| Select LTM Revenue Multiple | | | | | | | | |
| | | | | | | | |
| Benchmark Companies | | | |
| VEOE.F | 5IG | HRAS.F | CU | CPYY.F | | SBOA | |
| OTCPK:VEOE.F | SGX:5IG | OTCPK:HRAS.F | TSX:CU | OTCPK:CPYY.F | | DB:SBOA | |
| Historical Revenue Growth | | | | | | | | |
| 5Y CAGR | 10.5% | 1.9% | 12.2% | -0.8% | 8.9% | | -1.0% | |
| 3Y CAGR | 16.2% | 9.6% | 6.0% | 2.1% | 10.5% | | 0.0% | |
| Latest Twelve Months | -1.5% | 4.5% | -15.9% | -1.4% | -24.7% | | -8.9% | |
| | | | | | | | |
| Historical EBIT Profit Margin | | | | | | | | |
| 5 Year Average Margin | 5.6% | 2.7% | 5.5% | 29.0% | 25.5% | | 13.5% | |
| Prior Fiscal Year | 6.5% | 9.9% | 5.4% | 27.3% | 49.6% | | 16.8% | |
| Latest Fiscal Year | 7.0% | 12.6% | 6.4% | 25.6% | 28.3% | | 17.5% | |
| Latest Twelve Months | 7.0% | 12.6% | 6.4% | 25.6% | 28.3% | | 17.5% | |
| | | | | | | | |
| Current Trading Multiples | | | | | | | | |
| EV / LTM Revenue | 0.89x | 2.36x | 0.75x | 6.03x | 0.21x | | 2.67x | |
| EV / LTM EBIT | 12.7x | 18.8x | 11.7x | 23.6x | 0.7x | | 15.3x | |
| Price / LTM Sales | 0.51x | 2.12x | 0.45x | 2.75x | 0.38x | | 1.76x | |
| | | | | | | | |
| | | | | | | | |
| Low | Mid | High | | | | | |
| | | | | | | | |
| Benchmark EV / LTM Revenue | 0.21x | 0.89x | 6.03x | | | | | |
| Historical EV / LTM Revenue | 1.21x | 2.29x | 3.61x | | | | | |
| | | | | | | | |
| Selected EV / LTM Revenue | 2.04x | 2.15x | 2.26x | | | | | |
| (x) LTM Revenue | 6,417 | 6,417 | 6,417 | | | | | |
| (=) Implied Enterprise Value | 13,103 | 13,793 | 14,482 | | | | | |
| (-) Non-shareholder Claims * | (5,848) | (5,848) | (5,848) | | | | | |
| (=) Equity Value | 7,255 | 7,945 | 8,634 | | | | | |
| (/) Shares Outstanding | 1,778.9 | 1,778.9 | 1,778.9 | | | | | |
| Implied Value Range | 4.08 | 4.47 | 4.85 | | | | | |
| FX Rate: SGD/EUR | 1.5 | 1.5 | 1.5 | | Market Price | | | |
| Implied Value Range (Trading Cur) | 2.74 | 3.00 | 3.26 | | 4.26 | | | |
| Upside / (Downside) | -35.8% | -29.7% | -23.6% | | | | | |