| Select LTM Revenue Multiple | | | | | | | | |
| | | | | | | | |
| Benchmark Companies | | | |
| VARE | TKWYA | 0RTC | 3690 | DASH * | | 926 | |
| AIM:VARE | BATS-CHIXE:TKWYA | LSE:0RTC | SEHK:3690 | BMV:DASH* | | DB:926 | |
| Historical Revenue Growth | | | | | | | | |
| 5Y CAGR | 14.1% | 53.7% | 71.8% | 33.7% | 64.7% | | 21.8% | |
| 3Y CAGR | 30.3% | -7.4% | 59.0% | 34.1% | 29.9% | | 6.1% | |
| Latest Twelve Months | 8.8% | 0.8% | 13.3% | 22.7% | 24.2% | | 2.1% | |
| | | | | | | | |
| Historical EBIT Profit Margin | | | | | | | | |
| 5 Year Average Margin | -17.8% | -11.4% | -26.7% | -2.3% | -12.7% | | -8.2% | |
| Prior Fiscal Year | -9.2% | -5.3% | -16.8% | -3.0% | -6.7% | | -2.8% | |
| Latest Fiscal Year | -6.1% | -4.6% | -6.7% | 3.3% | 0.5% | | 0.1% | |
| Latest Twelve Months | -6.1% | -4.6% | -5.6% | 8.6% | 0.5% | | 0.1% | |
| | | | | | | | |
| Current Trading Multiples | | | | | | | | |
| EV / LTM Revenue | 1.14x | 1.19x | 0.97x | 2.62x | 6.76x | | 0.66x | |
| EV / LTM EBIT | -18.6x | -26.0x | -17.2x | 30.4x | 1394.6x | | 855.4x | |
| Price / LTM Sales | 0.56x | 1.08x | 0.64x | 3.06x | 7.29x | | 0.86x | |
| | | | | | | | |
| | | | | | | | |
| Low | Mid | High | | | | | |
| | | | | | | | |
| Benchmark EV / LTM Revenue | 0.97x | 1.19x | 6.76x | | | | | |
| Historical EV / LTM Revenue | 0.26x | 0.57x | 0.66x | | | | | |
| | | | | | | | |
| Selected EV / LTM Revenue | 0.85x | 0.90x | 0.94x | | | | | |
| (x) LTM Revenue | 2,072 | 2,072 | 2,072 | | | | | |
| (=) Implied Enterprise Value | 1,771 | 1,864 | 1,957 | | | | | |
| (-) Non-shareholder Claims * | 414 | 414 | 414 | | | | | |
| (=) Equity Value | 2,185 | 2,278 | 2,371 | | | | | |
| (/) Shares Outstanding | 1,470.6 | 1,470.6 | 1,470.6 | | | | | |
| Implied Value Range | 1.49 | 1.55 | 1.61 | | | | | |
| FX Rate: GBP/EUR | 0.8 | 0.8 | 0.8 | | Market Price | | | |
| Implied Value Range (Trading Cur) | 1.77 | 1.84 | 1.92 | | 1.43 | | | |
| Upside / (Downside) | 23.5% | 28.8% | 34.0% | | | | | |