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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 8,1x - 8,9x | 8,5x |
| Selected Fwd EBITDA Multiple | 5,2x - 5,7x | 5,5x |
| Fair Value | S$0,24 - S$0,26 | S$0,25 |
| Upside | -12,4% - -2,0% | -7,2% |
| Benchmarks | Ticker | Full Ticker |
| Straco Corporation Limited | S85 | SGX:S85 |
| Stamford Land Corporation Ltd | H07 | SGX:H07 |
| Genting Singapore Limited | G13 | SGX:G13 |
| Bonvests Holdings Limited | B28 | SGX:B28 |
| Hotel Properties Limited | H15 | SGX:H15 |
| Jumbo Group Limited | 42R | Catalist:42R |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| S85 | H07 | G13 | B28 | H15 | 42R | ||
| SGX:S85 | SGX:H07 | SGX:G13 | SGX:B28 | SGX:H15 | Catalist:42R | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | -9.2% | -3.4% | -4.0% | -1.5% | 1.4% | 5.1% | |
| 3Y CAGR | 54.2% | -9.7% | 26.4% | 40.6% | 40.8% | NM- | |
| Latest Twelve Months | -8.2% | -25.6% | -6.9% | -2.5% | 24.4% | -16.2% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 27.6% | 32.9% | 41.6% | 14.6% | 19.0% | 1.1% | |
| Prior Fiscal Year | 51.8% | 36.6% | 41.4% | 20.3% | 21.7% | 12.1% | |
| Latest Fiscal Year | 47.9% | 28.8% | 36.8% | 19.2% | 25.0% | 12.0% | |
| Latest Twelve Months | 47.9% | 28.8% | 36.8% | 19.2% | 25.0% | 10.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.83x | 1.12x | 2.11x | 3.22x | 5.26x | 0.96x | |
| EV / LTM EBITDA | 5.9x | 3.9x | 5.7x | 16.8x | 21.0x | 8.8x | |
| EV / LTM EBIT | 7.3x | 4.7x | 9.0x | 38.4x | 38.8x | 13.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 3.9x | 5.9x | 21.0x | ||||
| Historical EV / LTM EBITDA | -70.2x | 6.6x | 105.7x | ||||
| Selected EV / LTM EBITDA | 8.1x | 8.5x | 8.9x | ||||
| (x) LTM EBITDA | 21 | 21 | 21 | ||||
| (=) Implied Enterprise Value | 168 | 177 | 186 | ||||
| (-) Non-shareholder Claims * | (18) | (18) | (18) | ||||
| (=) Equity Value | 150 | 159 | 168 | ||||
| (/) Shares Outstanding | 601.1 | 601.1 | 601.1 | ||||
| Implied Value Range | 0.25 | 0.26 | 0.28 | ||||
| FX Rate: SGD/SGD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 0.25 | 0.26 | 0.28 | 0.27 | |||
| Upside / (Downside) | -7.4% | -2.0% | 3.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | S85 | H07 | G13 | B28 | H15 | 42R | |
| Enterprise Value | 231 | 185 | 5,349 | 721 | 3,646 | 180 | |
| (+) Cash & Short Term Investments | 188 | 508 | 3,592 | 30 | 175 | 48 | |
| (+) Investments & Other | 0 | 0 | 125 | 2 | 887 | 2 | |
| (-) Debt | (44) | (96) | (3) | (376) | (1,884) | (68) | |
| (-) Other Liabilities | (12) | 48 | 0 | (0) | (77) | 1 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 364 | 645 | 9,062 | 377 | 2,747 | 162 | |
| (/) Shares Outstanding | 855.5 | 1,483.6 | 12,082.9 | 401.5 | 527.3 | 601.1 | |
| Implied Stock Price | 0.43 | 0.44 | 0.75 | 0.94 | 5.21 | 0.27 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 0.43 | 0.44 | 0.75 | 0.94 | 5.21 | 0.27 | |
| Trading Currency | SGD | SGD | SGD | SGD | SGD | SGD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |