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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 6.6x - 7.3x | 7.0x |
| Selected Fwd EBITDA Multiple | 7.0x - 7.8x | 7.4x |
| Fair Value | $0.52 - $0.60 | $0.56 |
| Upside | 20.8% - 39.0% | 29.9% |
| Benchmarks | Ticker | Full Ticker |
| Eneco Energy Limited | R14 | SGX:R14 |
| GKE Corporation Limited | 595 | Catalist:595 |
| Vibrant Group Limited | BIP | SGX:BIP |
| AGX Group Berhad | AGX | KLSE:AGX |
| A-Sonic Aerospace Limited | BTJ | SGX:BTJ |
| COSCO SHIPPING International (Singapore) Co., Ltd. | CSCM.Y | OTCPK:CSCM.Y |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| R14 | 595 | BIP | AGX | BTJ | CSCM.Y | ||
| SGX:R14 | Catalist:595 | SGX:BIP | KLSE:AGX | SGX:BTJ | OTCPK:CSCM.Y | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | NM- | 13.5% | NM- | NM- | -9.2% | 15.2% | |
| 3Y CAGR | -29.0% | -5.4% | -2.1% | -7.4% | -43.1% | 5.4% | |
| Latest Twelve Months | -16.6% | 4.7% | 25.4% | NM | 1144.9% | -3.7% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | -2.5% | 16.3% | 10.8% | 7.0% | 1.1% | 30.9% | |
| Prior Fiscal Year | 3.4% | 16.1% | 13.5% | 9.8% | -0.1% | 43.4% | |
| Latest Fiscal Year | 2.8% | 15.7% | 15.7% | 4.9% | 0.7% | 43.2% | |
| Latest Twelve Months | 2.8% | 16.4% | 15.7% | 5.7% | 0.7% | 43.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.87x | 0.84x | 1.11x | 0.88x | -0.06x | 2.47x | |
| EV / LTM EBITDA | 31.5x | 5.1x | 7.1x | 15.4x | -8.9x | 5.7x | |
| EV / LTM EBIT | 184.2x | 9.9x | 10.5x | 18.1x | -12.3x | 11.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -8.9x | 7.1x | 31.5x | ||||
| Historical EV / LTM EBITDA | 5.7x | 9.6x | 19.7x | ||||
| Selected EV / LTM EBITDA | 6.6x | 7.0x | 7.3x | ||||
| (x) LTM EBITDA | 75 | 75 | 75 | ||||
| (=) Implied Enterprise Value | 494 | 520 | 546 | ||||
| (-) Non-shareholder Claims * | (147) | (147) | (147) | ||||
| (=) Equity Value | 347 | 373 | 399 | ||||
| (/) Shares Outstanding | 510.3 | 510.3 | 510.3 | ||||
| Implied Value Range | 0.68 | 0.73 | 0.78 | ||||
| FX Rate: SGD/USD | 1.3 | 1.3 | 1.3 | Market Price | |||
| Implied Value Range (Trading Cur) | 0.53 | 0.56 | 0.60 | 0.43 | |||
| Upside / (Downside) | 22.1% | 31.3% | 40.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | R14 | 595 | BIP | AGX | BTJ | CSCM.Y | |
| Enterprise Value | 27 | 104 | 166 | 220 | (15) | 431 | |
| (+) Cash & Short Term Investments | 12 | 27 | 64 | 19 | 46 | 51 | |
| (+) Investments & Other | 0 | 2 | 59 | 17 | 1 | 61 | |
| (-) Debt | (12) | (55) | (164) | (39) | (2) | (254) | |
| (-) Other Liabilities | 0 | 0 | (7) | 0 | (1) | (5) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 28 | 78 | 117 | 216 | 28 | 284 | |
| (/) Shares Outstanding | 2,792.9 | 770.5 | 679.9 | 432.9 | 105.8 | 510.3 | |
| Implied Stock Price | 0.01 | 0.10 | 0.17 | 0.50 | 0.27 | 0.56 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 0.77 | 1.29 | |
| Implied Stock Price (Trading Cur) | 0.01 | 0.10 | 0.17 | 0.50 | 0.35 | 0.43 | |
| Trading Currency | SGD | SGD | SGD | MYR | SGD | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 0.77 | 1.29 | |