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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 8.6x - 9.5x | 9.1x |
| Selected Fwd EBITDA Multiple | 7.4x - 8.2x | 7.8x |
| Fair Value | €6.91 - €7.57 | €7.24 |
| Upside | 4.0% - 13.8% | 8.9% |
| Benchmarks | Ticker | Full Ticker |
| Nokia Oyj | NOKB.F | OTCPK:NOKB.F |
| Yealink Network Technology Co., Ltd. | 300628 | SZSE:300628 |
| Sangoma Technologies Corporation | STC | TSX:STC |
| Apple Inc. | AAPL_KZ | KAS:AAPL_KZ |
| Logitech International S.A. | LTEC | DB:LTEC |
| Vtech Holdings Limited | VTCB | DB:VTCB |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| NOKB.F | 300628 | STC | AAPL_KZ | LTEC | VTCB | ||
| OTCPK:NOKB.F | SZSE:300628 | TSX:STC | KAS:AAPL_KZ | DB:LTEC | DB:VTCB | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 1.6% | 17.1% | 18.1% | 12.0% | 14.8% | -2.7% | |
| 3Y CAGR | 3.5% | 18.5% | 11.3% | 3.8% | -6.1% | -3.7% | |
| Latest Twelve Months | -15.6% | 27.2% | -74.1% | 7.5% | 1.1% | -4.5% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 13.6% | 46.0% | 8.6% | 32.8% | 17.1% | 10.8% | |
| Prior Fiscal Year | 13.6% | 45.1% | 7.1% | 32.8% | 15.9% | 10.8% | |
| Latest Fiscal Year | 15.4% | 47.5% | 7.7% | 34.4% | 16.4% | 10.1% | |
| Latest Twelve Months | 12.3% | 47.3% | 1.9% | 34.7% | 16.4% | 10.1% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.86x | 6.74x | 1.00x | 8.13x | 2.87x | 0.82x | |
| EV / LTM EBITDA | 7.0x | 14.2x | 53.8x | 23.5x | 17.5x | 8.1x | |
| EV / LTM EBIT | 10.7x | 14.7x | -117.0x | 25.5x | 19.5x | 9.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 7.0x | 17.5x | 53.8x | ||||
| Historical EV / LTM EBITDA | 7.0x | 8.1x | 8.1x | ||||
| Selected EV / LTM EBITDA | 8.6x | 9.1x | 9.5x | ||||
| (x) LTM EBITDA | 220 | 220 | 220 | ||||
| (=) Implied Enterprise Value | 1,896 | 1,996 | 2,096 | ||||
| (-) Non-shareholder Claims * | 199 | 199 | 199 | ||||
| (=) Equity Value | 2,096 | 2,195 | 2,295 | ||||
| (/) Shares Outstanding | 252.8 | 252.8 | 252.8 | ||||
| Implied Value Range | 8.29 | 8.68 | 9.08 | ||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 7.14 | 7.48 | 7.82 | 6.65 | |||
| Upside / (Downside) | 7.4% | 12.5% | 17.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | NOKB.F | 300628 | STC | AAPL_KZ | LTEC | VTCB | |
| Enterprise Value | 16,583 | 37,985 | 236 | 3,314,626 | 31,768 | 1,752 | |
| (+) Cash & Short Term Investments | 5,552 | 6,689 | 18 | 55,372 | 1,488 | 336 | |
| (+) Investments & Other | 1,646 | 183 | 0 | 77,614 | 28 | 6 | |
| (-) Debt | (4,100) | (9) | (62) | (101,698) | (94) | (142) | |
| (-) Other Liabilities | (92) | 0 | 0 | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 19,589 | 44,848 | 192 | 3,345,914 | 33,190 | 1,951 | |
| (/) Shares Outstanding | 5,419.1 | 1,265.1 | 33.5 | 14,840.4 | 333.6 | 252.8 | |
| Implied Stock Price | 3.61 | 35.45 | 5.72 | 225.46 | 99.50 | 7.72 | |
| FX Conversion Rate to Trading Currency | 0.86 | 1.00 | 0.72 | 1.00 | 1.16 | 1.16 | |
| Implied Stock Price (Trading Cur) | 4.20 | 35.45 | 7.95 | 225.46 | 85.74 | 6.65 | |
| Trading Currency | USD | CNY | CAD | USD | EUR | EUR | |
| FX Rate to Reporting Currency | 0.86 | 1.00 | 0.72 | 1.00 | 1.16 | 1.16 | |