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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 1.0x - 1.1x | 1.0x |
| Selected Fwd Revenue Multiple | 0.8x - 0.9x | 0.9x |
| Fair Value | ₦0.72 - ₦0.80 | ₦0.76 |
| Upside | 30.1% - 44.7% | 37.4% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Ikeja Hotel Plc | IKEJAHOTEL | NGSE:IKEJAHOTEL |
| Tantalizers PLC | TANTALIZER | NGSE:TANTALIZER |
| Transcorp Hotels Plc | TRANSCOHOT | NGSE:TRANSCOHOT |
| Ainsworth Game Technology Limited | AINS.F | OTCPK:AINS.F |
| Ghida Al-Sultan Company | 9567 | SASE:9567 |
| Secure Electronic Technology Plc | NSLTECH | NGSE:NSLTECH |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| IKEJAHOTEL | TANTALIZER | TRANSCOHOT | AINS.F | 9567 | NSLTECH | |||
| NGSE:IKEJAHOTEL | NGSE:TANTALIZER | NGSE:TRANSCOHOT | OTCPK:AINS.F | SASE:9567 | NGSE:NSLTECH | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 8.4% | -1.1% | 28.0% | 2.4% | NM- | 0.1% | ||
| 3Y CAGR | 23.9% | -1.9% | 48.5% | 18.3% | 37.2% | 1.7% | ||
| Latest Twelve Months | 68.8% | 2.8% | 69.2% | -7.3% | 8.4% | 24.5% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | -3.2% | -27.2% | 22.3% | -4.4% | 9.3% | -1.1% | ||
| Prior Fiscal Year | 20.9% | -25.4% | 33.2% | 13.1% | 14.4% | -1.4% | ||
| Latest Fiscal Year | 27.4% | -23.6% | 32.1% | 9.4% | 4.2% | -1.9% | ||
| Latest Twelve Months | 27.4% | -23.6% | 32.1% | 9.4% | 4.4% | -1.9% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | -0.02x | 11.64x | 19.85x | 1.05x | 0.95x | 0.78x | ||
| EV / LTM EBIT | -0.1x | -49.4x | 61.8x | 11.2x | 21.6x | -40.8x | ||
| Price / LTM Sales | 1.19x | 12.10x | 19.77x | 1.05x | 0.84x | 0.71x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | -0.02x | 1.05x | 19.85x | |||||
| Historical EV / LTM Revenue | 0.26x | 0.28x | 1.12x | |||||
| Selected EV / LTM Revenue | 0.97x | 1.02x | 1.07x | |||||
| (x) LTM Revenue | 4,349 | 4,349 | 4,349 | |||||
| (=) Implied Enterprise Value | 4,221 | 4,443 | 4,666 | |||||
| (-) Non-shareholder Claims * | (278) | (278) | (278) | |||||
| (=) Equity Value | 3,943 | 4,165 | 4,388 | |||||
| (/) Shares Outstanding | 5,631.5 | 5,631.5 | 5,631.5 | |||||
| Implied Value Range | 0.70 | 0.74 | 0.78 | |||||
| FX Rate: NGN/NGN | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 0.70 | 0.74 | 0.78 | 0.55 | ||||
| Upside / (Downside) | 27.3% | 34.5% | 41.7% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | IKEJAHOTEL | TANTALIZER | TRANSCOHOT | AINS.F | 9567 | NSLTECH | |
| Enterprise Value | (319) | 13,948 | 1,390,216 | 278 | 165 | 3,375 | |
| (+) Cash & Short Term Investments | 22,533 | 851 | 9,697 | 20 | 10 | 53 | |
| (+) Investments & Other | 0 | 0 | 2,300 | 0 | 0 | 0 | |
| (-) Debt | 0 | (299) | (16,085) | (19) | (29) | (331) | |
| (-) Other Liabilities | 59 | 0 | 198 | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 22,272 | 14,500 | 1,386,326 | 279 | 146 | 3,097 | |
| (/) Shares Outstanding | 2,162.4 | 5,000.0 | 10,242.5 | 336.8 | 3.2 | 5,631.5 | |
| Implied Stock Price | 10.30 | 2.90 | 135.35 | 0.83 | 45.50 | 0.55 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.59 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 10.30 | 2.90 | 135.35 | 0.52 | 45.50 | 0.55 | |
| Trading Currency | NGN | NGN | NGN | USD | SAR | NGN | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.59 | 1.00 | 1.00 | |