| Select LTM Revenue Multiple | | | | | | | | |
| | | | | | | | |
| Benchmark Companies | | | |
| TUSK | NCSM | BOOM | XPRO | OII | | OI2 | |
| NasdaqGS:TUSK | NasdaqCM:NCSM | NasdaqGS:BOOM | NYSE:XPRO | NYSE:OII | | DB:OI2 | |
| Historical Revenue Growth | | | | | | | | |
| 5Y CAGR | -21.4% | -4.6% | 10.1% | 16.2% | 5.4% | | -7.4% | |
| 3Y CAGR | -6.4% | 11.1% | 35.2% | 27.5% | 12.5% | | 6.5% | |
| Latest Twelve Months | -39.3% | 14.1% | -10.6% | 13.2% | 9.8% | | -11.5% | |
| | | | | | | | |
| Historical EBIT Profit Margin | | | | | | | | |
| 5 Year Average Margin | -29.3% | -4.4% | 4.8% | -0.5% | 3.1% | | -4.2% | |
| Prior Fiscal Year | -6.8% | -2.5% | 10.6% | 2.4% | 7.5% | | 2.8% | |
| Latest Fiscal Year | -23.2% | 2.7% | 3.2% | 7.6% | 9.3% | | 1.1% | |
| Latest Twelve Months | -23.2% | 2.7% | 3.2% | 7.6% | 9.3% | | 1.1% | |
| | | | | | | | |
| Current Trading Multiples | | | | | | | | |
| EV / LTM Revenue | 0.34x | 0.57x | 0.73x | 0.70x | 0.97x | | 0.60x | |
| EV / LTM EBIT | -1.5x | 21.6x | 22.9x | 9.2x | 10.4x | | 55.9x | |
| Price / LTM Sales | 0.55x | 0.54x | 0.28x | 0.73x | 0.83x | | 0.48x | |
| | | | | | | | |
| | | | | | | | |
| Low | Mid | High | | | | | |
| | | | | | | | |
| Benchmark EV / LTM Revenue | 0.34x | 0.70x | 0.97x | | | | | |
| Historical EV / LTM Revenue | 0.60x | 0.70x | 0.90x | | | | | |
| | | | | | | | |
| Selected EV / LTM Revenue | 0.65x | 0.69x | 0.72x | | | | | |
| (x) LTM Revenue | 693 | 693 | 693 | | | | | |
| (=) Implied Enterprise Value | 453 | 476 | 500 | | | | | |
| (-) Non-shareholder Claims * | (85) | (85) | (85) | | | | | |
| (=) Equity Value | 367 | 391 | 415 | | | | | |
| (/) Shares Outstanding | 61.8 | 61.8 | 61.8 | | | | | |
| Implied Value Range | 5.95 | 6.33 | 6.72 | | | | | |
| FX Rate: USD/EUR | 1.1 | 1.1 | 1.1 | | Market Price | | | |
| Implied Value Range (Trading Cur) | 5.51 | 5.87 | 6.22 | | 4.94 | | | |
| Upside / (Downside) | 11.5% | 18.8% | 26.0% | | | | | |