| Select LTM Revenue Multiple | | | | | | | | |
| | | | | | | | |
| Benchmark Companies | | | |
| BLX | CPX | PIF | ETRX.F | ORA | | MXG | |
| TSX:BLX | TSX:CPX | TSX:PIF | OTCPK:ETRX.F | NYSE:ORA | | TSX:MXG | |
| Historical Revenue Growth | | | | | | | | |
| 5Y CAGR | 8.2% | 16.5% | 1.2% | NM- | 3.3% | | 29.1% | |
| 3Y CAGR | 7.3% | 27.9% | 8.4% | NM- | 9.9% | | -13.4% | |
| Latest Twelve Months | -16.5% | -9.6% | -3.5% | NM | 6.1% | | 144.8% | |
| | | | | | | | |
| Historical EBIT Profit Margin | | | | | | | | |
| 5 Year Average Margin | 26.3% | 22.7% | 35.2% | 131.1% | 24.0% | | -55.9% | |
| Prior Fiscal Year | 24.1% | 26.0% | 35.7% | NA | 19.5% | | -32.1% | |
| Latest Fiscal Year | 27.1% | 22.6% | 32.6% | NA | 19.3% | | 20.4% | |
| Latest Twelve Months | 27.1% | 22.6% | 32.6% | NA | 19.3% | | 20.4% | |
| | | | | | | | |
| Current Trading Multiples | | | | | | | | |
| EV / LTM Revenue | 7.49x | 2.84x | 3.84x | NA | 7.52x | | 2.44x | |
| EV / LTM EBIT | 27.7x | 12.6x | 11.8x | 12.3x | 38.9x | | 11.9x | |
| Price / LTM Sales | 3.51x | 1.86x | 2.28x | NA | 4.85x | | 2.74x | |
| | | | | | | | |
| | | | | | | | |
| Low | Mid | High | | | | | |
| | | | | | | | |
| Benchmark EV / LTM Revenue | 2.84x | 5.67x | 7.52x | | | | | |
| Historical EV / LTM Revenue | 0.99x | 2.44x | 107.09x | | | | | |
| | | | | | | | |
| Selected EV / LTM Revenue | 3.86x | 4.07x | 4.27x | | | | | |
| (x) LTM Revenue | 101 | 101 | 101 | | | | | |
| (=) Implied Enterprise Value | 392 | 413 | 433 | | | | | |
| (-) Non-shareholder Claims * | 30 | 30 | 30 | | | | | |
| (=) Equity Value | 422 | 443 | 463 | | | | | |
| (/) Shares Outstanding | 63.7 | 63.7 | 63.7 | | | | | |
| Implied Value Range | 6.63 | 6.95 | 7.27 | | | | | |
| FX Rate: CAD/CAD | 1.0 | 1.0 | 1.0 | | Market Price | | | |
| Implied Value Range (Trading Cur) | 6.63 | 6.95 | 7.27 | | 4.36 | | | |
| Upside / (Downside) | 52.0% | 59.4% | 66.8% | | | | | |