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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 14.6x - 16.1x | 15.4x |
| Selected Fwd EBITDA Multiple | 6.0x - 6.6x | 6.3x |
| Fair Value | $0.79 - $0.88 | $0.83 |
| Upside | 19.7% - 34.4% | 27.0% |
| Benchmarks | Ticker | Full Ticker |
| Sunright Limited | S71 | SGX:S71 |
| Advanced Systems Automation Limited | WJ9 | Catalist:WJ9 |
| Avi-Tech Holdings Limited | 1R6 | SGX:1R6 |
| Maxeon Solar Technologies, Ltd. | 5QJ1 | DB:5QJ1 |
| Micro-Mechanics (Holdings) Ltd. | 5DD | SGX:5DD |
| AEM Holdings Ltd. | AEMF.F | PINC:AEMF.F |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| S71 | WJ9 | 1R6 | 5QJ1 | 5DD | AEMF.F | ||
| SGX:S71 | Catalist:WJ9 | SGX:1R6 | DB:5QJ1 | SGX:5DD | PINC:AEMF.F | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | -6.8% | NM- | -15.3% | NM- | -5.1% | -19.8% | |
| 3Y CAGR | -8.1% | NM- | -12.4% | NM- | -15.4% | -42.1% | |
| Latest Twelve Months | 40.8% | -21122.2% | -112.7% | -914.5% | 11.1% | -58.1% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 14.8% | 9.2% | 14.3% | -11.1% | 34.1% | 17.2% | |
| Prior Fiscal Year | 10.3% | 0.1% | 12.2% | -11.9% | 28.6% | 11.2% | |
| Latest Fiscal Year | 18.6% | -21.8% | 11.7% | -1.2% | 29.2% | 5.9% | |
| Latest Twelve Months | 17.2% | -21.8% | -3.7% | -41.8% | 30.4% | 5.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.02x | 2.12x | -0.44x | 0.48x | 3.19x | 1.11x | |
| EV / LTM EBITDA | 0.1x | -9.7x | 12.0x | -1.1x | 10.5x | 18.8x | |
| EV / LTM EBIT | 0.9x | -7.9x | 4.7x | -1.0x | 14.2x | 31.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -9.7x | 0.1x | 12.0x | ||||
| Historical EV / LTM EBITDA | 5.1x | 18.8x | 27.3x | ||||
| Selected EV / LTM EBITDA | 14.6x | 15.4x | 16.1x | ||||
| (x) LTM EBITDA | 23 | 23 | 23 | ||||
| (=) Implied Enterprise Value | 329 | 346 | 363 | ||||
| (-) Non-shareholder Claims * | (54) | (54) | (54) | ||||
| (=) Equity Value | 275 | 292 | 309 | ||||
| (/) Shares Outstanding | 313.2 | 313.2 | 313.2 | ||||
| Implied Value Range | 0.88 | 0.93 | 0.99 | ||||
| FX Rate: SGD/USD | 1.3 | 1.3 | 1.3 | Market Price | |||
| Implied Value Range (Trading Cur) | 0.67 | 0.71 | 0.75 | 0.66 | |||
| Upside / (Downside) | 1.7% | 8.1% | 14.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | S71 | WJ9 | 1R6 | 5QJ1 | 5DD | AEMF.F | |
| Enterprise Value | 2 | 37 | (12) | 315 | 195 | 324 | |
| (+) Cash & Short Term Investments | 95 | 5 | 37 | 51 | 20 | 47 | |
| (+) Investments & Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Debt | (22) | (7) | (1) | (319) | (1) | (94) | |
| (-) Other Liabilities | (53) | (25) | 0 | (5) | 0 | (7) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 22 | 10 | 25 | 43 | 214 | 270 | |
| (/) Shares Outstanding | 122.8 | 1,635.1 | 171.0 | 12.9 | 139.0 | 313.2 | |
| Implied Stock Price | 0.18 | 0.01 | 0.15 | 3.31 | 1.54 | 0.86 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.14 | 1.00 | 1.31 | |
| Implied Stock Price (Trading Cur) | 0.18 | 0.01 | 0.15 | 2.91 | 1.54 | 0.66 | |
| Trading Currency | SGD | SGD | SGD | EUR | SGD | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.14 | 1.00 | 1.31 | |