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Metrics | Range | Conclusion |
---|---|---|
Selected LTM Revenue Multiple | 10.2x - 11.3x | 10.7x |
Selected Fwd Revenue Multiple | 5.7x - 6.3x | 6.0x |
Fair Value | $2.75 - $3.03 | $2.89 |
Upside | -31.5% - -24.3% | -27.9% |
Benchmarks | Ticker | Full Ticker |
---|---|---|
LQR House Inc. | YHC | NasdaqCM:YHC |
Cumulus Media Inc. | CMLS | NasdaqGM:CMLS |
Harte Hanks, Inc. | HHS | NasdaqGM:HHS |
Lee Enterprises, Incorporated | LEE | NasdaqGS:LEE |
Gannett Co., Inc. | GCI | NYSE:GCI |
Eva Live, Inc. | GOAI | OTCPK:GOAI |
Select LTM Revenue Multiple | ||||||||
Benchmark Companies | ||||||||
YHC | CMLS | HHS | LEE | GCI | GOAI | |||
NasdaqCM:YHC | NasdaqGM:CMLS | NasdaqGM:HHS | NasdaqGS:LEE | NYSE:GCI | OTCPK:GOAI | |||
Historical Revenue Growth | ||||||||
5Y CAGR | NM- | -5.8% | -3.2% | 3.7% | 6.1% | NM- | ||
3Y CAGR | NM- | -3.4% | -1.6% | -8.4% | -7.9% | NM- | ||
Latest Twelve Months | 158.1% | -2.1% | -3.3% | -9.3% | -5.8% | 152.8% | ||
Historical EBIT Profit Margin | ||||||||
5 Year Average Margin | -575.0% | 5.7% | -0.4% | 7.9% | 5.5% | -125.1% | ||
Prior Fiscal Year | -306.5% | 2.8% | 3.0% | 7.2% | 3.1% | -154.9% | ||
Latest Fiscal Year | -1222.7% | 0.0% | -17.7% | 4.7% | 3.3% | -112.4% | ||
Latest Twelve Months | -559.1% | 0.0% | -17.7% | 2.6% | 3.3% | -145.3% | ||
Current Trading Multiples | ||||||||
EV / LTM Revenue | 0.54x | 0.90x | 0.26x | 0.84x | 0.64x | 14.49x | ||
EV / LTM EBIT | -0.1x | 10019.2x | -1.5x | 31.9x | 19.2x | -10.0x | ||
Price / LTM Sales | 2.16x | 0.01x | 0.19x | 0.11x | 0.17x | 14.51x | ||
Low | Mid | High | ||||||
Benchmark EV / LTM Revenue | 0.26x | 0.64x | 0.90x | |||||
Historical EV / LTM Revenue | 50.56x | 50.56x | 50.56x | |||||
Selected EV / LTM Revenue | 10.18x | 10.72x | 11.26x | |||||
(x) LTM Revenue | 9 | 9 | 9 | |||||
(=) Implied Enterprise Value | 88 | 93 | 97 | |||||
(-) Non-shareholder Claims * | 0 | 0 | 0 | |||||
(=) Equity Value | 88 | 93 | 98 | |||||
(/) Shares Outstanding | 31.3 | 31.3 | 31.3 | |||||
Implied Value Range | 2.82 | 2.97 | 3.12 | |||||
FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | ||||
Implied Value Range (Trading Cur) | 2.82 | 2.97 | 3.12 | 4.01 | ||||
Upside / (Downside) | -29.7% | -26.0% | -22.3% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | YHC | CMLS | HHS | LEE | GCI | GOAI | |
Enterprise Value | (4) | 741 | 49 | 507 | 1,602 | 126 | |
(+) Cash & Short Term Investments | 4 | 64 | 10 | 6 | 106 | 1 | |
(+) Investments & Other | 6 | 0 | 0 | 34 | 0 | 0 | |
(-) Debt | (0) | (797) | (25) | (481) | (1,287) | (1) | |
(-) Other Liabilities | 0 | 0 | 0 | (2) | 1 | 0 | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 5 | 8 | 34 | 64 | 421 | 126 | |
(/) Shares Outstanding | 22.7 | 17.2 | 7.4 | 6.2 | 143.2 | 31.3 | |
Implied Stock Price | 0.22 | 0.47 | 4.67 | 10.30 | 2.94 | 4.01 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 0.22 | 0.47 | 4.67 | 10.30 | 2.94 | 4.01 | |
Trading Currency | USD | USD | USD | USD | USD | USD | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |