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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 10.9x - 12.0x | 11.4x |
Selected Fwd EBIT Multiple | 9.9x - 10.9x | 10.4x |
Fair Value | C$25.41 - C$29 | C$27.20 |
Upside | -19.3% - -8.0% | -13.6% |
Benchmarks | Ticker | Full Ticker |
StorageVault Canada Inc. | SVI | TSX:SVI |
Bridgemarq Real Estate Services Inc. | BRE | TSX:BRE |
Altus Group Limited | AIF | TSX:AIF |
Melcor Developments Ltd. | MRD | TSX:MRD |
Wall Financial Corporation | WFC | TSX:WFC |
Information Services Corporation | ISC | TSX:ISC |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
SVI | BRE | AIF | MRD | WFC | ISC | ||
TSX:SVI | TSX:BRE | TSX:AIF | TSX:MRD | TSX:WFC | TSX:ISC | ||
Historical EBIT Growth | |||||||
5Y CAGR | NM- | 0.1% | -2.0% | 11.4% | -18.5% | 12.1% | |
3Y CAGR | 62.7% | -7.0% | -12.2% | 2.5% | 25.1% | 2.5% | |
Latest Twelve Months | 7.9% | -4.7% | 572.8% | 3.9% | 21.0% | 32.7% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 14.2% | 32.4% | 7.9% | 37.3% | 23.8% | 25.1% | |
Prior Fiscal Year | 22.5% | 38.1% | 1.7% | 37.9% | 35.3% | 23.8% | |
Latest Fiscal Year | 23.6% | 4.8% | 7.6% | 36.4% | 32.0% | 21.7% | |
Latest Twelve Months | 23.7% | 4.1% | 8.0% | 36.9% | 32.0% | 24.8% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 11.50x | 0.55x | 3.88x | 2.81x | 5.82x | 3.01x | |
EV / LTM EBITDA | 20.8x | 7.5x | 34.2x | 7.5x | 15.4x | 9.3x | |
EV / LTM EBIT | 48.6x | 13.5x | 48.4x | 7.6x | 18.2x | 12.2x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | 7.6x | 18.2x | 48.6x | ||||
Historical EV / LTM EBIT | 8.3x | 12.0x | 13.4x | ||||
Selected EV / LTM EBIT | 10.9x | 11.4x | 12.0x | ||||
(x) LTM EBIT | 62 | 62 | 62 | ||||
(=) Implied Enterprise Value | 672 | 708 | 743 | ||||
(-) Non-shareholder Claims * | (163) | (163) | (163) | ||||
(=) Equity Value | 510 | 545 | 581 | ||||
(/) Shares Outstanding | 18.7 | 18.7 | 18.7 | ||||
Implied Value Range | 27.28 | 29.17 | 31.06 | ||||
FX Rate: CAD/CAD | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 27.28 | 29.17 | 31.06 | 31.50 | |||
Upside / (Downside) | -13.4% | -7.4% | -1.4% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | SVI | BRE | AIF | MRD | WFC | ISC | |
Enterprise Value | 3,836 | 229 | 2,056 | 984 | 1,235 | 751 | |
(+) Cash & Short Term Investments | 21 | 7 | 492 | 61 | 9 | 17 | |
(+) Investments & Other | 0 | 0 | 40 | 0 | 0 | 0 | |
(-) Debt | (2,175) | (91) | (196) | (546) | (656) | (179) | |
(-) Other Liabilities | 0 | 0 | 0 | (70) | (51) | 0 | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 1,683 | 146 | 2,393 | 429 | 536 | 589 | |
(/) Shares Outstanding | 365.0 | 9.5 | 43.2 | 30.2 | 32.1 | 18.7 | |
Implied Stock Price | 4.61 | 15.38 | 55.42 | 14.21 | 16.70 | 31.50 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 4.61 | 15.38 | 55.42 | 14.21 | 16.70 | 31.50 | |
Trading Currency | CAD | CAD | CAD | CAD | CAD | CAD | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |