WAM Capital Limited (WAM.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
WT	228	WisdomTree, Inc.	457	20.43	20.43	16.12	16.12	12.98	13.08
ASHM.L	229	Ashmore Group PLC	455	6.15	6.71	5.43	6.64	6.81	8.05
HCXZ	230	Hercules Capital,	454	-	-	23.21	23.21	17.96	17.54
DIF.BK	231	Digital Telecommun	454	8.06	8.06	9.26	9.26	9.06	9.26
CLDN.L	232	Caledonia Investme	446	7.09	7.64	4.71	4.74	7.02	6.98
PROVX	233	Provident Trust St	441	1.52	1.52	-	-	0.47	0.47
HDFCAMC.BO	234	HDFC Asset Managem	435	43.11	36.79	32.84	28.25	33.84	32.78
WAM.AX	235	WAM Capital Limite	434	3.88	2.99	43.02	43.02	5.20	2.88
030610.KS	236	Kyobo Securities C	425	8.50	7.87	-1.28	-1.19	-2.61	-2.84
0P0001515H.TO	237	Canada Life Money	422	60.15	60.15	18.53	18.53	18.08	22.79
APINX	238	AMG Beutel Goodman	422	81.37	81.37	24.20	24.20	23.62	29.77
ARLSX	239	AMG River Road Int	422	77.94	77.94	23.29	23.29	22.73	28.64
ARRFX	240	AMG River Road Foc	422	-	-	2.45	2.45	2.40	3.02
ARSVX	241	AMG River Road Sma	422	-	-	2.45	2.45	2.40	3.02
0QN3.L	242	GAM Holding AG	415	-	-	-	-	-	-
GDG.AX	243	Generation Develop	411	9.17	9.17	3.00	1.24	3.87	3.11

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	8.50	8.06	7.35	7.95	7.02	8.05
Full Range Median Multiple	9.17	9.17	12.69	12.69	9.06	9.26
Industry Multiple	29.41	28.88	13.79	13.37	12.40	13.73
Market Implied Multiple	4.65	3.59	52.55	52.55	6.35	3.51
Company (WAM.AX) Multiple	3.88	2.99	43.02	43.02	5.20	2.88
(*) Net Income / EBITDA / Revenue	296	384	24	24	200	361
Winsorized Enterprise Value	N/A	N/A	177	192	1,402	2,903
Full Range Median Enterprise Value	N/A	N/A	306	306	1,810	3,343
(-) Net Debt	-111	-111	-111	-111	-111	-111
Winsorized Equity Value	2,519	3,099	288	303	1,512	3,014
Full Range Median Equity Value	2,718	3,526	417	417	1,920	3,454
(/) Shares Outstanding	741	741	741	741	741	741
Winsorized Fair Value	$3.40	$4.18	$0.39	$0.41	$2.04	$4.07
Full Range Median Fair Value	$3.67	$4.76	$0.56	$0.56	$2.59	$4.66
Current Price	$1.86	$1.86	$1.86	$1.86	$1.86	$1.86
Upside / Downside	82.70%	124.76%	-79.10%	-78.04%	9.69%	118.60%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$2.38	$2.93	$0.27	$0.29	$1.43	$2.85
Buy / Don't Buy	BUY	BUY	Don’t Buy	Don’t Buy	Don’t Buy	BUY