Future Generation Global Limited (FGG.AX)

Industry: Asset Management - Global Model: Peers Multiples Valuation

Valuation Snapshot

Ticker	Rank	Name	Rev TTM (M)	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
AGT.L	12	AVI Global Trust p	342	4.39	3.44	7.21	7.21	24.44	3.86
PCFT.L	13	Polar Capital Glob	307	2.91	2.03	3.42	3.42	5.96	1.93
ALTI	14	AlTi Global, Inc.	222	-	-	-	-	-	-
WGB.AX	15	WAM Global Limited	185	1.77	1.77	3.36	3.36	5.27	3.54
ETW	16	Eaton Vance Tax-Ma	176	4.36	4.42	4.36	4.36	3.75	3.08
HGGIX	17	Harbor Global Grow	154	7.71	7.13	-	-	5.26	4.76
WAGSX	18	Wasatch Global Sel	141	-	-	-	-	9.55	9.35
FGG.AX	19	Future Generation	134	4.57	4.57	8.46	8.46	3.28	2.76
SGAPX	20	Virtus SGA Global	113	-	-	-1.33	-1.33	-1.99	-1.92
GVF.AX	21	Staude Capital Glo	110	5.42	5.42	2.49	2.49	4.12	2.49
GHY	22	PGIM Global High Y	89	4.33	4.33	4.36	4.36	6.69	4.36
ETO	23	Eaton Vance Tax-Ad	81	10.24	11.83	-	-	-	-
ALI.AX	24	Argo Global Listed	70	1.65	1.65	25.08	25.08	9.68	4.21
TGMEX	25	TCW Emerging Marke	65	7.34	7.34	55.08	55.08	13.25	14.24
BGH	26	Barings Global Sho	62	3.76	3.76	4.35	4.35	6.33	4.35
CNGLX	27	Commonwealth Globa	60	-	-	-	-	-	-

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	4.33	3.76	4.35	4.35	5.96	3.86
Full Range Median Multiple	4.36	4.33	4.36	4.36	6.33	4.21
Industry Multiple	4.90	4.83	12.19	12.19	8.57	5.11
Market Implied Multiple	4.72	4.72	8.77	8.77	3.40	2.86
Company (FGG.AX) Multiple	4.57	4.57	8.46	8.46	3.28	2.76
(*) Net Income / EBITDA / Revenue	87	87	44	44	112	134
Winsorized Enterprise Value	N/A	N/A	190	190	671	515
Full Range Median Enterprise Value	N/A	N/A	190	190	712	563
(-) Net Debt	-29	-29	-29	-29	-29	-29
Winsorized Equity Value	377	328	218	218	700	544
Full Range Median Equity Value	380	377	219	219	741	592
(/) Shares Outstanding	264	264	264	264	264	264
Winsorized Fair Value	$1.43	$1.24	$0.83	$0.83	$2.65	$2.06
Full Range Median Fair Value	$1.44	$1.43	$0.83	$0.83	$2.81	$2.25
Current Price	$1.56	$1.56	$1.56	$1.56	$1.56	$1.56
Upside / Downside	-8.23%	-20.25%	-46.85%	-46.85%	70.17%	32.35%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$1.00	$0.87	$0.58	$0.58	$1.86	$1.45
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	BUY	Don’t Buy