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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 6.1x - 6.8x | 6.5x |
| Selected Fwd EBIT Multiple | 7.9x - 8.7x | 8.3x |
| Fair Value | £1.04 - £1.16 | £1.10 |
| Upside | 9.2% - 21.9% | 15.6% |
| Benchmarks | Ticker | Full Ticker |
| Hays plc | HAS | LSE:HAS |
| PageGroup plc | PAGE | LSE:PAGE |
| Robert Walters plc | RWA | LSE:RWA |
| Fintel Plc | FNTL | AIM:FNTL |
| SThree plc | STEM | LSE:STEM |
| RTC Group plc | RTC | AIM:RTC |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| HAS | PAGE | RWA | FNTL | STEM | RTC | ||
| LSE:HAS | LSE:PAGE | LSE:RWA | AIM:FNTL | LSE:STEM | AIM:RTC | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | -23.1% | -18.6% | -36.7% | 2.0% | 1.5% | 6.0% | |
| 3Y CAGR | -10.7% | -32.2% | -54.2% | 6.6% | 2.7% | NM- | |
| Latest Twelve Months | -79.8% | -55.9% | -80.2% | 5.4% | -14.7% | -3.3% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 2.1% | 6.6% | 3.4% | 20.9% | 4.5% | 0.0% | |
| Prior Fiscal Year | 2.6% | 5.9% | 2.5% | 22.7% | 4.7% | 2.7% | |
| Latest Fiscal Year | 1.0% | 3.0% | 0.6% | 19.8% | 4.5% | 2.7% | |
| Latest Twelve Months | 0.5% | 3.0% | 0.6% | 19.8% | 4.5% | 2.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.18x | 0.49x | 0.19x | 3.29x | 0.18x | 0.15x | |
| EV / LTM EBITDA | 22.8x | 7.4x | 12.4x | 13.5x | 3.8x | 4.8x | |
| EV / LTM EBIT | 36.7x | 16.3x | 32.8x | 16.6x | 4.0x | 5.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 4.0x | 16.6x | 36.7x | ||||
| Historical EV / LTM EBIT | -19.5x | -4.0x | 6.3x | ||||
| Selected EV / LTM EBIT | 6.1x | 6.5x | 6.8x | ||||
| (x) LTM EBIT | 3 | 3 | 3 | ||||
| (=) Implied Enterprise Value | 16 | 17 | 18 | ||||
| (-) Non-shareholder Claims * | (1) | (1) | (1) | ||||
| (=) Equity Value | 15 | 16 | 16 | ||||
| (/) Shares Outstanding | 13.6 | 13.6 | 13.6 | ||||
| Implied Value Range | 1.08 | 1.14 | 1.20 | ||||
| FX Rate: GBP/GBP | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 1.08 | 1.14 | 1.20 | 0.95 | |||
| Upside / (Downside) | 13.6% | 20.1% | 26.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | HAS | PAGE | RWA | FNTL | STEM | RTC | |
| Enterprise Value | 1,172 | 825 | 171 | 248 | 266 | 14 | |
| (+) Cash & Short Term Investments | 154 | 95 | 68 | 6 | 70 | 1 | |
| (+) Investments & Other | 0 | 0 | 0 | 3 | 0 | 0 | |
| (-) Debt | (291) | (137) | (88) | (32) | (40) | (2) | |
| (-) 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 | 1,035 | 784 | 151 | 225 | 296 | 13 | |
| (/) Shares Outstanding | 1,591.8 | 313.8 | 65.8 | 104.2 | 128.5 | 13.6 | |
| Implied Stock Price | 0.65 | 2.50 | 2.30 | 2.16 | 2.31 | 0.95 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 0.65 | 2.50 | 2.30 | 2.16 | 2.31 | 0.95 | |
| 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 | |