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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 7,8x - 8,7x | 8,2x |
| Selected Fwd EBIT Multiple | 6,5x - 7,2x | 6,9x |
| Fair Value | €2,48 - €2,90 | €2,69 |
| Upside | -10,0% - 5,0% | -2,5% |
| Benchmarks | Ticker | Full Ticker |
| Brimstone Investment Corporation Limited | BRN | JSE:BRN |
| Libstar Holdings Limited | LBR | JSE:LBR |
| AVI Limited | AVI | JSE:AVI |
| Premier Group Limited | PMR | JSE:PMR |
| Crookes Brothers Limited | CKS | JSE:CKS |
| Oceana Group Limited | O1F | MUN:O1F |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| BRN | LBR | AVI | PMR | CKS | O1F | ||
| JSE:BRN | JSE:LBR | JSE:AVI | JSE:PMR | JSE:CKS | MUN:O1F | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | -37.4% | -7.0% | 5.5% | NM- | 9.5% | 7.2% | |
| 3Y CAGR | -55.1% | -4.0% | 11.1% | 23.7% | 9.0% | 14.9% | |
| Latest Twelve Months | -86.1% | -17.2% | 16.4% | 18.3% | 315.3% | -32.1% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 10.0% | 5.2% | 18.7% | 8.4% | 5.0% | 15.2% | |
| Prior Fiscal Year | 7.0% | 5.1% | 18.2% | 8.7% | -23.6% | 14.1% | |
| Latest Fiscal Year | 2.8% | 4.1% | 20.8% | 9.6% | 15.5% | 16.0% | |
| Latest Twelve Months | 2.8% | 4.1% | 21.7% | 9.6% | 13.2% | 12.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.24x | 0.33x | 2.09x | 0.99x | 0.84x | 0.99x | |
| EV / LTM EBITDA | 17.6x | 4.7x | 8.6x | 8.7x | 3.9x | 6.5x | |
| EV / LTM EBIT | 43.7x | 8.0x | 9.6x | 10.3x | 6.4x | 7.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 6.4x | 9.6x | 43.7x | ||||
| Historical EV / LTM EBIT | 6.2x | 8.3x | 8.7x | ||||
| Selected EV / LTM EBIT | 7.8x | 8.2x | 8.7x | ||||
| (x) LTM EBIT | 1,272 | 1,272 | 1,272 | ||||
| (=) Implied Enterprise Value | 9,957 | 10,481 | 11,005 | ||||
| (-) Non-shareholder Claims * | (3,564) | (3,564) | (3,564) | ||||
| (=) Equity Value | 6,393 | 6,917 | 7,441 | ||||
| (/) Shares Outstanding | 120.0 | 120.0 | 120.0 | ||||
| Implied Value Range | 53.29 | 57.66 | 62.03 | ||||
| FX Rate: ZAR/EUR | 20.6 | 20.6 | 20.6 | Market Price | |||
| Implied Value Range (Trading Cur) | 2.59 | 2.80 | 3.01 | 2.76 | |||
| Upside / (Downside) | -6.3% | 1.4% | 9.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | BRN | LBR | AVI | PMR | CKS | O1F | |
| Enterprise Value | (2,114) | 3,761 | 33,308 | 20,026 | 618 | 10,387 | |
| (+) Cash & Short Term Investments | 127 | 494 | 412 | 561 | 190 | 830 | |
| (+) Investments & Other | 4,880 | 0 | 24 | 353 | 124 | 235 | |
| (-) Debt | (1,777) | (2,320) | (2,966) | (2,705) | (394) | (4,485) | |
| (-) Other Liabilities | (53) | 1 | 0 | (8) | (96) | (144) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 1,063 | 1,936 | 30,778 | 18,227 | 442 | 6,823 | |
| (/) Shares Outstanding | 241.5 | 595.8 | 331.0 | 128.9 | 15.2 | 120.0 | |
| Implied Stock Price | 4.40 | 3.25 | 93.00 | 141.40 | 29.01 | 56.87 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 20.60 | |
| Implied Stock Price (Trading Cur) | 4.40 | 3.25 | 93.00 | 141.40 | 29.01 | 2.76 | |
| Trading Currency | ZAR | ZAR | ZAR | ZAR | ZAR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 20.60 | |