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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 8.8x - 9.7x | 9.3x |
Selected Fwd EBIT Multiple | 7.9x - 8.7x | 8.3x |
Fair Value | £0.53 - £0.58 | £0.56 |
Upside | 50.5% - 64.6% | 57.6% |
Benchmarks | Ticker | Full Ticker |
System1 Group PLC | SYS1 | AIM:SYS1 |
STV Group plc | STVG | LSE:STVG |
WPP plc | WPP | LSE:WPP |
M&C Saatchi plc | SAA | AIM:SAA |
Centaur Media Plc | CAU | LSE:CAU |
The Pebble Group plc | PEBB | AIM:PEBB |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
SYS1 | STVG | WPP | SAA | CAU | PEBB | ||
AIM:SYS1 | LSE:STVG | LSE:WPP | AIM:SAA | LSE:CAU | AIM:PEBB | ||
Historical EBIT Growth | |||||||
5Y CAGR | 11.4% | -7.0% | 0.4% | 83.0% | NM- | -7.1% | |
3Y CAGR | -1.3% | -14.0% | 2.4% | 11.9% | 33.9% | -4.4% | |
Latest Twelve Months | 175.5% | 49.0% | 152.4% | 41.1% | -36.8% | 10.1% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 7.2% | 12.9% | 3.6% | 4.5% | 5.3% | 7.9% | |
Prior Fiscal Year | 3.6% | 5.7% | 3.5% | 5.7% | 17.3% | 6.3% | |
Latest Fiscal Year | 10.3% | 7.6% | 8.9% | 8.6% | 11.6% | 6.9% | |
Latest Twelve Months | 13.4% | 7.6% | 8.9% | 8.6% | 11.6% | 6.9% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 1.23x | 0.63x | 0.65x | 0.56x | 0.80x | 0.38x | |
EV / LTM EBITDA | 10.3x | 6.3x | 6.1x | 6.1x | 6.6x | 4.8x | |
EV / LTM EBIT | 9.2x | 8.2x | 7.3x | 6.5x | 6.9x | 5.5x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | 6.5x | 7.3x | 9.2x | ||||
Historical EV / LTM EBIT | 5.5x | 15.3x | 28.5x | ||||
Selected EV / LTM EBIT | 8.8x | 9.3x | 9.7x | ||||
(x) LTM EBIT | 9 | 9 | 9 | ||||
(=) Implied Enterprise Value | 76 | 80 | 84 | ||||
(-) Non-shareholder Claims * | 10 | 10 | 10 | ||||
(=) Equity Value | 86 | 90 | 94 | ||||
(/) Shares Outstanding | 160.8 | 160.8 | 160.8 | ||||
Implied Value Range | 0.53 | 0.56 | 0.58 | ||||
FX Rate: GBP/GBP | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 0.53 | 0.56 | 0.58 | 0.36 | |||
Upside / (Downside) | 50.4% | 57.5% | 64.5% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | SYS1 | STVG | WPP | SAA | CAU | PEBB | |
Enterprise Value | 43 | 118 | 9,649 | 219 | 28 | 47 | |
(+) Cash & Short Term Investments | 9 | 11 | 2,638 | 26 | 9 | 16 | |
(+) Investments & Other | 0 | 2 | 651 | 1 | 0 | 0 | |
(-) Debt | (1) | (67) | (6,348) | (56) | (1) | (7) | |
(-) Other Liabilities | 0 | 11 | (259) | (0) | 0 | 0 | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 51 | 75 | 6,331 | 190 | 36 | 57 | |
(/) Shares Outstanding | 12.7 | 45.7 | 1,073.0 | 121.2 | 147.4 | 160.8 | |
Implied Stock Price | 4.05 | 1.64 | 5.90 | 1.57 | 0.25 | 0.36 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 4.05 | 1.64 | 5.90 | 1.57 | 0.25 | 0.36 | |
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 |