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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 5.2x - 5.8x | 5.5x |
| Selected Fwd EBITDA Multiple | 6.8x - 7.5x | 7.1x |
| Fair Value | S$0.38 - S$0.43 | S$0.41 |
| Upside | 20.0% - 34.8% | 27.4% |
| Benchmarks | Ticker | Full Ticker |
| Superior Plus Corp. | SPB | TSX:SPB |
| Indraprastha Gas Limited | 532514 | BSE:532514 |
| GAIL (India) Limited | 532155 | BSE:532155 |
| Ferrellgas Partners, L.P. | FGPR | OTCPK:FGPR |
| HIROSHIMA GAS Co.,Ltd. | 9535 | TSE:9535 |
| Union Gas Holdings Limited | 1F2 | SGX:1F2 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| SPB | 532514 | 532155 | FGPR | 9535 | 1F2 | ||
| TSX:SPB | BSE:532514 | BSE:532155 | OTCPK:FGPR | TSE:9535 | SGX:1F2 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 0.7% | 13.1% | 6.8% | 8.6% | 2.6% | 15.8% | |
| 3Y CAGR | 20.4% | 17.2% | 24.1% | 0.3% | -0.4% | 24.0% | |
| Latest Twelve Months | 2.8% | -15.2% | 42.7% | -41.3% | -38.3% | 20.6% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 15.7% | 20.8% | 11.3% | 15.8% | 13.3% | 15.4% | |
| Prior Fiscal Year | 16.6% | 14.0% | 5.0% | 16.4% | 15.1% | 17.3% | |
| Latest Fiscal Year | 17.8% | 16.6% | 10.4% | 16.7% | 11.6% | 21.4% | |
| Latest Twelve Months | 17.8% | 13.3% | 11.0% | 9.9% | 9.2% | 21.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.32x | 1.74x | 0.99x | 1.11x | 0.36x | 0.97x | |
| EV / LTM EBITDA | 7.5x | 13.1x | 9.0x | 11.2x | 3.9x | 4.5x | |
| EV / LTM EBIT | 16.0x | 16.7x | 11.5x | 23.5x | 33.3x | 8.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 3.9x | 9.0x | 13.1x | ||||
| Historical EV / LTM EBITDA | 4.5x | 7.9x | 19.3x | ||||
| Selected EV / LTM EBITDA | 5.2x | 5.5x | 5.8x | ||||
| (x) LTM EBITDA | 27 | 27 | 27 | ||||
| (=) Implied Enterprise Value | 141 | 148 | 156 | ||||
| (-) Non-shareholder Claims * | (21) | (21) | (21) | ||||
| (=) Equity Value | 120 | 128 | 135 | ||||
| (/) Shares Outstanding | 317.5 | 317.5 | 317.5 | ||||
| Implied Value Range | 0.38 | 0.40 | 0.43 | ||||
| FX Rate: SGD/SGD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 0.38 | 0.40 | 0.43 | 0.32 | |||
| Upside / (Downside) | 18.6% | 25.9% | 33.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | SPB | 532514 | 532155 | FGPR | 9535 | 1F2 | |
| Enterprise Value | 3,143 | 252,691 | 1,365,924 | 2,091 | 33,056 | 122 | |
| (+) Cash & Short Term Investments | 42 | 31,831 | 31,993 | 39 | 22,965 | 13 | |
| (+) Investments & Other | 0 | 0 | 0 | 0 | 19,032 | 0 | |
| (-) Debt | (1,869) | (742) | (196,318) | (2,156) | (47,759) | (33) | |
| (-) Other Liabilities | (260) | 0 | 0 | 79 | (3,352) | (0) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 1,056 | 283,780 | 1,201,599 | 53 | 23,942 | 102 | |
| (/) Shares Outstanding | 233.0 | 1,400.0 | 6,575.1 | 4.9 | 68.6 | 317.5 | |
| Implied Stock Price | 4.53 | 202.70 | 182.75 | 11.00 | 349.00 | 0.32 | |
| FX Conversion Rate to Trading Currency | 0.70 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 6.49 | 202.70 | 182.75 | 11.00 | 349.00 | 0.32 | |
| Trading Currency | CAD | INR | INR | USD | JPY | SGD | |
| FX Rate to Reporting Currency | 0.70 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |