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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 12,4x - 13,7x | 13,0x |
| Selected Fwd EBIT Multiple | 4,2x - 4,7x | 4,4x |
| Fair Value | ₦2,59 - ₦3,33 | ₦2,96 |
| Upside | -42,1% - -25,6% | -33,8% |
| Benchmarks | Ticker | Full Ticker |
| Chellarams Plc | CHELLARAM | NGSE:CHELLARAM |
| John Holt Plc | JOHNHOLT | NGSE:JOHNHOLT |
| KAP Limited | KAP | JSE:KAP |
| C & I Leasing Plc | CILEASING | NGSE:CILEASING |
| Top Frontier Investment Holdings, Inc. | TFHI | PSE:TFHI |
| SCOA Nigeria Plc | SCOA | NGSE:SCOA |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| CHELLARAM | JOHNHOLT | KAP | CILEASING | TFHI | SCOA | ||
| NGSE:CHELLARAM | NGSE:JOHNHOLT | JSE:KAP | NGSE:CILEASING | PSE:TFHI | NGSE:SCOA | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | NM- | -3.3% | 20.6% | 7.7% | NM- | |
| 3Y CAGR | NM- | NM- | -2.3% | 47.0% | 13.9% | -12.9% | |
| Latest Twelve Months | -84.0% | 266.6% | 16.0% | 172.1% | 13.9% | 11.7% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 2.7% | 13.8% | 7.6% | 30.1% | 10.2% | -1.3% | |
| Prior Fiscal Year | 60.3% | 1.5% | 6.4% | 27.1% | 10.0% | 3.0% | |
| Latest Fiscal Year | 1.5% | 115.6% | 6.7% | 41.3% | 10.4% | 2.5% | |
| Latest Twelve Months | 4.5% | 219.4% | 6.3% | 41.3% | 10.4% | 2.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.51x | 2.00x | 0.56x | 1.26x | 1.16x | 0.43x | |
| EV / LTM EBITDA | 9.7x | 0.8x | 5.2x | 3.0x | 8.5x | 13.2x | |
| EV / LTM EBIT | 11.4x | 0.9x | 8.8x | 3.1x | 11.1x | 16.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 0.9x | 8.8x | 11.4x | ||||
| Historical EV / LTM EBIT | -55.1x | -0.8x | 16.7x | ||||
| Selected EV / LTM EBIT | 12.4x | 13.0x | 13.7x | ||||
| (x) LTM EBIT | 345 | 345 | 345 | ||||
| (=) Implied Enterprise Value | 4,256 | 4,480 | 4,704 | ||||
| (-) Non-shareholder Claims * | (2,856) | (2,856) | (2,856) | ||||
| (=) Equity Value | 1,400 | 1,624 | 1,848 | ||||
| (/) Shares Outstanding | 649.8 | 649.8 | 649.8 | ||||
| Implied Value Range | 2.15 | 2.50 | 2.84 | ||||
| FX Rate: NGN/NGN | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 2.15 | 2.50 | 2.84 | 4.47 | |||
| Upside / (Downside) | -51.8% | -44.1% | -36.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | CHELLARAM | JOHNHOLT | KAP | CILEASING | TFHI | SCOA | |
| Enterprise Value | 11,288 | 2,580 | 16,327 | 46,321 | 1,835,699 | 5,761 | |
| (+) Cash & Short Term Investments | 576 | 257 | 1,218 | 4,389 | 296,083 | 4,035 | |
| (+) Investments & Other | 0 | 78 | 255 | 7,902 | 49,756 | 0 | |
| (-) Debt | (7,287) | (658) | (10,536) | (46,697) | (1,608,601) | (5,586) | |
| (-) Other Liabilities | 1,127 | 0 | (261) | (1,182) | (600,632) | (1,306) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 48,063 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 5,704 | 2,257 | 7,003 | 10,733 | 20,368 | 2,905 | |
| (/) Shares Outstanding | 722.9 | 389.2 | 2,501.0 | 2,948.6 | 377.9 | 649.8 | |
| Implied Stock Price | 7.89 | 5.80 | 2.80 | 3.64 | 53.90 | 4.47 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 7.89 | 5.80 | 2.80 | 3.64 | 53.90 | 4.47 | |
| Trading Currency | NGN | NGN | ZAR | NGN | PHP | NGN | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |