| Select LTM Revenue Multiple | | | | | | | | |
| | | | | | | | |
| Benchmark Companies | | | |
| VET | CNQ | OBE | RRCO * | APA * | | B5X | |
| TSX:VET | TSX:CNQ | TSX:OBE | BMV:RRCO* | BMV:APA* | | DB:B5X | |
| Historical Revenue Growth | | | | | | | | |
| 5Y CAGR | 3.4% | 9.3% | 13.4% | -1.9% | 8.3% | | 17.5% | |
| 3Y CAGR | -1.6% | 5.9% | 17.7% | -13.0% | 5.7% | | 29.6% | |
| Latest Twelve Months | 20.6% | 3.4% | 1.5% | 19.9% | 12.0% | | -7.8% | |
| | | | | | | | |
| Historical EBIT Profit Margin | | | | | | | | |
| 5 Year Average Margin | 29.4% | 25.5% | 26.4% | 15.6% | 11.9% | | 33.2% | |
| Prior Fiscal Year | -15.7% | 29.0% | 27.0% | 52.2% | 42.6% | | -7.9% | |
| Latest Fiscal Year | 7.9% | 27.3% | -30.7% | 17.4% | 21.8% | | 23.2% | |
| Latest Twelve Months | 19.4% | 28.3% | -36.0% | 24.8% | 21.9% | | 21.6% | |
| | | | | | | | |
| Current Trading Multiples | | | | | | | | |
| EV / LTM Revenue | 1.81x | 2.95x | 1.17x | 3.50x | 1.43x | | 1.51x | |
| EV / LTM EBIT | 9.3x | 10.4x | -3.2x | 14.1x | 6.5x | | 7.0x | |
| Price / LTM Sales | 0.85x | 2.47x | 0.84x | 3.00x | 0.87x | | 0.84x | |
| | | | | | | | |
| | | | | | | | |
| Low | Mid | High | | | | | |
| | | | | | | | |
| Benchmark EV / LTM Revenue | 1.17x | 1.81x | 3.50x | | | | | |
| Historical EV / LTM Revenue | 1.56x | 2.24x | 2.94x | | | | | |
| | | | | | | | |
| Selected EV / LTM Revenue | 1.77x | 1.86x | 1.96x | | | | | |
| (x) LTM Revenue | 3,162 | 3,162 | 3,162 | | | | | |
| (=) Implied Enterprise Value | 5,601 | 5,896 | 6,190 | | | | | |
| (-) Non-shareholder Claims * | (2,118) | (2,118) | (2,118) | | | | | |
| (=) Equity Value | 3,483 | 3,777 | 4,072 | | | | | |
| (/) Shares Outstanding | 768.3 | 768.3 | 768.3 | | | | | |
| Implied Value Range | 4.53 | 4.92 | 5.30 | | | | | |
| FX Rate: CAD/EUR | 1.6 | 1.6 | 1.6 | | Market Price | | | |
| Implied Value Range (Trading Cur) | 2.80 | 3.04 | 3.28 | | 2.12 | | | |
| Upside / (Downside) | 32.3% | 43.4% | 54.6% | | | | | |