| Select LTM Revenue Multiple | | | | | | | | |
| | | | | | | | |
| Benchmark Companies | | | |
| JMAT | SYNT | ELM | IFF | 0A6B | | VTXP.F | |
| LSE:JMAT | LSE:SYNT | LSE:ELM | NYSE:IFF | LSE:0A6B | | OTCPK:VTXP.F | |
| Historical Revenue Growth | | | | | | | | |
| 5Y CAGR | -4.3% | 6.4% | -3.3% | 17.4% | -4.3% | | -0.2% | |
| 3Y CAGR | -10.0% | -2.5% | 1.3% | -0.5% | -0.5% | | -1.7% | |
| Latest Twelve Months | -9.1% | 2.4% | 3.5% | 0.7% | 4.5% | | 4.8% | |
| | | | | | | | |
| Historical EBIT Profit Margin | | | | | | | | |
| 5 Year Average Margin | 3.1% | 7.0% | 11.5% | 8.1% | 14.7% | | 26.3% | |
| Prior Fiscal Year | 2.8% | -1.0% | 12.6% | 5.3% | 14.1% | | 28.8% | |
| Latest Fiscal Year | 3.3% | -0.1% | 15.6% | 6.3% | 15.1% | | 18.9% | |
| Latest Twelve Months | 3.3% | -0.1% | 15.6% | 6.9% | 15.8% | | 16.7% | |
| | | | | | | | |
| Current Trading Multiples | | | | | | | | |
| EV / LTM Revenue | 0.31x | 0.42x | 1.82x | 2.53x | 2.66x | | 2.43x | |
| EV / LTM EBIT | 9.2x | -349.3x | 11.7x | 36.6x | 16.8x | | 14.6x | |
| Price / LTM Sales | 0.25x | 0.09x | 1.54x | 1.71x | 2.23x | | 2.30x | |
| | | | | | | | |
| | | | | | | | |
| Low | Mid | High | | | | | |
| | | | | | | | |
| Benchmark EV / LTM Revenue | 0.31x | 1.82x | 2.66x | | | | | |
| Historical EV / LTM Revenue | 3.12x | 4.36x | 7.02x | | | | | |
| | | | | | | | |
| Selected EV / LTM Revenue | 2.94x | 3.09x | 3.24x | | | | | |
| (x) LTM Revenue | 298 | 298 | 298 | | | | | |
| (=) Implied Enterprise Value | 874 | 920 | 966 | | | | | |
| (-) Non-shareholder Claims * | (35) | (35) | (35) | | | | | |
| (=) Equity Value | 838 | 884 | 930 | | | | | |
| (/) Shares Outstanding | 87.0 | 87.0 | 87.0 | | | | | |
| Implied Value Range | 9.64 | 10.17 | 10.70 | | | | | |
| FX Rate: GBP/USD | 0.7 | 0.7 | 0.7 | | Market Price | | | |
| Implied Value Range (Trading Cur) | 12.99 | 13.70 | 14.41 | | 9.58 | | | |
| Upside / (Downside) | 35.6% | 43.0% | 50.4% | | | | | |