior Fiscal Year | 3.7% | -35.3% | -1242.3% | -48771.9% | 79.2% | -782.8% | |
| Latest Fiscal Year | 3.6% | -59.9% | -702.9% | -7361.1% | 35.9% | -524.3% | |
| Latest Twelve Months | 3.6% | -54.6% | 2947.0% | -1313.3% | 59.2% | -282.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.11x | 4.26x | -41.77x | 11.70x | 187.60x | 93.58x | |
| EV / LTM EBITDA | 3.1x | -7.8x | -1.4x | -0.9x | 316.9x | -33.1x | |
| EV / LTM EBIT | 3.8x | -6.9x | -1.4x | -0.8x | 381.2x | -31.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -7.8x | -0.9x | 316.9x | ||||
| Historical EV / LTM EBITDA | -22.6x | -11.9x | -7.6x | ||||
| Selected EV / LTM EBITDA | -18.6x | -19.6x | -20.6x | ||||
| (x) LTM EBITDA | (4) | (4) | (4) | ||||
| (=) Implied Enterprise Value | 79 | 83 | 87 | ||||
| (-) Non-shareholder Claims * | 4 | 4 | 4 | ||||
| (=) Equity Value | 83 | 87 | 92 | ||||
| (/) Shares Outstanding | 70.9 | 70.9 | 70.9 | ||||
| Implied Value Range | 1.18 | 1.23 | 1.29 | ||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 1.00 | 1.05 | 1.10 | 1.71 | |||
| Upside / (Downside) | -41.5% | -38.6% | -35.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | IRO | BRLS | PBF | AGRI | KUBR | UH9 | |
| Enterprise Value | 11 | 114 | 2 | 5 | 967 | 138 | |
| (+) Cash & Short Term Investments | 7 | 0 | 0 | 1 | 0 | 4 | |
| (+) Investments & Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Debt | (6) | (49) | (1) | (5) | (1) | (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 | 12 | 65 | 1 | 2 | 966 | 142 | |
| (/) Shares Outstanding | 21.7 | 21.4 | 19.7 | 2.9 | 157.6 | 70.9 | |
| Implied Stock Price | 0.54 | 3.04 | 0.04 | 0.54 | 6.13 | 2.01 | |
| FX Conversion Rate to Trading Currency | 0.73 | 1.00 | 0.73 | 1.00 | 1.00 | 1.17 | |
| Implied Stock Price (Trading Cur) | 0.74 | 3.04 | 0.06 | 0.54 | 6.13 | 1.71 | |
| Trading Currency | CAD | USD | CAD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 0.73 | 1.00 | 0.73 | 1.00 | 1.00 | 1.17 | |