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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 40.3x - 44.6x | 42.4x |
| Selected Fwd EBIT Multiple | 5.4x - 5.9x | 5.6x |
| Fair Value | $2.80 - $3.05 | $2.92 |
| Upside | -21.9% - -14.9% | -18.4% |
| Benchmarks | Ticker | Full Ticker |
| Sol Strategies Inc. | HODL | CNSX:HODL |
| Alset AI Ventures Inc. | GPUS | TSXV:GPUS |
| MedBright AI Investments Inc. | MBAI | CNSX:MBAI |
| WonderFi Technologies Inc. | WNDR | TSX:WNDR |
| FRNT Financial Inc. | FRNT | TSXV:FRNT |
| DeFi Technologies Inc. | DEFT | NasdaqCM:DEFT |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| HODL | GPUS | MBAI | WNDR | FRNT | DEFT | ||
| CNSX:HODL | TSXV:GPUS | CNSX:MBAI | TSX:WNDR | TSXV:FRNT | NasdaqCM:DEFT | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | NM- | NM- | NM- | NM- | NM- | |
| 3Y CAGR | NM- | NM- | NM- | NM- | NM- | NM- | |
| Latest Twelve Months | NM | -2574.0% | 50.7% | -1420.2% | -13.9% | 5618.4% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 15.8% | -84413.3% | 162.0% | -48.3% | -878.0% | -623.7% | |
| Prior Fiscal Year | 129.1% | NA | 1429.4% | -40.0% | -731.3% | -44.3% | |
| Latest Fiscal Year | 76.2% | 1932.4% | 119.8% | 8.2% | -174.0% | -42.7% | |
| Latest Twelve Months | NA | -5654.6% | 146.1% | -4.8% | -275.4% | 26.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 37.11x | 149.02x | -2.95x | 3.38x | 12.73x | 13.26x | |
| EV / LTM EBITDA | 50.1x | NA | NA | 42.4x | -4.6x | 47.5x | |
| EV / LTM EBIT | 50.5x | -2.6x | -2.0x | -71.2x | -4.6x | 50.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -71.2x | -2.6x | 50.5x | ||||
| Historical EV / LTM EBIT | -128.0x | -8.3x | 12.7x | ||||
| Selected EV / LTM EBIT | 40.3x | 42.4x | 44.6x | ||||
| (x) LTM EBIT | 32 | 32 | 32 | ||||
| (=) Implied Enterprise Value | 1,295 | 1,364 | 1,432 | ||||
| (-) Non-shareholder Claims * | 178 | 178 | 178 | ||||
| (=) Equity Value | 1,474 | 1,542 | 1,610 | ||||
| (/) Shares Outstanding | 331.4 | 331.4 | 331.4 | ||||
| Implied Value Range | 4.45 | 4.65 | 4.86 | ||||
| FX Rate: CAD/USD | 1.4 | 1.4 | 1.4 | Market Price | |||
| Implied Value Range (Trading Cur) | 3.24 | 3.39 | 3.54 | 3.58 | |||
| Upside / (Downside) | -9.5% | -5.3% | -1.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | HODL | GPUS | MBAI | WNDR | FRNT | DEFT | |
| Enterprise Value | 468 | 15 | 7 | 188 | 15 | 1,451 | |
| (+) Cash & Short Term Investments | 0 | 3 | 1 | 30 | 3 | 38 | |
| (+) Investments & Other | 0 | 4 | 1 | 9 | 0 | 159 | |
| (-) Debt | 0 | 0 | 0 | (2) | (0) | (13) | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | 0 | (2) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | (4) | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 468 | 22 | 8 | 226 | 18 | 1,629 | |
| (/) Shares Outstanding | 161.3 | 144.8 | 110.4 | 663.8 | 37.5 | 331.4 | |
| Implied Stock Price | 2.90 | 0.15 | 0.08 | 0.34 | 0.48 | 4.91 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.37 | |
| Implied Stock Price (Trading Cur) | 2.90 | 0.15 | 0.08 | 0.34 | 0.48 | 3.58 | |
| Trading Currency | CAD | CAD | CAD | CAD | CAD | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.37 | |