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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 0.5x - 0.5x | 0.5x |
| Selected Fwd Revenue Multiple | 0.4x - 0.5x | 0.4x |
| Fair Value | $3.57 - $5.48 | $4.53 |
| Upside | 6.1% - 62.7% | 34.4% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Nine Energy Service, Inc. | NINE | NYSE:NINE |
| Mammoth Energy Services, Inc. | TUSK | NasdaqGS:TUSK |
| ProPetro Holding Corp. | PUMP | NYSE:PUMP |
| Innovex International, Inc. | INVX | NYSE:INVX |
| Solaris Energy Infrastructure, Inc. | SEI | NYSE:SEI |
| KLX Energy Services Holdings, Inc. | KLXE | NasdaqGS:KLXE |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| NINE | TUSK | PUMP | INVX | SEI | KLXE | |||
| NYSE:NINE | NasdaqGS:TUSK | NYSE:PUMP | NYSE:INVX | NYSE:SEI | NasdaqGS:KLXE | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | -7.8% | -21.4% | -6.8% | NM- | 5.3% | 7.4% | ||
| 3Y CAGR | 16.6% | -6.4% | 18.2% | 30.9% | 25.3% | 36.8% | ||
| Latest Twelve Months | -9.1% | -39.3% | -11.4% | 18.9% | 6.9% | -20.2% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | -6.8% | -29.3% | 5.9% | 15.0% | 10.1% | -6.6% | ||
| Prior Fiscal Year | 3.0% | -6.8% | 12.8% | 18.0% | 17.5% | 6.2% | ||
| Latest Fiscal Year | 1.7% | -23.2% | 3.9% | 12.9% | 15.1% | -2.2% | ||
| Latest Twelve Months | 1.7% | -23.2% | 3.9% | 12.9% | 15.1% | -2.2% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 0.69x | 0.33x | 0.61x | 1.89x | 4.45x | 0.44x | ||
| EV / LTM EBIT | 40.8x | -1.4x | 15.5x | 14.6x | 29.5x | -20.3x | ||
| Price / LTM Sales | 0.09x | 0.54x | 0.53x | 1.88x | 4.90x | 0.08x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 0.33x | 0.69x | 4.45x | |||||
| Historical EV / LTM Revenue | 0.37x | 0.49x | 1.27x | |||||
| Selected EV / LTM Revenue | 0.45x | 0.48x | 0.50x | |||||
| (x) LTM Revenue | 709 | 709 | 709 | |||||
| (=) Implied Enterprise Value | 321 | 338 | 355 | |||||
| (-) Non-shareholder Claims * | (253) | (253) | (253) | |||||
| (=) Equity Value | 68 | 85 | 102 | |||||
| (/) Shares Outstanding | 17.4 | 17.4 | 17.4 | |||||
| Implied Value Range | 3.91 | 4.88 | 5.85 | |||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 3.91 | 4.88 | 5.85 | 3.37 | ||||
| Upside / (Downside) | 15.9% | 44.7% | 73.5% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | NINE | TUSK | PUMP | INVX | SEI | KLXE | |
| Enterprise Value | 380 | 63 | 879 | 1,246 | 1,395 | 312 | |
| (+) Cash & Short Term Investments | 28 | 61 | 58 | 86 | 114 | 92 | |
| (+) Investments & Other | 0 | 4 | 0 | 0 | 0 | 0 | |
| (-) Debt | (359) | (26) | (175) | (91) | (329) | (345) | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | (311) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 49 | 102 | 761 | 1,240 | 869 | 59 | |
| (/) Shares Outstanding | 42.3 | 48.1 | 103.2 | 69.3 | 38.0 | 17.4 | |
| Implied Stock Price | 1.15 | 2.11 | 7.38 | 17.91 | 22.86 | 3.37 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 1.15 | 2.11 | 7.38 | 17.91 | 22.86 | 3.37 | |
| 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 | |