Wam Alternative Assets Limited (WMA.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
L1OA.DE	806	Lloyd Fonds AG	16	-	-	120.82	120.82	26.48	168.12
CIW.AX	807	Clime Investment M	16	0.18	0.10	-	-	3.92	-
AMOR.JK	808	PT Ashmore Asset M	16	15.99	16.29	10.62	10.90	13.32	13.59
QVE.AX	809	QV Equities Limite	16	12.14	12.14	-	-	8.61	9.88
EACAX	810	Eaton Vance Califo	16	-	-	-	-	8.01	8.18
FCRD	811	First Eagle Altern	15	-	-	8.85	8.85	-	-
BKN	812	BlackRock Investme	15	53.85	85.18	-	-	23.45	25.85
WMA.AX	813	Wam Alternative As	15	0.90	0.41	18.63	13.68	29.23	7.95
CMU	814	MFS High Yield Mun	15	15.84	18.95	8.93	8.93	10.43	11.40
GUT	815	The Gabelli Utilit	15	9.01	7.96	12.93	12.93	37.06	14.98
BSC.L	816	British Smaller Co	15	14.77	12.27	14.96	14.96	15.06	-
DFPAX	817	BNY Mellon Diversi	15	12.06	10.61	98.02	98.02	15.54	15.98
NTN.L	818	Northern 3 VCT PLC	15	12.38	11.95	14.22	14.22	4.92	9.55
EMQIX	819	Ashmore Emerging M	15	-	-	-	-	-	-
AEET.L	820	Aquila Energy Effi	15	-	-	2.75	2.75	-	3.22
SPMC	821	Sound Point Meridi	15	65.18	65.18	64.35	64.35	16.09	64.35

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	12.38	12.14	12.93	12.93	11.88	11.40
Full Range Median Multiple	13.58	12.21	13.57	13.57	14.19	13.59
Industry Multiple	21.14	24.06	35.64	35.67	15.24	31.37
Market Implied Multiple	0.97	0.44	20.49	15.05	32.15	8.74
Company (WMA.AX) Multiple	0.90	0.41	18.63	13.68	29.23	7.95
(*) Net Income / EBITDA / Revenue	138	301	5	7	3	12
Winsorized Enterprise Value	N/A	N/A	68	92	40	140
Full Range Median Enterprise Value	N/A	N/A	71	97	47	167
(-) Net Debt	-26	-26	-26	-26	-26	-26
Winsorized Equity Value	1,703	3,650	94	118	66	166
Full Range Median Equity Value	1,867	3,670	97	123	74	193
(/) Shares Outstanding	130	130	130	130	130	130
Winsorized Fair Value	$13.13	$28.14	$0.72	$0.91	$0.51	$1.28
Full Range Median Fair Value	$14.40	$28.30	$0.75	$0.95	$0.57	$1.49
Current Price	$1.03	$1.03	$1.03	$1.03	$1.03	$1.03
Upside / Downside	1,174.78%	2,632.45%	-29.62%	-11.30%	-50.64%	24.40%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$9.19	$19.70	$0.51	$0.64	$0.36	$0.90
Buy / Don't Buy	BUY	BUY	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy