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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 9.2x - 10.2x | 9.7x |
| Selected Fwd EBITDA Multiple | 6.8x - 7.5x | 7.1x |
| Fair Value | C$29.47 - C$33.49 | C$31.48 |
| Upside | -8.3% - 4.2% | -2.1% |
| Benchmarks | Ticker | Full Ticker |
| StorageVault Canada Inc. | SVI | TSX:SVI |
| Bridgemarq Real Estate Services Inc. | BRE | TSX:BRE |
| Altus Group Limited | AIF | TSX:AIF |
| Melcor Developments Ltd. | MRD | TSX:MRD |
| Wall Financial Corporation | WFC | TSX:WFC |
| Information Services Corporation | ISC | TSX:ISC |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| SVI | BRE | AIF | MRD | WFC | ISC | ||
| TSX:SVI | TSX:BRE | TSX:AIF | TSX:MRD | TSX:WFC | TSX:ISC | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 17.7% | 1.4% | -5.3% | 11.2% | -17.4% | 16.5% | |
| 3Y CAGR | 16.4% | 0.9% | -11.0% | 2.5% | 16.8% | 8.8% | |
| Latest Twelve Months | 5.6% | 21.7% | 93.4% | 3.8% | 16.3% | 28.6% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 53.3% | 46.8% | 12.6% | 37.8% | 32.4% | 30.3% | |
| Prior Fiscal Year | 55.3% | 53.5% | 6.6% | 38.3% | 43.5% | 30.1% | |
| Latest Fiscal Year | 55.2% | 8.3% | 11.6% | 36.8% | 38.0% | 29.9% | |
| Latest Twelve Months | 54.1% | 7.4% | 11.3% | 37.2% | 37.7% | 32.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 12.08x | 0.54x | 4.00x | 2.82x | 5.72x | 3.05x | |
| EV / LTM EBITDA | 22.3x | 7.4x | 35.3x | 7.6x | 15.2x | 9.4x | |
| EV / LTM EBIT | 51.0x | 13.3x | 49.9x | 7.6x | 17.8x | 12.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 7.4x | 15.2x | 35.3x | ||||
| Historical EV / LTM EBITDA | 7.3x | 9.2x | 11.3x | ||||
| Selected EV / LTM EBITDA | 9.2x | 9.7x | 10.2x | ||||
| (x) LTM EBITDA | 81 | 81 | 81 | ||||
| (=) Implied Enterprise Value | 747 | 786 | 825 | ||||
| (-) Non-shareholder Claims * | (163) | (163) | (163) | ||||
| (=) Equity Value | 584 | 623 | 663 | ||||
| (/) Shares Outstanding | 18.7 | 18.7 | 18.7 | ||||
| Implied Value Range | 31.25 | 33.35 | 35.46 | ||||
| FX Rate: CAD/CAD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 31.25 | 33.35 | 35.46 | 32.15 | |||
| Upside / (Downside) | -2.8% | 3.7% | 10.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | SVI | BRE | AIF | MRD | WFC | ISC | |
| Enterprise Value | 3,855 | 226 | 2,096 | 987 | 1,212 | 764 | |
| (+) Cash & Short Term Investments | 21 | 7 | 492 | 61 | 9 | 17 | |
| (+) Investments & Other | 0 | 0 | 40 | 0 | 0 | 0 | |
| (-) Debt | (2,175) | (91) | (196) | (546) | (656) | (179) | |
| (-) Other Liabilities | 0 | 0 | 0 | (70) | (51) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 1,701 | 143 | 2,432 | 432 | 513 | 601 | |
| (/) Shares Outstanding | 365.0 | 9.5 | 43.2 | 30.2 | 32.1 | 18.7 | |
| Implied Stock Price | 4.66 | 15.08 | 56.33 | 14.30 | 16.00 | 32.15 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 4.66 | 15.08 | 56.33 | 14.30 | 16.00 | 32.15 | |
| Trading Currency | CAD | CAD | CAD | CAD | CAD | CAD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |