2. investorSCOREcard
Exile Resources Inc. (ERI-V)
Market Overview and Opportunity
Africa is targeted to have proved crude oil reserves of 127.7 billion barrels and proved natural gas reserves
of 14.76 trillion cubic feet (Source: BP Statistical Review of World Energy, June 2010). Exile’s core asset –
the Akepo Field – is located offshore the Niger Delta, in Nigeria. Proved crude oil reserves estimates for Nigeria
are 37.2 billion barrels and proved natural gas reserves estimates are 5.25 trillion cubic feet (Source: BP
Statistical Review of World Energy, June 2010). Based on barrels of oil equivalent, Nigeria lags only slightly
behind Libya as home to the largest oil and gas reserves on the continent. Exile’s other African asset – Block 26 –
is located in Zambia, a country that has yet to identify and produce economic hydrocarbon reserves. Exile’s most
recently acquired asset is located in Turkey, which contributes a negligible amount of hydrocarbons to overall
world supply and represents a somewhat under-capitalized province in terms of development of its resources.
Nonetheless, its close proximity to Iraq, Syria and other Middle Eastern producers, renewed investor interest in
emerging markets and a push towards privatization and other fiscal reforms in the country have lead to a marked
increase in foreign direct investment.
Certain risks, perceived or otherwise, tend to be higher in Africa (particularly Nigeria) relative to other
jurisdictions. Exile feels that a certain amount of risk can be mitigated by working with indigenous partners and
carefully selecting their projects.
Exile offers investors exposure to low-risk development projects focusing on jurisdictions in Sub-Saharan Africa,
while providing significant exploration upside. The Akepo Field offshore the Niger Delta in Nigeria offers near-term
development and cash flow, along with an exploration opportunity in Prospect A, north of the Akepo-1st well.
The Rubai Licenses in eastern Turkey offer near-term development and cash flow along with exploration upside
from within the Licenses themselves and adjacent fields in Syria and Iraq. Zambia offers a pure exploration play
as there has been no previous oil and gas development in the country. The long-term vision of Exile is to
internally fund its capital projects using cash flow generated from its low-risk development projects.
Overview of Projects
Akepo Field, Niger Delta, Offshore Nigeria:
The Akepo Field was first discovered in 1993 via the Akepo-1st well, located in shallow water offshore from
the Niger Delta, Nigeria. The well encountered 154 feet of net crude oil sands and 114 feet of net natural gas
sands, but was never developed. Exile entered into the Akepo license in 2007, partnering with Nigerian-based
Sogenal Ltd. Oil & Gas Company (the operator). In 2009, Exile farmed-out a portion of its interest to another
Nigerian-based company, Oando Exploration & Production Ltd., who then became the technical partner in the
joint venture, allowing Exile to be carried through to first oil production.
The partnership re-entered the well, successfully completing flow tests that suggest the well could produce at
stable rates between 2,500 and 3,500 barrels of crude oil per day. This would result in 200 to 240 barrels of
crude oil per day net to Exile during the cost recovery phase.
First production from Akepo-1st is targeted for late 2010 subject to an Early Production System review. First oil
was previously targeted for Q3/10, but has been delayed while the details and logistics of the gathering system
are finalized.
Further north, Exile has identified a prospect (“Prospect A”) similar in size and character to Akepo-1st. Prospect A
would offer an accessible, low-cost, upside exploration opportunity within the existing Akepo license area.
Cash flow generated from Akepo-1st would be used to fund the possible exploration program on Prospect A.
If successful, any production from Prospect A could be easily tied into Akepo-1st’s infrastructure.
3. investorSCOREcard
Exile Resources Inc. (ERI-V)
Zambia:
Only two exploration wells have been drilled in Zambia, and neither of these wells reached their intended target.
For Exile, Zambia represents untapped, under-explored potential for significant reserves of oil and gas at
a low-cost. The Company was awarded Block 26 in the northeast of the country after applying for the investment
license. The decision to enter Zambia was based on careful review of existing seismic data acquired during the
previous exploration campaign during the 1980’s. Exile has set up a Zambian office and registered a local
company while continuing to review existing data along with conducting geochemical surveys to establish the
potential for oil and gas.
Rubai Licenses, East Turkey:
Exile entered into a joint venture agreement with Aladdin Middle East Ltd. (“Aladdin”), a private, independent oil
and gas exploration and production company operating in Turkey. As an upstream operator, Aladdin operates
their own drilling rigs, contracting drilling services to companies in Turkey and further a field, such as Morocco
and Egypt, which may provide Exile with strategic benefits going forward.
