Hearts and Minds Investments Limited (HM1.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
SLRC	376	SLR Investment Cor	167	9.26	9.26	21.67	21.67	20.94	21.67
NAS.L	377	North Atlantic Sma	166	4.63	4.59	11.85	13.09	2.80	4.39
8595.T	378	JAFCO Group Co., L	164	20.13	22.34	10.49	12.38	93.00	10.39
BGB	379	Blackstone/GSO Str	164	4.65	4.65	5.44	5.44	8.51	5.44
CGBD	380	Carlyle Secured Le	164	12.32	12.32	28.62	28.62	22.19	28.62
JCH.L	381	JPMorgan Claverhou	164	3.85	3.50	9.62	9.62	2.08	3.65
TPOU.L	382	Third Point Invest	163	3.72	4.28	-	-	2.15	3.68
HM1.AX	383	Hearts and Minds I	162	5.12	5.12	43.94	43.94	6.06	2.73
QQQX	384	Nuveen Nasdaq 100	161	3.50	3.50	3.50	3.50	-	3.50
MLCI	385	Mount Logan Capita	159	-	-	0.16	0.16	-	-
MUC	386	BlackRock MuniHold	158	-	-	-	-	12.05	14.33
NAVF.L	387	Nippon Active Valu	155	3.35	3.35	3.14	3.14	3.35	3.14
PAC.AX	388	Pacific Current Gr	154	2.65	2.59	1.64	1.64	-	1.53
AAGPX	389	American Beacon La	154	-	-	-0.74	-0.74	-0.05	-0.09
DHLYX	390	Diamond Hill Large	154	59.17	55.71	523.29	523.29	34.72	66.19
LCGNX	391	William Blair Larg	154	-	-	-0.74	-0.74	-0.05	-0.09

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	3.85	4.28	5.44	5.44	8.51	4.03
Full Range Median Multiple	4.63	4.59	9.62	9.62	10.28	4.91
Industry Multiple	11.57	11.46	56.31	56.59	20.18	13.88
Market Implied Multiple	5.44	5.44	46.83	46.83	6.46	2.91
Company (HM1.AX) Multiple	5.12	5.12	43.94	43.94	6.06	2.73
(*) Net Income / EBITDA / Revenue	90	90	10	10	72	160
Winsorized Enterprise Value	N/A	N/A	54	54	612	645
Full Range Median Enterprise Value	N/A	N/A	95	95	739	785
(-) Net Debt	-24	-24	-24	-24	-24	-24
Winsorized Equity Value	345	384	78	78	635	669
Full Range Median Equity Value	415	412	119	119	763	809
(/) Shares Outstanding	151	151	151	151	151	151
Winsorized Fair Value	$2.28	$2.54	$0.51	$0.51	$4.20	$4.42
Full Range Median Fair Value	$2.75	$2.72	$0.79	$0.79	$5.04	$5.35
Current Price	$3.23	$3.23	$3.23	$3.23	$3.23	$3.23
Upside / Downside	-29.31%	-21.27%	-84.09%	-84.09%	30.09%	36.89%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$1.60	$1.78	$0.36	$0.36	$2.94	$3.10
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy