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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 17.2x - 19.0x | 18.1x |
| Selected Fwd EBITDA Multiple | 5.7x - 6.3x | 6.0x |
| Fair Value | £4.95 - £5.45 | £5.20 |
| Upside | 37.4% - 51.3% | 44.4% |
| Benchmarks | Ticker | Full Ticker |
| Ubisoft Entertainment SA | 0NVL | LSE:0NVL |
| Electronic Arts Inc. | 0IFX | LSE:0IFX |
| Manchester United plc | 0Z1Q | LSE:0Z1Q |
| One Media iP Group Plc | OMIP | AIM:OMIP |
| Everyman Media Group plc | EMAN | AIM:EMAN |
| Frontier Developments plc | FDEV | AIM:FDEV |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 0NVL | 0IFX | 0Z1Q | OMIP | EMAN | FDEV | ||
| LSE:0NVL | LSE:0IFX | LSE:0Z1Q | AIM:OMIP | AIM:EMAN | AIM:FDEV | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | -50.4% | 3.9% | -4.4% | 13.4% | -2.4% | NM- | |
| 3Y CAGR | -73.8% | 6.3% | 16.4% | 6.6% | NM- | NM- | |
| Latest Twelve Months | -98.5% | -2.2% | -4.5% | 12.4% | -2.1% | 139.8% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 32.4% | 24.9% | 20.3% | 34.5% | -5.1% | 9.0% | |
| Prior Fiscal Year | 45.6% | 26.2% | 24.1% | 35.7% | 10.4% | -4.6% | |
| Latest Fiscal Year | 0.8% | 26.0% | 22.4% | 41.3% | 8.7% | -7.2% | |
| Latest Twelve Months | 0.8% | 26.0% | 25.7% | 41.3% | 8.7% | 11.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.26x | 5.12x | 4.43x | 1.98x | 1.50x | 1.48x | |
| EV / LTM EBITDA | 150.9x | 19.7x | 17.2x | 4.8x | 17.3x | 13.1x | |
| EV / LTM EBIT | -79.2x | 24.1x | -62.9x | 8.2x | -218.5x | 15.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 4.8x | 17.3x | 150.9x | ||||
| Historical EV / LTM EBITDA | -6.5x | 34.8x | 58.5x | ||||
| Selected EV / LTM EBITDA | 17.2x | 18.1x | 19.0x | ||||
| (x) LTM EBITDA | 10 | 10 | 10 | ||||
| (=) Implied Enterprise Value | 173 | 182 | 191 | ||||
| (-) Non-shareholder Claims * | 7 | 7 | 7 | ||||
| (=) Equity Value | 180 | 189 | 198 | ||||
| (/) Shares Outstanding | 38.4 | 38.4 | 38.4 | ||||
| Implied Value Range | 4.69 | 4.93 | 5.16 | ||||
| FX Rate: GBP/GBP | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 4.69 | 4.93 | 5.16 | 3.60 | |||
| Upside / (Downside) | 30.2% | 36.8% | 43.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 0NVL | 0IFX | 0Z1Q | OMIP | EMAN | FDEV | |
| Enterprise Value | 2,392 | 38,168 | 2,879 | 10 | 162 | 131 | |
| (+) Cash & Short Term Investments | 990 | 2,248 | 73 | 0 | 10 | 27 | |
| (+) Investments & Other | 48 | 0 | 0 | 0 | 0 | 0 | |
| (-) Debt | (2,166) | (2,218) | (722) | (1) | (134) | (20) | |
| (-) Other Liabilities | (3) | 0 | 0 | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 1,261 | 38,198 | 2,230 | 9 | 37 | 138 | |
| (/) Shares Outstanding | 132.6 | 251.3 | 170.7 | 222.4 | 91.2 | 38.4 | |
| Implied Stock Price | 9.51 | 152.02 | 13.07 | 0.04 | 0.41 | 3.60 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 0.74 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 9.51 | 152.02 | 17.56 | 0.04 | 0.41 | 3.60 | |
| Trading Currency | EUR | USD | USD | GBP | GBP | GBP | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 0.74 | 1.00 | 1.00 | 1.00 | |