The five contiguous blocks that Exile has farmed-in on are called the Rubai Licenses, and are located in
the southeast of the country, near the borders of Syria and Iraq. The Rubai Licenses represent low-risk, near-
term development and lend towards diversifying the Company’s asset base beyond Sub-Saharan Africa. Along
with near-term cash flow attributable to the development project on the Licenses, there remains significant
exploration potential on the blocks themselves along with very large identified fields located nearby.
Aladdin drilled the crude oil discovery well NE Ogunduk-1 on the Rubai Licenses in late 2009. Oil samples were
recovered but the well was not tested. The development of the Licenses includes re-entry and testing
of NE Ogunduk-1, with Aladdin as operator and Exile holding a 5% interest along with a fixed cost contribution.
As more wells are drilled, Exile has the option of increasing its interest as work on the Licenses progresses.
Milestones
In the near-term, Exile will be focusing on getting production from Akepo-1st on-line. Also in Nigeria, the
Company continues to evaluate the acquisition of one or two additional marginal field projects to build critical
mass within their core operating area, planning to bid on additional Nigerian fields in the next bid round. In
Zambia,
the Company has established a local presence by setting up an office, registering a local company and continues
to assess new and existing data. In Turkey, the NE Ogunduk-1 well has been re-entered and the Company awaits
drill stem testing results before moving ahead with development plans on the Rubai Licenses.
Investment Highlights
• Small asset targets, have little to no competition in the space
• Political/country risk is hedged by diversifying operating areas – Nigeria, Zambia, Turkey – evaluating
opportunities in Ghana, Gabon, Liberia, and Morocco
• Provides exposure to development projects underpinning higher-risk exploration
• Near-term catalysts include first oil at Akepo-1st, onshore and offshore land acquisition(s) in Nigeria,
drill stem test results from NE Ogunduk-1 well in Turkey
4. investorSCOREcard
Exile Resources Inc. (ERI-V)
Management
Tony Henshaw
Chief Executive Officer, Director
Graham Warren, BComm, CMA
Chief Financial Officer
Comparables
Pinecrest Energy Inc. (PRY-V)
Petromin Resources (PTR-V)
Petra Petroleum Inc. (PTL-V)
5. investorSCOREcard
Exile Resources Inc. (ERI-V)
Stock Market Performance Rating 2.8
Stock Market Returns 600,000 $1.00
$0.90
Return Percentile Rating
500,000
Three Months 20% 70% 3.5 $0.80
Six Months (10.0%) 34% 1.7
$0.70
Stock Price
1 Year 80% 100% 5.0 400,000
Volume
3 Years (CAGR) (14.7%) 22% 1.1 $0.60
5 Years (CAGR) 300,000 $0.50
$0.40
Market Data 200,000
$0.30
Price $0.09
Mkt Cap (Mil) $5.74 $0.20
100,000
Shs Outstanding (Mil) 63.75 $0.10
Dividend Yield % 0.0%
Avg Vol Last 3mos. (000's) 75.78 - $-
2005
2006
2007
2008
2009
2010
P/E (TTM) NA
Insider Ownership Rating 3.8
Value of Shares and Options Percent of Ownership
Shares Options Total Value Rating Percent Rating 19.1% Insiders
* Adjusted 0.0% > 10% Holders
# of # of $ Value if Adjusted $
$ Value $ Value if Rating Percent of Rating 80.9% Other
Shares Options Exercised Value
Exercised (Add all) Mkt. Value (Add all)
Anthony Henshaw
2,733,125 $245,981 3,175,000 $285,750 $142,875 $388,856 0.2 6.8% 1.4
President and CEO
Graham Warren
1,315,000 $118,350 875,000 $78,750 $39,375 $157,725 0.1 2.7% 0.5 Sep-10
CFO
Other Officers Aug-10
- $0 - $0 $0 $0 0.0 0.0% 0.0
Jul-10
Board of Directors (excl.
CFO)
4,772,500 $429,525 2,600,000 $234,000 $117,000 $546,525 0.2 9.5% 1.9 Jun-10
> 10% Holders May-10
- $0 - $0 $0 $0 0.0%
For info only
0% 20% 40% 60% 80% 100%
Total (excl. >10% Holders) $793,856 $598,500 $299,250 $1,093,106 0.4 19.1% 3.8
(Max of 4) (Max of 4) CEO CFO
Other Officers Directors
> 10% Holders Public Float
* Adjusted $ Value of Options is 50% of their full value if exercised to account for volatility. Furthermore, our view is that shareholders would rather management owned shares vs. options.
Add: Compensation Type
Category Rating Addition Percent of Compensation
Share and Total Perform- Share and
Salary Comp. 10.7%
Perform- Unit Option All Other ance Unit Option
ance Bonus Awards Awards Comp. Bonus Awards Awards
Anthony Henshaw 0.0% Salary
$386,059 $59,597 $445,656
President and CEO Bonus
Graham Warren Shares & Units
$120,000 $120,000
CFO Options
Seyi Ajibola All Other
$188,392 $23,560 $211,952
Country Manager
89.3%
Total $694,451 $0 $0 $0 $83,157 $777,608 0.00 0.00 0.00
(Max Score)
Bonus: Net Buying/Selling Last Six Months
Insider Holdings Beginning and Ending Value
Transactions
Adjusted Share and
$1,200,000
Rating $1,000,000
Option Value
Buying Selling Net Bonus
$800,000
$600,000
Anthony Henshaw, President and CEO $0 $0 $0 0.00
Graham Warren, CFO $0 $0 $0 0.00 $400,000
Other Officers $10,800 $0 $10,800 0.01 $200,000
Board of Directors (excl. CFO) $0 $0 $0 0.00
$-
> 10% Holders (info only) $0 $0 $0
Total (excl. >10% Holders) $10,800 $0 $10,800 0.01 (Total Score) Beg Trans- Ending
Value actions Value
6. investorSCOREcard
Exile Resources Inc. (ERI-V)
Balance Sheet Analysis Rating 4.3
Short-Term Liquidity Quadrant 3: Quadrant 1:
"RECOVERING" "OPTIMAL"
+ VE
This Company's cash flow is considered NOT SEASONAL, therefore this report uses the last $ 0.6
quarter's cash flow multiplied by 4 as a proxy for annual cash flow.
$ 0.1
Quadrant Rating May-09 Aug-09 Nov-09 Feb-10 May-10
Working Capital $ 3.4 $ 3.0 $ 2.5 $ 3.2 $ 2.7
Cash Flow Ops (Q in mil) ($0.2) ($0.3) ($0.2) ($0.3) ($0.3)
Cash Flow
($0.4)
Cash Flow Ops (Ann Q's in mil) ($1.0) ($1.0) ($0.9) ($1.2) ($1.1)
Quadrant Rating 3.0 3.0 3.0 3.0 3.0 Aug-09
Nov-09 May-09
($0.9)
Addition to Quadrant Rating May-10
Our methodology accounts for the 'nearness' to improving or worsening a Company's quadrant Feb-10
ranking based on current cash generation/burn rate and working capital position. The Company ($1.4)
- VE
is DRAWING DOWN their working capital. At the current cash burn rate the Company's working
($1) $- $1 $2 $3 $4
capital will be $0 in 31 month(s). Quadrant 2:
Quadrant 4:
"URGENT" "DRAWING DOWN"
Add: 1.3 - VE Working Capital + VE
Short-Term Liquidity Rating 4.3
Debt to Equity
May-09 Aug-09 Nov-09 Feb-10 May-10 Utilities
Telecom
Equity
Number of Companies
Materials
Common Stock Equity $ 5.8 $ 5.5 $ 5.1 $ 4.7 $ 4.3 Info Tech
Industrials
Total Equity $ 5.8 $ 5.5 $ 5.1 $ 4.7 $ 4.3
Health Care
Energy
Cons Staples
Debt and Equivalents Cons Disc
