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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 19.5x - 21.5x | 20.5x |
| Selected Fwd EBITDA Multiple | 12.5x - 13.8x | 13.1x |
| Fair Value | $4.58 - $5.81 | $5.19 |
| Upside | 32.1% - 67.3% | 49.7% |
| Benchmarks | Ticker | Full Ticker |
| Shanghai Zhangjiang Hi-Tech Park Development Co., Ltd. | 600895 | SHSE:600895 |
| CDL Investments New Zealand Limited | CDI | NZSE:CDI |
| 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 | |||||||
| 600895 | CDI | DRM | ISCN | DCI | CDEV.F | ||
| SHSE:600895 | NZSE:CDI | TSX:DRM | TASE:ISCN | AIM:DCI | OTCPK:CDEV.F | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 1.6% | -11.7% | -14.9% | 0.4% | NM- | -3.7% | |
| 3Y CAGR | -14.8% | -16.5% | 39.5% | -10.2% | NM- | 16.1% | |
| Latest Twelve Months | -47.1% | 54.6% | 100.4% | -9.5% | 20.3% | -25.0% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 62.5% | 51.8% | 19.0% | 25.9% | -1026.0% | 14.0% | |
| Prior Fiscal Year | 59.3% | 52.4% | 16.1% | 19.0% | -3684.0% | 17.9% | |
| Latest Fiscal Year | 48.9% | 50.9% | 22.1% | 17.1% | -832.0% | 20.2% | |
| Latest Twelve Months | 35.8% | 50.9% | 24.0% | 18.3% | -832.0% | 20.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 25.82x | 4.15x | 3.84x | 20.82x | 84.92x | 3.92x | |
| EV / LTM EBITDA | 72.2x | 8.2x | 16.0x | 113.9x | -10.2x | 19.4x | |
| EV / LTM EBIT | 110.6x | 8.4x | 16.5x | 227.7x | -10.1x | 30.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -10.2x | 16.0x | 113.9x | ||||
| Historical EV / LTM EBITDA | 16.4x | 27.1x | 65.1x | ||||
| Selected EV / LTM EBITDA | 19.5x | 20.5x | 21.5x | ||||
| (x) LTM EBITDA | 662 | 662 | 662 | ||||
| (=) Implied Enterprise Value | 12,896 | 13,575 | 14,254 | ||||
| (-) Non-shareholder Claims * | (8,038) | (8,038) | (8,038) | ||||
| (=) Equity Value | 4,859 | 5,537 | 6,216 | ||||
| (/) Shares Outstanding | 893.4 | 893.4 | 893.4 | ||||
| Implied Value Range | 5.44 | 6.20 | 6.96 | ||||
| FX Rate: SGD/USD | 1.3 | 1.3 | 1.3 | Market Price | |||
| Implied Value Range (Trading Cur) | 4.25 | 4.84 | 5.43 | 3.47 | |||
| Upside / (Downside) | 22.4% | 39.5% | 56.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 600895 | CDI | DRM | ISCN | DCI | CDEV.F | |
| Enterprise Value | 56,849 | 204 | 2,051 | 10,896 | 50 | 12,008 | |
| (+) Cash & Short Term Investments | 3,183 | 33 | 68 | 492 | 0 | 3,193 | |
| (+) Investments & Other | 11,793 | 0 | 680 | 1,358 | 31 | 3,248 | |
| (-) Debt | (28,938) | (0) | (1,882) | (6,537) | (27) | (13,977) | |
| (-) Other Liabilities | (3,628) | 0 | 0 | (967) | (4) | (221) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | (281) | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 39,259 | 237 | 917 | 5,241 | 50 | 3,970 | |
| (/) Shares Outstanding | 1,548.7 | 292.7 | 42.2 | 330.9 | 904.6 | 893.4 | |
| Implied Stock Price | 25.35 | 0.81 | 21.74 | 15.84 | 0.06 | 4.44 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.16 | 1.28 | |
| Implied Stock Price (Trading Cur) | 25.35 | 0.81 | 21.74 | 15.84 | 0.05 | 3.47 | |
| Trading Currency | CNY | NZD | CAD | ILS | GBP | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.16 | 1.28 | |