| Select LTM Revenue Multiple | | | | | | | | |
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| Benchmark Companies | | | |
| TU | AUSS | MOWI | TBS | SHG | | OCGP.F | |
| SET:TU | OB:AUSS | OB:MOWI | JSE:TBS | JSE:SHG | | PINC:OCGP.F | |
| Historical Revenue Growth | | | | | | | | |
| 5Y CAGR | 1.9% | 8.7% | 6.3% | 5.7% | 12.6% | | 5.6% | |
| 3Y CAGR | -0.6% | 10.0% | 10.1% | 6.8% | 15.9% | | 11.3% | |
| Latest Twelve Months | 1.7% | 4.9% | 1.8% | 0.7% | 15.7% | | 0.7% | |
| | | | | | | | |
| Historical EBIT Profit Margin | | | | | | | | |
| 5 Year Average Margin | 5.4% | 12.0% | 14.3% | 8.5% | 11.1% | | 15.4% | |
| Prior Fiscal Year | 5.0% | 9.6% | 17.8% | 8.0% | 7.4% | | 14.1% | |
| Latest Fiscal Year | 5.2% | 11.5% | 14.7% | 8.3% | 8.4% | | 16.0% | |
| Latest Twelve Months | 5.2% | 11.5% | 14.7% | 8.3% | 8.4% | | 16.0% | |
| | | | | | | | |
| Current Trading Multiples | | | | | | | | |
| EV / LTM Revenue | 0.69x | 1.08x | 1.85x | 1.11x | 0.75x | | 0.97x | |
| EV / LTM EBIT | 13.3x | 9.3x | 12.6x | 13.4x | 9.0x | | 6.1x | |
| Price / LTM Sales | 0.31x | 0.54x | 1.44x | 1.21x | 0.31x | | 0.71x | |
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| | | | | | | | |
| Low | Mid | High | | | | | |
| | | | | | | | |
| Benchmark EV / LTM Revenue | 0.69x | 1.08x | 1.85x | | | | | |
| Historical EV / LTM Revenue | 0.97x | 1.25x | 1.36x | | | | | |
| | | | | | | | |
| Selected EV / LTM Revenue | 1.00x | 1.06x | 1.11x | | | | | |
| (x) LTM Revenue | 10,061 | 10,061 | 10,061 | | | | | |
| (=) Implied Enterprise Value | 10,086 | 10,617 | 11,148 | | | | | |
| (-) Non-shareholder Claims * | (2,637) | (2,637) | (2,637) | | | | | |
| (=) Equity Value | 7,449 | 7,980 | 8,511 | | | | | |
| (/) Shares Outstanding | 135.4 | 135.4 | 135.4 | | | | | |
| Implied Value Range | 55.03 | 58.95 | 62.88 | | | | | |
| FX Rate: ZAR/USD | 18.7 | 18.7 | 18.7 | | Market Price | | | |
| Implied Value Range (Trading Cur) | 2.95 | 3.16 | 3.37 | | 3.10 | | | |
| Upside / (Downside) | -4.9% | 1.9% | 8.7% | | | | | |