| Select LTM Revenue Multiple | | | | | | | | |
| | | | | | | | |
| Benchmark Companies | | | |
| GG | CS | AYA | AGX | FM | | ASM | |
| TSXV:GG | TSX:CS | TSX:AYA | TSXV:AGX | TSX:FM | | NYSEAM:ASM | |
| Historical Revenue Growth | | | | | | | | |
| 5Y CAGR | -19.7% | 30.7% | 45.1% | NM- | 3.4% | | 15.8% | |
| 3Y CAGR | 14.4% | 26.2% | 4.5% | 64.2% | -12.7% | | 80.6% | |
| Latest Twelve Months | 127.5% | 40.9% | 233.2% | 23.0% | 5.3% | | 58.4% | |
| | | | | | | | |
| Historical EBIT Profit Margin | | | | | | | | |
| 5 Year Average Margin | 0.7% | 18.2% | 4.7% | -56.3% | 23.4% | | -16.7% | |
| Prior Fiscal Year | -18.4% | 1.4% | 11.4% | -66.7% | 17.0% | | 0.7% | |
| Latest Fiscal Year | -0.7% | 8.9% | -20.7% | -17.8% | 20.0% | | 23.1% | |
| Latest Twelve Months | 23.9% | 24.4% | 12.2% | -10.7% | 20.7% | | 35.7% | |
| | | | | | | | |
| Current Trading Multiples | | | | | | | | |
| EV / LTM Revenue | 3.72x | 3.55x | 9.85x | 4.35x | 4.44x | | 7.24x | |
| EV / LTM EBIT | 15.6x | 14.5x | 81.1x | -40.5x | 21.5x | | 20.3x | |
| Price / LTM Sales | 3.66x | 2.73x | 9.97x | 4.24x | 3.25x | | 7.85x | |
| | | | | | | | |
| | | | | | | | |
| Low | Mid | High | | | | | |
| | | | | | | | |
| Benchmark EV / LTM Revenue | 3.55x | 4.35x | 9.85x | | | | | |
| Historical EV / LTM Revenue | 1.46x | 2.20x | 20.64x | | | | | |
| | | | | | | | |
| Selected EV / LTM Revenue | 5.77x | 6.08x | 6.38x | | | | | |
| (x) LTM Revenue | 86 | 86 | 86 | | | | | |
| (=) Implied Enterprise Value | 497 | 523 | 549 | | | | | |
| (-) Non-shareholder Claims * | 56 | 56 | 56 | | | | | |
| (=) Equity Value | 553 | 579 | 605 | | | | | |
| (/) Shares Outstanding | 156.8 | 156.8 | 156.8 | | | | | |
| Implied Value Range | 3.53 | 3.69 | 3.86 | | | | | |
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | | Market Price | | | |
| Implied Value Range (Trading Cur) | 3.53 | 3.69 | 3.86 | | 4.36 | | | |
| Upside / (Downside) | -19.1% | -15.3% | -11.5% | | | | | |