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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 5.0x - 5.5x | 5.2x |
| Selected Fwd EBITDA Multiple | 4.0x - 4.4x | 4.2x |
| Fair Value | €2.53 - €2.80 | €2.67 |
| Upside | 24.1% - 37.4% | 30.8% |
| Benchmarks | Ticker | Full Ticker |
| Aviat Networks, Inc. | AVNW | NasdaqGS:AVNW |
| Cambium Networks Corporation | CMBM | NasdaqGM:CMBM |
| Telefonaktiebolaget LM Ericsson (publ) | ERIC | NasdaqGS:ERIC |
| Nokia Oyj | NOKB.F | PINC:NOKB.F |
| ZTE Corporation | ZTCO.F | PINC:ZTCO.F |
| Ceragon Networks Ltd. | GGN | DB:GGN |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| AVNW | CMBM | ERIC | NOKB.F | ZTCO.F | GGN | ||
| NasdaqGS:AVNW | NasdaqGM:CMBM | NasdaqGS:ERIC | PINC:NOKB.F | PINC:ZTCO.F | DB:GGN | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 40.9% | NM- | -10.8% | 1.6% | 15.9% | 27.3% | |
| 3Y CAGR | 6.9% | NM- | -25.9% | 3.5% | 1.6% | 49.7% | |
| Latest Twelve Months | -27.0% | -1810.7% | -20.8% | -16.4% | -31.8% | 66.7% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 8.7% | -1.8% | 12.5% | 13.6% | 9.8% | 5.7% | |
| Prior Fiscal Year | 9.8% | 8.6% | 9.6% | 13.6% | 11.8% | 9.5% | |
| Latest Fiscal Year | 8.9% | -25.0% | 6.0% | 15.4% | 10.0% | 14.0% | |
| Latest Twelve Months | 4.8% | -44.4% | 7.5% | 13.1% | 8.3% | 14.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.62x | 0.25x | 0.93x | 1.07x | 0.99x | 0.55x | |
| EV / LTM EBITDA | 12.8x | -0.6x | 12.5x | 8.2x | 11.9x | 3.9x | |
| EV / LTM EBIT | 18.7x | -0.5x | 19.0x | 11.9x | 14.2x | 5.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -0.6x | 11.9x | 12.8x | ||||
| Historical EV / LTM EBITDA | 3.9x | 11.5x | 66.0x | ||||
| Selected EV / LTM EBITDA | 5.0x | 5.2x | 5.5x | ||||
| (x) LTM EBITDA | 55 | 55 | 55 | ||||
| (=) Implied Enterprise Value | 273 | 287 | 302 | ||||
| (-) Non-shareholder Claims * | (6) | (6) | (6) | ||||
| (=) Equity Value | 267 | 282 | 296 | ||||
| (/) Shares Outstanding | 88.9 | 88.9 | 88.9 | ||||
| Implied Value Range | 3.01 | 3.17 | 3.33 | ||||
| FX Rate: USD/EUR | 1.1 | 1.1 | 1.1 | Market Price | |||
| Implied Value Range (Trading Cur) | 2.66 | 2.80 | 2.94 | 2.04 | |||
| Upside / (Downside) | 30.2% | 37.2% | 44.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | AVNW | CMBM | ERIC | NOKB.F | ZTCO.F | GGN | |
| Enterprise Value | 261 | 43 | 232,627 | 20,443 | 174,824 | 211 | |
| (+) Cash & Short Term Investments | 53 | 46 | 49,737 | 6,717 | 59,470 | 35 | |
| (+) Investments & Other | 0 | 0 | 27,507 | 1,713 | 29,414 | 0 | |
| (-) Debt | (79) | (77) | (42,418) | (5,065) | (65,645) | (41) | |
| (-) Other Liabilities | 0 | 0 | 1,181 | (89) | (285) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 235 | 13 | 268,634 | 23,719 | 197,779 | 205 | |
| (/) Shares Outstanding | 12.7 | 28.2 | 3,332.7 | 5,389.7 | 9,067.5 | 88.9 | |
| Implied Stock Price | 18.51 | 0.45 | 80.61 | 4.40 | 21.81 | 2.31 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 9.67 | 0.88 | 7.27 | 1.13 | |
| Implied Stock Price (Trading Cur) | 18.51 | 0.45 | 8.34 | 4.98 | 3.00 | 2.04 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 9.67 | 0.88 | 7.27 | 1.13 | |