| Select LTM Revenue Multiple | | | | | | | | |
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| Benchmark Companies | | | |
| TRZ | JBLU * | NAS | UAL * | AFRA.F | | ADH2 | |
| TSX:TRZ | BMV:JBLU* | OB:NAS | BMV:UAL* | OTCPK:AFRA.F | | DB:ADH2 | |
| Historical Revenue Growth | | | | | | | | |
| 5Y CAGR | 2.3% | 2.8% | -4.1% | 5.7% | 3.0% | | 3.1% | |
| 3Y CAGR | 197.4% | 15.4% | 91.0% | 32.3% | 30.0% | | 51.5% | |
| Latest Twelve Months | 5.1% | -3.0% | 29.6% | 5.3% | 5.4% | | 0.2% | |
| | | | | | | | |
| Historical EBIT Profit Margin | | | | | | | | |
| 5 Year Average Margin | -101.5% | -17.2% | -37.7% | -11.1% | -8.0% | | -25.4% | |
| Prior Fiscal Year | 2.6% | -0.3% | 8.9% | 9.8% | 5.6% | | 10.6% | |
| Latest Fiscal Year | -1.1% | -1.0% | 6.1% | 9.3% | 5.0% | | 5.9% | |
| Latest Twelve Months | -0.1% | -1.2% | 5.9% | 9.9% | 5.5% | | 5.3% | |
| | | | | | | | |
| Current Trading Multiples | | | | | | | | |
| EV / LTM Revenue | 0.56x | 0.78x | 0.51x | 0.73x | 0.44x | | 0.47x | |
| EV / LTM EBIT | -450.0x | -65.3x | 7.9x | 7.4x | 8.1x | | 8.8x | |
| Price / LTM Sales | 0.02x | 0.19x | 0.37x | 0.45x | 0.07x | | 0.27x | |
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| | | | | | | | |
| Low | Mid | High | | | | | |
| | | | | | | | |
| Benchmark EV / LTM Revenue | 0.44x | 0.56x | 0.78x | | | | | |
| Historical EV / LTM Revenue | 0.50x | 1.00x | 3.21x | | | | | |
| | | | | | | | |
| Selected EV / LTM Revenue | 0.57x | 0.60x | 0.63x | | | | | |
| (x) LTM Revenue | 22,225 | 22,225 | 22,225 | | | | | |
| (=) Implied Enterprise Value | 12,768 | 13,440 | 14,112 | | | | | |
| (-) Non-shareholder Claims * | (4,358) | (4,358) | (4,358) | | | | | |
| (=) Equity Value | 8,410 | 9,082 | 9,754 | | | | | |
| (/) Shares Outstanding | 322.7 | 322.7 | 322.7 | | | | | |
| Implied Value Range | 26.06 | 28.14 | 30.22 | | | | | |
| FX Rate: CAD/EUR | 1.6 | 1.6 | 1.6 | | Market Price | | | |
| Implied Value Range (Trading Cur) | 16.69 | 18.03 | 19.36 | | 11.78 | | | |
| Upside / (Downside) | 41.7% | 53.0% | 64.4% | | | | | |