| Select LTM Revenue Multiple | | | | | | | | |
| | | | | | | | |
| Benchmark Companies | | | |
| AU | RMGG.F | ERO | IAG | FSM | | CDM1 | |
| NYSE:AU | OTCPK:RMGG.F | NYSE:ERO | NYSE:IAG | NYSE:FSM | | DB:CDM1 | |
| Historical Revenue Growth | | | | | | | | |
| 5Y CAGR | 10.4% | 11.9% | 10.5% | 8.9% | 32.8% | | 8.2% | |
| 3Y CAGR | 12.9% | 13.4% | -1.4% | 23.1% | 21.0% | | 8.2% | |
| Latest Twelve Months | 39.4% | 26.9% | 13.2% | 61.0% | 32.7% | | 41.8% | |
| | | | | | | | |
| Historical EBIT Profit Margin | | | | | | | | |
| 5 Year Average Margin | 21.8% | -5.7% | 35.6% | 6.3% | 14.4% | | 4.4% | |
| Prior Fiscal Year | 13.0% | 13.3% | 21.6% | 0.1% | 5.2% | | -4.7% | |
| Latest Fiscal Year | 27.1% | 3.4% | 22.7% | 29.0% | 22.2% | | 17.4% | |
| Latest Twelve Months | 32.8% | 3.4% | 27.8% | 28.4% | 23.8% | | 20.8% | |
| | | | | | | | |
| Current Trading Multiples | | | | | | | | |
| EV / LTM Revenue | 4.00x | 1.04x | 4.50x | 2.96x | 1.80x | | 5.23x | |
| EV / LTM EBIT | 12.2x | 30.2x | 16.2x | 10.4x | 7.6x | | 25.2x | |
| Price / LTM Sales | 3.70x | 1.15x | 3.24x | 2.45x | 1.84x | | 4.87x | |
| | | | | | | | |
| | | | | | | | |
| Low | Mid | High | | | | | |
| | | | | | | | |
| Benchmark EV / LTM Revenue | 1.04x | 2.96x | 4.50x | | | | | |
| Historical EV / LTM Revenue | 1.97x | 2.22x | 3.71x | | | | | |
| | | | | | | | |
| Selected EV / LTM Revenue | 3.81x | 4.01x | 4.21x | | | | | |
| (x) LTM Revenue | 1,201 | 1,201 | 1,201 | | | | | |
| (=) Implied Enterprise Value | 4,571 | 4,812 | 5,052 | | | | | |
| (-) Non-shareholder Claims * | (433) | (433) | (433) | | | | | |
| (=) Equity Value | 4,138 | 4,379 | 4,620 | | | | | |
| (/) Shares Outstanding | 639.7 | 639.7 | 639.7 | | | | | |
| Implied Value Range | 6.47 | 6.85 | 7.22 | | | | | |
| FX Rate: USD/EUR | 1.1 | 1.1 | 1.1 | | Market Price | | | |
| Implied Value Range (Trading Cur) | 5.63 | 5.96 | 6.29 | | 7.92 | | | |
| Upside / (Downside) | -28.9% | -24.7% | -20.6% | | | | | |