| Select LTM Revenue Multiple | | | | | | | | |
| | | | | | | | |
| Benchmark Companies | | | |
| FRES | STLD | GSM | GFI | METC | | GEM | |
| LSE:FRES | NasdaqGS:STLD | NasdaqCM:GSM | JSE:GFI | NasdaqGS:METC | | AIM:GEM | |
| Historical Revenue Growth | | | | | | | | |
| 5Y CAGR | 10.5% | 10.9% | 0.4% | 11.9% | 23.7% | | 4.9% | |
| 3Y CAGR | 9.0% | -1.6% | -2.6% | 7.4% | 33.0% | | 96.4% | |
| Latest Twelve Months | 29.3% | -6.7% | -0.4% | 15.6% | -3.9% | | -21.6% | |
| | | | | | | | |
| Historical EBIT Profit Margin | | | | | | | | |
| 5 Year Average Margin | 17.5% | 16.7% | 6.5% | 34.2% | 9.9% | | 12.0% | |
| Prior Fiscal Year | 5.9% | 16.8% | 13.5% | 31.6% | 13.7% | | 36.7% | |
| Latest Fiscal Year | 21.0% | 11.1% | 4.9% | 38.2% | 1.9% | | 18.6% | |
| Latest Twelve Months | 21.0% | 11.1% | 4.9% | 38.2% | 1.9% | | 12.2% | |
| | | | | | | | |
| Current Trading Multiples | | | | | | | | |
| EV / LTM Revenue | 2.37x | 1.09x | 0.39x | 4.05x | 0.74x | | 0.91x | |
| EV / LTM EBIT | 11.3x | 9.9x | 7.9x | 10.6x | 38.9x | | 7.4x | |
| Price / LTM Sales | 2.43x | 0.94x | 0.36x | 3.64x | 0.63x | | 0.38x | |
| | | | | | | | |
| | | | | | | | |
| Low | Mid | High | | | | | |
| | | | | | | | |
| Benchmark EV / LTM Revenue | 0.39x | 1.09x | 4.05x | | | | | |
| Historical EV / LTM Revenue | 0.68x | 0.79x | 1.77x | | | | | |
| | | | | | | | |
| Selected EV / LTM Revenue | 0.99x | 1.05x | 1.10x | | | | | |
| (x) LTM Revenue | 236 | 236 | 236 | | | | | |
| (=) Implied Enterprise Value | 235 | 248 | 260 | | | | | |
| (-) Non-shareholder Claims * | (131) | (131) | (131) | | | | | |
| (=) Equity Value | 104 | 116 | 129 | | | | | |
| (/) Shares Outstanding | 1,168.0 | 1,168.0 | 1,168.0 | | | | | |
| Implied Value Range | 0.09 | 0.10 | 0.11 | | | | | |
| FX Rate: USD/GBP | 1.3 | 1.3 | 1.3 | | Market Price | | | |
| Implied Value Range (Trading Cur) | 0.07 | 0.08 | 0.09 | | 0.06 | | | |
| Upside / (Downside) | 20.0% | 34.3% | 48.6% | | | | | |