| Select LTM Revenue Multiple | | | | | | | | |
| | | | | | | | |
| Benchmark Companies | | | |
| S32 | ANFG.F | FCX_KZ | IGO | SFR | | NIC | |
| ASX:S32 | OTCPK:ANFG.F | KAS:FCX_KZ | ASX:IGO | ASX:SFR | | ASX:NIC | |
| Historical Revenue Growth | | | | | | | | |
| 5Y CAGR | -5.8% | 5.9% | 12.1% | 1.4% | 17.6% | | 29.9% | |
| 3Y CAGR | 0.1% | -4.0% | 3.7% | 7.8% | 15.4% | | 39.3% | |
| Latest Twelve Months | 36.1% | 4.6% | 11.4% | -25.3% | 36.6% | | -7.2% | |
| | | | | | | | |
| Historical EBIT Profit Margin | | | | | | | | |
| 5 Year Average Margin | 13.8% | 30.9% | 25.5% | -19.0% | 16.1% | | 21.8% | |
| Prior Fiscal Year | 4.9% | 27.9% | 27.3% | -74.1% | -1.4% | | 16.2% | |
| Latest Fiscal Year | 1.0% | 24.5% | 27.3% | -70.4% | 5.3% | | 8.6% | |
| Latest Twelve Months | 8.8% | 24.5% | 27.3% | -92.1% | 14.8% | | 8.6% | |
| | | | | | | | |
| Current Trading Multiples | | | | | | | | |
| EV / LTM Revenue | 1.51x | 4.03x | 2.94x | 1.93x | 3.33x | | 0.99x | |
| EV / LTM EBIT | 17.1x | 16.5x | 10.8x | -2.1x | 22.5x | | 11.5x | |
| Price / LTM Sales | 1.61x | 3.50x | 2.27x | 4.69x | 3.05x | | 0.96x | |
| | | | | | | | |
| | | | | | | | |
| Low | Mid | High | | | | | |
| | | | | | | | |
| Benchmark EV / LTM Revenue | 1.51x | 2.94x | 4.03x | | | | | |
| Historical EV / LTM Revenue | 0.99x | 1.81x | 4.46x | | | | | |
| | | | | | | | |
| Selected EV / LTM Revenue | 1.49x | 1.57x | 1.65x | | | | | |
| (x) LTM Revenue | 1,744 | 1,744 | 1,744 | | | | | |
| (=) Implied Enterprise Value | 2,603 | 2,740 | 2,877 | | | | | |
| (-) Non-shareholder Claims * | (46) | (46) | (46) | | | | | |
| (=) Equity Value | 2,558 | 2,695 | 2,832 | | | | | |
| (/) Shares Outstanding | 4,289.8 | 4,289.8 | 4,289.8 | | | | | |
| Implied Value Range | 0.60 | 0.63 | 0.66 | | | | | |
| FX Rate: USD/AUD | 0.6 | 0.6 | 0.6 | | Market Price | | | |
| Implied Value Range (Trading Cur) | 0.95 | 1.00 | 1.05 | | 0.62 | | | |
| Upside / (Downside) | 53.2% | 61.4% | 69.7% | | | | | |