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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 14.0x - 15.4x | 14.7x |
| Selected Fwd EBITDA Multiple | 9.9x - 10.9x | 10.4x |
| Fair Value | R$54.97 - R$61.12 | R$58.05 |
| Upside | -29.4% - -21.5% | -25.4% |
| Benchmarks | Ticker | Full Ticker |
| Ubiquiti Inc. | UI | NYSE:UI |
| Viavi Solutions Inc. | VIAV | NasdaqGS:VIAV |
| NetScout Systems, Inc. | NTCT | NasdaqGS:NTCT |
| Calix, Inc. | CALX | NYSE:CALX |
| AudioCodes Ltd. | AUDC | NasdaqGS:AUDC |
| Cisco Systems, Inc. | CSCO34 | BOVESPA:CSCO34 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| UI | VIAV | NTCT | CALX | AUDC | CSCO34 | ||
| NYSE:UI | NasdaqGS:VIAV | NasdaqGS:NTCT | NYSE:CALX | NasdaqGS:AUDC | BOVESPA:CSCO34 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 4.3% | -9.2% | 1.1% | NM- | -3.1% | -1.3% | |
| 3Y CAGR | -11.8% | -22.1% | -0.4% | NM- | -20.5% | -0.5% | |
| Latest Twelve Months | 40.5% | 47.3% | 34.7% | -287.5% | -20.8% | -12.8% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 31.9% | 15.2% | 17.2% | 6.5% | 12.5% | 30.2% | |
| Prior Fiscal Year | 28.9% | 8.3% | 16.2% | 4.1% | 7.0% | 30.2% | |
| Latest Fiscal Year | 26.9% | 11.3% | 17.5% | -2.8% | 8.7% | 28.4% | |
| Latest Twelve Months | 31.7% | 11.3% | 18.7% | -2.0% | 7.9% | 26.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 12.44x | 2.44x | 1.27x | 3.96x | 0.93x | 5.37x | |
| EV / LTM EBITDA | 39.3x | 21.5x | 6.8x | -200.4x | 11.8x | 20.3x | |
| EV / LTM EBIT | 40.5x | 41.9x | 11.2x | -97.3x | 14.9x | 24.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -200.4x | 11.8x | 39.3x | ||||
| Historical EV / LTM EBITDA | 11.1x | 12.2x | 14.6x | ||||
| Selected EV / LTM EBITDA | 14.0x | 14.7x | 15.4x | ||||
| (x) LTM EBITDA | 14,742 | 14,742 | 14,742 | ||||
| (=) Implied Enterprise Value | 205,961 | 216,801 | 227,642 | ||||
| (-) Non-shareholder Claims * | (12,353) | (12,353) | (12,353) | ||||
| (=) Equity Value | 193,608 | 204,448 | 215,289 | ||||
| (/) Shares Outstanding | 19,893.0 | 19,893.0 | 19,893.0 | ||||
| Implied Value Range | 9.73 | 10.28 | 10.82 | ||||
| FX Rate: USD/BRL | 0.2 | 0.2 | 0.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 52.88 | 55.84 | 58.80 | 77.85 | |||
| Upside / (Downside) | -32.1% | -28.3% | -24.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | UI | VIAV | NTCT | CALX | AUDC | CSCO34 | |
| Enterprise Value | 28,616 | 2,657 | 1,050 | 3,401 | 236 | 297,396 | |
| (+) Cash & Short Term Investments | 151 | 425 | 533 | 299 | 79 | 16,392 | |
| (+) Investments & Other | 0 | 0 | 11 | 0 | 16 | 2,000 | |
| (-) Debt | (384) | (643) | (42) | (6) | (37) | (30,745) | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 28,383 | 2,440 | 1,552 | 3,694 | 294 | 285,043 | |
| (/) Shares Outstanding | 60.5 | 223.2 | 71.9 | 65.3 | 29.9 | 19,893.0 | |
| Implied Stock Price | 469.21 | 10.93 | 21.59 | 56.56 | 9.85 | 14.33 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.18 | |
| Implied Stock Price (Trading Cur) | 469.21 | 10.93 | 21.59 | 56.56 | 9.85 | 77.85 | |
| Trading Currency | USD | USD | USD | USD | USD | BRL | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.18 | |