Escolar Documentos
Profissional Documentos
Cultura Documentos
Actuals
2010A
2011A
E
2012A
2013
-3%
74%
22%
Case A (Street)
Y/Y revenue growth (%)
COGS as a % of revenue
Selling expenses as a % of revenue
0.0%
73.8%
19.8%
1.0%
72.7%
20.8%
1.9%
73.2%
20.6%
-3.2%
73.5%
21.5%
Case B (Downside)
Y/Y revenue growth (%)
COGS as a % of revenue
Selling expenses as a % of revenue
0.0%
73.8%
19.8%
1.0%
72.7%
20.8%
1.9%
73.2%
20.6%
-5.0%
73.5%
21.5%
Case C (Upside)
Y/Y revenue growth (%)
COGS as a % of revenue
Selling expenses as a % of revenue
0.0%
73.8%
19.8%
1.0%
72.7%
20.8%
1.9%
73.2%
20.6%
1.0%
73.2%
20.6%
Case C (LBO)
Y/Y revenue growth (%)
COGS as a % of revenue
Selling expenses as a % of revenue
0.0%
73.8%
19.8%
1.0%
72.7%
20.8%
1.9%
73.2%
20.6%
1.0%
73.0%
20.2%
Estimates
2014
2015
2016
2017
2018
-2%
74%
22%
-2%
74%
22%
-2%
74%
22%
1%
74%
22%
1%
74%
22%
-2.0%
73.6%
21.6%
-2.0%
73.6%
21.6%
-2.0%
73.6%
21.6%
1.0%
73.6%
21.6%
1.0%
73.6%
21.6%
-4.0%
73.6%
21.6%
-3.0%
73.6%
21.6%
-2.0%
73.6%
21.6%
-1.0%
73.6%
21.6%
-1.0%
73.6%
21.6%
0.0%
73.2%
20.6%
0.0%
73.2%
20.6%
0.0%
73.2%
20.6%
0.0%
73.2%
20.6%
0.0%
73.2%
20.6%
1.0%
73.0%
20.2%
1.0%
73.0%
20.2%
1.0%
73.0%
20.2%
1.0%
73.0%
20.2%
1.0%
73.0%
20.2%
Actuals
2010A
$49,243.0
36,363.0
74%
$12,880.0
26%
2011A
$49,747.0
1%
36,190.0
73%
$13,557.0
27%
2012A
$50,705.0
2%
37,130.0
73%
$13,575.0
27%
2013
49,082.4
-3%
36,075.6
74%
$13,006.8
27%
9,755.0
19.8%
0.0
9,755.0
0.0
3,125.0
6.3%
838.0
88.0
2,199.0
4.5%
2,368.0
10,325.0
20.8%
0.0
10,325.0
0.0
3,232.0
6.5%
896.0
82.0
2,254.0
4.5%
2,374.0
10,451.0
20.6%
0.0
10,451.0
0.0
3,124.0
6.2%
897.0
48.0
2,179.0
4.3%
1,085.0
10,552.7
21.5%
0.0
10,552.7
0.0
2,454.1
5.0%
905.2
46.5
1,502.4
3.1%
0.0
92.0
(53.0)
0.0
39.0
2,160.0
4%
836.0
39%
1,324.0
86.0
(43.0)
0.0
43.0
2,211.0
4%
781.0
35%
1,430.0
134.0
(37.0)
0.0
97.0
2,082.0
4%
705.0
34%
1,377.0
76.7
(0.3)
0.0
76.4
1,426.0
3%
482.9
34%
943.1
31.9
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
31.9
5.8
86.9
0.0
0.0
0.0
0.0
0.0
0.0
0.0
10.0
44.0
0.0
146.8
12.0
25.8
30.4
1,180.0
48.0
(4.0)
(13.0)
1,303.0
0.0
8.0
178.0
(85.0)
2,683.2
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
1,292.1
1,283.2
1,306.2
943.1
Dividend payout
% of net income
Per share dividend
Adjusted Earnings per share
Basic
Diluted
Earnings per share (GAAP)
Average common shares outstanding
Basic
Diluted
(234.0)
18.1%
0.55
(237.0)
18.5%
0.57
(228.0)
17.5%
0.62
(141.5)
15.0%
0.39
$3.10
$3.02
$3.16
$3.08
$3.10
$3.14
$3.57
$3.57
($3.36)
$2.57
$2.57
$0.00
416.8
427.5
406.1
416.5
366.3
366.3
366.3
366.3
Estimates
2014
48,100.8
-2%
35,402.2
74%
