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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 19.2x - 21.2x | 20.2x |
Selected Fwd EBIT Multiple | 21.8x - 24.1x | 22.9x |
Fair Value | $0.44 - $0.50 | $0.47 |
Upside | -15.3% - -4.2% | -9.7% |
Benchmarks | Ticker | Full Ticker |
Eneco Energy Limited | R14 | SGX:R14 |
GKE Corporation Limited | 595 | Catalist:595 |
Vibrant Group Limited | BIP | SGX:BIP |
AGX Group Berhad | AGX | KLSE:AGX |
A-Sonic Aerospace Limited | BTJ | SGX:BTJ |
COSCO SHIPPING International (Singapore) Co., Ltd. | CSCM.Y | OTCPK:CSCM.Y |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
R14 | 595 | BIP | AGX | BTJ | CSCM.Y | ||
SGX:R14 | Catalist:595 | SGX:BIP | KLSE:AGX | SGX:BTJ | OTCPK:CSCM.Y | ||
Historical EBIT Growth | |||||||
5Y CAGR | NM- | 6.8% | NM- | NM- | -12.2% | 23.2% | |
3Y CAGR | -56.8% | 9.9% | -3.6% | -11.3% | -47.8% | 32.8% | |
Latest Twelve Months | -43.3% | 54.6% | 41.2% | NM | 279.6% | 18.8% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | -4.9% | 8.7% | 6.0% | 6.3% | 0.9% | 11.9% | |
Prior Fiscal Year | 0.9% | 7.1% | 7.9% | 9.1% | -0.4% | 20.3% | |
Latest Fiscal Year | 0.5% | 9.5% | 10.3% | 4.1% | 0.5% | 22.4% | |
Latest Twelve Months | 0.5% | 9.5% | 10.3% | 4.9% | 0.7% | 22.3% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 0.87x | 0.79x | 1.13x | 0.88x | -0.06x | 3.73x | |
EV / LTM EBITDA | 31.5x | 3.6x | 7.3x | 15.4x | -6.6x | 8.7x | |
EV / LTM EBIT | 184.2x | 8.3x | 11.0x | 18.1x | -9.0x | 16.7x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | -9.0x | 11.0x | 184.2x | ||||
Historical EV / LTM EBIT | 12.1x | 42.5x | 188.3x | ||||
Selected EV / LTM EBIT | 19.2x | 20.2x | 21.2x | ||||
(x) LTM EBIT | 41 | 41 | 41 | ||||
(=) Implied Enterprise Value | 778 | 819 | 860 | ||||
(-) Non-shareholder Claims * | (141) | (141) | (141) | ||||
(=) Equity Value | 637 | 678 | 719 | ||||
(/) Shares Outstanding | 1,037.6 | 1,037.6 | 1,037.6 | ||||
Implied Value Range | 0.61 | 0.65 | 0.69 | ||||
FX Rate: SGD/USD | 1.3 | 1.3 | 1.3 | Market Price | |||
Implied Value Range (Trading Cur) | 0.48 | 0.51 | 0.54 | 0.52 | |||
Upside / (Downside) | -7.9% | -2.0% | 4.0% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | R14 | 595 | BIP | AGX | BTJ | CSCM.Y | |
Enterprise Value | 27 | 98 | 168 | 220 | (18) | 832 | |
(+) Cash & Short Term Investments | 12 | 30 | 64 | 19 | 46 | 48 | |
(+) Investments & Other | 0 | 2 | 59 | 17 | 1 | 59 | |
(-) Debt | (12) | (53) | (164) | (39) | (2) | (243) | |
(-) Other Liabilities | 0 | 0 | (7) | 0 | (1) | (5) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 28 | 77 | 119 | 216 | 26 | 692 | |
(/) Shares Outstanding | 2,792.9 | 770.5 | 679.9 | 432.9 | 105.6 | 1,037.6 | |
Implied Stock Price | 0.01 | 0.10 | 0.18 | 0.50 | 0.25 | 0.67 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 0.78 | 1.28 | |
Implied Stock Price (Trading Cur) | 0.01 | 0.10 | 0.18 | 0.50 | 0.32 | 0.52 | |
Trading Currency | SGD | SGD | SGD | MYR | SGD | USD | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 0.78 | 1.28 |