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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 5.4x - 6.0x | 5.7x |
| Selected Fwd EBITDA Multiple | 5.6x - 6.2x | 5.9x |
| Fair Value | €2.49 - €2.58 | €2.53 |
| Upside | 57.5% - 63.2% | 60.3% |
| Benchmarks | Ticker | Full Ticker |
| Jupiter Fund Management Plc | JUP | LSE:JUP |
| Schroders plc | SDR | LSE:SDR |
| 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 EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| JUP | SDR | III | 0RPW | N91 | T3V2 | ||
| LSE:JUP | LSE:SDR | LSE:III | LSE:0RPW | LSE:N91 | DB:T3V2 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | -9.7% | 0.5% | 25.4% | 1.4% | 4.4% | -35.3% | |
| 3Y CAGR | -23.7% | -7.3% | 27.0% | -12.2% | 0.0% | -14.1% | |
| Latest Twelve Months | -7.8% | -3.5% | -9.0% | 31.4% | -1.9% | -20.4% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 33.4% | 27.0% | 92.5% | 28.6% | 34.4% | 12.3% | |
| Prior Fiscal Year | 29.9% | 25.3% | 96.9% | 24.1% | 33.4% | 19.0% | |
| Latest Fiscal Year | 27.9% | 24.2% | 96.0% | 26.9% | 34.8% | 16.3% | |
| Latest Twelve Months | 27.9% | 24.2% | 96.2% | 26.9% | 33.8% | 16.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | -0.08x | 0.10x | 3.61x | 1.50x | 1.42x | 1.31x | |
| EV / LTM EBITDA | -0.3x | 0.4x | 3.8x | 5.6x | 4.2x | 8.1x | |
| EV / LTM EBIT | -0.3x | 0.5x | 3.8x | 5.8x | 4.3x | 17.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -0.3x | 3.8x | 5.6x | ||||
| Historical EV / LTM EBITDA | 8.1x | 8.3x | 10.9x | ||||
| Selected EV / LTM EBITDA | 5.4x | 5.7x | 6.0x | ||||
| (x) LTM EBITDA | 223 | 223 | 223 | ||||
| (=) Implied Enterprise Value | 1,203 | 1,266 | 1,330 | ||||
| (-) Non-shareholder Claims * | 2,495 | 2,495 | 2,495 | ||||
| (=) Equity Value | 3,698 | 3,761 | 3,825 | ||||
| (/) Shares Outstanding | 1,786.8 | 1,786.8 | 1,786.8 | ||||
| Implied Value Range | 2.07 | 2.11 | 2.14 | ||||
| FX Rate: GBP/EUR | 0.9 | 0.9 | 0.9 | Market Price | |||
| Implied Value Range (Trading Cur) | 2.40 | 2.44 | 2.49 | 1.58 | |||
| Upside / (Downside) | 52.1% | 54.7% | 57.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | JUP | SDR | III | 0RPW | N91 | T3V2 | |
| Enterprise Value | (24) | (1,602) | 16,043 | 3,745 | 896 | (64) | |
| (+) Cash & Short Term Investments | 504 | 5,129 | 369 | 2,074 | 335 | 1,321 | |
| (+) Investments & Other | 2 | 2,031 | 22,515 | 23 | 24 | 1,969 | |
| (-) Debt | (91) | (602) | (1,237) | (487) | (89) | (790) | |
| (-) Other Liabilities | 0 | (85) | 0 | (492) | (0) | (5) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 391 | 4,871 | 37,690 | 4,864 | 1,166 | 2,431 | |
| (/) Shares Outstanding | 537.9 | 1,568.2 | 965.4 | 157.5 | 897.1 | 1,786.8 | |
| Implied Stock Price | 0.73 | 3.11 | 39.04 | 30.88 | 1.30 | 1.36 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.86 | |
| Implied Stock Price (Trading Cur) | 0.73 | 3.11 | 39.04 | 30.88 | 1.30 | 1.58 | |
| Trading Currency | GBP | GBP | GBP | USD | GBP | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.86 | |