$12,698.6
26%
2015
47,138.8
-2%
34,694.1
74%
$12,444.6
26%
2016
46,196.0
-2%
34,000.3
74%
$12,195.7
26%
2017
46,658.0
1%
34,340.3
74%
$12,317.7
26%
2018
47,124.5
1%
34,683.7
74%
$12,440.9
26%
10,389.8
21.6%
0.0
10,389.8
0.0
2,308.8
4.8%
943.7
45.5
1,319.6
2.7%
0.0
10,182.0
21.6%
0.0
10,182.0
0.0
2,262.7
4.8%
981.7
44.6
1,236.3
2.6%
0.0
9,978.3
21.6%
0.0
9,978.3
0.0
2,217.4
4.8%
1,016.4
43.7
1,157.3
2.5%
0.0
10,078.1
21.6%
0.0
10,078.1
0.0
2,239.6
4.8%
1,050.6
44.2
1,144.9
2.5%
0.0
10,178.9
21.6%
0.0
10,178.9
0.0
2,262.0
4.8%
1,084.7
44.6
1,132.6
2.4%
0.0
9.9
(3.0)
0.0
6.9
1,312.7
3%
444.5
34%
868.2
0.0
(8.2)
0.0
(8.2)
1,244.5
3%
421.4
34%
823.1
0.0
(13.8)
0.0
(13.8)
1,171.1
3%
396.5
34%
774.5
0.0
(18.2)
0.0
(18.2)
1,163.0
2%
393.8
34%
769.2
0.0
(23.9)
0.0
(23.9)
1,156.5
2%
391.6
34%
764.9
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
868.2
823.1
774.5
769.2
764.9
(130.2)
15.0%
0.36
(123.5)
15.0%
0.34
(116.2)
15.0%
0.32
(115.4)
15.0%
0.31
(114.7)
15.0%
0.31
$2.37
$2.37
$0.00
$2.25
$2.25
$0.00
$2.11
$2.11
$0.00
$2.10
$2.10
$0.00
$2.09
$2.09
$0.00
366.3
366.3
366.3
366.3
366.3
366.3
366.3
366.3
366.3
366.3
Actuals
2010A
2011A
1,394.0
838.0
0.0
88.0
52.0
0.0
118.0
0.0
(30.0)
(7.0)
0.0
103.0
1,366.0
896.0
0.0
82.0
222.0
0.0
121.0
0.0
(134.0)
(11.0)
11.0
(33.0)
(63.0)
(609.0)
(98.0)
141.0
0.0
0.0
279.0
(350.0)
2,206.0
(371.0)
(400.0)
40.0
(443.0)
0.0
0.0
(156.0)
(1,330.0)
1,190.0
(615.0)
(16.0)
(7.0)
0.0
56.0
18.0
40.0
(16.0)
(540.0)
(744.0)
(267.0)
0.0
21.0
415.0
(2.0)
12.0
(4.0)
(569.0)
0.0
(210.0)
138.0
0.0
0.0
0.0
(99.0)
179.0
(1,193.0)
0.0
Distributions
Payments to non-controlling interests
Other
Total cash provided by (used for) financing activities
Effect of exchange rate on cash
Total change in cash and cash equivalents
SUPPLEMENTAL DATA:
Cash flow before debt paydown
(234.0)
0.0
(42.0)
(348.0)
10.0
(237.0)
0.0
(7.0)
(1,357.0)
13.0
1,328.0
(723.0)
Actuals
Estimates
2012A
2013
2014
2015
2016
2017
2018
22.0
897.0
0.0
48.0
288.0
1,207.0
120.0
(55.0)
28.0
0.0
25.0
25.0
943.1
905.2
0.0
46.5
0.0
0.0
120.0
0.0
(30.0)
(11.0)
0.0
103.0
868.2
943.7
0.0
45.5
0.0
0.0
120.0
0.0
(134.0)
(11.0)
0.0
(33.0)
823.1
981.7
0.0
44.6
0.0
0.0
120.0
0.0
28.0
(11.0)
0.0
25.0
774.5
1,016.4
0.0
43.7
0.0
0.0
120.0
0.0
(30.0)
(11.0)
0.0
103.0
769.2
1,050.6
0.0
44.2
0.0
0.0
120.0
0.0
(134.0)
(11.0)
0.0
(33.0)
764.9
1,084.7
0.0
44.6
0.0
0.0
120.0
0.0
28.0
(11.0)
0.0
25.0
41.0
120.0
(24.0)
574.0
0.0
0.0
(23.0)
688.0
3,293.0
44.2
82.1
34.5
(380.7)
(5.9)
20.9
(91.6)
(296.5)
1,780.4
44.9
105.4
20.9
(93.0)
(9.0)
(8.6)
(24.6)
35.9
1,835.4
44.0
110.9
20.5
(97.8)
(8.8)
