Page 63 - Investing in the Praetura Group

63
PCF Valuation

Valuation based on current run-rate as the business

is growing rapidly

December 2018 Run Rate £'000 Valuation Workings £'000
ABL Interest 99 Dec - 19 EBITDA 113
Other Fees 63
Turnover Fees 99 Exclusive pipeline Q1 :
Revenue 262 Minerva 32
Sash 22
Cost of Sales (24) Scuderia 15
General Bad Debt Provision (19) APB 12
Incremental Revenue (1 : 1 conversion to EB 81
Gross Profit 218
Forecasted EBITDA April -19 194
Employment Costs (64)
Professional Fees (27)
Overheads (15) Annualised EBITDA 2,328
Adjusted EBITDA 113 Multiple 10

Depreciation (0) Enterprise Value 23,284
Financing Costs (105)
Exceptional Costs – investor loannotes (6,868)
–
PBT 7 Equity Value 16,416