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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 17.3x - 19.2x | 18.3x |
| Selected Fwd EBITDA Multiple | 5.8x - 6.4x | 6.1x |
| Fair Value | £5.12 - £5.64 | £5.38 |
| Upside | 35.9% - 49.7% | 42.8% |
| Benchmarks | Ticker | Full Ticker |
| Ubisoft Entertainment SA | 0NVL | LSE:0NVL |
| Electronic Arts Inc. | 0IFX | LSE:0IFX |
| Everyman Media Group plc | EMAN | AIM:EMAN |
| Manchester United plc | 0Z1Q | LSE:0Z1Q |
| Zinc Media Group plc | ZIN | AIM:ZIN |
| Frontier Developments plc | FDEV | AIM:FDEV |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 0NVL | 0IFX | EMAN | 0Z1Q | ZIN | FDEV | ||
| LSE:0NVL | LSE:0IFX | AIM:EMAN | LSE:0Z1Q | AIM:ZIN | AIM:FDEV | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | -50.4% | 3.9% | -2.4% | -4.4% | 8.3% | NM- | |
| 3Y CAGR | -73.8% | 6.3% | NM- | 16.4% | NM- | NM- | |
| Latest Twelve Months | -98.5% | 2.5% | -2.1% | -4.5% | -18.2% | 139.8% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 32.4% | 24.7% | -5.1% | 20.3% | -4.1% | 9.0% | |
| Prior Fiscal Year | 45.6% | 26.2% | 10.4% | 24.1% | 0.7% | -4.6% | |
| Latest Fiscal Year | 0.8% | 26.0% | 8.7% | 22.4% | 0.7% | -7.2% | |
| Latest Twelve Months | 0.8% | 24.6% | 8.7% | 25.7% | 0.7% | 11.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.24x | 5.84x | 1.52x | 4.32x | 0.46x | 1.52x | |
| EV / LTM EBITDA | 149.2x | 23.7x | 17.5x | 16.8x | 67.9x | 13.4x | |
| EV / LTM EBIT | -78.3x | 29.3x | -221.0x | -61.4x | -17.9x | 16.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 16.8x | 23.7x | 149.2x | ||||
| Historical EV / LTM EBITDA | -6.5x | 34.8x | 58.5x | ||||
| Selected EV / LTM EBITDA | 17.3x | 18.3x | 19.2x | ||||
| (x) LTM EBITDA | 10 | 10 | 10 | ||||
| (=) Implied Enterprise Value | 175 | 184 | 193 | ||||
| (-) Non-shareholder Claims * | 7 | 7 | 7 | ||||
| (=) Equity Value | 181 | 191 | 200 | ||||
| (/) Shares Outstanding | 37.6 | 37.6 | 37.6 | ||||
| Implied Value Range | 4.82 | 5.07 | 5.31 | ||||
| FX Rate: GBP/GBP | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 4.82 | 5.07 | 5.31 | 3.77 | |||
| Upside / (Downside) | 28.1% | 34.6% | 41.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 0NVL | 0IFX | EMAN | 0Z1Q | ZIN | FDEV | |
| Enterprise Value | 2,367 | 43,484 | 163 | 2,825 | 15 | 135 | |
| (+) Cash & Short Term Investments | 990 | 1,630 | 10 | 73 | 6 | 27 | |
| (+) Investments & Other | 48 | 0 | 0 | 0 | 0 | 0 | |
| (-) Debt | (2,166) | (2,209) | (134) | (722) | (4) | (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 | 1,236 | 42,905 | 38 | 2,177 | 17 | 142 | |
| (/) Shares Outstanding | 132.6 | 250.2 | 91.2 | 170.7 | 24.7 | 37.6 | |
| Implied Stock Price | 9.32 | 171.48 | 0.42 | 12.75 | 0.69 | 3.77 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 0.74 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 9.32 | 171.48 | 0.42 | 17.19 | 0.69 | 3.77 | |
| Trading Currency | EUR | USD | GBP | USD | GBP | GBP | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 0.74 | 1.00 | 1.00 | |