Resolute Holdings Management, Inc. (RHLD)

Industry: Specialty Business 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
7814.T	70	JAPAN Creative Pla	547	16.54	16.54	11.64	11.64	112.89	24.54
1955.HK	71	Hong Kong Johnson	534	10.09	10.09	4.28	4.28	9.80	12.51
HYVE.L	72	Hyve Group Plc	530	-	-	3.66	3.94	4.42	20.33
9324.T	73	Yasuda Logistics C	508	19.13	18.57	11.03	10.05	28.95	27.73
0450.HK	74	Hung Hing Printing	496	-	-	2.35	2.57	-	-
NVS.JO	75	Novus Holdings Lim	493	3.48	3.69	1.38	1.45	4.37	2.69
HGS.BO	76	Hinduja Global Sol	483	-	-	3.68	3.60	-	-
RHLD	77	Resolute Holdings	445	4.37	4.37	3.07	3.07	3.27	3.73
ESENSE.HE	78	Enersense Internat	437	8.52	8.52	1.39	0.69	63.48	1.41
4658.T	79	Nippon Air conditi	421	11.91	10.44	6.35	5.80	9.48	6.50
KGH.L	80	Knights Group Hold	417	7.00	7.00	4.00	4.00	8.82	6.25
4384.T	81	Raksul Inc.	398	27.18	27.18	11.00	11.00	23.39	19.64
7987.T	82	Nakabayashi Co., L	397	8.92	8.58	6.57	7.05	11.23	8.80
SIQ.AX	83	Smartgroup Corpora	396	6.53	3.80	4.26	3.03	4.44	3.16
9368.T	84	Kimura Unity Co.,	393	10.29	8.55	3.58	3.06	6.23	5.14
BEG.L	85	Begbies Traynor Gr	388	19.39	15.44	4.67	3.79	3.43	4.29

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	9.50	8.56	4.00	3.79	8.82	6.25
Full Range Median Multiple	10.19	9.33	4.26	3.94	9.48	6.50
Industry Multiple	12.41	11.53	5.32	5.06	22.38	11.00
Market Implied Multiple	12.48	12.48	9.57	9.57	10.17	11.60
Company (RHLD) Multiple	4.37	4.37	3.07	3.07	3.27	3.73
(*) Net Income / EBITDA / Revenue	141	141	176	176	166	145
Winsorized Enterprise Value	N/A	N/A	705	668	1,462	908
Full Range Median Enterprise Value	N/A	N/A	750	694	1,572	944
(-) Net Debt	-73	-73	-73	-73	-73	-73
Winsorized Equity Value	1,339	1,206	778	741	1,536	982
Full Range Median Equity Value	1,436	1,315	823	767	1,646	1,017
(/) Shares Outstanding	9	9	9	9	9	9
Winsorized Fair Value	$157.04	$141.51	$91.29	$86.94	$180.12	$115.14
Full Range Median Fair Value	$168.37	$154.22	$96.56	$89.98	$193.01	$119.33
Current Price	$206.34	$206.34	$206.34	$206.34	$206.34	$206.34
Upside / Downside	-23.89%	-31.42%	-55.76%	-57.86%	-12.71%	-44.20%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$109.93	$99.05	$63.91	$60.86	$126.08	$80.60
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy