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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 5.6x - 6.2x | 5.9x |
| Selected Fwd EBITDA Multiple | 4.5x - 5.0x | 4.7x |
| Fair Value | $3.10 - $3.54 | $3.32 |
| Upside | -0.1% - 14.1% | 7.0% |
| Benchmarks | Ticker | Full Ticker |
| Thai Union Group Public Company Limited | TU | SET:TU |
| Austevoll Seafood ASA | AUSS | OB:AUSS |
| Mowi ASA | MOWI | OB:MOWI |
| Sea Harvest Group Limited | SHG | JSE:SHG |
| RFG Holdings Limited | RFG | JSE:RFG |
| Oceana Group Limited | OCGP.F | OTCPK:OCGP.F |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| TU | AUSS | MOWI | SHG | RFG | OCGP.F | ||
| SET:TU | OB:AUSS | OB:MOWI | JSE:SHG | JSE:RFG | OTCPK:OCGP.F | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 4.2% | 9.5% | 6.7% | 1.2% | 14.9% | 6.8% | |
| 3Y CAGR | -2.9% | 0.6% | 11.0% | -3.9% | 25.0% | 14.5% | |
| Latest Twelve Months | 5.1% | 20.0% | -12.2% | 11.0% | 6.1% | 13.4% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 7.8% | 15.8% | 18.5% | 15.5% | 11.1% | 18.1% | |
| Prior Fiscal Year | 7.4% | 13.4% | 21.5% | 11.8% | 13.0% | 16.5% | |
| Latest Fiscal Year | 7.7% | 15.3% | 18.6% | 11.3% | 13.6% | 18.6% | |
| Latest Twelve Months | 7.7% | 15.3% | 18.6% | 11.3% | 13.6% | 18.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.70x | 1.09x | 2.01x | 0.77x | 0.66x | 0.94x | |
| EV / LTM EBITDA | 9.1x | 7.1x | 10.9x | 6.9x | 4.9x | 5.1x | |
| EV / LTM EBIT | 13.5x | 9.5x | 13.7x | 10.3x | 6.4x | 5.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 4.9x | 7.1x | 10.9x | ||||
| Historical EV / LTM EBITDA | 5.1x | 6.9x | 7.4x | ||||
| Selected EV / LTM EBITDA | 5.6x | 5.9x | 6.2x | ||||
| (x) LTM EBITDA | 1,867 | 1,867 | 1,867 | ||||
| (=) Implied Enterprise Value | 10,523 | 11,077 | 11,631 | ||||
| (-) Non-shareholder Claims * | (2,637) | (2,637) | (2,637) | ||||
| (=) Equity Value | 7,886 | 8,440 | 8,994 | ||||
| (/) Shares Outstanding | 135.4 | 135.4 | 135.4 | ||||
| Implied Value Range | 58.26 | 62.35 | 66.44 | ||||
| FX Rate: ZAR/USD | 18.3 | 18.3 | 18.3 | Market Price | |||
| Implied Value Range (Trading Cur) | 3.19 | 3.41 | 3.63 | 3.10 | |||
| Upside / (Downside) | 2.8% | 10.0% | 17.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | TU | AUSS | MOWI | SHG | RFG | OCGP.F | |
| Enterprise Value | 96,789 | 38,726 | 11,202 | 5,503 | 5,291 | 10,307 | |
| (+) Cash & Short Term Investments | 16,464 | 5,719 | 277 | 336 | 192 | 764 | |
| (+) Investments & Other | 9,626 | 3,843 | 213 | 48 | 0 | 274 | |
| (-) Debt | (70,252) | (15,923) | (2,676) | (3,614) | (644) | (3,534) | |
| (-) Other Liabilities | (7,678) | (12,596) | (166) | 10 | (10) | (141) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 44,950 | 19,769 | 8,850 | 2,283 | 4,828 | 7,670 | |
| (/) Shares Outstanding | 4,123.8 | 201.8 | 517.1 | 336.8 | 259.6 | 135.4 | |
| Implied Stock Price | 10.90 | 97.95 | 17.12 | 6.78 | 18.60 | 56.67 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 0.09 | 1.00 | 1.00 | 18.28 | |
| Implied Stock Price (Trading Cur) | 10.90 | 97.95 | 194.60 | 6.78 | 18.60 | 3.10 | |
| Trading Currency | THB | NOK | NOK | ZAR | ZAR | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 0.09 | 1.00 | 1.00 | 18.28 | |