Company Valuation: OpenLearning Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 41.83 19.34 6.697 4.822 8.205 30.5
Change - -53.76% -65.38% -28% 70.18% 271.68%
Enterprise Value (EV) 1 33.55 14.88 4.492 6.769 9.311 28.4
Change - -55.66% -69.81% 50.68% 37.56% 205.05%
P/E -6.53x -2.44x -0.98x -1.09x -2.13x -4.76x
PBR 5.25x 4.69x 2.77x -2.4x -11.1x 28.4x
PEG - -0.8x 0x 0x 0x -1.91x
Capitalization / Revenue 22.1x 5.51x 2.11x 2.1x 3.59x 9.58x
EV / Revenue 17.8x 4.24x 1.42x 2.95x 4.08x 8.93x
EV / EBITDA -5.83x -2.16x -0.81x -1.79x -3.46x -7.25x
EV / EBIT -5.81x -2.15x -0.79x -1.73x -3.45x -7.15x
EV / FCF -11.4x -3.48x -1.09x -2.53x -4.41x -26.3x
FCF Yield -8.79% -28.8% -91.7% -39.6% -22.7% -3.8%
Dividend per Share 2 - - - - - -
Rate of return - - - - - -
EPS 2 -0.039 -0.0402 -0.0255 -0.0165 -0.008 -0.008199
Distribution rate - - - - - -
Net sales 1 1.889 3.508 3.167 2.294 2.284 3.182
EBITDA 1 -5.754 -6.885 -5.534 -3.782 -2.69 -3.918
EBIT 1 -5.77 -6.904 -5.669 -3.921 -2.702 -3.971
Net income 1 -5.624 -6.726 -5.648 -4.422 -2.852 -4.097
Net Debt 1 -8.273 -4.464 -2.205 1.947 1.106 -2.095
Reference price 2 0.2550 0.0980 0.0250 0.0180 0.0170 0.0390
Nbr of stocks (in thousands) 164,025 197,358 267,869 267,869 482,675 782,006
Announcement Date 3/31/21 3/31/22 3/28/23 3/28/24 3/31/25 3/31/26
1AUD in Million2AUD
Estimates


P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 7.71M
20.12x12.85x15.31x-.--% 105B
13.19x3.51x7.33x-.--% 93.68B
25.6x5.24x12.67x-.--% 45.39B
33.58x4.19x12.49x-.--% 46.36B
14.58x5.35x13.65x0.98% 36.23B
15.77x6.08x12.43x-.--% 15.23B
23.15x2.35x13.53x-.--% 13.05B
24.82x - - 3.92% 9.86B
55.74x3.37x13.77x-.--% 6.99B
Average 25.17x 5.37x 12.65x 0.54% 37.23B
Weighted average by Cap. 20.91x 6.78x 12.18x 0.2%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA


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