Pref. Securities of Sub Trust - - - - -
Pref. Equity Outside Stock Equity - - - - -
Preferred Stock Equity - - - - -
Minority Interest (Bal. Sheet) - - - - -
Short-Term Debt - - - - -
Long-Term Debt - - - - -
Capital Lease Obligations - - - - -
Total Debt and Equivalents $ - $ - $ - $ - $ -
0.00 1.00 2.00 3.00 4.00
Debt to Equity 0.00 0.00 0.00 0.00 0.00
Debt to Equity Rating NA Low Risk Debt to Equity High Risk
NOTE: The Company is in early stages and should be debt free until they consistently generate positive cash flow
Debt to Equity Rating NA
Interest Coverage
May-09 Aug-09 Nov-09 Feb-10 May-10 1.0 x
EBIT 0.9 x
Interest Coverage
Quarterly ($0.4) ($0.4) ($0.4) ($0.5) ($0.4) 0.8 x
TTM ($1.7) ($1.7) ($1.8) ($1.6) ($1.6) 0.7 x
N/A
0.6 x
Interest Expense
0.5 x
Quarterly - - - - -
0.4 x
TTM - - - - -
0.3 x
Interest Coverage 0.2 x
Quarterly #N/A #N/A #N/A #N/A #N/A 0.1 x
TTM #N/A #N/A #N/A #N/A #N/A
0.0 x
May-09 Aug-09 Nov-09 Feb-10 May-10
Interest Coverage Rating
Qtrly Interest Coverage Rating Quarterly
TTM Interest Coverage Rating TTM
Interest Coverage Rating N/A
7. investorSCOREcard
Exile Resources Inc. (ERI-V)
Revenue, EBITDA and EPS Rating 0.9
Revenue (in millions)
Revenue (in milions) on Rolling TTM
$1.00
$0.90
Annual (Fiscal Year) Aug-06 Aug-07 Aug-08 Aug-09 $0.80
Revenue $ - $ - $ - $ - $ - $0.70
$0.60
Quarterly May-09 Aug-09 Nov-09 Feb-10 May-10
Basis
Quarter Ending $ - $ - $ - $ - $ -
$0.50
TTM $0.40
$0.30
Growth Percent Rating Stability R² Rating
$0.20
Rev. Growth % TTM
Rev. Growth % LFY Revenue Stability Last 2 Yrs $0.10
Rev. Growth % 3 Year CAGR Revenue Stability Last 3 Yrs $-
Rev. Growth % 5 Year CAGR Revenue Stability Last 5 Yrs Jun Jun Jun Jun Jun May May May May May
Revenue Growth Rating Overall Revenue Stability Rating 01 02 03 04 05 06 07 08 09 10
Revenue Growth and Stability Rating 0.0
EBITDA (in millions)
EBITDA (in milions) on Rolling TTM
$-
($0.50)
Annual (Fiscal Year) Aug-06 Aug-07 Aug-08 Aug-09
EBITDA $ - ($2.1) ($3.2) ($1.3) ($1.7) ($1.00)
($1.50)
Quarterly May-09 Aug-09 Nov-09 Feb-10 May-10
Basis
Quarter Ending ($0.4) ($0.4) ($0.4) ($0.5) ($0.4) ($2.00)
TTM ($1.7) ($1.7) ($1.8) ($1.6) ($1.6)
($2.50)
Growth Percent Rating Stability R² Rating ($3.00)
EBITDA Growth % TTM 1.9% 0.8
($3.50)
EBITDA Growth % LFY -24.9% 0.0 EBITDA Stability Last 2 Yrs 0.6% 0.0
EBITDA Grwth % 3 Yr CAGR 22.3% 2.2 EBITDA Stability Last 3 Yrs 56.9% 2.8 ($4.00)
EBITDA Grwth % 5 Yr CAGR EBITDA Stability Last 5 Yrs Jun Jun Jun Jun Jun May May May May May
EBITDA Growth Rating 1.0 Overall EBITDA Stablitity Rating 1.4 01 02 03 04 05 06 07 08 09 10
EBITDA Growth and Stability Rating 1.2
Basic Earnings Per Share (EPS*) $-
* (excluding acquired in process R&D, restructuring and M&A, special income & charges and discontinued ops)
($0.01)
Annual (Fiscal Year) Aug-06 Aug-07 Aug-08 Aug-09 ($0.02)
EPS on Rolling TTM
EPS $ - ($0.08) ($0.09) ($0.04) ($0.03) ($0.03)
($0.04)
Quarterly (TTM)
Basis
