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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 5.4x - 6.0x | 5.7x |
| Selected Fwd EBIT Multiple | 2.8x - 3.1x | 3.0x |
| Fair Value | €2.32 - €2.37 | €2.35 |
| Upside | 2.8% - 4.9% | 3.8% |
| Benchmarks | Ticker | Full Ticker |
| Schroders plc | SDR | LSE:SDR |
| Jupiter Fund Management Plc | JUP | LSE:JUP |
| 3i Group plc | III | LSE:III |
| Janus Henderson Group plc | 0RPW | LSE:0RPW |
| Ninety One Group | N91 | LSE:N91 |
| Aberdeen Group Plc | T3V2 | DB:T3V2 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| SDR | JUP | III | 0RPW | N91 | T3V2 | ||
| LSE:SDR | LSE:JUP | LSE:III | LSE:0RPW | LSE:N91 | DB:T3V2 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | -0.9% | -9.3% | 89.6% | 2.8% | -1.1% | -43.8% | |
| 3Y CAGR | -8.6% | -20.9% | 7.5% | -12.1% | -9.1% | -25.8% | |
| Latest Twelve Months | 2.5% | -31.6% | 30.9% | 23.0% | -7.6% | 33.3% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 23.9% | 29.9% | 94.6% | 27.1% | 33.6% | 5.1% | |
| Prior Fiscal Year | 22.4% | 29.6% | 96.0% | 23.0% | 34.2% | 10.2% | |
| Latest Fiscal Year | 21.5% | 27.6% | 97.0% | 25.9% | 31.2% | 7.4% | |
| Latest Twelve Months | 19.3% | 23.2% | 97.0% | 26.1% | 31.2% | 9.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.28x | 0.72x | 2.87x | 2.14x | 2.26x | 0.48x | |
| EV / LTM EBITDA | 1.3x | 3.1x | 3.0x | 7.8x | 7.0x | 2.6x | |
| EV / LTM EBIT | 1.4x | 3.1x | 3.0x | 8.2x | 7.2x | 5.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 1.4x | 3.1x | 8.2x | ||||
| Historical EV / LTM EBIT | -2.5x | -0.3x | 0.9x | ||||
| Selected EV / LTM EBIT | 5.4x | 5.7x | 6.0x | ||||
| (x) LTM EBIT | 124 | 124 | 124 | ||||
| (=) Implied Enterprise Value | 668 | 704 | 739 | ||||
| (-) Non-shareholder Claims * | 2,871 | 2,871 | 2,871 | ||||
| (=) Equity Value | 3,539 | 3,575 | 3,610 | ||||
| (/) Shares Outstanding | 1,788.2 | 1,788.2 | 1,788.2 | ||||
| Implied Value Range | 1.98 | 2.00 | 2.02 | ||||
| FX Rate: GBP/EUR | 0.9 | 0.9 | 0.9 | Market Price | |||
| Implied Value Range (Trading Cur) | 2.29 | 2.31 | 2.33 | 2.26 | |||
| Upside / (Downside) | 1.2% | 2.2% | 3.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | SDR | JUP | III | 0RPW | N91 | T3V2 | |
| Enterprise Value | (1,066) | 249 | 14,896 | 5,503 | 1,360 | 626 | |
| (+) Cash & Short Term Investments | 5,948 | 437 | 412 | 2,352 | 391 | 1,604 | |
| (+) Investments & Other | 1,922 | 2 | 25,272 | 0 | 27 | 1,816 | |
| (-) Debt | (588) | (40) | (1,239) | (395) | (87) | (546) | |
| (-) Other Liabilities | (91) | 0 | 0 | (876) | (0) | (3) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 6,125 | 647 | 39,341 | 6,584 | 1,691 | 3,497 | |
| (/) Shares Outstanding | 1,568.2 | 509.7 | 965.4 | 156.0 | 888.5 | 1,788.2 | |
| Implied Stock Price | 3.91 | 1.27 | 40.75 | 42.21 | 1.90 | 1.96 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.87 | |
| Implied Stock Price (Trading Cur) | 3.91 | 1.27 | 40.75 | 42.21 | 1.90 | 2.26 | |
| Trading Currency | GBP | GBP | GBP | USD | GBP | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.87 | |