| Select LTM Revenue Multiple | | | | | | | | |
| | | | | | | | |
| Benchmark Companies | | | |
| TTG | MIDW | GHH | CSSG | NAR | | VNET | |
| LSE:TTG | AIM:MIDW | AIM:GHH | AIM:CSSG | AIM:NAR | | AIM:VNET | |
| Historical Revenue Growth | | | | | | | | |
| 5Y CAGR | 1.7% | 13.9% | 1.0% | -24.1% | 2.2% | | -0.7% | |
| 3Y CAGR | 3.0% | 15.4% | 3.1% | -35.5% | -2.3% | | 21.9% | |
| Latest Twelve Months | -15.1% | 1.7% | 0.7% | 6.4% | -6.1% | | 10.9% | |
| | | | | | | | |
| Historical EBIT Profit Margin | | | | | | | | |
| 5 Year Average Margin | 1.5% | 2.5% | 7.2% | 1.5% | -0.9% | | 0.8% | |
| Prior Fiscal Year | 0.7% | 3.3% | 7.7% | 5.3% | -0.7% | | 5.5% | |
| Latest Fiscal Year | -4.3% | 1.9% | 6.3% | 7.1% | -2.5% | | 7.9% | |
| Latest Twelve Months | -4.3% | 1.9% | 6.3% | 7.5% | -2.4% | | 8.0% | |
| | | | | | | | |
| Current Trading Multiples | | | | | | | | |
| EV / LTM Revenue | 0.48x | 0.29x | 1.08x | 0.91x | 0.11x | | 1.56x | |
| EV / LTM EBIT | -11.2x | 15.2x | 17.3x | 12.1x | -4.4x | | 19.5x | |
| Price / LTM Sales | 0.30x | 0.17x | 0.89x | 1.31x | 0.15x | | 1.48x | |
| | | | | | | | |
| | | | | | | | |
| Low | Mid | High | | | | | |
| | | | | | | | |
| Benchmark EV / LTM Revenue | 0.11x | 0.48x | 1.08x | | | | | |
| Historical EV / LTM Revenue | 1.33x | 2.34x | 2.70x | | | | | |
| | | | | | | | |
| Selected EV / LTM Revenue | 1.60x | 1.69x | 1.77x | | | | | |
| (x) LTM Revenue | 16 | 16 | 16 | | | | | |
| (=) Implied Enterprise Value | 25 | 26 | 28 | | | | | |
| (-) Non-shareholder Claims * | (1) | (1) | (1) | | | | | |
| (=) Equity Value | 24 | 25 | 27 | | | | | |
| (/) Shares Outstanding | 29.4 | 29.4 | 29.4 | | | | | |
| Implied Value Range | 0.81 | 0.86 | 0.90 | | | | | |
| FX Rate: GBP/GBP | 1.0 | 1.0 | 1.0 | | Market Price | | | |
| Implied Value Range (Trading Cur) | 0.81 | 0.86 | 0.90 | | 0.75 | | | |
| Upside / (Downside) | 8.4% | 14.4% | 20.4% | | | | | |