May-09 Aug-09 Nov-09 Feb-10 May-10
Quarter Ending ($0.01) ($0.01) ($0.01) ($0.01) ($0.01) ($0.05)
TTM ($0.03) ($0.03) ($0.04) ($0.04) ($0.04) ($0.06)
($0.07)
Growth Percent Rating Stability R² Rating
($0.08)
EPS Growth % TTM -33.3% 0.1
EPS Growth % LFY 25.0% 2.0 EPS Stability Last 2 Yrs 13.0% 0.6 ($0.09)
EPS Grwth % 3 Year CAGR 20.6% 1.9 EPS Stability Last 3 Yrs 62.6% 3.1 ($0.10)
EPS Grwth % 5 Year CAGR EPS Stability Last 5 Yrs Jun Jun Jun Jun Jun May May May May May
EPS Growth Rating 1.3 Overall EPS Stablitity Rating 1.9 01 02 03 04 05 06 07 08 09 10
EPS Growth and Stability Rating 1.6
8. investorSCOREcard
Exile Resources Inc. (ERI-V)
Return On Capital Rating 0.2
Return On Invested Capital (ROIC)
0%
Annual (Fiscal Year) Aug-06 Aug-07 Aug-08 Aug-09 (5%)
Invested Capital Period Ending $ 1.6 $ 8.6 $ 3.6 $ 7.1 $ 5.5
Average Invested Capital $ 1.6 $ 5.1 $ 6.1 $ 5.3 $ 6.3 (10%)
ROIC on Rolling TTM
* Net Income $ - ($1.8) ($3.1) ($1.4) ($1.7)
(15%)
Add Back: After Tax Interest Expense $ - $ - $ - $ - $ -
Annual ROIC -34.7% -51.6% -27.0% -27.7% (20%)
Basis
Level Rating 1.9 0.0 0.0 0.1 0.1
Consistency Rating 0.5 (25%)
(30%)
Quarterly (TTM) May-09 Aug-09 Nov-09 Feb-10 May-10
Invested Capital Period Ending $ 5.9 $ 5.5 $ 5.1 $ 4.7 $ 4.3 (35%)
Average Invested Capital $ 6.0 $ 6.3 $ 5.9 $ 5.5 $ 5.1
(40%)
* Net Income ($1.8) ($1.7) ($1.9) ($1.8) ($1.6)
Add Back: After Tax Interest Expense $ - $ - $ - $ - $ - (45%)
Quarterly ROIC -30.7% -27.5% -32.5% -32.2% -31.6%
Level Rating 0.1 0.1 0.1 0.1 0.1 (50%)
Consistency Rating 0.1 Jun Jun Jun Jun Jun May May May May May
01 02 03 04 05 06 07 08 09 10
Return on Invested Capital (ROIC) Rating 0.2
Return On Assets (ROA)
0%
Annual (Fiscal Year) Aug-06 Aug-07 Aug-08 Aug-09 (5%)
Total Assets Period Ending $ 1.6 $ 8.6 $ 3.8 $ 7.2 $ 5.6
Average Total Assets $ 1.6 $ 5.1 $ 6.2 $ 5.5 $ 6.4 (10%)
ROA on Rolling TTM
* Net Income $ - ($1.8) ($3.1) ($1.4) ($1.7)
(15%)
Add Back: After Tax Interest Expense $ - $ - $ - $ - $ -
Annual ROA -34.5% -50.4% -26.1% -27.1% (20%)
Basis
Level Rating 2.1 0.1 0.0 0.3 0.2
Consistency Rating 0.5 (25%)
(30%)
Quarterly (TTM) May-09 Aug-09 Nov-09 Feb-10 May-10
Total Assets Period Ending $ 5.9 $ 5.6 $ 5.2 $ 4.8 $ 4.4 (35%)
Average Total Assets $ 6.1 $ 6.4 $ 6.0 $ 5.6 $ 5.2
(40%)
* Net Income ($1.8) ($1.7) ($1.9) ($1.8) ($1.6)
Add Back: After Tax Interest Expense $ - $ - $ - $ - $ - (45%)
Quarterly ROA -30.7% -27.5% -32.5% -32.2% -31.6%
Level Rating 0.2 0.2 0.1 0.1 0.1 (50%)
Consistency Rating 0.2 Jun Jun Jun Jun Jun May May May May May
01 02 03 04 05 06 07 08 09 10
Return on Assets (ROA) Rating 0.3
Return On Common Equity (ROE)
0%
Annual (Fiscal Year) Aug-06 Aug-07 Aug-08 Aug-09 (5%)
Total Equity Period Ending $ - $ 8.6 $ 4.7 $ 7.1 $ 5.5
Average Common Equity $ - $ 4.3 $ 6.6 $ 5.9 $ 6.3 (10%)
ROE on Rolling TTM
* Net Income $ - ($1.8) ($3.1) ($1.4) ($1.7)
(15%)
Add Back: NA $ - $ - $ - $ - $ -
Annual ROE -47.1% -24.4% -27.7% (20%)
Basis
Level Rating 0.1 0.4 0.3
