| Select LTM Revenue Multiple | | | | | | | | |
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| Benchmark Companies | | | |
| AAL | CAML | RIO | HOC | 0QYN | | FG1 | |
| LSE:AAL | AIM:CAML | LSE:RIO | LSE:HOC | LSE:0QYN | | DB:FG1 | |
| Historical Revenue Growth | | | | | | | | |
| 5Y CAGR | -1.8% | 4.5% | 4.4% | 4.6% | 10.5% | | 5.9% | |
| 3Y CAGR | -13.1% | -1.4% | -5.5% | 5.3% | 2.6% | | -4.0% | |
| Latest Twelve Months | -11.0% | 5.4% | -0.7% | 36.6% | -1.7% | | 4.6% | |
| | | | | | | | |
| Historical EBIT Profit Margin | | | | | | | | |
| 5 Year Average Margin | 27.9% | 41.8% | 34.6% | 16.2% | 34.3% | | 30.9% | |
| Prior Fiscal Year | 20.4% | 32.6% | 27.5% | 11.9% | 23.4% | | 27.9% | |
| Latest Fiscal Year | 18.2% | 32.2% | 26.1% | 23.8% | 29.7% | | 24.5% | |
| Latest Twelve Months | 18.2% | 32.2% | 26.1% | 23.8% | 29.7% | | 24.5% | |
| | | | | | | | |
| Current Trading Multiples | | | | | | | | |
| EV / LTM Revenue | 1.94x | 1.33x | 1.98x | 2.29x | 2.04x | | 3.92x | |
| EV / LTM EBIT | 10.6x | 4.1x | 7.6x | 9.6x | 6.9x | | 16.0x | |
| Price / LTM Sales | 1.26x | 1.66x | 1.92x | 1.98x | 2.05x | | 3.37x | |
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| | | | | | | | |
| Low | Mid | High | | | | | |
| | | | | | | | |
| Benchmark EV / LTM Revenue | 1.33x | 1.98x | 2.29x | | | | | |
| Historical EV / LTM Revenue | 3.37x | 3.82x | 3.92x | | | | | |
| | | | | | | | |
| Selected EV / LTM Revenue | 3.28x | 3.46x | 3.63x | | | | | |
| (x) LTM Revenue | 6,613 | 6,613 | 6,613 | | | | | |
| (=) Implied Enterprise Value | 21,711 | 22,854 | 23,997 | | | | | |
| (-) Non-shareholder Claims * | (3,333) | (3,333) | (3,333) | | | | | |
| (=) Equity Value | 18,378 | 19,521 | 20,663 | | | | | |
| (/) Shares Outstanding | 985.9 | 985.9 | 985.9 | | | | | |
| Implied Value Range | 18.64 | 19.80 | 20.96 | | | | | |
| FX Rate: USD/EUR | 1.1 | 1.1 | 1.1 | | Market Price | | | |
| Implied Value Range (Trading Cur) | 16.47 | 17.50 | 18.52 | | 20.17 | | | |
| Upside / (Downside) | -18.3% | -13.2% | -8.2% | | | | | |