(11.0)
(31.4)
26.3
2,037.7
43.1
108.7
20.1
(95.9)
(8.6)
(10.8)
(30.7)
25.8
2,042.4
(21.1)
(53.2)
(9.8)
47.0
4.2
5.3
15.1
(12.6)
1,793.3
(21.3)
(53.8)
(9.9)
47.4
4.3
5.3
15.2
(12.8)
2,043.5
(766.0)
(112.0)
(174.0)
0.0
290.0
40.0
0.0
(2.0)
(724.0)
(749.5)
(112.0)
0.0
0.0
0.0
0.0
0.0
0.0
(861.5)
(770.5)
(112.0)
0.0
0.0
0.0
0.0
0.0
0.0
(882.5)
(760.0)
(112.0)
0.0
0.0
0.0
0.0
0.0
0.0
(872.0)
(693.0)
(112.0)
0.0
0.0
0.0
0.0
0.0
0.0
(805.0)
(683.3)
(112.0)
0.0
0.0
0.0
0.0
0.0
0.0
(795.3)
(683.3)
(112.0)
0.0
0.0
0.0
0.0
0.0
0.0
(795.3)
0.0
509.0
67.0
(1,500.0)
0.0
(523.0)
(1,403.4)
0.0
0.0
0.0
0.0
(281.6)
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
(228.0)
(1,303.0)
(23.0)
(2,478.0)
5.0
(141.5)
0.0
0.0
(2,067.9)
0.0
(130.2)
0.0
0.0
(411.8)
0.0
(123.5)
0.0
0.0
(123.5)
0.0
(116.2)
0.0
0.0
(116.2)
0.0
(115.4)
0.0
0.0
(115.4)
0.0
(114.7)
0.0
0.0
(114.7)
0.0
96.0
(1,149.0)
541.1
1,042.3
1,121.2
882.6
1,133.4
777.4
822.7
1,042.3
1,121.2
882.6
1,133.4
Actuals
2011A
2012A
2013
Current assets
Trade accounts receivable
Days receivable
Inventories
Inventory turnover days
Other current assets
% of revenue
Total current assets
2,348.0
17.0
5897.0
58.7
1,103.0
2.2%
9,348.0
2,288.0
16.5
5731.0
56.4
1,079.0
2.1%
9,098.0
2,243.8
16.5
5,648.9
56.4
1,044.5
2.1%
8,937.2
Current liabilities
Accounts payable
Days payable
Gift card libilities
Days payable
Accrued compensation
Days payable
Accrued liabilities
Days payable
Total current liabilities
4,894.0
48.7
474.0
3.4
570.0
19.9
1,471.0
51.3
7,409.0
5,364.0
49.7
456.0
3.3
539.0
19.1
1,685.0
54.4
8,044.0
4,983.3
49.7
450.1
3.3
559.9
19.1
1,593.4
54.4
7,586.7
1,939.0
1,054.0
$885.0
1,350.5
($296.5)
Y
2010A
Estim
Estimates
2014
2015
2016
2017
2018
2,198.9
16.5
5,543.4
56.4
1,023.6
2.1%
8,766.0
2,155.0
16.5
5,432.6
56.4
1,003.1
2.1%
8,590.7
2,111.9
16.5
5,323.9
56.4
983.0
2.1%
8,418.8
2,133.0
16.5
5,377.2
56.4
992.9
2.1%
8,503.0
2,154.3
16.5
5,430.9
56.4
1,002.8
2.1%
8,588.1
4,890.3
49.7
441.1
3.3
551.3
19.1
1,568.8
54.4
7,451.4
4,792.5
49.7
432.3
3.3
540.2
19.1
1,537.4
54.4
7,302.4
4,696.7
49.7
423.6
3.3
529.4
19.1
1,506.6
54.4
7,156.4
4,743.6
49.7
427.9
3.3
534.7
19.1
1,521.7
54.4
7,227.9
4,791.1
49.7
432.2
3.3
540.1
19.1
1,536.9
54.4
7,300.2
1,314.5
$35.9
Y
1,288.2
$26.3
Y
1,262.5
$25.8
Y
1,275.1
($12.6)
Y
1,287.9
($12.8)
Y
Actuals
2010A
2011A
2012A
Assets
Current assets:
Cash and cash equivalents
Trade accounts receivable
Short term investments
Inventories
Other current assets
Total current assets
Property, plant and equipment, net
Goodwill
Acquired identifiable amortizable intangible assets, net of accum. amort.
