Plexus POS

	A	B	C	D
1	£'000	2012	2011
2	Revenue	19,706	15,421	28%
3	Operating profit	3,209	1,675
4	less corporation tax @ 24%	770	402
5	EBIA (adjusted profit)	2,439	1,273	92%
6
7	Total assets	34,046	26,973
8	less goodwill	760	760
9	less trade payables	5,332	2,687
10	Operating capital	27,954	23,526
11
12	Return on capital	9%	5%
13
14	Expected return	10%
15	Valuation at expected return	24,388
16
17	Market capitalisation	139,800
18	plus borrowings	4,000
19	less cash	3,739
20	Enterprise value	140,061
21
22	Overvaluation	474%
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100