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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 8.2x - 9.1x | 8.6x |
| Selected Fwd EBITDA Multiple | 7.6x - 8.4x | 8.0x |
| Fair Value | $19.08 - $22.56 | $20.82 |
| Upside | -13.8% - 1.9% | -6.0% |
| Benchmarks | Ticker | Full Ticker |
| Five Point Holdings, LLC | FPH | NYSE:FPH |
| Howard Hughes Holdings Inc. | HHH | NYSE:HHH |
| Tejon Ranch Co. | TRC | NYSE:TRC |
| Kid Castle Educational Corporation | KDCE | OTCPK:KDCE |
| Douglas Elliman Inc. | DOUG | NYSE:DOUG |
| Forestar Group Inc. | FOR | NYSE:FOR |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| FPH | HHH | TRC | KDCE | DOUG | FOR | ||
| NYSE:FPH | NYSE:HHH | NYSE:TRC | OTCPK:KDCE | NYSE:DOUG | NYSE:FOR | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | NM- | 20.4% | NM- | NM- | NM- | 40.7% | |
| 3Y CAGR | 43.7% | 20.8% | NM- | NM- | NM- | 14.2% | |
| Latest Twelve Months | 73.0% | 111.9% | -23.1% | -13.3% | 61.5% | -17.8% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 4.1% | 31.0% | 4.3% | 21.6% | 0.4% | 13.6% | |
| Prior Fiscal Year | 21.8% | 39.7% | 2.2% | 21.4% | -5.7% | 15.9% | |
| Latest Fiscal Year | 36.5% | 41.0% | -11.0% | 9.2% | -4.0% | 16.2% | |
| Latest Twelve Months | 36.4% | 41.5% | -11.2% | 137.7% | -2.0% | 13.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 7.52x | 4.92x | 12.11x | -0.11x | 0.21x | 1.25x | |
| EV / LTM EBITDA | 20.7x | 11.8x | -108.1x | -0.1x | -10.3x | 8.9x | |
| EV / LTM EBIT | 26.2x | 15.6x | -53.4x | -0.1x | -7.6x | 9.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -108.1x | -0.1x | 20.7x | ||||
| Historical EV / LTM EBITDA | 4.9x | 8.6x | 18.3x | ||||
| Selected EV / LTM EBITDA | 8.2x | 8.6x | 9.1x | ||||
| (x) LTM EBITDA | 205 | 205 | 205 | ||||
| (=) Implied Enterprise Value | 1,682 | 1,770 | 1,859 | ||||
| (-) Non-shareholder Claims * | (708) | (708) | (708) | ||||
| (=) Equity Value | 974 | 1,062 | 1,151 | ||||
| (/) Shares Outstanding | 50.8 | 50.8 | 50.8 | ||||
| Implied Value Range | 19.16 | 20.90 | 22.65 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 19.16 | 20.90 | 22.65 | 22.14 | |||
| Upside / (Downside) | -13.5% | -5.6% | 2.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | FPH | HHH | TRC | KDCE | DOUG | FOR | |
| Enterprise Value | 1,814 | 8,708 | 517 | 0 | 219 | 1,833 | |
| (+) Cash & Short Term Investments | 528 | 499 | 33 | 0 | 137 | 174 | |
| (+) Investments & Other | 143 | 166 | 30 | 0 | 13 | 0 | |
| (-) Debt | (600) | (5,254) | (74) | (0) | (152) | (881) | |
| (-) Other Liabilities | (1,465) | (67) | (15) | 0 | 0 | (1) | |
| (-) Preferred Stock | 0 | 0 | 0 | (0) | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 420 | 4,052 | 490 | 0 | 217 | 1,125 | |
| (/) Shares Outstanding | 69.9 | 59.0 | 26.9 | 22.3 | 88.7 | 50.8 | |
| Implied Stock Price | 6.01 | 68.65 | 18.22 | 0.00 | 2.45 | 22.14 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 6.01 | 68.65 | 18.22 | 0.00 | 2.45 | 22.14 | |
| 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 | |