Spheria Emerging Companies Limited (SEC.AX)

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
LADVX	789	Lord Abbett Develo	18	-	-	-	-	21.92	-
RPXFX	790	RiverParks Large G	18	-	-	-	-	2.88	-
MGDA.TA	791	Migdalor- Alternat	18	-	-	11.93	11.93	-	7.26
MPLF.L	792	Marble Point Loan	18	789.52	789.52	840.03	840.03	764.13	791.21
PREVA.AS	793	Value8 N.V.	18	2.82	2.44	2.58	2.50	1.55	2.34
MCDFX	794	Matthews China Div	18	-	-	-	-	0.09	0.08
KAY.L	795	Kings Arms Yard VC	18	0.10	0.10	-2.72	-2.72	-0.80	-3.19
SEC.AX	796	Spheria Emerging C	18	1.78	1.78	12.58	12.58	10.85	5.07
ICMB	797	Investcorp Credit	17	21.79	21.79	-	-	-	14.82
AADV.L	798	Albion Development	17	-	-	-1.51	-1.03	-0.50	-1.35
MRCC	799	Monroe Capital Cor	17	-	-	-	-	-	-
MVT	800	BlackRock MuniVest	17	47.99	68.70	-	-	24.01	26.76
AFT	801	Apollo Senior Floa	17	11.58	14.92	11.74	10.65	4.76	13.25
BSRT.L	802	Baker Steel Resour	16	1.70	1.70	1.67	1.67	1.05	1.67
8518.T	803	Japan Asia Investm	16	68.06	85.51	78.13	121.84	-	-
TPZ	804	Tortoise Essential	16	3.96	3.96	4.60	4.60	2.18	4.60

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	3.96	3.96	4.60	4.60	2.18	4.60
Full Range Median Multiple	11.58	14.92	11.74	10.65	2.88	7.26
Industry Multiple	105.28	109.85	135.81	141.89	91.40	95.78
Market Implied Multiple	2.10	2.10	14.82	14.82	12.78	5.97
Company (SEC.AX) Multiple	1.78	1.78	12.58	12.58	10.85	5.07
(*) Net Income / EBITDA / Revenue	54	54	8	8	9	19
Winsorized Enterprise Value	N/A	N/A	35	35	19	87
Full Range Median Enterprise Value	N/A	N/A	90	81	25	137
(-) Net Debt	-1	-1	-1	-1	-1	-1
Winsorized Equity Value	215	215	36	36	20	88
Full Range Median Equity Value	627	808	90	82	26	138
(/) Shares Outstanding	40	40	40	40	40	40
Winsorized Fair Value	$5.40	$5.40	$0.90	$0.90	$0.50	$2.20
Full Range Median Fair Value	$15.78	$20.33	$2.27	$2.06	$0.66	$3.47
Current Price	$2.86	$2.86	$2.86	$2.86	$2.86	$2.86
Upside / Downside	88.75%	88.75%	-68.58%	-68.58%	-82.45%	-22.92%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$3.78	$3.78	$0.63	$0.63	$0.35	$1.54
Buy / Don't Buy	BUY	BUY	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy