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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM P/E Multiple | 13.6x - 15.0x | 14.3x |
| Selected Fwd P/E Multiple | 6.4x - 7.1x | 6.7x |
| Fair Value | £29.12 - £32.19 | £30.65 |
| Upside | -15.6% - -6.7% | -11.2% |
| Benchmarks | - | Full Ticker |
| RIT Capital Partners Plc | - | LSE:RCP |
| Mercia Asset Management PLC | - | AIM:MERC |
| HICL Infrastructure PLC | - | LSE:HICL |
| Premier Miton Group plc | - | AIM:PMI |
| Puma Alpha VCT plc | - | LSE:PUAL |
| Caledonia Investments Plc | - | LSE:CLDN |
| - | - | - |
| Select Price / LTM EPS Ratio | ||||||||
| Benchmark Companies | ||||||||
| RCP | MERC | HICL | PMI | PUAL | CLDN | |||
| LSE:RCP | AIM:MERC | LSE:HICL | AIM:PMI | LSE:PUAL | LSE:CLDN | |||
| Historical Net Income Growth | ||||||||
| 5Y CAGR | -2.3% | NM- | -36.1% | -29.8% | NM- | 0.6% | ||
| 3Y CAGR | -29.2% | NM- | -41.4% | -48.8% | NM- | -24.1% | ||
| Latest Twelve Months | 361.4% | -154.0% | 51.2% | -48.7% | -455.6% | -15.2% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 79.4% | 25.6% | 96.5% | 10.4% | 18.4% | 89.7% | ||
| Prior Fiscal Year | 46.4% | 11.0% | 98.1% | 5.4% | -110.0% | 81.1% | ||
| Latest Fiscal Year | 81.3% | -24.9% | 86.6% | 2.9% | 129.4% | 86.3% | ||
| Latest Twelve Months | 81.3% | -21.5% | 96.3% | 2.9% | 145.5% | 80.6% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 7.9x | 11.5x | NA | 4.7x | NA | 16.4x | ||
| Price / LTM Sales | 6.7x | 3.1x | 20.0x | 1.1x | -15.6x | 13.8x | ||
| LTM P/E Ratio | 8.2x | -14.5x | 20.8x | 37.2x | -10.7x | 17.1x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/E Ratio | -14.5x | 8.2x | 37.2x | |||||
| Historical LTM P/E Ratio | -47.4x | 7.1x | 10.8x | |||||
| Selected P/E Multiple | 13.6x | 14.3x | 15.0x | |||||
| (x) LTM Net Income | 107 | 107 | 107 | |||||
| (=) Equity Value | 1,459 | 1,536 | 1,613 | |||||
| (/) Shares Outstanding | 52.6 | 52.6 | 52.6 | |||||
| Implied Value Range | 27.72 | 29.18 | 30.64 | |||||
| FX Rate: GBP/GBP | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 27.72 | 29.18 | 30.64 | 34.50 | ||||
| Upside / (Downside) | -19.6% | -15.4% | -11.2% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | RCP | MERC | HICL | PMI | PUAL | CLDN | |
| Value of Common Equity | 2,519 | 101 | 2,120 | 69 | 32 | 1,816 | |
| (/) Shares Outstanding | 140.9 | 431.3 | 1,977.9 | 156.2 | 32.7 | 52.6 | |
| Implied Stock Price | 17.88 | 0.23 | 1.07 | 0.44 | 0.98 | 34.50 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 17.88 | 0.23 | 1.07 | 0.44 | 0.98 | 34.50 | |
| Trading Currency | GBP | GBP | GBP | GBP | GBP | GBP | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |