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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 16.5x - 18.3x | 17.4x |
| Selected Fwd EBITDA Multiple | 11.0x - 12.1x | 11.5x |
| Fair Value | ₪32.23 - ₪35.14 | ₪33.69 |
| Upside | -26.2% - -19.5% | -22.9% |
| Benchmarks | Ticker | Full Ticker |
| Bursa Malaysia Berhad | BURSA | KLSE:BURSA |
| London Stock Exchange Group plc | LSEG | LSE:LSEG |
| B3 S.A. - Brasil, Bolsa, Balcão | B3SA3 | BOVESPA:B3SA3 |
| Deutsche Börse AG | DBOE.F | OTCPK:DBOE.F |
| JSE Limited | JSE | JSE:JSE |
| The Tel-Aviv Stock Exchange Ltd. | TASE | TASE:TASE |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| BURSA | LSEG | B3SA3 | DBOE.F | JSE | TASE | ||
| KLSE:BURSA | LSE:LSEG | BOVESPA:B3SA3 | OTCPK:DBOE.F | JSE:JSE | TASE:TASE | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 10.0% | 21.4% | 12.9% | 13.1% | 4.3% | 23.8% | |
| 3Y CAGR | -4.0% | 0.0% | -0.4% | 18.7% | 3.1% | 22.9% | |
| Latest Twelve Months | 27.7% | 6.0% | 16.4% | 12.3% | 5.2% | 20.3% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 58.6% | 41.4% | 64.3% | 46.1% | 33.3% | 28.7% | |
| Prior Fiscal Year | 55.6% | 33.3% | 60.7% | 54.2% | 31.6% | 32.2% | |
| Latest Fiscal Year | 55.9% | 33.4% | 66.3% | 52.9% | 31.4% | 34.5% | |
| Latest Twelve Months | 55.9% | 33.4% | 66.3% | 52.9% | 31.4% | 34.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 6.89x | 7.47x | 6.35x | 9.34x | 2.04x | 8.16x | |
| EV / LTM EBITDA | 12.3x | 22.4x | 9.6x | 17.7x | 6.5x | 23.7x | |
| EV / LTM EBIT | 13.0x | 35.8x | 9.8x | 18.8x | 7.0x | 26.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 6.5x | 12.3x | 22.4x | ||||
| Historical EV / LTM EBITDA | 12.0x | 16.9x | 23.7x | ||||
| Selected EV / LTM EBITDA | 16.5x | 17.4x | 18.3x | ||||
| (x) LTM EBITDA | 151 | 151 | 151 | ||||
| (=) Implied Enterprise Value | 2,495 | 2,627 | 2,758 | ||||
| (-) Non-shareholder Claims * | 413 | 413 | 413 | ||||
| (=) Equity Value | 2,909 | 3,040 | 3,171 | ||||
| (/) Shares Outstanding | 91.2 | 91.2 | 91.2 | ||||
| Implied Value Range | 31.88 | 33.32 | 34.76 | ||||
| FX Rate: ILS/ILS | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 31.88 | 33.32 | 34.76 | 43.67 | |||
| Upside / (Downside) | -27.0% | -23.7% | -20.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | BURSA | LSEG | B3SA3 | DBOE.F | JSE | TASE | |
| Enterprise Value | 5,391 | 67,620 | 58,468 | 54,019 | 6,108 | 3,571 | |
| (+) Cash & Short Term Investments | 664 | 3,475 | 13,299 | 2,810 | 2,205 | 531 | |
| (+) Investments & Other | 66 | 67 | 3,049 | 1,806 | 1,616 | 0 | |
| (-) Debt | (8) | (10,042) | (13,847) | (9,582) | (209) | (118) | |
| (-) Other Liabilities | (2) | (2,140) | (13) | (489) | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 6,110 | 58,980 | 60,956 | 48,565 | 9,720 | 3,984 | |
| (/) Shares Outstanding | 809.3 | 528.3 | 5,105.2 | 183.8 | 81.3 | 91.2 | |
| Implied Stock Price | 7.55 | 111.65 | 11.94 | 264.26 | 119.50 | 43.67 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 0.88 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 7.55 | 111.65 | 11.94 | 299.68 | 119.50 | 43.67 | |
| Trading Currency | MYR | GBP | BRL | USD | ZAR | ILS | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 0.88 | 1.00 | 1.00 | |