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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 2.6x - 2.9x | 2.8x |
| Selected Fwd Revenue Multiple | 2.6x - 2.9x | 2.8x |
| Fair Value | $0.47 - $0.55 | $0.51 |
| Upside | 9.8% - 26.8% | 18.3% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Eneco Energy Limited | R14 | SGX:R14 |
| GKE Corporation Limited | 595 | Catalist:595 |
| Vibrant Group Limited | BIP | SGX:BIP |
| A-Sonic Aerospace Limited | BTJ | SGX:BTJ |
| AGX Group Berhad | AGX | KLSE:AGX |
| COSCO SHIPPING International (Singapore) Co., Ltd. | CSCM.Y | OTCPK:CSCM.Y |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| R14 | 595 | BIP | BTJ | AGX | CSCM.Y | |||
| SGX:R14 | Catalist:595 | SGX:BIP | SGX:BTJ | KLSE:AGX | OTCPK:CSCM.Y | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | -5.3% | 4.6% | 0.5% | 6.1% | NM- | 0.2% | ||
| 3Y CAGR | 3.3% | -2.4% | -9.4% | -15.6% | 7.2% | -4.5% | ||
| Latest Twelve Months | 2.4% | 7.4% | 7.9% | 27.7% | NM | -3.2% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | -4.9% | 8.4% | 6.1% | 0.9% | 6.3% | 8.6% | ||
| Prior Fiscal Year | 0.9% | 7.5% | 7.9% | -0.4% | 9.1% | 20.3% | ||
| Latest Fiscal Year | 0.5% | 7.1% | 10.6% | 0.5% | 4.1% | 22.4% | ||
| Latest Twelve Months | 0.5% | 8.4% | 10.6% | 0.5% | 4.9% | 22.4% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 0.78x | 0.79x | 0.81x | -0.07x | 0.90x | 2.44x | ||
| EV / LTM EBIT | 163.9x | 9.3x | 7.7x | -13.3x | 18.4x | 10.9x | ||
| Price / LTM Sales | 0.80x | 0.57x | 0.48x | 0.10x | 0.88x | 1.59x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | -0.07x | 0.79x | 0.90x | |||||
| Historical EV / LTM Revenue | 2.44x | 2.99x | 4.78x | |||||
| Selected EV / LTM Revenue | 2.64x | 2.78x | 2.92x | |||||
| (x) LTM Revenue | 173 | 173 | 173 | |||||
| (=) Implied Enterprise Value | 456 | 480 | 504 | |||||
| (-) Non-shareholder Claims * | (147) | (147) | (147) | |||||
| (=) Equity Value | 309 | 333 | 357 | |||||
| (/) Shares Outstanding | 510.3 | 510.3 | 510.3 | |||||
| Implied Value Range | 0.61 | 0.65 | 0.70 | |||||
| FX Rate: SGD/USD | 1.3 | 1.3 | 1.3 | Market Price | ||||
| Implied Value Range (Trading Cur) | 0.47 | 0.51 | 0.55 | 0.43 | ||||
| Upside / (Downside) | 10.1% | 18.6% | 27.2% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | R14 | 595 | BIP | BTJ | AGX | CSCM.Y | |
| Enterprise Value | 22 | 95 | 120 | (16) | 222 | 428 | |
| (+) Cash & Short Term Investments | 12 | 27 | 64 | 46 | 19 | 51 | |
| (+) Investments & Other | 0 | 2 | 59 | 1 | 17 | 61 | |
| (-) Debt | (12) | (55) | (164) | (2) | (39) | (254) | |
| (-) Other Liabilities | 0 | 0 | (7) | (1) | 0 | (5) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 22 | 69 | 71 | 28 | 219 | 281 | |
| (/) Shares Outstanding | 2,492.9 | 770.5 | 680.3 | 105.8 | 432.9 | 510.3 | |
| Implied Stock Price | 0.01 | 0.09 | 0.10 | 0.26 | 0.51 | 0.55 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 0.78 | 1.00 | 1.28 | |
| Implied Stock Price (Trading Cur) | 0.01 | 0.09 | 0.10 | 0.34 | 0.51 | 0.43 | |
| Trading Currency | SGD | SGD | SGD | SGD | MYR | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 0.78 | 1.00 | 1.28 | |