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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | -7.6x - -8.4x | -8.0x |
| Selected Fwd EBITDA Multiple | 5.7x - 6.3x | 6.0x |
| Fair Value | $3.17 - $3.43 | $3.30 |
| Upside | -1.8% - 6.4% | 2.3% |
| Benchmarks | Ticker | Full Ticker |
| Escalade, Incorporated | ESCA | NasdaqGM:ESCA |
| Johnson Outdoors Inc. | JOUT | NasdaqGS:JOUT |
| Marine Products Corporation | MPX | NYSE:MPX |
| Malibu Boats, Inc. | MBUU | NasdaqGM:MBUU |
| Thule Group AB (publ) | THLP.F | OTCPK:THLP.F |
| Clarus Corporation | CLAR | NasdaqGS:CLAR |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| ESCA | JOUT | MPX | MBUU | THLP.F | CLAR | ||
| NasdaqGM:ESCA | NasdaqGS:JOUT | NYSE:MPX | NasdaqGM:MBUU | OTCPK:THLP.F | NasdaqGS:CLAR | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 10.7% | NM- | -10.4% | -8.9% | 7.2% | NM- | |
| 3Y CAGR | -15.5% | NM- | -18.2% | -25.1% | -9.1% | NM- | |
| Latest Twelve Months | -14.3% | -443.4% | -57.2% | -74.0% | 4.9% | -140.6% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 10.7% | 7.8% | 12.2% | 16.5% | 19.9% | 3.1% | |
| Prior Fiscal Year | 8.9% | 3.6% | 13.5% | 20.0% | 18.6% | -1.4% | |
| Latest Fiscal Year | 8.8% | -2.7% | 8.8% | 9.3% | 19.0% | -3.5% | |
| Latest Twelve Months | 9.1% | -5.6% | 8.1% | 5.9% | 18.7% | -4.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.91x | 0.40x | 1.07x | 0.74x | 3.06x | 0.39x | |
| EV / LTM EBITDA | 10.0x | -7.2x | 13.1x | 12.6x | 16.4x | -8.2x | |
| EV / LTM EBIT | 13.5x | -4.7x | 15.6x | 73.1x | 18.7x | -3.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -7.2x | 12.6x | 16.4x | ||||
| Historical EV / LTM EBITDA | -28.0x | 7.3x | 40.8x | ||||
| Selected EV / LTM EBITDA | -7.6x | -8.0x | -8.4x | ||||
| (x) LTM EBITDA | (12) | (12) | (12) | ||||
| (=) Implied Enterprise Value | 92 | 97 | 102 | ||||
| (-) Non-shareholder Claims * | 25 | 25 | 25 | ||||
| (=) Equity Value | 117 | 122 | 127 | ||||
| (/) Shares Outstanding | 38.4 | 38.4 | 38.4 | ||||
| Implied Value Range | 3.05 | 3.18 | 3.30 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 3.05 | 3.18 | 3.30 | 3.23 | |||
| Upside / (Downside) | -5.4% | -1.5% | 2.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | ESCA | JOUT | MPX | MBUU | THLP.F | CLAR | |
| Enterprise Value | 226 | 223 | 241 | 565 | 38,027 | 99 | |
| (+) Cash & Short Term Investments | 2 | 94 | 57 | 39 | 394 | 41 | |
| (+) Investments & Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Debt | (25) | (49) | 0 | (36) | (4,595) | (16) | |
| (-) Other Liabilities | 0 | 0 | 0 | (5) | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 203 | 268 | 298 | 563 | 33,826 | 124 | |
| (/) Shares Outstanding | 13.8 | 10.2 | 35.0 | 19.2 | 107.8 | 38.4 | |
| Implied Stock Price | 14.75 | 26.33 | 8.53 | 29.35 | 313.68 | 3.23 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 9.71 | 1.00 | |
| Implied Stock Price (Trading Cur) | 14.75 | 26.33 | 8.53 | 29.35 | 32.30 | 3.23 | |
| Trading Currency | USD | USD | USD | USD | USD | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 9.71 | 1.00 | |