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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 2.7x - 3.0x | 2.8x |
| Selected Fwd Revenue Multiple | 1.5x - 1.7x | 1.6x |
| Fair Value | ₨0.82 - ₨1.29 | ₨1.06 |
| Upside | 17.4% - 84.6% | 51.0% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| BlueLife Limited | BLL.N0000 | MUSE:BLL.N0000 |
| United Docks Ltd | UTDL.N0000 | MUSE:UTDL.N0000 |
| Mauritius Secondary Industries Limited | MSIL.I0000 | MUSE:MSIL.I0000 |
| Sixth of October for Development and Investment Company "SODIC" (S.A.E.) | OCDI | CASE:OCDI |
| Talaat Moustafa Group Holding | TMGH | CASE:TMGH |
| Semaris Ltd | SEMA.I0000 | MUSE:SEMA.I0000 |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| BLL.N0000 | UTDL.N0000 | MSIL.I0000 | OCDI | TMGH | SEMA.I0000 | |||
| MUSE:BLL.N0000 | MUSE:UTDL.N0000 | MUSE:MSIL.I0000 | CASE:OCDI | CASE:TMGH | MUSE:SEMA.I0000 | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | -5.7% | 30.7% | 0.0% | 12.6% | 29.4% | NM- | ||
| 3Y CAGR | 49.2% | 58.1% | NM- | 12.1% | 40.6% | -5.1% | ||
| Latest Twelve Months | 173.0% | 72.7% | NM | -5.6% | 50.1% | 170.9% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | -6.6% | 33.8% | 33.5% | 15.8% | 24.5% | -20.4% | ||
| Prior Fiscal Year | -55.0% | 45.2% | 27.7% | 17.1% | 24.4% | -17.5% | ||
| Latest Fiscal Year | 7.2% | 48.0% | 33.6% | 33.2% | 27.6% | -21.7% | ||
| Latest Twelve Months | 8.8% | 57.4% | 35.5% | 33.2% | 27.6% | -4.3% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 0.78x | 13.02x | 1.74x | 2.51x | 3.25x | 2.62x | ||
| EV / LTM EBIT | 8.8x | 22.7x | 4.9x | 7.6x | 11.8x | -61.6x | ||
| Price / LTM Sales | 0.37x | 8.04x | 2.37x | 2.42x | 2.59x | 0.42x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 0.78x | 2.51x | 13.02x | |||||
| Historical EV / LTM Revenue | 2.44x | 5.08x | 6.87x | |||||
| Selected EV / LTM Revenue | 2.68x | 2.82x | 2.96x | |||||
| (x) LTM Revenue | 909 | 909 | 909 | |||||
| (=) Implied Enterprise Value | 2,436 | 2,564 | 2,692 | |||||
| (-) Non-shareholder Claims * | (2,001) | (2,001) | (2,001) | |||||
| (=) Equity Value | 434 | 562 | 691 | |||||
| (/) Shares Outstanding | 549.0 | 549.0 | 549.0 | |||||
| Implied Value Range | 0.79 | 1.02 | 1.26 | |||||
| FX Rate: MUR/MUR | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 0.79 | 1.02 | 1.26 | 0.70 | ||||
| Upside / (Downside) | 13.0% | 46.4% | 79.7% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | BLL.N0000 | UTDL.N0000 | MSIL.I0000 | OCDI | TMGH | SEMA.I0000 | |
| Enterprise Value | 1,284 | 3,650 | 28 | 25,375 | 138,048 | 2,386 | |
| (+) Cash & Short Term Investments | 0 | 108 | 0 | 3,405 | 55,896 | 549 | |
| (+) Investments & Other | 0 | 0 | 0 | 0 | 6,815 | 0 | |
| (-) Debt | (571) | (1,502) | 0 | (4,246) | (30,250) | (2,550) | |
| (-) Other Liabilities | (20) | 0 | 0 | (63) | (60,726) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 693 | 2,256 | 28 | 24,471 | 109,782 | 384 | |
| (/) Shares Outstanding | 1,154.9 | 24.3 | 0.8 | 356.2 | 2,063.6 | 549.0 | |
| Implied Stock Price | 0.60 | 93.00 | 35.00 | 68.70 | 53.20 | 0.70 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 0.60 | 93.00 | 35.00 | 68.70 | 53.20 | 0.70 | |
| Trading Currency | MUR | MUR | MUR | EGP | EGP | MUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |