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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 2.4x - 2.7x | 2.5x |
| Selected Fwd Revenue Multiple | 1.9x - 2.1x | 2.0x |
| Fair Value | $0.23 - $0.25 | $0.24 |
| Upside | 31.9% - 45.6% | 38.7% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| IMAX Corporation | IMAX | NYSE:IMAX |
| Travelzoo | TZOO | NasdaqGS:TZOO |
| Versus Systems Inc. | VS | NasdaqCM:VS |
| GameOn Entertainment Technologies Inc. | GMET.F | OTCPK:GMET.F |
| PLAYSTUDIOS, Inc. | MYPS | NasdaqGM:MYPS |
| Kidoz Inc. | KDOZ.F | OTCPK:KDOZ.F |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| IMAX | TZOO | VS | GMET.F | MYPS | KDOZ.F | |||
| NYSE:IMAX | NasdaqGS:TZOO | NasdaqCM:VS | OTCPK:GMET.F | NasdaqGM:MYPS | OTCPK:KDOZ.F | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | -2.3% | -4.4% | 193.3% | 19.6% | 3.9% | 162.5% | ||
| 3Y CAGR | 11.4% | 10.2% | -42.0% | 730.9% | 0.2% | 23.1% | ||
| Latest Twelve Months | -6.0% | -0.7% | -79.9% | 230.4% | -6.9% | -10.5% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | -7.0% | 5.8% | -1941.1% | -15996.2% | 0.5% | -9.0% | ||
| Prior Fiscal Year | 15.2% | 18.4% | -1240.2% | -1015.7% | -0.6% | -8.1% | ||
| Latest Fiscal Year | 14.4% | 22.0% | -2538.7% | -187.1% | -2.5% | -14.3% | ||
| Latest Twelve Months | 14.4% | 22.0% | -5509.0% | -39.7% | -2.5% | -9.8% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 4.69x | 1.68x | -27.01x | 0.87x | 0.24x | 1.74x | ||
| EV / LTM EBIT | 32.6x | 7.6x | 0.5x | -2.2x | -9.7x | -17.7x | ||
| Price / LTM Sales | 3.96x | 1.73x | 62.13x | 0.30x | 0.58x | 1.77x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | -27.01x | 0.87x | 4.69x | |||||
| Historical EV / LTM Revenue | 1.30x | 6.04x | 10.46x | |||||
| Selected EV / LTM Revenue | 2.40x | 2.53x | 2.65x | |||||
| (x) LTM Revenue | 13 | 13 | 13 | |||||
| (=) Implied Enterprise Value | 30 | 32 | 33 | |||||
| (-) Non-shareholder Claims * | 0 | 0 | 0 | |||||
| (=) Equity Value | 31 | 32 | 34 | |||||
| (/) Shares Outstanding | 131.3 | 131.3 | 131.3 | |||||
| Implied Value Range | 0.23 | 0.25 | 0.26 | |||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 0.23 | 0.25 | 0.26 | 0.17 | ||||
| Upside / (Downside) | 35.7% | 42.8% | 49.8% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | IMAX | TZOO | VS | GMET.F | MYPS | KDOZ.F | |
| Enterprise Value | 1,652 | 149 | (2) | 3 | 70 | 22 | |
| (+) Cash & Short Term Investments | 101 | 17 | 0 | 0 | 109 | 0 | |
| (+) Investments & Other | 1 | 0 | 0 | 0 | 0 | 0 | |
| (-) Debt | (278) | (8) | 0 | (2) | (10) | 0 | |
| (-) Other Liabilities | (79) | (5) | 8 | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 1,397 | 153 | 6 | 1 | 170 | 23 | |
| (/) Shares Outstanding | 53.0 | 11.2 | 2.7 | 71.3 | 133.5 | 131.3 | |
| Implied Stock Price | 26.35 | 13.63 | 2.08 | 0.02 | 1.27 | 0.17 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.43 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 26.35 | 13.63 | 2.08 | 0.01 | 1.27 | 0.17 | |
| Trading Currency | USD | USD | USD | USD | USD | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.43 | 1.00 | 1.00 | |