Page 62 - Investing in the Praetura Group

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PAF Valuation

Valuation workings presented below. Consistent

with EY valuation methodology

2018
2018 Draft Consolidated Numbers £000s Valuation workings £000s
Net Income PBT, Exceptionals & Loan Note 2,463
Earned & Variable 11,703 Conduit 750
Settlement 862 FD 125
Gatekeeper Income 690
Other 922 Underlying PBT, Exc & LN 3,338
Broker Commission (1,898)
Multiple 13
Total Net Income 12,279
Enterprise Value 43,400
Total Bad Debt (793)
Less:
Total Gross Profit 11,486 Loannotes Capital (11,287)
Total Staff Costs (2,490) Add:
Total Overheads (1,645) Normalised Cash 1,500
EBITDA 7,351
Equity Value 33,613
Interest and Depreciation
Bank Charges (348)
Depreciation (73) For avoidance of doubt, the valuation of
Finance costs (4,466)
PBT, Exceptionals & Loan Note Interest 2,463 £35m is for 100% of the equity in the
Praetura Group roll-up.
Interest on investor loan stock (969)
Profit before Tax and Exceptionals 1,495 As Group will only own 70% of PAF, the
value ascribed in the share for share is
£25m. This is shown in Step 3B of the
Group Steps (appended)