Trader names & customer relationships
Equity and other investments
Other long-term assets
Total assets
1,103.0
2,348.0
22.0
5,897.0
1,103.0
10,473.0
3,823.0
2,454.0
0.0
336.0
328.0
435.0
17,849.0
1,199.0
2,288.0
0.0
5,731.0
1,079.0
10,297.0
3,471.0
1,335.0
0.0
359.0
140.0
403.0
16,005.0
Liabilities
Current liabilities:
Short term debt
Trade accounts payable
Unredeemed gift card liabilities
Accrued compensation
Accrued liabilities
Accrued income taxes
Other current liabilities
Total current liabilities
Long-term debt
Other long-term liabilities
Total liabilities
998.0
4,894.0
474.0
570.0
1,471.0
256.0
0.0
8,663.0
711.0
1,183.0
10,557.0
523.0
5,364.0
456.0
539.0
1,685.0
288.0
0.0
8,855.0
1,685.0
1,099.0
11,639.0
0.0
57.0
0.0
690.0
173.0
6,372.0
7,292.0
0.0
34.0
0.0
621.0
90.0
3,621.0
4,366.0
17,849.0
16,005.0
0.0
0.0
Stockholders' equity
Equity infusion + Co-Invest
Common stock par value and additional paid-in-capital
Less stock repurchased [treasury stock]
Non-controlling interests
Accumulated other comprehensive income (loss)
Retained earnings
Total stockholder equity
Total liabilities & stockholders' equity
SUPPLEMENTAL DATA:
Balance? (Y/N)
Estimates
2013
2014
2015
2016
2017
2018
50.0
2,243.8
0.0
5,648.9
1,044.5
8,987.2
3,427.2
1,335.0
0.0
312.5
140.0
403.0
14,605.0
591.1
2,198.9
0.0
5,543.4
1,023.6
9,357.1
3,366.0
1,335.0
0.0
267.0
140.0
403.0
14,868.1
1,633.4
2,155.0
0.0
5,432.6
1,003.1
10,224.1
3,256.2
1,335.0
0.0
222.4
140.0
403.0
15,580.6
2,754.6
2,111.9
0.0
5,323.9
983.0
11,173.5
3,044.8
1,335.0
0.0
178.6
140.0
403.0
16,274.9
3,637.3
2,133.0
0.0
5,377.2
992.9
12,140.3
2,789.6
1,335.0
0.0
134.5
140.0
403.0
16,942.3
4,770.7
2,154.3
0.0
5,430.9
1,002.8
13,358.7
2,500.2
1,335.0
0.0
89.9
140.0
403.0
17,826.8
0.0
4,983.3
450.1
559.9
1,593.4
361.0
0.0
7,947.7
281.6
1,099.0
9,328.3
0.0
4,890.3
441.1
551.3
1,568.8
194.0
0.0
7,645.4
0.0
1,099.0
8,744.4
0.0
4,792.5
432.3
540.2
1,537.4
247.0
0.0
7,549.4
0.0
1,099.0
8,648.4
0.0
4,696.7
423.6
529.4
1,506.6
320.0
0.0
7,476.4
0.0
1,099.0
8,575.4
0.0
4,743.6
427.9
534.7
1,521.7
153.0
0.0
7,380.9
0.0
1,099.0
8,479.9
0.0
4,791.1
432.2
540.1
1,536.9
206.0
0.0
7,506.2
0.0
1,099.0
8,605.2
0.0
143.0
0.0
621.0
90.0
4,422.7
5,276.7
0.0
252.0
0.0
621.0
90.0
5,160.6
6,123.6
0.0
361.0
0.0
621.0
90.0
5,860.2
6,932.2
0.0
470.0
0.0
621.0
90.0
6,518.6
7,699.6
0.0
579.0
0.0
621.0
90.0
7,172.4
8,462.4
0.0
688.0
0.0
621.0
90.0
7,822.5
9,221.5
14,605.0
14,868.1
15,580.6
16,274.9
