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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBITDA Multiple | 16.5x - 18.3x | 17.4x |
Selected Fwd EBITDA Multiple | 16.3x - 18.1x | 17.2x |
Fair Value | ARS 11,707 - ARS 12,917 | ARS 12,312 |
Upside | 2.2% - 12.8% | 7.5% |
Benchmarks | Ticker | Full Ticker |
Sonim Technologies, Inc. | SONM | NasdaqCM:SONM |
Logitech International S.A. | LOGI | NasdaqGS:LOGI |
Lenovo Group Limited | LNVG.F | OTCPK:LNVG.F |
ASUSTeK Computer Inc. | ASUU.Y | OTCPK:ASUU.Y |
PC Connection, Inc. | CNXN | NasdaqGS:CNXN |
Apple Inc. | AAPL | BASE:AAPL |
- | - | - |
Select LTM EBITDA Multiple | |||||||
Benchmark Companies | |||||||
SONM | LOGI | LNVG.F | ASUU.Y | CNXN | AAPL | ||
NasdaqCM:SONM | NasdaqGS:LOGI | OTCPK:LNVG.F | OTCPK:ASUU.Y | NasdaqGS:CNXN | BASE:AAPL | ||
Historical EBITDA Growth | |||||||
5Y CAGR | NM- | 14.6% | 12.0% | 18.9% | -2.6% | 12.0% | |
3Y CAGR | NM- | -18.0% | -2.0% | -15.4% | 0.5% | 3.8% | |
Latest Twelve Months | -1318.8% | 24.9% | 38.1% | 144.1% | -6.6% | 5.6% | |
Historical EBITDA Profit Margin | |||||||
5 Year Average Margin | -29.7% | 16.7% | 5.2% | 5.4% | 3.9% | 32.3% | |
Prior Fiscal Year | 2.6% | 13.2% | 5.5% | 2.7% | 4.1% | 32.8% | |
Latest Fiscal Year | -51.3% | 15.9% | 5.3% | 5.4% | 3.9% | 34.4% | |
Latest Twelve Months | -51.3% | 16.8% | 5.1% | 5.4% | 3.9% | 34.7% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 0.06x | 1.98x | 0.18x | 0.41x | 0.40x | 7.26x | |
EV / LTM EBITDA | -0.1x | 11.8x | 3.6x | 7.6x | 10.1x | 20.9x | |
EV / LTM EBIT | -0.1x | 13.1x | 5.3x | 8.1x | 11.4x | 22.9x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBITDA | -0.1x | 7.6x | 11.8x | ||||
Historical EV / LTM EBITDA | 16.7x | 21.1x | 26.5x | ||||
Selected EV / LTM EBITDA | 16.5x | 17.4x | 18.3x | ||||
(x) LTM EBITDA | 137,352 | 137,352 | 137,352 | ||||
(=) Implied Enterprise Value | 2,270,690 | 2,390,200 | 2,509,710 | ||||
(-) Non-shareholder Claims * | 44,569 | 44,569 | 44,569 | ||||
(=) Equity Value | 2,315,259 | 2,434,769 | 2,554,279 | ||||
(/) Shares Outstanding | 236,229.2 | 236,229.2 | 236,229.2 | ||||
Implied Value Range | 9.80 | 10.31 | 10.81 | ||||
FX Rate: USD/ARS | 0.0 | 0.0 | 0.0 | Market Price | |||
Implied Value Range (Trading Cur) | 11,143.63 | 11,718.84 | 12,294.06 | 11,450.00 | |||
Upside / (Downside) | -2.7% | 2.3% | 7.4% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | SONM | LOGI | LNVG.F | ASUU.Y | CNXN | AAPL | |
Enterprise Value | 5 | 9,251 | 11,891 | 327,593 | 1,116 | 2,334,344 | |
(+) Cash & Short Term Investments | 5 | 1,503 | 4,124 | 101,348 | 443 | 53,775 | |
(+) Investments & Other | 0 | 28 | 1,757 | 123,447 | 0 | 87,593 | |
(-) Debt | 0 | (95) | (3,981) | (27,437) | (3) | (96,799) | |
(-) Other Liabilities | 0 | 0 | (1,112) | (27,658) | 0 | 0 | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 10 | 10,687 | 12,678 | 497,293 | 1,555 | 2,378,913 | |
(/) Shares Outstanding | 6.3 | 149.2 | 12,404.7 | 154.4 | 25.9 | 236,229.2 | |
Implied Stock Price | 1.64 | 71.63 | 1.02 | 3,220.06 | 60.09 | 10.07 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 32.63 | 1.00 | 0.00 | |
Implied Stock Price (Trading Cur) | 1.64 | 71.63 | 1.02 | 98.69 | 60.09 | 11,450.00 | |
Trading Currency | USD | USD | USD | USD | USD | ARS | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 32.63 | 1.00 | 0.00 |