Consistency Rating 0.3 (25%)
(30%)
Quarterly (TTM) May-09 Aug-09 Nov-09 Feb-10 May-10
Total Equity Period Ending $ 5.8 $ 5.5 $ 5.1 $ 4.7 $ 4.3 (35%)
Average Common Equity $ 6.0 $ 6.3 $ 5.9 $ 5.5 $ 5.1
(40%)
* Net Income ($1.8) ($1.7) ($1.9) ($1.8) ($1.6)
Add Back: NA $ - $ - $ - $ - $ - (45%)
Quarterly ROE -30.7% -27.5% -32.5% -32.2% -31.6%
Level Rating 0.3 0.3 0.2 0.2 0.2 (50%)
Consistency Rating 0.3 Jun Jun Jun Jun Jun May May May May May
01 02 03 04 05 06 07 08 09 10
Return on Common Equity (ROE) Rating 0.3
* Net Income - Excludes Net Income from Discontinued Operations, Income Acquired in Process R&D, Income Restructuring And M&A, and Other Special Income/(Charges)
9. investorSCOREcard
Exile Resources Inc. (ERI-V)
Valuation Rating 4.2
Price to Earnings (P/E)
1.0 x
(Lower numbers receive higher rankings)
0.9 x
Annual (Fiscal Year) Aug-06 Aug-07 Aug-08 Aug-09
0.8 x
* Price $ 0.46 $ 0.12 $ 0.07 $ 0.10
P/E on Rolling TTM
Earnings Per Share (EPS) $ - ($0.08) ($0.09) ($0.04) ($0.03) 0.7 x
0.6 x
Annual P/E
Basis
Annual P/E Rating 0.5 x
0.4 x
Quarterly (TTM) May-09 Aug-09 Nov-09 Feb-10 May-10
* Price $ 0.11 $ 0.10 $ 0.13 $ 0.11 $ 0.09 0.3 x
Earnings Per Share (EPS) ($0.03) ($0.03) ($0.04) ($0.04) ($0.04) 0.2 x
Quarterly (TTM) P/E 0.1 x
Quarterly (TTM) P/E Rating 0.0 x
Jun Jun Jun Jun Jun May May May May May
01 02 03 04 05 06 07 08 09 10
Price to Earnings (P/E) N/A
Price to Book (P/Book)
7.0 x
(Lower numbers receive higher rankings)
6.0 x
Annual (Fiscal Year) Aug-06 Aug-07 Aug-08 Aug-09
P/Book on Quarterly
* Price $ 0.46 $ 0.12 $ 0.07 $ 0.10
Book Equity Per Share $ 0.24 $ 0.13 $ 0.11 $ 0.09 5.0 x
Annual P/Book 1.9 x 0.9 x 0.6 x 1.2 x 4.0 x
Basis
Annual P/Book Rating 3.6 4.4 4.5 4.2
3.0 x
Quarterly May-09 Aug-09 Nov-09 Feb-10 May-10
* Price $ 0.11 $ 0.10 $ 0.13 $ 0.11 $ 0.09 2.0 x
Book Equity Per Share $ 0.09 $ 0.09 $ 0.08 $ 0.07 $ 0.07
1.0 x
Quarterly P/Book 1.2 x 1.2 x 1.6 x 1.4 x 1.3 x
Quarterly P/Book Rating 4.2 4.2 3.9 4.0 4.1 0.0 x
Jun Jun Jun Jun Jun May May May May May
01 02 03 04 05 06 07 08 09 10
Price to Book (P/Book) 4.2
Enterprise Value to EBITDA (EV/EBITDA)
1.0 x
(Lower numbers receive higher rankings)
0.9 x
EV/EBITDA on Rolling TTM
Annual (Fiscal Year) Aug-06 Aug-07 Aug-08 Aug-09
0.8 x
* Enterprise Value $ - $ 16.2 $ 4.3 $ 4.1 $ 6.4
EBITDA $ - ($2.15) ($3.18) ($1.34) ($1.67) 0.7 x
0.6 x
Annual EV/EBITDA
Basis
Annual EV/EBITDA Rating 0.5 x
0.4 x
Quarterly (TTM) May-09 Aug-09 Nov-09 Feb-10 May-10
* Enterprise Value $ 7.0 $ 6.4 $ 8.0 $ 6.7 $ 5.4 0.3 x
EBITDA ($1.66) ($1.71) ($1.83) ($1.59) ($1.63)
0.2 x
Quarterly (TTM) EV/EBITDA 0.1 x
Quarterly (TTM) EV/EBITDA Rating 0.0 x
Jun Jun Jun Jun Jun May May May May May
01 02 03 04 05 06 07 08 09 10
Enterprise Value to EBITDA (EV/EBITDA) N/A
* Price - Delayed 60 days to reflect the fact that financial statements are public approximately 60 days after the last day of the reporting period. For the last period the most recent price is used.
