| Select LTM Revenue Multiple | | | | | | | | |
| | | | | | | | |
| Benchmark Companies | | | |
| MGX | RRL | KCN | TLM | SBM | | MLX | |
| ASX:MGX | ASX:RRL | ASX:KCN | ASX:TLM | ASX:SBM | | ASX:MLX | |
| Historical Revenue Growth | | | | | | | | |
| 5Y CAGR | 19.1% | 14.0% | NM- | 85.5% | -19.2% | | 1.3% | |
| 3Y CAGR | 26.5% | 15.5% | 120.9% | 92.8% | -32.9% | | 32.6% | |
| Latest Twelve Months | -45.8% | 29.8% | 145.5% | 10.4% | -26.3% | | 42.3% | |
| | | | | | | | |
| Historical EBIT Profit Margin | | | | | | | | |
| 5 Year Average Margin | -24.8% | 11.7% | -670.9% | -573.8% | -155.7% | | 8.7% | |
| Prior Fiscal Year | 4.7% | 0.1% | 49.8% | 1.0% | -197.6% | | 29.1% | |
| Latest Fiscal Year | 5.1% | -10.5% | 157.4% | -28.0% | -35.8% | | 42.2% | |
| Latest Twelve Months | -43.7% | 1.5% | 112.6% | -16.4% | -37.1% | | 42.2% | |
| | | | | | | | |
| Current Trading Multiples | | | | | | | | |
| EV / LTM Revenue | -0.20x | 2.15x | 2.91x | 2.48x | 0.78x | | 1.14x | |
| EV / LTM EBIT | 0.5x | 142.2x | 2.6x | -15.1x | -2.1x | | 2.7x | |
| Price / LTM Sales | 0.92x | 2.26x | 2.37x | 3.05x | 1.49x | | 2.19x | |
| | | | | | | | |
| | | | | | | | |
| Low | Mid | High | | | | | |
| | | | | | | | |
| Benchmark EV / LTM Revenue | -0.20x | 2.15x | 2.91x | | | | | |
| Historical EV / LTM Revenue | 1.14x | 1.32x | 3.31x | | | | | |
| | | | | | | | |
| Selected EV / LTM Revenue | 1.52x | 1.60x | 1.68x | | | | | |
| (x) LTM Revenue | 219 | 219 | 219 | | | | | |
| (=) Implied Enterprise Value | 333 | 351 | 368 | | | | | |
| (-) Non-shareholder Claims * | 229 | 229 | 229 | | | | | |
| (=) Equity Value | 562 | 579 | 597 | | | | | |
| (/) Shares Outstanding | 886.4 | 886.4 | 886.4 | | | | | |
| Implied Value Range | 0.63 | 0.65 | 0.67 | | | | | |
| FX Rate: AUD/AUD | 1.0 | 1.0 | 1.0 | | Market Price | | | |
| Implied Value Range (Trading Cur) | 0.63 | 0.65 | 0.67 | | 0.54 | | | |
| Upside / (Downside) | 17.4% | 21.1% | 24.7% | | | | | |