Pepper Money Limited (PPM.AX)

Industry: Financial - Credit Services 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
8572.T	42	Acom Co., Ltd.	2,074	12.72	12.81	9.59	8.55	11.59	20.83
SBICARD.BO	43	SBI Cards and Paym	2,068	43.50	39.05	32.38	27.02	17.09	27.59
NNI	44	Nelnet, Inc.	2,008	10.49	8.59	18.62	16.86	22.28	17.72
029780.KS	45	Samsung Card Co.,	1,863	8.98	8.07	23.59	22.16	29.50	25.34
LTF.NS	46	L&T Finance Ltd	1,824	23.09	20.22	35.93	29.94	25.46	31.09
INTRUM.ST	47	Intrum AB (publ)	1,807	-	-	9.81	10.33	17.55	9.06
8252.T	48	Marui Group Co., L	1,714	19.53	18.16	19.00	16.83	24.96	24.13
PPM.AX	49	Pepper Money Limit	1,695	4.09	4.09	6.31	6.31	48.52	17.79
AGM-PC	50	Federal Agricultur	1,614	8.50	7.38	114.30	99.93	112.96	99.93
8585.T	51	Orient Corporation	1,585	10.52	10.72	24.96	19.64	130.11	29.04
FOA	52	Finance Of America	1,459	33.65	76.92	-1,694.01	-2,615.18	-	-8,147.67
SRTRANSFIN.NS	53	Shriram Transport	1,370	7.55	5.74	2.14	1.79	1.64	1.81
LFG.AX	54	Liberty Financial	1,364	4.05	4.05	6.88	6.88	14.52	14.68
MGI	55	MoneyGram Internat	1,340	30.77	30.77	2.68	2.49	4.72	3.91
LC	56	LendingClub Corpor	1,296	16.82	16.82	6.17	6.17	7.58	7.01
HUDCO.BO	57	Housing and Urban	1,288	15.95	13.70	45.39	39.08	44.88	39.20

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	11.62	11.77	14.21	13.58	17.32	19.28
Full Range Median Multiple	14.34	13.25	18.81	16.85	19.92	22.48
Industry Multiple	17.58	19.50	25.10	21.98	33.20	25.10
Market Implied Multiple	4.66	4.66	6.36	6.36	48.88	17.92
Company (PPM.AX) Multiple	4.09	4.09	6.31	6.31	48.52	17.79
(*) Net Income / EBITDA / Revenue	134	134	1,669	1,669	217	592
Winsorized Enterprise Value	N/A	N/A	23,720	22,663	3,760	11,413
Full Range Median Enterprise Value	N/A	N/A	31,386	28,115	4,324	13,310
(-) Net Debt	9,986	9,986	9,986	9,986	9,986	9,986
Winsorized Equity Value	1,562	1,581	13,735	12,677	-6,225	1,427
Full Range Median Equity Value	1,926	1,781	21,401	18,130	-5,661	3,325
(/) Shares Outstanding	305	305	305	305	305	305
Winsorized Fair Value	$5.11	$5.18	$44.96	$41.50	$-20.38	$4.67
Full Range Median Fair Value	$6.31	$5.83	$70.06	$59.35	$-18.53	$10.88
Current Price	$2.05	$2.05	$2.05	$2.05	$2.05	$2.05
Upside / Downside	149.37%	152.51%	2,093.32%	1,924.41%	-1,094.10%	127.93%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$3.58	$3.62	$31.47	$29.05	$-14.27	$3.27
Buy / Don't Buy	BUY	BUY	BUY	BUY	Don’t Buy	BUY