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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 7.8x - 8.6x | 8.2x |
| Selected Fwd EBIT Multiple | 7.1x - 7.8x | 7.5x |
| Fair Value | £5.56 - £5.80 | £5.68 |
| Upside | 87.3% - 95.3% | 91.3% |
| Benchmarks | Ticker | Full Ticker |
| Henderson High Income Trust plc | HHI | LSE:HHI |
| Schroders Investment Trusts - Schroder Asian Total Return Investment Company plc | ATR | LSE:ATR |
| JPMorgan Claverhouse Investment Trust plc | JCH | LSE:JCH |
| JPMorgan Emerging Markets Investment Trust plc | JMG | LSE:JMG |
| Henderson Far East Income Limited | HFEL | LSE:HFEL |
| Dunedin Income Growth Investment Trust PLC | DIG | LSE:DIG |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| HHI | ATR | JCH | JMG | HFEL | DIG | ||
| LSE:HHI | LSE:ATR | LSE:JCH | LSE:JMG | LSE:HFEL | LSE:DIG | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | -11.4% | 5.0% | -17.8% | -9.6% | 6.5% | -16.3% | |
| 3Y CAGR | -8.6% | 15.5% | -25.1% | -39.8% | 9.9% | 0.0% | |
| Latest Twelve Months | 23.0% | 59.1% | 16.7% | 156.5% | 550.7% | 46.2% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 107.3% | 97.8% | 77.6% | 89.7% | 102.5% | 93.2% | |
| Prior Fiscal Year | 92.8% | 90.6% | 91.4% | 41.7% | 108.4% | 89.8% | |
| Latest Fiscal Year | 92.9% | 89.6% | 93.1% | 89.9% | 91.9% | 93.3% | |
| Latest Twelve Months | 92.9% | 89.6% | 93.1% | 89.1% | 86.4% | 93.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 11.37x | 6.89x | 0.23x | 11.62x | 0.24x | 11.05x | |
| EV / LTM EBITDA | NA | NA | NA | NA | NA | NA | |
| EV / LTM EBIT | 12.2x | 7.7x | 0.3x | 13.0x | 0.3x | 11.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 0.3x | 7.7x | 13.0x | ||||
| Historical EV / LTM EBIT | -84.4x | 7.5x | 16.8x | ||||
| Selected EV / LTM EBIT | 7.8x | 8.2x | 8.6x | ||||
| (x) LTM EBIT | 36 | 36 | 36 | ||||
| (=) Implied Enterprise Value | 283 | 298 | 313 | ||||
| (-) Non-shareholder Claims * | 426 | 426 | 426 | ||||
| (=) Equity Value | 709 | 724 | 739 | ||||
| (/) Shares Outstanding | 128.9 | 128.9 | 128.9 | ||||
| Implied Value Range | 5.50 | 5.62 | 5.73 | ||||
| FX Rate: GBP/GBP | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 5.50 | 5.62 | 5.73 | 2.97 | |||
| Upside / (Downside) | 85.2% | 89.1% | 93.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | HHI | ATR | JCH | JMG | HFEL | DIG | |
| Enterprise Value | (5) | (46) | 9 | (215) | 7 | (43) | |
| (+) Cash & Short Term Investments | 2 | 2 | 9 | 0 | 9 | 2 | |
| (+) Investments & Other | 367 | 507 | 441 | 1,345 | 379 | 473 | |
| (-) Debt | (67) | (27) | (41) | 0 | (24) | (49) | |
| (-) 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 | 297 | 436 | 418 | 1,131 | 372 | 383 | |
| (/) Shares Outstanding | 170.7 | 93.5 | 55.3 | 1,031.8 | 173.0 | 128.9 | |
| Implied Stock Price | 1.74 | 4.66 | 7.56 | 1.10 | 2.15 | 2.97 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 1.74 | 4.66 | 7.56 | 1.10 | 2.15 | 2.97 | |
| 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 | |