16,942.3
17,826.8
0.0
0.0
0.0
0.0
0.0
0.0
Depreciation
(in US$ thousands)
For the fiscal year ended March 3, 2012
Property, plant & equipment on March 31,
Capital expenditures as of March 31,
Straight line depreciation
Years (PP&E)
Years (CAPEX)
Existing PP&E
2013 CAPEX
2014 CAPEX
2015 CAPEX
2016 CAPEX
2017 CAPEX
2018 CAPEX
Total book depreciation
As % of revenue
Amortization of definite-lived intangible as
As % of revenue
Actuals
Estimates
2010A
2011A
2012A
(615.0)
1.2%
(744.0)
1.5%
(766.0)
1.5%
838.0
2%
88.0
0.2%
896.0
2%
82.0
0.2%
897.0
2%
48.0
0.1%
2013
3,471.0
749.5
1.5%
4
20
867.8
37.5
905.2
2%
46.5
0.1%
2014
770.5
1.6%
20
867.8
37.5
38.5
943.7
2%
45.5
0.1%
Estimates
2015
2016
2017
2018
760.0
1.6%
693.0
1.5%
683.3
1.5%
683.3
1.5%
20
867.8
37.5
38.5
38.0
20
867.8
37.5
38.5
38.0
34.7
20
867.8
37.5
38.5
38.0
34.7
34.2
981.7
2%
44.6
0.1%
1,016.4
2%
43.7
0.1%
1,050.6
2%
44.2
0.1%
20
867.8
37.5
38.5
38.0
34.7
34.2
34.2
1,084.7
2%
44.6
0.1%
Debt Schedule
(in US$ thousands)
For the fiscal year ended March 3, 2012
Actuals
2013
2014
1,199.0
777.4
(50.0)
1,926.4
50.0
822.7
(50.0)
822.7
Revolver
Debt (beginning of year)
Mandatory issuances / (retirements)
Non-mandatory issuances / (retirements)
Debt (end of year)
Interest expense
Interest rate
523.0
0.0
(523.0)
0.0
7.8
3.0%
0.0
0.0
0.0
0.0
0.0
3.0%
1,685.0
0.0
(1,403.4)
281.6
68.8
7.0%
281.6
0.0
(281.6)
0.0
9.9
7.0%
(1,926.4)
(281.6)
76.7
9.9
50.0
0.3
1%
591.1
3.0
1%
2010A
2011A
Estimates
2012A
523.0
1,685.0
1,199.0
Estimates
2015
2016
2017
2018
591.1
1,042.3
(50.0)
1,583.4
1,633.4
1,121.2
(50.0)
2,704.6
2,754.6
882.6
(50.0)
3,587.3
3,637.3
1,133.4
(50.0)
4,720.7
0.0
0.0
0.0
0.0
0.0
3.0%
0.0
0.0
0.0
0.0
0.0
3.0%
0.0
0.0
0.0
0.0
0.0
3.0%
0.0
0.0
0.0
0.0
0.0
3.0%
0.0
0.0
0.0
0.0
0.0
7.0%
0.0
0.0
0.0
0.0
0.0
7.0%
0.0
0.0
0.0
0.0
0.0
7.0%
0.0
0.0
0.0
0.0
0.0
7.0%
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
1,633.4
8.2
1%
2,754.6
13.8
1%
3,637.3
18.2
1%
4,770.7
23.9
1%
Sweep
100%
Sweep
100%
Actuals
2010A
2011A
2012A
2,179.0
945.0
28.0
0.0
688.0
(766.0)
9.00%
Terminal Value
EBITDA Method
Exit Year EBITDA
Multiple
Terminal Value
Net Present Value
Perpetuity Method
Unlevered Free Cash Flow
Growth Rate
Terminal Value
Net Present Value
1,022.0
-2.0%
9,104.7
6,178.0
7,190.8
10,329.5
1,546.0
336.7
$16.77
$26.09
2,239.6
2.0x
4,479.2
3,039.3
8.0%
9.0%
10.0%
2.5x
8.0%
9.0%
10.0%
Estimates
2013
2014
2015
2016
2017
1,502.4
951.7
(30.0)
0.0
(296.5)
(749.5)
(508.7)
869.4
1,319.6
989.3
(134.0)
0.0
35.9
(770.5)
(446.8)
993.5
1,236.3
1,026.4
28.0
0.0
26.3
(760.0)
(418.6)
1,138.3
1,157.3
1,060.1
(30.0)
0.0
25.8
(693.0)
(391.9)
1,128.3
1,144.9
1,094.7
(134.0)
0.0
(12.6)
(683.3)
(387.7)
1,022.0
0.5
832.8
4,151.5
1.5
873.0
2.5
917.7
3.5
834.5
4.5
693.5
Cost of Capital:
Risk Free Rate
Equity Risk Premium
Beta
Cost of Equity
Cost of Debt
Cost of Preferred Stock
WACC
Tax rate
34%
Equity
Debt
Cap. Structure
$12.95
0
337
$4,359.8
2,226.0
-680.0
596.0
$6,501.8
$4,359.8
2,226.0
6,586
66%
34%
GME
CONN
HGG
Stock price as
Market
of:11/29/2012 Capitalization
$26.21
$28.09
$7.44
$3,170
$915
$257
Enterprise
Value
$2,830
$1,220
$255
Median
Mean
Online
Apple Inc.
Amazon.com Inc.
AAPL
AMZN
$589.36
$251.27
$554,410
$113,810
$519,240
$106,680
Median
Mean
BBY
$12.95
$4,360
Enterprise value
Share price
Shares outstanding (mm)
Options outstanding TSM
Diluted shares outstanding
Equity value
Calculation of Enterprise Value
Short-term debt
Long-term debt
Convertible debt
Convertible preferred
Preferred (ie. straight)
Minority interest
Less: Cash & equivalents
Enterprise value
Options
Outstanding
35.80
0.00
Total
$12.95
337
0
337
$4,360
1,061.0
1,165.0
0.0
0.0
0.0
596.0
(680.0)
$6,501.8
Strike
Price
$38.08
0.00
Fully Diluted
Shares
0
0
0
$6,501.8
3.6x
25.9x
2.7x
3.5x
5.7x
3.6x
10.7x
7.8x
28.5x
8.9x
51.1x
18.2x
18.2x
30.0x
30.0x
2.8x
1.9x
Stats
3,178.0
2,454.1
Low
2.0x
1.5
High
3.0x
2.5
2013E
Price / Earnings
LTM
2014E
3.4x
8.9x
2.6x
0.3x
1.4x
0.1x
0.3x
1.5x
0.1x
0.3x
1.2x
0.1x
8.2x
18.4x
8.0x
NM
50.5x
3.6x
7.6x
14.7x
7.4x
3.4x
5.0x
0.3x
0.6x
0.3x
0.6x
0.3x
0.5x
8.2x
11.5x
27.1x
27.1x
7.6x
9.9x
6.5x
17.0x
2.7x
1.3x
3.3x
1.9x
2.3x
1.1x
11.9x
138.1x
13.4x
NM
10.1x
64.4x
11.7x
11.7x
2.0x
2.0x
2.6x
2.6x
1.7x
1.7x
75.0x
75.0x
13.4x
13.4x
37.3x
37.3x
3.0x
0.1x
0.1x
0.1x
6.2x
NM
6.0x
Enterprise value
Low
High
6,356
9,534
3,681
6,135
5,019
7,835
2,142
2,142
2,877
5,693
336.67
336.67
$8.54
$16.91
52 week ranage
Low
High
11.41
28.51
Comparable analysis
Low
$8.54
Share price
Shares outstanding
Equity value
Net debt
Enterprise value
$12.95
$0.00
$22.89
$8.54
$16.91
$11.41
$13.97
$10.00
$19.7
$20.00
$30.
mparable analysis
High
$16.91
High
$13.97
$19.78
$24 - $26
89
$30.28
$16.91
$28.51
$19.78
$20.00
$30.00
$40.00
$50.00
High
$22.89
$30.28
Category Low
Spread
High
Current
DCF EBITD $13.97
$5.81
$19.78
$12.95
52 week hi $11.41
$17.10
$28.51
$12.95
Comparabl $8.54
$8.36
$16.91
$12.95
DCF Perpet $22.89
$7.39
$30.28
$12.95