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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBITDA Multiple | 12,9x - 14,2x | 13,6x |
Selected Fwd EBITDA Multiple | 20,4x - 22,5x | 21,4x |
Fair Value | $5,86 - $14,54 | $10,20 |
Upside | -55,1% - 11,4% | -21,8% |
Benchmarks | Ticker | Full Ticker |
Tejon Ranch Co. | TRC | NYSE:TRC |
Blue Ridge Real Estate Company | BRRE | OTCPK:BRRE |
Forestar Group Inc. | FOR | NYSE:FOR |
Comstock Holding Companies, Inc. | CHCI | NasdaqCM:CHCI |
Kid Castle Educational Corporation | KDCE | OTCPK:KDCE |
The InterGroup Corporation | INTG | NasdaqCM:INTG |
- | - | - |
Select LTM EBITDA Multiple | |||||||
Benchmark Companies | |||||||
TRC | BRRE | FOR | CHCI | KDCE | INTG | ||
NYSE:TRC | OTCPK:BRRE | NYSE:FOR | NasdaqCM:CHCI | OTCPK:KDCE | NasdaqCM:INTG | ||
Historical EBITDA Growth | |||||||
5Y CAGR | NM- | NM- | 40.7% | 33.6% | NM- | -17.2% | |
3Y CAGR | NM- | NM- | 14.2% | 27.1% | NM- | NM- | |
Latest Twelve Months | -23.1% | 35.5% | -17.8% | 21.5% | -13.3% | 81.0% | |
Historical EBITDA Profit Margin | |||||||
5 Year Average Margin | 4.3% | 1.6% | 13.6% | 17.6% | 21.6% | 12.2% | |
Prior Fiscal Year | 2.2% | 28.1% | 15.9% | 21.0% | 21.4% | 17.0% | |
Latest Fiscal Year | -11.0% | -18.7% | 16.2% | 20.6% | 9.2% | 13.4% | |
Latest Twelve Months | -11.2% | -15.7% | 13.9% | 21.0% | 137.7% | 21.8% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 11.41x | 0.94x | 1.18x | 1.35x | -0.11x | 3.14x | |
EV / LTM EBITDA | -101.8x | -6.0x | 8.4x | 6.5x | -0.1x | 14.4x | |
EV / LTM EBIT | -50.3x | -4.1x | 8.6x | 6.6x | -0.1x | 28.3x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBITDA | -101.8x | -0.1x | 8.4x | ||||
Historical EV / LTM EBITDA | -48.0x | 17.9x | 38.8x | ||||
Selected EV / LTM EBITDA | 12.9x | 13.6x | 14.2x | ||||
(x) LTM EBITDA | 13 | 13 | 13 | ||||
(=) Implied Enterprise Value | 173 | 182 | 191 | ||||
(-) Non-shareholder Claims * | (165) | (165) | (165) | ||||
(=) Equity Value | 8 | 17 | 26 | ||||
(/) Shares Outstanding | 2.2 | 2.2 | 2.2 | ||||
Implied Value Range | 3.67 | 7.89 | 12.12 | ||||
FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 3.67 | 7.89 | 12.12 | 13.05 | |||
Upside / (Downside) | -71.9% | -39.5% | -7.1% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | TRC | BRRE | FOR | CHCI | KDCE | INTG | |
Enterprise Value | 487 | 6 | 1,732 | 72 | 0 | 193 | |
(+) Cash & Short Term Investments | 33 | 11 | 174 | 28 | 0 | 5 | |
(+) Investments & Other | 30 | 0 | 0 | 6 | 0 | 0 | |
(-) Debt | (74) | (0) | (881) | (6) | (0) | (198) | |
(-) Other Liabilities | (15) | 0 | (1) | 0 | 0 | 28 | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | (0) | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 460 | 18 | 1,024 | 101 | 0 | 28 | |
(/) Shares Outstanding | 26.9 | 2.4 | 50.8 | 10.1 | 22.3 | 2.2 | |
Implied Stock Price | 17.10 | 7.40 | 20.15 | 10.00 | 0.00 | 13.05 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 17.10 | 7.40 | 20.15 | 10.00 | 0.00 | 13.05 | |
Trading Currency | USD | USD | USD | USD | USD | USD | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |