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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | -21.9x - -24.3x | -23.1x |
| Selected Fwd EBIT Multiple | 9.3x - 10.3x | 9.8x |
| Fair Value | $7.45 - $8.38 | $7.91 |
| Upside | -35.0% - -27.0% | -31.0% |
| Benchmarks | Ticker | Full Ticker |
| MasterCraft Boat Holdings, Inc. | MCFT | NasdaqGM:MCFT |
| Newton Golf Company, Inc. | NWTG | NasdaqCM:NWTG |
| SRM Entertainment, Inc. | SRM | NasdaqCM:SRM |
| Latham Group, Inc. | SWIM | NasdaqGS:SWIM |
| Interactive Strength Inc. | TRNR | NasdaqCM:TRNR |
| American Outdoor Brands, Inc. | AOUT | NasdaqGS:AOUT |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| MCFT | NWTG | SRM | SWIM | TRNR | AOUT | ||
| NasdaqGM:MCFT | NasdaqCM:NWTG | NasdaqCM:SRM | NasdaqGS:SWIM | NasdaqCM:TRNR | NasdaqGS:AOUT | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | -21.6% | NM- | NM- | -6.2% | NM- | NM- | |
| 3Y CAGR | -37.5% | NM- | NM- | NM- | NM- | NM- | |
| Latest Twelve Months | -101.2% | -7.4% | -112.8% | 13.3% | 48.4% | 57.0% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 12.9% | -807.8% | -37.1% | 2.9% | -5711.0% | -0.6% | |
| Prior Fiscal Year | 17.7% | -1327.5% | -35.4% | 2.8% | -5663.2% | -6.6% | |
| Latest Fiscal Year | 5.2% | -144.5% | -100.5% | 3.6% | -522.0% | -6.2% | |
| Latest Twelve Months | -0.3% | -144.5% | -100.5% | 3.6% | -522.0% | -2.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.74x | -0.12x | 1.41x | 1.83x | 3.08x | 0.79x | |
| EV / LTM EBITDA | 21.9x | 0.1x | -1.4x | 14.8x | -0.7x | 17.5x | |
| EV / LTM EBIT | -239.0x | 0.1x | -1.4x | 50.8x | -0.6x | -34.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -239.0x | -0.6x | 50.8x | ||||
| Historical EV / LTM EBIT | -12.0x | 0.1x | 18.2x | ||||
| Selected EV / LTM EBIT | -21.9x | -23.1x | -24.3x | ||||
| (x) LTM EBIT | (5) | (5) | (5) | ||||
| (=) Implied Enterprise Value | 103 | 109 | 114 | ||||
| (-) Non-shareholder Claims * | (17) | (17) | (17) | ||||
| (=) Equity Value | 87 | 92 | 98 | ||||
| (/) Shares Outstanding | 12.7 | 12.7 | 12.7 | ||||
| Implied Value Range | 6.81 | 7.24 | 7.67 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 6.81 | 7.24 | 7.67 | 11.47 | |||
| Upside / (Downside) | -40.6% | -36.9% | -33.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | MCFT | NWTG | SRM | SWIM | TRNR | AOUT | |
| Enterprise Value | 233 | (0) | 6 | 928 | 17 | 163 | |
| (+) Cash & Short Term Investments | 63 | 8 | 1 | 56 | 0 | 17 | |
| (+) Investments & Other | 0 | 0 | 0 | 25 | 0 | 0 | |
| (-) Debt | 0 | (0) | (1) | (315) | (12) | (34) | |
| (-) 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 | 296 | 7 | 7 | 695 | 5 | 146 | |
| (/) Shares Outstanding | 16.8 | 4.3 | 17.2 | 116.4 | 8.0 | 12.7 | |
| Implied Stock Price | 17.64 | 1.68 | 0.40 | 5.97 | 0.62 | 11.47 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 17.64 | 1.68 | 0.40 | 5.97 | 0.62 | 11.47 | |
| Trading Currency | USD | USD | USD | USD | USD | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |