| Select LTM Revenue Multiple | | | | | | | | |
| | | | | | | | |
| Benchmark Companies | | | |
| TU | AUSS | MOWI | SHG | RFG | | O1F | |
| SET:TU | OB:AUSS | OB:MOWI | JSE:SHG | JSE:RFG | | MUN:O1F | |
| Historical Revenue Growth | | | | | | | | |
| 5Y CAGR | 1.9% | 8.7% | 6.3% | 12.6% | 8.1% | | 5.6% | |
| 3Y CAGR | -0.6% | 10.0% | 10.1% | 15.9% | 10.4% | | 11.3% | |
| Latest Twelve Months | 1.7% | 4.9% | 1.8% | 15.7% | 1.5% | | 0.7% | |
| | | | | | | | |
| Historical EBIT Profit Margin | | | | | | | | |
| 5 Year Average Margin | 5.4% | 12.0% | 14.3% | 11.0% | 7.9% | | 15.4% | |
| Prior Fiscal Year | 5.0% | 9.6% | 17.8% | 7.4% | 9.8% | | 14.1% | |
| Latest Fiscal Year | 5.2% | 11.5% | 14.7% | 7.5% | 10.4% | | 16.0% | |
| Latest Twelve Months | 5.2% | 11.5% | 14.7% | 7.5% | 10.4% | | 16.0% | |
| | | | | | | | |
| Current Trading Multiples | | | | | | | | |
| EV / LTM Revenue | 0.70x | 1.09x | 2.01x | 0.77x | 0.66x | | 0.94x | |
| EV / LTM EBIT | 13.5x | 9.5x | 13.7x | 10.3x | 6.4x | | 5.9x | |
| Price / LTM Sales | 0.32x | 0.56x | 1.58x | 0.32x | 0.60x | | 0.68x | |
| | | | | | | | |
| | | | | | | | |
| Low | Mid | High | | | | | |
| | | | | | | | |
| Benchmark EV / LTM Revenue | 0.66x | 0.77x | 2.01x | | | | | |
| Historical EV / LTM Revenue | 0.94x | 1.25x | 1.36x | | | | | |
| | | | | | | | |
| Selected EV / LTM Revenue | 0.99x | 1.04x | 1.09x | | | | | |
| (x) LTM Revenue | 10,061 | 10,061 | 10,061 | | | | | |
| (=) Implied Enterprise Value | 9,917 | 10,439 | 10,961 | | | | | |
| (-) Non-shareholder Claims * | (2,637) | (2,637) | (2,637) | | | | | |
| (=) Equity Value | 7,280 | 7,802 | 8,324 | | | | | |
| (/) Shares Outstanding | 120.0 | 120.0 | 120.0 | | | | | |
| Implied Value Range | 60.68 | 65.03 | 69.38 | | | | | |
| FX Rate: ZAR/EUR | 19.9 | 19.9 | 19.9 | | Market Price | | | |
| Implied Value Range (Trading Cur) | 3.06 | 3.27 | 3.49 | | 3.30 | | | |
| Upside / (Downside) | -7.4% | -0.8% | 5.9% | | | | | |