| Select LTM Revenue Multiple | | | | | | | | |
| | | | | | | | |
| Benchmark Companies | | | |
| TTFN.F | 857 | 500104 | 530965 | SHELL | | I7B | |
| OTCPK:TTFN.F | SEHK:857 | BSE:500104 | BSE:530965 | ENXTAM:SHELL | | DB:I7B | |
| Historical Revenue Growth | | | | | | | | |
| 5Y CAGR | 2.1% | 3.1% | 9.5% | 8.0% | -3.8% | | 14.5% | |
| 3Y CAGR | 1.9% | 4.0% | 23.0% | 28.7% | 2.8% | | 24.1% | |
| Latest Twelve Months | -10.7% | -2.5% | 2.7% | -2.6% | -10.2% | | 6.3% | |
| | | | | | | | |
| Historical EBIT Profit Margin | | | | | | | | |
| 5 Year Average Margin | 12.5% | 6.2% | 2.1% | 5.2% | 7.9% | | 3.2% | |
| Prior Fiscal Year | 14.8% | 8.3% | -2.2% | 3.0% | 10.9% | | 3.0% | |
| Latest Fiscal Year | 13.2% | 8.4% | 4.5% | 7.9% | 11.8% | | 4.0% | |
| Latest Twelve Months | 13.2% | 8.4% | 2.3% | 2.3% | 11.8% | | 1.9% | |
| | | | | | | | |
| Current Trading Multiples | | | | | | | | |
| EV / LTM Revenue | 0.61x | 0.49x | 0.34x | 0.45x | 0.75x | | 0.21x | |
| EV / LTM EBIT | 4.6x | 5.8x | 14.9x | 19.4x | 6.4x | | 10.9x | |
| Price / LTM Sales | 0.67x | 0.48x | 0.19x | 0.24x | 0.69x | | 0.12x | |
| | | | | | | | |
| | | | | | | | |
| Low | Mid | High | | | | | |
| | | | | | | | |
| Benchmark EV / LTM Revenue | 0.34x | 0.49x | 0.75x | | | | | |
| Historical EV / LTM Revenue | 0.20x | 0.25x | 0.34x | | | | | |
| | | | | | | | |
| Selected EV / LTM Revenue | 0.23x | 0.24x | 0.25x | | | | | |
| (x) LTM Revenue | 9,193,401 | 9,193,401 | 9,193,401 | | | | | |
| (=) Implied Enterprise Value | 2,112,341 | 2,223,517 | 2,334,693 | | | | | |
| (-) Non-shareholder Claims * | (855,866) | (855,866) | (855,866) | | | | | |
| (=) Equity Value | 1,256,475 | 1,367,651 | 1,478,827 | | | | | |
| (/) Shares Outstanding | 1,224.6 | 1,224.6 | 1,224.6 | | | | | |
| Implied Value Range | 1,026.00 | 1,116.78 | 1,207.56 | | | | | |
| FX Rate: JPY/EUR | 162.2 | 162.2 | 162.2 | | Market Price | | | |
| Implied Value Range (Trading Cur) | 6.32 | 6.88 | 7.44 | | 5.30 | | | |
| Upside / (Downside) | 19.3% | 29.9% | 40.4% | | | | | |