| Select LTM Revenue Multiple | | | | | | | | |
| | | | | | | | |
| Benchmark Companies | | | |
| FFNT.F | HRMY | EOLS | TARS | BIOE | | CLM | |
| OTCPK:FFNT.F | NasdaqGM:HRMY | NasdaqGM:EOLS | NasdaqGS:TARS | OTCPK:BIOE | | BST:CLM | |
| Historical Revenue Growth | | | | | | | | |
| 5Y CAGR | 91.7% | 160.2% | 50.1% | NM- | -17.1% | | -5.2% | |
| 3Y CAGR | 19.1% | 32.8% | 38.8% | 47.5% | -28.5% | | -61.7% | |
| Latest Twelve Months | -27.5% | 20.6% | 25.4% | 449.0% | -37.2% | | -55.5% | |
| | | | | | | | |
| Historical EBIT Profit Margin | | | | | | | | |
| 5 Year Average Margin | -33.7% | 18.6% | -53.3% | -270.8% | -130.5% | | -735.4% | |
| Prior Fiscal Year | -7.0% | 33.0% | -17.9% | -820.5% | NA | | -302.0% | |
| Latest Fiscal Year | -21.2% | 26.7% | -10.2% | -65.9% | -141.8% | | -1735.7% | |
| Latest Twelve Months | -29.3% | 26.2% | -11.9% | -46.7% | -148.1% | | -687.5% | |
| | | | | | | | |
| Current Trading Multiples | | | | | | | | |
| EV / LTM Revenue | 3.03x | 2.08x | 2.38x | 6.29x | 33.18x | | 26.45x | |
| EV / LTM EBIT | -10.3x | 7.9x | -19.9x | -13.5x | -22.4x | | -3.8x | |
| Price / LTM Sales | 0.04x | 2.66x | 2.15x | 7.72x | 25.26x | | 15.71x | |
| | | | | | | | |
| | | | | | | | |
| Low | Mid | High | | | | | |
| | | | | | | | |
| Benchmark EV / LTM Revenue | 2.08x | 3.03x | 33.18x | | | | | |
| Historical EV / LTM Revenue | 1.74x | 12.78x | 38.90x | | | | | |
| | | | | | | | |
| Selected EV / LTM Revenue | 21.51x | 22.64x | 23.77x | | | | | |
| (x) LTM Revenue | 4 | 4 | 4 | | | | | |
| (=) Implied Enterprise Value | 81 | 85 | 89 | | | | | |
| (-) Non-shareholder Claims * | (40) | (40) | (40) | | | | | |
| (=) Equity Value | 41 | 45 | 49 | | | | | |
| (/) Shares Outstanding | 86.9 | 86.9 | 86.9 | | | | | |
| Implied Value Range | 0.47 | 0.52 | 0.56 | | | | | |
| FX Rate: USD/EUR | 1.1 | 1.1 | 1.1 | | Market Price | | | |
| Implied Value Range (Trading Cur) | 0.41 | 0.45 | 0.50 | | 0.69 | | | |
| Upside / (Downside) | -40.5% | -34.2% | -28.0% | | | | | |