| Select LTM Revenue Multiple | | | | | | | | |
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| Benchmark Companies | | | |
| ITE | MRP | TRU | PPH | CMH | | CSB | |
| JSE:ITE | JSE:MRP | JSE:TRU | JSE:PPH | JSE:CMH | | JSE:CSB | |
| Historical Revenue Growth | | | | | | | | |
| 5Y CAGR | 5.8% | 12.3% | 5.4% | 6.7% | 3.5% | | 2.6% | |
| 3Y CAGR | -0.4% | 13.3% | 6.0% | 3.3% | 5.9% | | 1.0% | |
| Latest Twelve Months | -2.1% | 7.8% | 3.2% | 9.7% | 12.3% | | 2.6% | |
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| Historical EBIT Profit Margin | | | | | | | | |
| 5 Year Average Margin | 25.8% | 15.3% | 15.6% | 11.0% | 5.4% | | 4.5% | |
| Prior Fiscal Year | 22.9% | 13.6% | 15.1% | 11.0% | 6.0% | | 1.7% | |
| Latest Fiscal Year | 23.2% | 13.8% | 14.1% | 11.4% | 4.8% | | 2.9% | |
| Latest Twelve Months | 23.2% | 13.7% | 14.1% | 11.5% | 4.7% | | 2.9% | |
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| Current Trading Multiples | | | | | | | | |
| EV / LTM Revenue | 1.12x | 1.47x | 1.23x | 1.30x | 0.26x | | 0.18x | |
| EV / LTM EBIT | 4.8x | 10.7x | 8.7x | 11.3x | 5.6x | | 6.2x | |
| Price / LTM Sales | 1.23x | 1.32x | 0.98x | 1.05x | 0.20x | | 0.23x | |
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| Low | Mid | High | | | | | |
| | | | | | | | |
| Benchmark EV / LTM Revenue | 0.26x | 1.23x | 1.47x | | | | | |
| Historical EV / LTM Revenue | 0.18x | 0.32x | 0.47x | | | | | |
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| Selected EV / LTM Revenue | 0.23x | 0.24x | 0.25x | | | | | |
| (x) LTM Revenue | 11,478 | 11,478 | 11,478 | | | | | |
| (=) Implied Enterprise Value | 2,621 | 2,758 | 2,896 | | | | | |
| (-) Non-shareholder Claims * | 550 | 550 | 550 | | | | | |
| (=) Equity Value | 3,170 | 3,308 | 3,446 | | | | | |
| (/) Shares Outstanding | 20.6 | 20.6 | 20.6 | | | | | |
| Implied Value Range | 154.27 | 160.98 | 167.69 | | | | | |
| FX Rate: ZAR/ZAR | 1.0 | 1.0 | 1.0 | | Market Price | | | |
| Implied Value Range (Trading Cur) | 154.27 | 160.98 | 167.69 | | 127.50 | | | |
| Upside / (Downside) | 21.0% | 26.3% | 31.5% | | | | | |