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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Ps Multiple | 5.3x - 5.9x | 5.6x |
| Selected Fwd Ps Multiple | 7.2x - 7.9x | 7.6x |
| Fair Value | £4.87 - £5.38 | £5.12 |
| Upside | 16.3% - 28.5% | 22.4% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Helical plc | - | LSE:HLCL |
| Great Portland Estates Plc | - | LSE:GPE |
| Derwent London Plc | - | LSE:DLN |
| Regional REIT Limited | - | LSE:RGL |
| Big Yellow Group Plc | - | LSE:BYG |
| Workspace Group Plc | - | LSE:WKP |
| Select Price / LTM Sales Ratio | ||||||||
| Benchmark Companies | ||||||||
| HLCL | GPE | DLN | RGL | BYG | WKP | |||
| LSE:HLCL | LSE:GPE | LSE:DLN | LSE:RGL | LSE:BYG | LSE:WKP | |||
| Historical Sales Growth | ||||||||
| 5Y CAGR | -7.5% | -2.3% | 3.9% | 3.8% | 9.5% | 2.8% | ||
| 3Y CAGR | -14.1% | 0.9% | 7.0% | 4.4% | 5.3% | 11.7% | ||
| Latest Twelve Months | -11.9% | -3.5% | 1.8% | -1.0% | 2.4% | 0.5% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | -64.9% | -90.6% | -30.4% | -32.8% | 165.1% | -40.7% | ||
| Prior Fiscal Year | -501.6% | -292.6% | -177.8% | -73.4% | 120.1% | -104.4% | ||
| Latest Fiscal Year | 83.9% | 114.3% | 41.5% | -43.5% | 98.7% | 2.9% | ||
| Latest Twelve Months | 83.9% | 114.3% | 85.1% | -43.5% | 98.7% | 2.9% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 23.9x | 59.7x | 21.3x | NA | 17.1x | 16.2x | ||
| Price / LTM Sales | 8.2x | 12.5x | 6.9x | 2.2x | 8.8x | 4.3x | ||
| LTM P/E Ratio | 9.8x | 10.9x | 8.1x | -5.1x | 8.9x | 147.0x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/S Ratio | 2.2x | 8.2x | 12.5x | |||||
| Historical LTM P/S Ratio | 4.3x | 5.4x | 9.7x | |||||
| Selected Price / Sales Multiple | 5.3x | 5.6x | 5.9x | |||||
| (x) LTM Sales | 185 | 185 | 185 | |||||
| (=) Equity Value | 985 | 1,037 | 1,089 | |||||
| (/) Shares Outstanding | 192.3 | 192.3 | 192.3 | |||||
| Implied Value Range | 5.12 | 5.39 | 5.66 | |||||
| FX Rate: GBP/GBP | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 5.12 | 5.39 | 5.66 | 4.19 | ||||
| Upside / (Downside) | 22.4% | 28.9% | 35.3% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | HLCL | GPE | DLN | RGL | BYG | WKP | |
| Value of Common Equity | 273 | 1,287 | 1,954 | 202 | 1,814 | 805 | |
| (/) Shares Outstanding | 123.3 | 403.3 | 112.3 | 162.1 | 195.9 | 192.3 | |
| Implied Stock Price | 2.21 | 3.19 | 17.40 | 1.25 | 9.26 | 4.19 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 2.21 | 3.19 | 17.40 | 1.25 | 9.26 | 4.19 | |
| Trading Currency | GBP | GBP | GBP | GBP | GBP | GBP | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |