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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 0.5x - 0.6x | 0.5x |
| Selected Fwd Revenue Multiple | 0.2x - 0.2x | 0.2x |
| Fair Value | $0.16 - $0.18 | $0.17 |
| Upside | 59.2% - 75.7% | 67.5% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Netflix, Inc. | NFLX * | BMV:NFLX* |
| The Walt Disney Company | DIS | NEOE:DIS |
| Cineplex Inc. | CGX | TSX:CGX |
| Icarus Capital Corp. | ICRS | TSXV:ICRS |
| Thunderbird Entertainment Group Inc. | TBRD | TSXV:TBRD |
| Network Media Group Inc. | NETW.F | OTCPK:NETW.F |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| NFLX * | DIS | CGX | ICRS | TBRD | NETW.F | |||
| BMV:NFLX* | NEOE:DIS | TSX:CGX | TSXV:ICRS | TSXV:TBRD | OTCPK:NETW.F | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 14.1% | 5.6% | -4.4% | NM- | 23.4% | -7.2% | ||
| 3Y CAGR | 9.5% | 10.7% | 26.5% | NM- | 14.0% | 47.0% | ||
| Latest Twelve Months | 14.8% | 5.0% | 6.4% | 40.3% | 25.7% | -6.1% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 21.4% | 9.0% | -28.4% | -16.7% | 4.1% | -16.1% | ||
| Prior Fiscal Year | 20.6% | 10.5% | 11.1% | -36.8% | -2.6% | -5.7% | ||
| Latest Fiscal Year | 26.7% | 13.5% | 6.8% | -11.3% | 3.2% | -8.7% | ||
| Latest Twelve Months | 29.5% | 15.1% | 8.3% | -3.1% | 5.5% | -4.0% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 12.58x | 2.60x | 1.86x | 0.41x | 0.33x | 0.27x | ||
| EV / LTM EBIT | 42.6x | 17.2x | 22.3x | -13.5x | 5.9x | -6.8x | ||
| Price / LTM Sales | 12.37x | 2.25x | 0.54x | 0.09x | 0.41x | 0.28x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 0.33x | 1.86x | 12.58x | |||||
| Historical EV / LTM Revenue | 0.08x | 0.75x | 5.41x | |||||
| Selected EV / LTM Revenue | 0.51x | 0.53x | 0.56x | |||||
| (x) LTM Revenue | 9 | 9 | 9 | |||||
| (=) Implied Enterprise Value | 4 | 5 | 5 | |||||
| (-) Non-shareholder Claims * | 0 | 0 | 0 | |||||
| (=) Equity Value | 4 | 5 | 5 | |||||
| (/) Shares Outstanding | 17.8 | 17.8 | 17.8 | |||||
| Implied Value Range | 0.25 | 0.26 | 0.27 | |||||
| FX Rate: CAD/USD | 1.4 | 1.4 | 1.4 | Market Price | ||||
| Implied Value Range (Trading Cur) | 0.18 | 0.19 | 0.20 | 0.10 | ||||
| Upside / (Downside) | 73.8% | 82.9% | 91.9% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | NFLX * | DIS | CGX | ICRS | TBRD | NETW.F | |
| Enterprise Value | 526,608 | 250,084 | 2,572 | 1 | 62 | 2 | |
| (+) Cash & Short Term Investments | 8,391 | 5,367 | 42 | 0 | 40 | 3 | |
| (+) Investments & Other | 0 | 8,671 | 8 | 0 | 0 | 0 | |
| (-) Debt | (16,934) | (42,263) | (1,868) | (1) | (25) | (3) | |
| (-) Other Liabilities | 0 | (4,611) | 0 | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | (0) | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 518,064 | 217,248 | 754 | 0 | 76 | 3 | |
| (/) Shares Outstanding | 424.9 | 22,437.1 | 63.4 | 8.6 | 49.2 | 17.8 | |
| Implied Stock Price | 1,219.19 | 9.68 | 11.89 | 0.02 | 1.55 | 0.14 | |
| FX Conversion Rate to Trading Currency | 0.05 | 0.72 | 1.00 | 1.00 | 1.00 | 1.38 | |
| Implied Stock Price (Trading Cur) | 22,856.70 | 13.39 | 11.89 | 0.02 | 1.55 | 0.10 | |
| Trading Currency | MXN | CAD | CAD | CAD | CAD | USD | |
| FX Rate to Reporting Currency | 0.05 | 0.72 | 1.00 | 1.00 | 1.00 | 1.38 | |