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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 2.2x - 2.4x | 2.3x |
| Selected Fwd Revenue Multiple | 2.4x - 2.7x | 2.6x |
| Fair Value | €3.51 - €3.95 | €3.73 |
| Upside | 30.2% - 46.3% | 38.2% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| G8 Education Limited | GEM | ASX:GEM |
| Nido Education Limited | NDO | ASX:NDO |
| Top Education Group Ltd | 1752 | SEHK:1752 |
| Mayfield Childcare Limited | MFD | ASX:MFD |
| Embark Early Education Limited | EVO | ASX:EVO |
| IDP Education Limited | 03F | DB:03F |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| GEM | NDO | 1752 | MFD | EVO | 03F | |||
| ASX:GEM | ASX:NDO | SEHK:1752 | ASX:MFD | ASX:EVO | DB:03F | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 2.1% | NM- | 2.2% | 19.7% | -9.1% | 11.6% | ||
| 3Y CAGR | 5.4% | 121.7% | 5.3% | 30.1% | 25.3% | 25.2% | ||
| Latest Twelve Months | 3.2% | 75.2% | 4.9% | 14.4% | 29.3% | -11.9% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 13.2% | 3.1% | 2.6% | 12.0% | 22.4% | 18.2% | ||
| Prior Fiscal Year | 12.2% | -6.6% | 6.5% | 2.4% | 23.6% | 22.5% | ||
| Latest Fiscal Year | 15.1% | 19.2% | 4.6% | 6.3% | 22.6% | 20.8% | ||
| Latest Twelve Months | 15.1% | 19.2% | 4.8% | 6.3% | 22.6% | 17.7% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 1.44x | 2.01x | -0.28x | 2.24x | 2.87x | 1.70x | ||
| EV / LTM EBIT | 9.5x | 10.5x | -5.9x | 35.5x | 12.7x | 9.6x | ||
| Price / LTM Sales | 0.71x | 0.91x | 0.76x | 0.33x | 1.62x | 1.36x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | -0.28x | 2.01x | 2.87x | |||||
| Historical EV / LTM Revenue | 4.27x | 7.32x | 13.29x | |||||
| Selected EV / LTM Revenue | 2.19x | 2.30x | 2.42x | |||||
| (x) LTM Revenue | 934 | 934 | 934 | |||||
| (=) Implied Enterprise Value | 2,041 | 2,148 | 2,255 | |||||
| (-) Non-shareholder Claims * | (306) | (306) | (306) | |||||
| (=) Equity Value | 1,734 | 1,842 | 1,949 | |||||
| (/) Shares Outstanding | 278.3 | 278.3 | 278.3 | |||||
| Implied Value Range | 6.23 | 6.62 | 7.00 | |||||
| FX Rate: AUD/EUR | 1.8 | 1.8 | 1.8 | Market Price | ||||
| Implied Value Range (Trading Cur) | 3.47 | 3.68 | 3.90 | 2.70 | ||||
| Upside / (Downside) | 28.4% | 36.3% | 44.3% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | GEM | NDO | 1752 | MFD | EVO | 03F | |
| Enterprise Value | 1,456 | 329 | (11) | 198 | 234 | 1,657 | |
| (+) Cash & Short Term Investments | 48 | 4 | 49 | 0 | 13 | 157 | |
| (+) Investments & Other | 1 | 0 | 0 | 0 | 0 | 8 | |
| (-) Debt | (784) | (184) | (14) | (169) | (115) | (471) | |
| (-) Other Liabilities | 0 | 0 | (0) | 0 | 0 | (1) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 721 | 149 | 24 | 29 | 132 | 1,351 | |
| (/) Shares Outstanding | 771.6 | 225.6 | 2,132.9 | 75.4 | 183.5 | 278.3 | |
| Implied Stock Price | 0.94 | 0.66 | 0.01 | 0.39 | 0.72 | 4.85 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 0.20 | 1.00 | 1.00 | 1.80 | |
| Implied Stock Price (Trading Cur) | 0.94 | 0.66 | 0.06 | 0.39 | 0.72 | 2.70 | |
| Trading Currency | AUD | AUD | HKD | AUD | AUD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 0.20 | 1.00 | 1.00 | 1.80 | |