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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 32.6x - 36.0x | 34.3x |
| Selected Fwd EBIT Multiple | 9.8x - 10.9x | 10.3x |
| Fair Value | Mex$ 825.09 - Mex$ 915.72 | Mex$ 870.41 |
| Upside | -29.3% - -21.6% | -25.5% |
| Benchmarks | Ticker | Full Ticker |
| ADTRAN Holdings, Inc. | ADTN | NasdaqGS:ADTN |
| Ribbon Communications Inc. | RBBN | NasdaqGS:RBBN |
| Cambium Networks Corporation | CMBM | NasdaqGM:CMBM |
| Lumentum Holdings Inc. | LITE | NasdaqGS:LITE |
| Harmonic Inc. | HLIT | NasdaqGS:HLIT |
| Ciena Corporation | CIEN * | BMV:CIEN* |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| ADTN | RBBN | CMBM | LITE | HLIT | CIEN * | ||
| NasdaqGS:ADTN | NasdaqGS:RBBN | NasdaqGM:CMBM | NasdaqGS:LITE | NasdaqGS:HLIT | BMV:CIEN* | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | 45.2% | NM- | NM- | 39.5% | -12.6% | |
| 3Y CAGR | NM- | 15.6% | NM- | NM- | 68.4% | -26.7% | |
| Latest Twelve Months | 45.0% | 850.9% | -745.5% | -36.2% | 843.3% | -51.9% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | -5.8% | 1.0% | -4.0% | 4.1% | 5.1% | 10.0% | |
| Prior Fiscal Year | -13.6% | -0.4% | 6.7% | -1.7% | 4.7% | 8.8% | |
| Latest Fiscal Year | -9.3% | 3.2% | -27.6% | -25.3% | 13.7% | 4.8% | |
| Latest Twelve Months | -9.3% | 3.2% | -48.1% | -22.9% | 15.8% | 4.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.29x | 1.15x | 0.25x | 4.15x | 1.57x | 2.38x | |
| EV / LTM EBITDA | 235.0x | 10.5x | -0.6x | -114.9x | 8.9x | 30.3x | |
| EV / LTM EBIT | -13.8x | 35.4x | -0.5x | -18.1x | 9.9x | 52.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -18.1x | -0.5x | 35.4x | ||||
| Historical EV / LTM EBIT | 11.2x | 17.4x | 41.9x | ||||
| Selected EV / LTM EBIT | 32.6x | 34.3x | 36.0x | ||||
| (x) LTM EBIT | 184 | 184 | 184 | ||||
| (=) Implied Enterprise Value | 5,991 | 6,306 | 6,622 | ||||
| (-) Non-shareholder Claims * | (261) | (261) | (261) | ||||
| (=) Equity Value | 5,730 | 6,045 | 6,360 | ||||
| (/) Shares Outstanding | 142.1 | 142.1 | 142.1 | ||||
| Implied Value Range | 40.31 | 42.53 | 44.74 | ||||
| FX Rate: USD/MXN | 0.1 | 0.1 | 0.1 | Market Price | |||
| Implied Value Range (Trading Cur) | 788.62 | 832.02 | 875.41 | 1,167.76 | |||
| Upside / (Downside) | -32.5% | -28.8% | -25.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | ADTN | RBBN | CMBM | LITE | HLIT | CIEN * | |
| Enterprise Value | 1,187 | 956 | 43 | 5,855 | 1,081 | 8,745 | |
| (+) Cash & Short Term Investments | 78 | 88 | 46 | 897 | 149 | 1,212 | |
| (+) Investments & Other | 1 | 0 | 0 | 0 | 0 | 105 | |
| (-) Debt | (223) | (384) | (77) | (2,608) | (149) | (1,578) | |
| (-) Other Liabilities | (423) | 0 | 0 | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 620 | 660 | 13 | 4,143 | 1,081 | 8,484 | |
| (/) Shares Outstanding | 80.0 | 175.9 | 28.2 | 69.1 | 114.7 | 142.1 | |
| Implied Stock Price | 7.75 | 3.75 | 0.45 | 59.96 | 9.43 | 59.69 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.05 | |
| Implied Stock Price (Trading Cur) | 7.75 | 3.75 | 0.45 | 59.96 | 9.43 | 1,167.76 | |
| Trading Currency | USD | USD | USD | USD | USD | MXN | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.05 | |