| Select LTM Revenue Multiple | | | | | | | | |
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| Benchmark Companies | | | |
| BURSA | LSEG | B3SA3 | DBOE.F | JSE | | TASE | |
| KLSE:BURSA | LSE:LSEG | BOVESPA:B3SA3 | OTCPK:DBOE.F | JSE:JSE | | TASE:TASE | |
| Historical Revenue Growth | | | | | | | | |
| 5Y CAGR | 9.3% | 30.8% | 10.0% | 11.9% | 6.4% | | 11.0% | |
| 3Y CAGR | 0.7% | 10.7% | 0.9% | 10.0% | 5.9% | | 10.6% | |
| Latest Twelve Months | 27.2% | 5.7% | 6.5% | 15.2% | 6.1% | | 12.3% | |
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| Historical EBIT Profit Margin | | | | | | | | |
| 5 Year Average Margin | 56.1% | 25.5% | 63.0% | 43.3% | 30.5% | | 23.3% | |
| Prior Fiscal Year | 52.0% | 20.1% | 59.0% | 51.0% | 29.0% | | 27.7% | |
| Latest Fiscal Year | 52.9% | 20.9% | 64.7% | 49.6% | 29.0% | | 30.4% | |
| Latest Twelve Months | 52.9% | 20.9% | 64.7% | 49.6% | 29.0% | | 30.4% | |
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| Current Trading Multiples | | | | | | | | |
| EV / LTM Revenue | 7.05x | 7.70x | 6.60x | 9.27x | 2.18x | | 8.58x | |
| EV / LTM EBIT | 13.3x | 36.9x | 10.2x | 18.7x | 7.5x | | 28.3x | |
| Price / LTM Sales | 7.97x | 6.72x | 6.86x | 8.33x | 3.39x | | 9.52x | |
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| Low | Mid | High | | | | | |
| | | | | | | | |
| Benchmark EV / LTM Revenue | 2.18x | 7.05x | 9.27x | | | | | |
| Historical EV / LTM Revenue | 3.90x | 4.52x | 8.58x | | | | | |
| | | | | | | | |
| Selected EV / LTM Revenue | 6.13x | 6.46x | 6.78x | | | | | |
| (x) LTM Revenue | 438 | 438 | 438 | | | | | |
| (=) Implied Enterprise Value | 2,685 | 2,826 | 2,968 | | | | | |
| (-) Non-shareholder Claims * | 413 | 413 | 413 | | | | | |
| (=) Equity Value | 3,098 | 3,240 | 3,381 | | | | | |
| (/) Shares Outstanding | 91.2 | 91.2 | 91.2 | | | | | |
| Implied Value Range | 33.96 | 35.51 | 37.06 | | | | | |
| FX Rate: ILS/ILS | 1.0 | 1.0 | 1.0 | | Market Price | | | |
| Implied Value Range (Trading Cur) | 33.96 | 35.51 | 37.06 | | 45.07 | | | |
| Upside / (Downside) | -24.7% | -21.2% | -17.8% | | | | | |