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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 9.8x - 10.9x | 10.4x |
| Selected Fwd EBIT Multiple | 6.4x - 7.0x | 6.7x |
| Fair Value | $0.39 - $0.44 | $0.42 |
| Upside | 27.6% - 42.7% | 35.2% |
| Benchmarks | Ticker | Full Ticker |
| Coherent Corp. | COHR | NYSE:COHR |
| FIH Mobile Limited | 2038 | SEHK:2038 |
| Accelink Technologies Co,Ltd. | 2281 | SZSE:002281 |
| Applied Optoelectronics, Inc. | AAOI | NasdaqGM:AAOI |
| Lumentum Holdings Inc. | LITE | NasdaqGS:LITE |
| FIT Hon Teng Limited | FITG.F | OTCPK:FITG.F |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| COHR | 2038 | 2281 | AAOI | LITE | FITG.F | ||
| NYSE:COHR | SEHK:2038 | SZSE:002281 | NasdaqGM:AAOI | NasdaqGS:LITE | OTCPK:FITG.F | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | -3.7% | NM- | 13.9% | NM- | NM- | 4.7% | |
| 3Y CAGR | -32.6% | NM- | 0.8% | NM- | NM- | 37.1% | |
| Latest Twelve Months | 6.1% | 92.0% | 82.1% | -71.5% | -36.2% | 48.4% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 8.3% | -1.7% | 7.1% | -25.4% | 4.1% | 4.5% | |
| Prior Fiscal Year | 7.2% | -3.4% | 7.1% | -19.0% | -1.7% | 5.2% | |
| Latest Fiscal Year | 2.6% | -0.3% | 7.5% | -28.4% | -25.3% | 7.3% | |
| Latest Twelve Months | 6.7% | -0.3% | 9.1% | -28.4% | -22.9% | 7.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.60x | -0.08x | 5.01x | 3.08x | 3.63x | 0.55x | |
| EV / LTM EBITDA | 15.1x | -3.4x | 39.1x | -15.3x | -100.7x | 4.7x | |
| EV / LTM EBIT | 38.7x | 24.8x | 55.3x | -10.8x | -15.9x | 7.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -15.9x | 24.8x | 55.3x | ||||
| Historical EV / LTM EBIT | 4.5x | 8.4x | 18.5x | ||||
| Selected EV / LTM EBIT | 9.8x | 10.4x | 10.9x | ||||
| (x) LTM EBIT | 327 | 327 | 327 | ||||
| (=) Implied Enterprise Value | 3,218 | 3,387 | 3,556 | ||||
| (-) Non-shareholder Claims * | (333) | (333) | (333) | ||||
| (=) Equity Value | 2,885 | 3,054 | 3,224 | ||||
| (/) Shares Outstanding | 7,087.8 | 7,087.8 | 7,087.8 | ||||
| Implied Value Range | 0.41 | 0.43 | 0.45 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 0.41 | 0.43 | 0.45 | 0.31 | |||
| Upside / (Downside) | 32.1% | 39.8% | 47.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | COHR | 2038 | 2281 | AAOI | LITE | FITG.F | |
| Enterprise Value | 14,298 | (526) | 35,540 | 768 | 5,405 | 2,517 | |
| (+) Cash & Short Term Investments | 918 | 1,685 | 2,856 | 67 | 897 | 1,179 | |
| (+) Investments & Other | 0 | 92 | 87 | 0 | 0 | 98 | |
| (-) Debt | (4,064) | (346) | (429) | (191) | (2,608) | (1,600) | |
| (-) Other Liabilities | (368) | (3) | (40) | 0 | 0 | (10) | |
| (-) Preferred Stock | (2,429) | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 8,354 | 903 | 38,013 | 645 | 3,693 | 2,184 | |
| (/) Shares Outstanding | 155.0 | 7,884.5 | 793.6 | 50.2 | 69.1 | 7,087.8 | |
| Implied Stock Price | 53.91 | 0.11 | 47.90 | 12.83 | 53.45 | 0.31 | |
| FX Conversion Rate to Trading Currency | 1.00 | 0.13 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 53.91 | 0.89 | 47.90 | 12.83 | 53.45 | 0.31 | |
| Trading Currency | USD | HKD | CNY | USD | USD | USD | |
| FX Rate to Reporting Currency | 1.00 | 0.13 | 1.00 | 1.00 | 1.00 | 1.00 | |