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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 7.4x - 8.2x | 7.8x |
| Selected Fwd EBIT Multiple | 6.4x - 7.1x | 6.8x |
| Fair Value | $2.81 - $3.29 | $3.05 |
| Upside | -5.1% - 11.0% | 2.9% |
| Benchmarks | Ticker | Full Ticker |
| RFG Holdings Limited | RFG | JSE:RFG |
| RCL Foods Limited | RCL | JSE:RCL |
| Libstar Holdings Limited | LBR | JSE:LBR |
| AVI Limited | AVI | JSE:AVI |
| Crookes Brothers Limited | CKS | JSE:CKS |
| Oceana Group Limited | OCGP.F | OTCPK:OCGP.F |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| RFG | RCL | LBR | AVI | CKS | OCGP.F | ||
| JSE:RFG | JSE:RCL | JSE:LBR | JSE:AVI | JSE:CKS | OTCPK:OCGP.F | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 17.8% | 41.6% | -7.0% | 8.8% | 23.6% | 7.2% | |
| 3Y CAGR | 32.0% | 11.8% | -4.0% | 12.4% | 76.7% | 14.9% | |
| Latest Twelve Months | -6.1% | 11.7% | -8.3% | 7.8% | 16.2% | -32.1% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 8.2% | 4.9% | 5.0% | 19.1% | 5.9% | 15.2% | |
| Prior Fiscal Year | 9.8% | 6.6% | 5.1% | 20.8% | 15.5% | 14.1% | |
| Latest Fiscal Year | 10.4% | 7.2% | 4.1% | 22.2% | 15.8% | 16.0% | |
| Latest Twelve Months | 9.5% | 7.2% | 4.3% | 22.2% | 15.8% | 12.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.62x | 0.28x | 0.34x | 2.17x | 0.80x | 0.94x | |
| EV / LTM EBITDA | 4.8x | 3.0x | 4.8x | 8.7x | 3.4x | 6.2x | |
| EV / LTM EBIT | 6.5x | 3.8x | 7.9x | 9.8x | 5.1x | 7.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 3.8x | 6.5x | 9.8x | ||||
| Historical EV / LTM EBIT | 6.2x | 8.3x | 8.7x | ||||
| Selected EV / LTM EBIT | 7.4x | 7.8x | 8.2x | ||||
| (x) LTM EBIT | 1,272 | 1,272 | 1,272 | ||||
| (=) Implied Enterprise Value | 9,408 | 9,903 | 10,398 | ||||
| (-) Non-shareholder Claims * | (3,564) | (3,564) | (3,564) | ||||
| (=) Equity Value | 5,844 | 6,339 | 6,834 | ||||
| (/) Shares Outstanding | 120.0 | 120.0 | 120.0 | ||||
| Implied Value Range | 48.71 | 52.84 | 56.97 | ||||
| FX Rate: ZAR/USD | 17.2 | 17.2 | 17.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 2.83 | 3.07 | 3.31 | 2.96 | |||
| Upside / (Downside) | -4.5% | 3.6% | 11.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | RFG | RCL | LBR | AVI | CKS | OCGP.F | |
| Enterprise Value | 4,960 | 7,309 | 4,259 | 34,658 | 674 | 9,683 | |
| (+) Cash & Short Term Investments | 42 | 1,640 | 440 | 295 | 123 | 830 | |
| (+) Investments & Other | 0 | 1,382 | 0 | 0 | 105 | 235 | |
| (-) Debt | (864) | (2,092) | (2,174) | (2,558) | (391) | (4,485) | |
| (-) Other Liabilities | (9) | 106 | 1 | 0 | (79) | (144) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 4,130 | 8,344 | 2,525 | 32,395 | 431 | 6,119 | |
| (/) Shares Outstanding | 259.6 | 897.2 | 522.8 | 332.2 | 15.1 | 120.0 | |
| Implied Stock Price | 15.91 | 9.30 | 4.83 | 97.53 | 28.60 | 51.01 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 17.23 | |
| Implied Stock Price (Trading Cur) | 15.91 | 9.30 | 4.83 | 97.53 | 28.60 | 2.96 | |
| Trading Currency | ZAR | ZAR | ZAR | ZAR | ZAR | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 17.23 | |