| Select LTM Revenue Multiple | | | | | | | | |
| | | | | | | | |
| Benchmark Companies | | | |
| STEM | HAS | RTC | GATC | RWA | | 3MI | |
| LSE:STEM | LSE:HAS | AIM:RTC | AIM:GATC | LSE:RWA | | DB:3MI | |
| Historical Revenue Growth | | | | | | | | |
| 5Y CAGR | 2.4% | 2.7% | 0.4% | -9.3% | -6.0% | | 1.0% | |
| 3Y CAGR | 3.9% | 7.2% | 7.6% | -2.1% | -2.8% | | 1.9% | |
| Latest Twelve Months | -10.2% | -6.9% | -2.0% | 4.9% | -16.2% | | -13.5% | |
| | | | | | | | |
| Historical EBIT Profit Margin | | | | | | | | |
| 5 Year Average Margin | 4.5% | 2.1% | 0.0% | 0.4% | 3.4% | | 6.6% | |
| Prior Fiscal Year | 4.7% | 2.6% | 2.7% | 0.8% | 2.5% | | 5.9% | |
| Latest Fiscal Year | 4.5% | 1.0% | 2.7% | 0.5% | 0.6% | | 3.0% | |
| Latest Twelve Months | 4.5% | 0.5% | 2.7% | 0.5% | 0.6% | | 3.0% | |
| | | | | | | | |
| Current Trading Multiples | | | | | | | | |
| EV / LTM Revenue | 0.18x | 0.18x | 0.13x | 0.02x | 0.20x | | 0.48x | |
| EV / LTM EBIT | 4.1x | 37.8x | 5.0x | 3.6x | 33.7x | | 15.9x | |
| Price / LTM Sales | 0.20x | 0.16x | 0.12x | 0.06x | 0.17x | | 0.46x | |
| | | | | | | | |
| | | | | | | | |
| Low | Mid | High | | | | | |
| | | | | | | | |
| Benchmark EV / LTM Revenue | 0.02x | 0.18x | 0.20x | | | | | |
| Historical EV / LTM Revenue | 0.48x | 0.76x | 1.26x | | | | | |
| | | | | | | | |
| Selected EV / LTM Revenue | 0.54x | 0.57x | 0.60x | | | | | |
| (x) LTM Revenue | 1,739 | 1,739 | 1,739 | | | | | |
| (=) Implied Enterprise Value | 947 | 997 | 1,046 | | | | | |
| (-) Non-shareholder Claims * | (41) | (41) | (41) | | | | | |
| (=) Equity Value | 905 | 955 | 1,005 | | | | | |
| (/) Shares Outstanding | 312.0 | 312.0 | 312.0 | | | | | |
| Implied Value Range | 2.90 | 3.06 | 3.22 | | | | | |
| FX Rate: GBP/EUR | 0.9 | 0.9 | 0.9 | | Market Price | | | |
| Implied Value Range (Trading Cur) | 3.37 | 3.56 | 3.74 | | 2.92 | | | |
| Upside / (Downside) | 15.4% | 21.7% | 28.1% | | | | | |