10. investorSCOREcard
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Investor Scorecard. The fee paid or charged for the production and distribution of this Investor Scorecard was not subject to the rankings or information provided
herein, nor was any securities of the Issuer accepted as payment for such fee. FSA Financial Science & Art Ltd. (“FSA”), The Equicom Group Inc. (“Equicom”) and
their respective employees and directors may have had or from time to time acquire, hold or sell an interest in the listed securities of the Issuer.
Unless specified otherwise, all forward looking statements in this Investor Scorecard have been approved by the Issuer, and the Issuer has advised FSA and
Equicom, without independent verification by FSA or Equicom that a reasonable basis exists for such forward looking statements. Other information contained
in this Investor Scorecard has been compiled by FSA or Equicom from sources believed to be reliable, which may include but not limited to, public information,
research reports and discussions with management of the Issuer. Prior to its publication, this Investor Scorecard had been submitted to the management of the
Issuer for review for factual accuracy.
No representation or warranty, express or implied, is made by FSA, Equicom, its affiliates, any other person that provided information or data for this Investor
Scorecard or any person that distributes this Investor Scorecard with respect to the adequacy, accuracy, completeness or timeliness of any information, estimates
or opinions provided in this Investor Scorecard. All estimates, opinions and other information in this Investor Scorecard are provided by FSA, Equicom or another
party as of the date of this Investor Scorecard. Such estimates, opinions and other information are subject to change without notice, and are provided in good
faith but without any legal responsibility. Past performance is no guarantee of future results.
This Investor Scorecard is provided for informational purposes only and does not constitute an offer or solicitation to buy or sell any securities discussed herein
in any jurisdiction. As a result, the securities discussed in this Investor Scorecard may not be eligible for sale in some jurisdictions. This Investor Scorecard is not,
and under no circumstances should be construed as, a solicitation to act as a securities broker, dealer or advisor in any jurisdiction by any person or company
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investment dealer, broker or advisor, has investment banking operations or makes markets in any securities.
This Investor Scorecard is prepared for general circulation and to provide an overview of Issuer’s business. This Investor Scorecard does not consider
the investment objectives, financial situation or particular needs of any particular person, and is not tailored to the needs of any person receiving this Investor
Scorecard. Readers of this Investor Scorecard should obtain professional advice based on their own individual circumstances before making an investment
decision. Nothing in this Investor Scorecard constitutes individual investment, legal or tax advice. To the fullest extent permitted by law, FSA, Equicom,
Morningstar Inc., its content providers, any other person that has provided information or data for this Investor Scorecard nor any authorized person that
distributes this Investor Scorecard accepts any liability whatsoever for any direct, indirect, special or consequential loss (whether in contract or tort even if FSA,
Equicom or the other party has been advised of the possibility of such loss) arising from any use of, or reliance on the estimates, opinions or other information
contained in this Investor Scorecard.
Without limiting the generality of the foregoing, you are prohibited from using or disclosing any personal information contained in the Investor Scorecard
for purposes unrelated to the purposes for which the information is made available to you and/or the public under Canadian securities laws, including, without
limitation, for secondary marketing purposes, unless you have obtained any and all consents as required under applicable Canadian privacy laws.
The information contained in this Investor Scorecard is copyrighted, and it may not be sold or licensed for commercial value or altered, in whole or in part,
without prior express written consent of Equicom. Furthermore, Investor Scorecard can only be distributed in its entirety. Information or data herein, including
any trade mark, service mark or logo is the intellectual property of FSA, Equicom, Morningstar Inc. and/or its content providers, Issuer or other persons that have
provided such information or data, including but not limited to the organizations listed below and their respective content providers.
This report was produced in part with information from the following organizations:
