Leuthold Core Investment Fund (LCORX)

Industry: Asset Management 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
ONEX.TO	209	Onex Corporation	560	13.09	12.32	21.12	20.72	62.82	20.40
AAMI	210	Acadian Asset Mana	559	19.64	22.04	9.05	9.46	15.69	12.83
BSIG	211	BrightSphere Inves	559	10.39	11.67	5.43	6.19	7.27	6.09
GCMGW	212	GCM Grosvenor Inc.	558	17.36	17.36	6.05	4.62	5.31	6.10
MTAV.TA	213	Meitav Investment	550	17.44	12.62	13.82	11.59	13.57	12.97
HGT.L	214	HgCapital Trust pl	527	6.57	4.80	-	-	-	4.58
0129.HK	215	Asia Standard Inte	517	-	-	-	-	-	-
LCORX	216	Leuthold Core Inve	511	13.73	13.73	9.43	9.43	17.72	11.92
LCRIX	217	Leuthold Core Inve	511	13.76	16.60	9.44	10.50	17.74	13.37
B7E.DE	218	Blue Cap AG	508	7.26	5.74	3.85	2.95	1.08	1.16
0HV8.L	219	Peugeot Invest S.A	502	11.99	11.99	6.72	6.23	2.28	6.20
OMSIX	220	Invesco Main Stree	500	-	-	160.58	160.58	3.83	3.97
BUR	221	Burford Capital Li	497	36.26	46.01	29.50	34.27	45.79	25.66
PAX	222	Patria Investments	495	21.07	19.12	14.32	12.33	15.54	11.01
000563.SZ	223	Shaanxi Internatio	494	12.87	11.04	7.58	6.48	10.25	6.48
CDHAX	224	Calvert Internatio	486	18.60	18.60	12.49	7.02	9.42	15.07

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	13.09	12.32	9.05	7.02	9.42	6.34
Full Range Median Multiple	13.76	12.62	9.44	9.46	10.25	8.75
Industry Multiple	15.87	16.15	23.07	22.53	16.20	10.42
Market Implied Multiple	14.07	14.07	9.60	9.60	18.04	12.13
Company (LCORX) Multiple	13.73	13.73	9.43	9.43	17.72	11.92
(*) Net Income / EBITDA / Revenue	38	38	75	75	40	59
Winsorized Enterprise Value	N/A	N/A	674	523	373	374
Full Range Median Enterprise Value	N/A	N/A	703	705	406	515
(-) Net Debt	187	187	187	187	187	187
Winsorized Equity Value	491	462	487	336	186	187
Full Range Median Equity Value	516	473	516	518	220	328
(/) Shares Outstanding	23	23	23	23	23	23
Winsorized Fair Value	$21.41	$20.14	$21.23	$14.66	$8.12	$8.14
Full Range Median Fair Value	$22.50	$20.63	$22.50	$22.58	$9.57	$14.31
Current Price	$23.01	$23.01	$23.01	$23.01	$23.01	$23.01
Upside / Downside	-6.97%	-12.47%	-7.74%	-36.27%	-64.70%	-64.64%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$14.98	$14.10	$14.86	$10.26	$5.68	$5.70
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy