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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 3.2x - 3.6x | 3.4x |
Selected Fwd EBIT Multiple | 3.6x - 4.0x | 3.8x |
Fair Value | $2.38 - $2.43 | $2.40 |
Upside | -6.8% - -4.8% | -5.8% |
Benchmarks | Ticker | Full Ticker |
Jupiter Fund Management Plc | JUP | LSE:JUP |
Schroders plc | SDR | LSE:SDR |
3i Group plc | III | LSE:III |
Ninety One Group | N91 | LSE:N91 |
Janus Henderson Group plc | 0RPW | LSE:0RPW |
Aberdeen Group Plc | SLFP.F | OTCPK:SLFP.F |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
JUP | SDR | III | N91 | 0RPW | SLFP.F | ||
LSE:JUP | LSE:SDR | LSE:III | LSE:N91 | LSE:0RPW | OTCPK:SLFP.F | ||
Historical EBIT Growth | |||||||
5Y CAGR | -9.3% | -0.9% | 89.6% | -1.1% | 2.8% | -43.8% | |
3Y CAGR | -20.9% | -8.6% | 7.5% | -9.1% | -12.1% | -25.8% | |
Latest Twelve Months | -7.7% | -3.0% | 30.9% | -7.6% | 34.4% | -32.7% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 30.5% | 24.8% | 94.6% | 33.6% | 27.1% | 9.8% | |
Prior Fiscal Year | 29.6% | 22.4% | 96.0% | 34.2% | 23.0% | 10.2% | |
Latest Fiscal Year | 27.6% | 21.5% | 97.0% | 31.2% | 25.9% | 7.4% | |
Latest Twelve Months | 27.6% | 21.5% | 97.0% | 31.2% | 26.6% | 7.4% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 0.60x | 0.52x | 3.10x | 2.22x | 2.12x | 0.69x | |
EV / LTM EBITDA | 2.1x | 2.2x | 3.2x | 6.9x | 7.6x | 4.2x | |
EV / LTM EBIT | 2.2x | 2.4x | 3.2x | 7.1x | 8.0x | 9.3x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | 2.2x | 3.2x | 8.0x | ||||
Historical EV / LTM EBIT | -0.3x | 0.9x | 9.3x | ||||
Selected EV / LTM EBIT | 3.2x | 3.4x | 3.6x | ||||
(x) LTM EBIT | 101 | 101 | 101 | ||||
(=) Implied Enterprise Value | 326 | 343 | 360 | ||||
(-) Non-shareholder Claims * | 2,495 | 2,495 | 2,495 | ||||
(=) Equity Value | 2,821 | 2,838 | 2,855 | ||||
(/) Shares Outstanding | 1,786.8 | 1,786.8 | 1,786.8 | ||||
Implied Value Range | 1.58 | 1.59 | 1.60 | ||||
FX Rate: GBP/USD | 0.7 | 0.7 | 0.7 | Market Price | |||
Implied Value Range (Trading Cur) | 2.13 | 2.14 | 2.16 | 2.55 | |||
Upside / (Downside) | -16.4% | -15.9% | -15.4% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | JUP | SDR | III | N91 | 0RPW | SLFP.F | |
Enterprise Value | 217 | (451) | 15,958 | 1,340 | 5,338 | 881 | |
(+) Cash & Short Term Investments | 504 | 5,129 | 412 | 391 | 2,182 | 1,321 | |
(+) Investments & Other | 2 | 2,031 | 25,272 | 27 | 0 | 1,969 | |
(-) Debt | (91) | (602) | (1,239) | (87) | (395) | (790) | |
(-) Other Liabilities | 0 | (85) | 0 | (0) | (667) | (5) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 631 | 6,022 | 40,403 | 1,671 | 6,458 | 3,376 | |
(/) Shares Outstanding | 508.3 | 1,568.2 | 965.4 | 894.7 | 157.5 | 1,786.8 | |
Implied Stock Price | 1.24 | 3.84 | 41.85 | 1.87 | 41.00 | 1.89 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.74 | |
Implied Stock Price (Trading Cur) | 1.24 | 3.84 | 41.85 | 1.87 | 41.00 | 2.55 | |
Trading Currency | GBP | GBP | GBP | GBP | USD | USD | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.74 |