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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 20.5x - 22.7x | 21.6x |
| Selected Fwd EBITDA Multiple | 12.4x - 13.7x | 13.0x |
| Fair Value | $4.83 - $6.08 | $5.46 |
| Upside | 39.3% - 75.2% | 57.3% |
| Benchmarks | Ticker | Full Ticker |
| CDL Investments New Zealand Limited | CDI | NZSE:CDI |
| Shanghai Zhangjiang Hi-Tech Park Development Co., Ltd. | 600895 | SHSE:600895 |
| Dream Unlimited Corp. | DRM | TSX:DRM |
| Israel Canada (T.R) Ltd | ISCN | TASE:ISCN |
| DCI Advisors Limited | DCI | AIM:DCI |
| City Developments Limited | CDEV.F | OTCPK:CDEV.F |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| CDI | 600895 | DRM | ISCN | DCI | CDEV.F | ||
| NZSE:CDI | SHSE:600895 | TSX:DRM | TASE:ISCN | AIM:DCI | OTCPK:CDEV.F | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | -11.7% | 1.6% | -14.9% | 0.4% | NM- | -3.7% | |
| 3Y CAGR | -16.5% | -14.8% | 39.5% | -10.2% | NM- | 16.1% | |
| Latest Twelve Months | 54.6% | -47.1% | 100.4% | -9.5% | 20.3% | -25.0% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 51.8% | 62.5% | 19.0% | 25.9% | -1026.0% | 14.0% | |
| Prior Fiscal Year | 52.4% | 59.3% | 16.1% | 19.0% | -3684.0% | 17.9% | |
| Latest Fiscal Year | 50.9% | 48.9% | 22.1% | 17.1% | -832.0% | 20.2% | |
| Latest Twelve Months | 50.9% | 35.8% | 24.0% | 18.3% | -832.0% | 20.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.98x | 30.04x | 3.81x | 21.51x | 83.69x | 4.19x | |
| EV / LTM EBITDA | 7.8x | 84.0x | 15.9x | 117.7x | -10.1x | 20.7x | |
| EV / LTM EBIT | 8.0x | 128.7x | 16.4x | 235.3x | -10.0x | 32.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -10.1x | 15.9x | 117.7x | ||||
| Historical EV / LTM EBITDA | 16.4x | 27.1x | 65.1x | ||||
| Selected EV / LTM EBITDA | 20.5x | 21.6x | 22.7x | ||||
| (x) LTM EBITDA | 662 | 662 | 662 | ||||
| (=) Implied Enterprise Value | 13,583 | 14,297 | 15,012 | ||||
| (-) Non-shareholder Claims * | (8,038) | (8,038) | (8,038) | ||||
| (=) Equity Value | 5,545 | 6,260 | 6,974 | ||||
| (/) Shares Outstanding | 893.4 | 893.4 | 893.4 | ||||
| Implied Value Range | 6.21 | 7.01 | 7.81 | ||||
| FX Rate: SGD/USD | 1.3 | 1.3 | 1.3 | Market Price | |||
| Implied Value Range (Trading Cur) | 4.82 | 5.44 | 6.07 | 3.47 | |||
| Upside / (Downside) | 39.0% | 57.0% | 74.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | CDI | 600895 | DRM | ISCN | DCI | CDEV.F | |
| Enterprise Value | 195 | 66,761 | 2,026 | 11,257 | 49 | 12,026 | |
| (+) Cash & Short Term Investments | 33 | 3,183 | 68 | 492 | 0 | 3,193 | |
| (+) Investments & Other | 0 | 11,793 | 680 | 1,358 | 31 | 3,248 | |
| (-) Debt | (0) | (28,938) | (1,882) | (6,537) | (27) | (13,977) | |
| (-) Other Liabilities | 0 | (3,628) | 0 | (967) | (4) | (221) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | (281) | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 228 | 49,171 | 892 | 5,602 | 49 | 3,988 | |
| (/) Shares Outstanding | 292.7 | 1,548.7 | 42.2 | 330.9 | 904.6 | 893.4 | |
| Implied Stock Price | 0.78 | 31.75 | 21.14 | 16.93 | 0.05 | 4.46 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.16 | 1.29 | |
| Implied Stock Price (Trading Cur) | 0.78 | 31.75 | 21.14 | 16.93 | 0.05 | 3.47 | |
| Trading Currency | NZD | CNY | CAD | ILS | GBP | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.16 | 1.29 | |