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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 5,0x - 5,5x | 5,3x |
| Selected Fwd EBITDA Multiple | 3,7x - 4,1x | 3,9x |
| Fair Value | R2,50 - R3,16 | R2,83 |
| Upside | 0,0% - 26,2% | 13,1% |
| Benchmarks | Ticker | Full Ticker |
| The Bidvest Group Limited | BVT | JSE:BVT |
| Reunert Limited | RLO | JSE:RLO |
| Hosken Consolidated Investments Limited | HCI | JSE:HCI |
| SCOA Nigeria Plc | SCOA | NGSE:SCOA |
| Nisshinbo Holdings Inc. | 3105 | TSE:3105 |
| KAP Limited | KAP | JSE:KAP |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| BVT | RLO | HCI | SCOA | 3105 | KAP | ||
| JSE:BVT | JSE:RLO | JSE:HCI | NGSE:SCOA | TSE:3105 | JSE:KAP | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 13.1% | 3.7% | -1.7% | NM- | 5.1% | -1.4% | |
| 3Y CAGR | 13.9% | 14.4% | 24.8% | NM- | -2.5% | -0.4% | |
| Latest Twelve Months | 5.8% | 5.7% | -5.5% | -134.5% | 11.0% | 8.1% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 10.9% | 12.1% | 25.2% | 0.8% | 7.6% | 12.4% | |
| Prior Fiscal Year | 11.3% | 11.8% | 24.6% | 3.9% | 7.1% | 11.0% | |
| Latest Fiscal Year | 11.6% | 11.9% | 25.5% | -2.6% | 8.7% | 11.1% | |
| Latest Twelve Months | 11.4% | 11.9% | 24.5% | -2.6% | 8.7% | 10.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.88x | 0.58x | 1.27x | 0.71x | 0.43x | 0.53x | |
| EV / LTM EBITDA | 7.7x | 4.8x | 5.2x | -27.8x | 4.9x | 4.9x | |
| EV / LTM EBIT | 9.6x | 5.6x | 6.6x | -16.2x | 12.7x | 8.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -27.8x | 4.9x | 7.7x | ||||
| Historical EV / LTM EBITDA | 4.6x | 4.9x | 5.8x | ||||
| Selected EV / LTM EBITDA | 5.0x | 5.3x | 5.5x | ||||
| (x) LTM EBITDA | 3,152 | 3,152 | 3,152 | ||||
| (=) Implied Enterprise Value | 15,740 | 16,569 | 17,397 | ||||
| (-) Non-shareholder Claims * | (9,324) | (9,324) | (9,324) | ||||
| (=) Equity Value | 6,416 | 7,245 | 8,073 | ||||
| (/) Shares Outstanding | 2,501.0 | 2,501.0 | 2,501.0 | ||||
| Implied Value Range | 2.57 | 2.90 | 3.23 | ||||
| FX Rate: ZAR/ZAR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 2.57 | 2.90 | 3.23 | 2.50 | |||
| Upside / (Downside) | 2.6% | 15.9% | 29.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | BVT | RLO | HCI | SCOA | 3105 | KAP | |
| Enterprise Value | 110,987 | 8,338 | 29,806 | 3,930 | 210,465 | 15,577 | |
| (+) Cash & Short Term Investments | 4,956 | 1,832 | 2,114 | 3,654 | 50,411 | 1,218 | |
| (+) Investments & Other | 2,311 | 283 | 4,544 | 0 | 112,695 | 255 | |
| (-) Debt | (40,781) | (1,618) | (14,803) | (5,375) | (217,185) | (10,536) | |
| (-) Other Liabilities | (3,263) | (142) | (11,458) | 696 | (27,996) | (261) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 74,211 | 8,693 | 10,203 | 2,905 | 128,390 | 6,253 | |
| (/) Shares Outstanding | 339.9 | 157.1 | 80.9 | 649.8 | 156.1 | 2,501.0 | |
| Implied Stock Price | 218.34 | 55.32 | 126.16 | 4.47 | 822.40 | 2.50 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 218.34 | 55.32 | 126.16 | 4.47 | 822.40 | 2.50 | |
| Trading Currency | ZAR | ZAR | ZAR | NGN | JPY | ZAR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |