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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 3,9x - 4,3x | 4,1x |
Selected Fwd EBIT Multiple | 4,3x - 4,7x | 4,5x |
Fair Value | R203,69 - R216,32 | R210,01 |
Upside | 24,9% - 32,6% | 28,8% |
Benchmarks | Ticker | Full Ticker |
Thungela Resources Limited | TGA | JSE:TGA |
Yankuang Energy Group Company Limited | YZCA | BASE:YZCA |
Yancoal Australia Ltd | YAL | ASX:YAL |
New Hope Corporation Limited | OD8 | DB:OD8 |
PT Bumi Resources Tbk | PBMR.F | OTCPK:PBMR.F |
Exxaro Resources Limited | EXX | JSE:EXX |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
TGA | YZCA | YAL | OD8 | PBMR.F | EXX | ||
JSE:TGA | BASE:YZCA | ASX:YAL | DB:OD8 | OTCPK:PBMR.F | JSE:EXX | ||
Historical EBIT Growth | |||||||
5Y CAGR | NM- | 8.0% | 10.1% | 12.5% | NM- | 18.2% | |
3Y CAGR | -25.7% | -2.3% | 7.4% | 49.3% | -23.0% | 0.0% | |
Latest Twelve Months | -46.0% | -24.6% | -40.7% | -29.8% | 52511.0% | -28.4% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 27.9% | 20.1% | 24.1% | 38.9% | 3.3% | 22.8% | |
Prior Fiscal Year | 21.7% | 25.4% | 33.5% | 59.4% | 3.1% | 26.8% | |
Latest Fiscal Year | 10.1% | 19.7% | 22.6% | 39.2% | 4.3% | 18.2% | |
Latest Twelve Months | 10.1% | 19.5% | 22.6% | 36.3% | 7.0% | 18.2% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 0.01x | 1.61x | 0.87x | 1.55x | 2.11x | 0.47x | |
EV / LTM EBITDA | 0.0x | 5.3x | 2.7x | 3.1x | 24.9x | 1.9x | |
EV / LTM EBIT | 0.1x | 8.3x | 3.9x | 4.3x | 30.2x | 2.6x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | 0.1x | 4.3x | 30.2x | ||||
Historical EV / LTM EBIT | 2.6x | 3.2x | 8.5x | ||||
Selected EV / LTM EBIT | 3.9x | 4.1x | 4.3x | ||||
(x) LTM EBIT | 7,420 | 7,420 | 7,420 | ||||
(=) Implied Enterprise Value | 29,177 | 30,712 | 32,248 | ||||
(-) Non-shareholder Claims * | 20,231 | 20,231 | 20,231 | ||||
(=) Equity Value | 49,408 | 50,943 | 52,479 | ||||
(/) Shares Outstanding | 241.5 | 241.5 | 241.5 | ||||
Implied Value Range | 204.56 | 210.92 | 217.27 | ||||
FX Rate: ZAR/ZAR | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 204.56 | 210.92 | 217.27 | 163.11 | |||
Upside / (Downside) | 25.4% | 29.3% | 33.2% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | TGA | YZCA | YAL | OD8 | PBMR.F | EXX | |
Enterprise Value | 187 | 97,916 | 6,000 | 3,016 | 666 | 19,166 | |
(+) Cash & Short Term Investments | 10,121 | 42,376 | 2,461 | 807 | 75 | 20,634 | |
(+) Investments & Other | 2,458 | 27,739 | 447 | 323 | 902 | 22,939 | |
(-) Debt | (50) | (116,478) | (112) | (361) | (271) | (8,779) | |
(-) Other Liabilities | (544) | (51,552) | (2) | 0 | (1,241) | (14,563) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 12,172 | 2 | 8,794 | 3,786 | 130 | 39,397 | |
(/) Shares Outstanding | 130.5 | 45,092.5 | 1,320.4 | 842.3 | 434,484.0 | 241.5 | |
Implied Stock Price | 93.28 | 0.00 | 6.66 | 4.49 | 0.00 | 163.11 | |
FX Conversion Rate to Trading Currency | 1.00 | 0.01 | 1.00 | 1.79 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 93.28 | 0.01 | 6.66 | 2.52 | 0.00 | 163.11 | |
Trading Currency | ZAR | ARS | AUD | EUR | USD | ZAR | |
FX Rate to Reporting Currency | 1.00 | 0.01 | 1.00 | 1.79 | 1.00 | 1.00 |