| Select LTM Revenue Multiple | | | | | | | | |
| | | | | | | | |
| Benchmark Companies | | | |
| FVI | CS | GAU | CGG | ERO | | NGD | |
| TSX:FVI | TSX:CS | TSX:GAU | TSX:CGG | TSX:ERO | | TSX:NGD | |
| Historical Revenue Growth | | | | | | | | |
| 5Y CAGR | 32.8% | 30.7% | NM- | -4.2% | 10.5% | | 8.0% | |
| 3Y CAGR | 21.0% | 26.2% | NM- | -19.0% | -1.4% | | 7.4% | |
| Latest Twelve Months | 26.1% | 18.9% | NM | -16.8% | 10.0% | | 17.5% | |
| | | | | | | | |
| Historical EBIT Profit Margin | | | | | | | | |
| 5 Year Average Margin | 13.9% | 15.0% | -1.1% | 14.4% | 35.9% | | 8.2% | |
| Prior Fiscal Year | 5.2% | 1.4% | NA | 28.2% | 21.6% | | 7.3% | |
| Latest Fiscal Year | 22.2% | 8.9% | 22.4% | 6.1% | 22.7% | | 19.2% | |
| Latest Twelve Months | 22.2% | 8.9% | 22.4% | 2.1% | 22.7% | | 19.2% | |
| | | | | | | | |
| Current Trading Multiples | | | | | | | | |
| EV / LTM Revenue | 1.79x | 3.97x | 1.11x | 5.89x | 4.31x | | 3.20x | |
| EV / LTM EBIT | 8.0x | 44.5x | 5.0x | 286.0x | 19.0x | | 16.6x | |
| Price / LTM Sales | 1.76x | 2.91x | 1.39x | 4.96x | 3.08x | | 2.88x | |
| | | | | | | | |
| | | | | | | | |
| Low | Mid | High | | | | | |
| | | | | | | | |
| Benchmark EV / LTM Revenue | 1.11x | 3.97x | 5.89x | | | | | |
| Historical EV / LTM Revenue | 1.24x | 1.79x | 3.20x | | | | | |
| | | | | | | | |
| Selected EV / LTM Revenue | 2.61x | 2.75x | 2.88x | | | | | |
| (x) LTM Revenue | 925 | 925 | 925 | | | | | |
| (=) Implied Enterprise Value | 2,411 | 2,538 | 2,665 | | | | | |
| (-) Non-shareholder Claims * | (289) | (289) | (289) | | | | | |
| (=) Equity Value | 2,122 | 2,249 | 2,376 | | | | | |
| (/) Shares Outstanding | 791.3 | 791.3 | 791.3 | | | | | |
| Implied Value Range | 2.68 | 2.84 | 3.00 | | | | | |
| FX Rate: USD/CAD | 0.7 | 0.7 | 0.7 | | Market Price | | | |
| Implied Value Range (Trading Cur) | 3.83 | 4.06 | 4.29 | | 4.94 | | | |
| Upside / (Downside) | -22.5% | -17.8% | -13.2% | | | | | |