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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 12.8x - 14.2x | 13.5x |
| Selected Fwd EBITDA Multiple | 5.4x - 6.0x | 5.7x |
| Fair Value | $6.81 - $7.42 | $7.11 |
| Upside | -17.4% - -10.1% | -13.8% |
| Benchmarks | Ticker | Full Ticker |
| Smartoptics Group AS | 3YL | MUN:3YL |
| Vecima Networks Inc. | VCM | DB:VCM |
| Nokia Oyj | NOKIA SEK | OM:NOKIASEK |
| Juniper Networks, Inc. | JNP | DB:JNP |
| Motorola Solutions, Inc. | MTLA | DB:MTLA |
| Telefonaktiebolaget LM Ericsson (publ) | ERIX.F | OTCPK:ERIX.F |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 3YL | VCM | NOKIA SEK | JNP | MTLA | ERIX.F | ||
| MUN:3YL | DB:VCM | OM:NOKIASEK | DB:JNP | DB:MTLA | OTCPK:ERIX.F | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 32.1% | 90.7% | 1.6% | -5.4% | 8.4% | -10.8% | |
| 3Y CAGR | 3.3% | 121.6% | 3.5% | -8.0% | 11.5% | -26.2% | |
| Latest Twelve Months | -43.0% | 22.8% | 3.6% | -31.9% | 12.3% | -41.6% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 12.9% | 8.7% | 13.5% | 13.8% | 27.7% | 12.8% | |
| Prior Fiscal Year | 16.7% | 14.2% | 13.6% | 13.7% | 28.3% | 9.6% | |
| Latest Fiscal Year | 10.1% | 13.2% | 15.4% | 10.3% | 29.3% | 6.0% | |
| Latest Twelve Months | 10.1% | 11.1% | 15.4% | 10.3% | 29.3% | 6.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.65x | 0.96x | 1.12x | 2.37x | 7.08x | 0.93x | |
| EV / LTM EBITDA | 36.3x | 8.7x | 7.2x | 23.1x | 24.2x | 15.5x | |
| EV / LTM EBIT | 61.5x | 11.3x | 9.9x | 33.0x | 27.1x | 27.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 7.2x | 23.1x | 36.3x | ||||
| Historical EV / LTM EBITDA | 5.3x | 7.9x | 15.5x | ||||
| Selected EV / LTM EBITDA | 12.8x | 13.5x | 14.2x | ||||
| (x) LTM EBITDA | 14,798 | 14,798 | 14,798 | ||||
| (=) Implied Enterprise Value | 189,681 | 199,664 | 209,647 | ||||
| (-) Non-shareholder Claims * | 34,839 | 34,839 | 34,839 | ||||
| (=) Equity Value | 224,520 | 234,503 | 244,486 | ||||
| (/) Shares Outstanding | 3,332.7 | 3,332.7 | 3,332.7 | ||||
| Implied Value Range | 67.37 | 70.36 | 73.36 | ||||
| FX Rate: SEK/USD | 10.0 | 10.0 | 10.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 6.73 | 7.03 | 7.33 | 8.25 | |||
| Upside / (Downside) | -18.4% | -14.7% | -11.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 3YL | VCM | NOKIA SEK | JNP | MTLA | ERIX.F | |
| Enterprise Value | 147 | 305 | 21,182 | 12,026 | 76,489 | 240,187 | |
| (+) Cash & Short Term Investments | 8 | 2 | 8,312 | 1,385 | 2,102 | 56,431 | |
| (+) Investments & Other | 0 | 0 | 1,763 | 515 | 60 | 22,648 | |
| (-) Debt | (2) | (55) | (4,760) | (1,872) | (6,551) | (45,541) | |
| (-) Other Liabilities | 0 | 0 | (90) | 0 | (16) | 1,301 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 153 | 252 | 26,407 | 12,054 | 72,084 | 275,026 | |
| (/) Shares Outstanding | 82.2 | 24.3 | 5,415.5 | 333.2 | 166.9 | 3,332.7 | |
| Implied Stock Price | 1.86 | 10.38 | 4.88 | 36.18 | 431.80 | 82.52 | |
| FX Conversion Rate to Trading Currency | 1.08 | 1.55 | 0.09 | 1.08 | 1.08 | 10.00 | |
| Implied Stock Price (Trading Cur) | 1.72 | 6.70 | 52.80 | 33.42 | 398.90 | 8.25 | |
| Trading Currency | EUR | EUR | SEK | EUR | EUR | USD | |
| FX Rate to Reporting Currency | 1.08 | 1.55 | 0.09 | 1.08 | 1.08 | 10.00 | |