| Select LTM Revenue Multiple | | | | | | | | |
| | | | | | | | |
| Benchmark Companies | | | |
| DHX | SNAP | IZEA | KIND | GAME | | ZIP | |
| NYSE:DHX | NYSE:SNAP | NasdaqCM:IZEA | NYSE:KIND | NasdaqCM:GAME | | NYSE:ZIP | |
| Historical Revenue Growth | | | | | | | | |
| 5Y CAGR | 3.9% | 25.6% | 13.6% | 24.5% | NM- | | 2.0% | |
| 3Y CAGR | 5.8% | 9.2% | 6.1% | 8.8% | 112.3% | | -13.8% | |
| Latest Twelve Months | -7.4% | 14.9% | 7.2% | 12.0% | 77.1% | | -20.9% | |
| | | | | | | | |
| Historical EBIT Profit Margin | | | | | | | | |
| 5 Year Average Margin | 4.0% | -25.7% | -26.9% | -59.0% | -97.2% | | 9.1% | |
| Prior Fiscal Year | 5.7% | -30.4% | -26.7% | -73.8% | -35.8% | | 14.6% | |
| Latest Fiscal Year | 5.2% | -13.4% | -42.8% | -38.8% | -26.9% | | 0.3% | |
| Latest Twelve Months | 4.5% | -11.7% | -32.4% | -35.6% | -26.6% | | -2.1% | |
| | | | | | | | |
| Current Trading Multiples | | | | | | | | |
| EV / LTM Revenue | 0.98x | 2.62x | -0.12x | 0.85x | 0.61x | | 1.36x | |
| EV / LTM EBIT | 21.5x | -22.4x | 0.4x | -2.4x | -2.3x | | -66.0x | |
| Price / LTM Sales | 0.70x | 2.47x | 1.29x | 2.38x | 0.35x | | 1.18x | |
| | | | | | | | |
| | | | | | | | |
| Low | Mid | High | | | | | |
| | | | | | | | |
| Benchmark EV / LTM Revenue | -0.12x | 0.85x | 2.62x | | | | | |
| Historical EV / LTM Revenue | 1.53x | 1.93x | 4.30x | | | | | |
| | | | | | | | |
| Selected EV / LTM Revenue | 1.49x | 1.56x | 1.64x | | | | | |
| (x) LTM Revenue | 462 | 462 | 462 | | | | | |
| (=) Implied Enterprise Value | 687 | 723 | 759 | | | | | |
| (-) Non-shareholder Claims * | (84) | (84) | (84) | | | | | |
| (=) Equity Value | 603 | 639 | 675 | | | | | |
| (/) Shares Outstanding | 89.9 | 89.9 | 89.9 | | | | | |
| Implied Value Range | 6.70 | 7.10 | 7.51 | | | | | |
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | | Market Price | | | |
| Implied Value Range (Trading Cur) | 6.70 | 7.10 | 7.51 | | 5.89 | | | |
| Upside / (Downside) | 13.8% | 20.6% | 27.4% | | | | | |