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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 20.4x - 22.5x | 21.5x |
| Selected Fwd EBITDA Multiple | 7.9x - 8.7x | 8.3x |
| Fair Value | $6.93 - $7.74 | $7.34 |
| Upside | -32.7% - -24.8% | -28.8% |
| Benchmarks | Ticker | Full Ticker |
| NetScout Systems, Inc. | NTCT | NasdaqGS:NTCT |
| Keysight Technologies, Inc. | KEYS | NYSE:KEYS |
| Teledyne Technologies Incorporated | TDY | NYSE:TDY |
| Digi International Inc. | DGII | NasdaqGS:DGII |
| Harmonic Inc. | HLIT | NasdaqGS:HLIT |
| Viavi Solutions Inc. | VIAV | NasdaqGS:VIAV |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| NTCT | KEYS | TDY | DGII | HLIT | VIAV | ||
| NasdaqGS:NTCT | NYSE:KEYS | NYSE:TDY | NasdaqGS:DGII | NasdaqGS:HLIT | NasdaqGS:VIAV | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 0.8% | 1.0% | 17.2% | 26.9% | 23.1% | -15.1% | |
| 3Y CAGR | -2.7% | -6.9% | 6.9% | 28.2% | 47.8% | -29.4% | |
| Latest Twelve Months | 2.5% | -25.7% | 2.9% | -1.1% | 155.8% | -23.2% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 16.9% | 27.2% | 23.5% | 16.0% | 7.2% | 15.8% | |
| Prior Fiscal Year | 18.1% | 29.1% | 24.2% | 18.9% | 6.8% | 13.9% | |
| Latest Fiscal Year | 16.2% | 22.4% | 24.0% | 19.3% | 15.5% | 8.3% | |
| Latest Twelve Months | 16.4% | 22.2% | 24.1% | 19.7% | 15.5% | 8.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.46x | 4.94x | 4.16x | 2.60x | 1.63x | 2.45x | |
| EV / LTM EBITDA | 8.9x | 22.2x | 17.3x | 13.2x | 10.5x | 30.8x | |
| EV / LTM EBIT | 17.6x | 29.3x | 22.3x | 22.3x | 11.9x | 106.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 8.9x | 13.2x | 22.2x | ||||
| Historical EV / LTM EBITDA | 12.6x | 15.2x | 19.3x | ||||
| Selected EV / LTM EBITDA | 20.4x | 21.5x | 22.5x | ||||
| (x) LTM EBITDA | 80 | 80 | 80 | ||||
| (=) Implied Enterprise Value | 1,635 | 1,721 | 1,807 | ||||
| (-) Non-shareholder Claims * | (175) | (175) | (175) | ||||
| (=) Equity Value | 1,460 | 1,546 | 1,632 | ||||
| (/) Shares Outstanding | 222.1 | 222.1 | 222.1 | ||||
| Implied Value Range | 6.57 | 6.96 | 7.35 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 6.57 | 6.96 | 7.35 | 10.30 | |||
| Upside / (Downside) | -36.2% | -32.4% | -28.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | NTCT | KEYS | TDY | DGII | HLIT | VIAV | |
| Enterprise Value | 1,200 | 24,661 | 24,014 | 1,098 | 1,109 | 2,463 | |
| (+) Cash & Short Term Investments | 427 | 2,060 | 462 | 26 | 101 | 509 | |
| (+) Investments & Other | 1 | 147 | 0 | 0 | 0 | 3 | |
| (-) Debt | (118) | (2,020) | (2,965) | (109) | (148) | (688) | |
| (-) Other Liabilities | 0 | 0 | (6) | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 1,510 | 24,848 | 21,505 | 1,015 | 1,062 | 2,288 | |
| (/) Shares Outstanding | 71.8 | 172.8 | 46.8 | 36.9 | 117.1 | 222.1 | |
| Implied Stock Price | 21.04 | 143.79 | 459.13 | 27.51 | 9.07 | 10.30 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 21.04 | 143.79 | 459.13 | 27.51 | 9.07 | 10.30 | |
| Trading Currency | USD | USD | USD | USD | USD | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |