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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 7.9x - 8.7x | 8.3x |
| Selected Fwd EBIT Multiple | 9.1x - 10.0x | 9.6x |
| Fair Value | $21.04 - $21.93 | $21.49 |
| Upside | -5.4% - -1.4% | -3.4% |
| Benchmarks | Ticker | Full Ticker |
| WT Financial Group Limited | WTL | ASX:WTL |
| N1 Holdings Limited | N1H | ASX:N1H |
| Earlypay Limited | EPY | ASX:EPY |
| Cuscal Limited | CCL | ASX:CCL |
| MPower Group Limited | MPR | ASX:MPR |
| Washington H. Soul Pattinson and Company Limited | WSOU.F | PINC:WSOU.F |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| WTL | N1H | EPY | CCL | MPR | WSOU.F | ||
| ASX:WTL | ASX:N1H | ASX:EPY | ASX:CCL | ASX:MPR | PINC:WSOU.F | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | NM- | 3.7% | 22.5% | NM- | 5.6% | |
| 3Y CAGR | NM- | 115.4% | 5.2% | 55.3% | NM- | 13.6% | |
| Latest Twelve Months | -4.1% | 42.8% | 6.3% | NM | 17.5% | -3.4% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 1.9% | 41.7% | 36.7% | 25.9% | -44.7% | 37.3% | |
| Prior Fiscal Year | 3.5% | 61.4% | 17.0% | 27.9% | -66.3% | 64.2% | |
| Latest Fiscal Year | 3.1% | 69.8% | 42.2% | 32.2% | -32.7% | 41.9% | |
| Latest Twelve Months | 3.0% | 70.5% | 41.5% | 31.2% | -36.1% | 43.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.22x | 4.36x | 4.91x | -3.34x | 3.74x | 4.86x | |
| EV / LTM EBITDA | 7.2x | 6.2x | 10.8x | -11.0x | -25.2x | 10.4x | |
| EV / LTM EBIT | 7.2x | 6.2x | 11.8x | -10.7x | -10.4x | 11.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -10.7x | 6.2x | 11.8x | ||||
| Historical EV / LTM EBIT | 3.0x | 30.5x | 57.9x | ||||
| Selected EV / LTM EBIT | 7.9x | 8.3x | 8.7x | ||||
| (x) LTM EBIT | 582 | 582 | 582 | ||||
| (=) Implied Enterprise Value | 4,583 | 4,824 | 5,066 | ||||
| (-) Non-shareholder Claims * | 7,162 | 7,162 | 7,162 | ||||
| (=) Equity Value | 11,745 | 11,987 | 12,228 | ||||
| (/) Shares Outstanding | 367.5 | 367.5 | 367.5 | ||||
| Implied Value Range | 31.96 | 32.62 | 33.28 | ||||
| FX Rate: AUD/USD | 1.6 | 1.6 | 1.6 | Market Price | |||
| Implied Value Range (Trading Cur) | 20.61 | 21.03 | 21.46 | 22.25 | |||
| Upside / (Downside) | -7.4% | -5.5% | -3.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | WTL | N1H | EPY | CCL | MPR | WSOU.F | |
| Enterprise Value | 46 | 92 | 262 | (2,772) | 16 | 5,517 | |
| (+) Cash & Short Term Investments | 7 | 15 | 33 | 2,308 | 0 | 814 | |
| (+) Investments & Other | 0 | 0 | 0 | 1,112 | 0 | 7,403 | |
| (-) Debt | (7) | (96) | (236) | (148) | (13) | (1,048) | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | 0 | (6) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 46 | 11 | 59 | 500 | 3 | 12,679 | |
| (/) Shares Outstanding | 342.2 | 88.1 | 272.2 | 191.6 | 343.7 | 367.5 | |
| Implied Stock Price | 0.14 | 0.12 | 0.22 | 2.61 | 0.01 | 34.51 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.55 | |
| Implied Stock Price (Trading Cur) | 0.14 | 0.12 | 0.22 | 2.61 | 0.01 | 22.25 | |
| Trading Currency | AUD | AUD | AUD | AUD | AUD | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.55 | |