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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 7.8x - 8.6x | 8.2x |
| Selected Fwd EBIT Multiple | 6.3x - 7.0x | 6.7x |
| Fair Value | £1.26 - £1.45 | £1.35 |
| Upside | -7.0% - 6.9% | 0.0% |
| Benchmarks | Ticker | Full Ticker |
| Videndum Plc | VID | LSE:VID |
| Victoria PLC | VCP | AIM:VCP |
| Vistry Group PLC | VTY | LSE:VTY |
| Trafalgar Property Group plc | TRAF | AIM:TRAF |
| MJ Gleeson plc | GLE | LSE:GLE |
| Stelrad Group PLC | SRAD | LSE:SRAD |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| VID | VCP | VTY | TRAF | GLE | SRAD | ||
| LSE:VID | AIM:VCP | LSE:VTY | AIM:TRAF | LSE:GLE | LSE:SRAD | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | -27.4% | 1.6% | 6.6% | NM- | -7.0% | 25.2% | |
| 3Y CAGR | NM- | -2.0% | -5.3% | NM- | -12.8% | -3.6% | |
| Latest Twelve Months | -133.8% | -255.8% | -19.4% | -7.8% | -2.3% | 9.5% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 6.4% | 4.9% | 9.3% | -39757.4% | 10.6% | 9.5% | |
| Prior Fiscal Year | 10.9% | 5.6% | 8.8% | -3215.3% | 10.2% | 8.8% | |
| Latest Fiscal Year | 2.6% | 3.8% | 6.7% | NA | 8.3% | 10.2% | |
| Latest Twelve Months | -3.6% | -9.1% | 6.7% | -41154.8% | 7.1% | 10.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.67x | 1.02x | 0.41x | 4577.74x | 0.85x | 0.82x | |
| EV / LTM EBITDA | 15.1x | -334.2x | 4.8x | -11.1x | 10.6x | 6.1x | |
| EV / LTM EBIT | -18.8x | -11.2x | 6.2x | -11.1x | 11.9x | 8.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -18.8x | -11.1x | 11.9x | ||||
| Historical EV / LTM EBIT | 7.4x | 8.0x | 9.4x | ||||
| Selected EV / LTM EBIT | 7.8x | 8.2x | 8.6x | ||||
| (x) LTM EBIT | 30 | 30 | 30 | ||||
| (=) Implied Enterprise Value | 230 | 242 | 255 | ||||
| (-) Non-shareholder Claims * | (67) | (67) | (67) | ||||
| (=) Equity Value | 163 | 175 | 188 | ||||
| (/) Shares Outstanding | 127.4 | 127.4 | 127.4 | ||||
| Implied Value Range | 1.28 | 1.38 | 1.47 | ||||
| FX Rate: GBP/GBP | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 1.28 | 1.38 | 1.47 | 1.36 | |||
| Upside / (Downside) | -5.3% | 1.7% | 8.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | VID | VCP | VTY | TRAF | GLE | SRAD | |
| Enterprise Value | 199 | 1,232 | 1,585 | 5 | 297 | 239 | |
| (+) Cash & Short Term Investments | 55 | 93 | 320 | 0 | 0 | 19 | |
| (+) Investments & Other | 0 | 3 | 614 | 0 | 0 | 0 | |
| (-) Debt | (173) | (1,222) | (597) | (4) | (23) | (86) | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 82 | 107 | 1,922 | 0 | 275 | 173 | |
| (/) Shares Outstanding | 94.2 | 114.3 | 328.8 | 879.4 | 58.4 | 127.4 | |
| Implied Stock Price | 0.87 | 0.93 | 5.85 | 0.00 | 4.70 | 1.36 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 0.87 | 0.93 | 5.85 | 0.00 | 4.70 | 1.36 | |
| Trading Currency | GBP | GBP | GBP | GBP | GBP | GBP | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |