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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 11,8x - 13,0x | 12,4x |
| Selected Fwd EBITDA Multiple | 8,3x - 9,1x | 8,7x |
| Fair Value | $104,92 - $120,58 | $112,75 |
| Upside | 19,4% - 37,2% | 28,3% |
| Benchmarks | Ticker | Full Ticker |
| Flutter Entertainment plc | FLUT | NYSE:FLUT |
| Inspired Entertainment, Inc. | INSE | NasdaqCM:INSE |
| MGM Resorts International | MGM | NYSE:MGM |
| Caesars Entertainment, Inc. | CZR | NasdaqGS:CZR |
| PlayAGS, Inc. | AGS | NYSE:AGS |
| Light & Wonder, Inc. | LNW | NasdaqGS:LNW |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| FLUT | INSE | MGM | CZR | AGS | LNW | ||
| NYSE:FLUT | NasdaqCM:INSE | NYSE:MGM | NasdaqGS:CZR | NYSE:AGS | NasdaqGS:LNW | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 30.7% | 32.6% | -1.7% | 40.0% | 4.2% | 6.6% | |
| 3Y CAGR | 51.9% | 37.4% | 13.3% | 8.3% | 15.3% | 20.7% | |
| Latest Twelve Months | 34.6% | 5.6% | 4.0% | -5.7% | 10.9% | 8.4% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 13.6% | 21.4% | NA | 28.1% | 38.4% | 27.9% | |
| Prior Fiscal Year | 12.4% | 23.8% | 14.8% | 33.1% | 39.8% | 33.2% | |
| Latest Fiscal Year | 14.0% | 27.3% | 14.5% | 32.0% | 39.9% | 32.8% | |
| Latest Twelve Months | 14.0% | 27.3% | 14.5% | 32.0% | 39.9% | 32.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.21x | 1.85x | NA | 2.70x | 2.54x | 3.49x | |
| EV / LTM EBITDA | 23.0x | 6.8x | NA | 8.4x | 6.4x | 10.7x | |
| EV / LTM EBIT | 51.9x | 11.3x | NA | 13.4x | 13.7x | 14.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 6.4x | 7.6x | 23.0x | ||||
| Historical EV / LTM EBITDA | 10.7x | 11.8x | 31.7x | ||||
| Selected EV / LTM EBITDA | 11.8x | 12.4x | 13.0x | ||||
| (x) LTM EBITDA | 1,045 | 1,045 | 1,045 | ||||
| (=) Implied Enterprise Value | 12,320 | 12,968 | 13,617 | ||||
| (-) Non-shareholder Claims * | (3,702) | (3,702) | (3,702) | ||||
| (=) Equity Value | 8,618 | 9,266 | 9,915 | ||||
| (/) Shares Outstanding | 84.4 | 84.4 | 84.4 | ||||
| Implied Value Range | 102.13 | 109.81 | 117.50 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 102.13 | 109.81 | 117.50 | 87.87 | |||
| Upside / (Downside) | 16.2% | 25.0% | 33.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | FLUT | INSE | MGM | CZR | AGS | LNW | |
| Enterprise Value | 45,044 | 549 | 37,915 | 30,264 | 1,002 | 11,117 | |
| (+) Cash & Short Term Investments | 3,632 | 29 | 2,416 | 866 | 44 | 196 | |
| (+) Investments & Other | 98 | 0 | 769 | 131 | 0 | 19 | |
| (-) Debt | (7,298) | (351) | (31,854) | (25,778) | (546) | (3,917) | |
| (-) Other Liabilities | (1,974) | 0 | (696) | (219) | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 39,502 | 227 | 8,549 | 5,264 | 499 | 7,415 | |
| (/) Shares Outstanding | 177.3 | 26.9 | 285.6 | 212.0 | 41.3 | 84.4 | |
| Implied Stock Price | 222.82 | 8.44 | 29.94 | 24.83 | 12.09 | 87.87 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 222.82 | 8.44 | 29.94 | 24.83 | 12.09 | 87.87 | |
| 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 | |