| Select LTM Revenue Multiple | | | | | | | | |
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| Benchmark Companies | | | |
| BREE | MBH | MSLH | IBST | FORT | | M2I2 | |
| LSE:BREE | AIM:MBH | LSE:MSLH | LSE:IBST | LSE:FORT | | DB:M2I2 | |
| Historical Revenue Growth | | | | | | | | |
| 5Y CAGR | 11.1% | 5.5% | 2.7% | -2.2% | -2.0% | | 68.7% | |
| 3Y CAGR | 8.5% | 5.6% | 1.7% | -3.6% | -2.4% | | 52.4% | |
| Latest Twelve Months | 6.0% | -9.3% | -7.7% | -9.8% | -0.6% | | 77.7% | |
| | | | | | | | |
| Historical EBIT Profit Margin | | | | | | | | |
| 5 Year Average Margin | 9.8% | 15.6% | 9.2% | 14.9% | 12.4% | | 7.0% | |
| Prior Fiscal Year | 9.8% | 15.9% | 8.3% | 15.9% | 11.1% | | 6.6% | |
| Latest Fiscal Year | 9.9% | 11.6% | 8.3% | 10.6% | 10.7% | | 8.6% | |
| Latest Twelve Months | 9.9% | 11.6% | 8.3% | 10.6% | 10.7% | | 8.6% | |
| | | | | | | | |
| Current Trading Multiples | | | | | | | | |
| EV / LTM Revenue | 1.12x | 1.48x | 1.35x | 2.06x | 1.45x | | 1.78x | |
| EV / LTM EBIT | 11.3x | 12.7x | 16.2x | 19.4x | 13.5x | | 20.6x | |
| Price / LTM Sales | 0.86x | 1.53x | 1.08x | 1.63x | 1.14x | | 1.22x | |
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| | | | | | | | |
| Low | Mid | High | | | | | |
| | | | | | | | |
| Benchmark EV / LTM Revenue | 1.12x | 1.45x | 2.06x | | | | | |
| Historical EV / LTM Revenue | 0.97x | 1.78x | 2.75x | | | | | |
| | | | | | | | |
| Selected EV / LTM Revenue | 1.58x | 1.66x | 1.74x | | | | | |
| (x) LTM Revenue | 963 | 963 | 963 | | | | | |
| (=) Implied Enterprise Value | 1,517 | 1,597 | 1,677 | | | | | |
| (-) Non-shareholder Claims * | (525) | (525) | (525) | | | | | |
| (=) Equity Value | 992 | 1,072 | 1,152 | | | | | |
| (/) Shares Outstanding | 1,114.9 | 1,114.9 | 1,114.9 | | | | | |
| Implied Value Range | 0.89 | 0.96 | 1.03 | | | | | |
| FX Rate: GBP/EUR | 0.9 | 0.9 | 0.9 | | Market Price | | | |
| Implied Value Range (Trading Cur) | 1.04 | 1.12 | 1.21 | | 1.22 | | | |
| Upside / (Downside) | -14.9% | -8.0% | -1.2% | | | | | |