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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | -7.0x - -7.7x | -7.3x |
Selected Fwd EBIT Multiple | -23.4x - -25.9x | -24.6x |
Fair Value | €0.91 - €0.99 | €0.95 |
Upside | -59.6% - -56.2% | -57.9% |
Benchmarks | Ticker | Full Ticker |
Nordic Semiconductor ASA | NRSD.Y | OTCPK:NRSD.Y |
GCT Semiconductor Holding, Inc. | GCTS | NYSE:GCTS |
Qorvo, Inc. | QRVO | NasdaqGS:QRVO |
Skyworks Solutions, Inc. | SWKS | NasdaqGS:SWKS |
NXP Semiconductors N.V. | NXPI | NasdaqGS:NXPI |
Sequans Communications S.A. | 6SQ | DB:6SQ |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
NRSD.Y | GCTS | QRVO | SWKS | NXPI | 6SQ | ||
OTCPK:NRSD.Y | NYSE:GCTS | NasdaqGS:QRVO | NasdaqGS:SWKS | NasdaqGS:NXPI | DB:6SQ | ||
Historical EBIT Growth | |||||||
5Y CAGR | NM- | NM- | -4.7% | -3.9% | 40.5% | NM- | |
3Y CAGR | NM- | NM- | -33.9% | -21.4% | 10.6% | NM- | |
Latest Twelve Months | 84.7% | -34.8% | -7.3% | -34.6% | -9.7% | 26.5% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 7.7% | -177.4% | 16.5% | 25.9% | 22.3% | -52.5% | |
Prior Fiscal Year | 0.9% | -90.8% | 10.8% | 24.2% | 28.2% | -88.8% | |
Latest Fiscal Year | -8.6% | -295.5% | 10.1% | 18.8% | 28.0% | -73.2% | |
Latest Twelve Months | -0.8% | -429.5% | 10.1% | 15.8% | 27.6% | -65.0% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 4.08x | 19.94x | 2.33x | 2.69x | 5.19x | 18.65x | |
EV / LTM EBITDA | 285.4x | -4.8x | 12.9x | 11.9x | 15.0x | -33.1x | |
EV / LTM EBIT | -497.4x | -4.6x | 23.1x | 17.1x | 18.8x | -28.7x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | -497.4x | 17.1x | 23.1x | ||||
Historical EV / LTM EBIT | -25.8x | -11.0x | -0.1x | ||||
Selected EV / LTM EBIT | -7.0x | -7.3x | -7.7x | ||||
(x) LTM EBIT | (25) | (25) | (25) | ||||
(=) Implied Enterprise Value | 176 | 185 | 195 | ||||
(-) Non-shareholder Claims * | 45 | 45 | 45 | ||||
(=) Equity Value | 221 | 230 | 240 | ||||
(/) Shares Outstanding | 213.7 | 213.7 | 213.7 | ||||
Implied Value Range | 1.03 | 1.08 | 1.12 | ||||
FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
Implied Value Range (Trading Cur) | 0.89 | 0.93 | 0.97 | 2.25 | |||
Upside / (Downside) | -60.4% | -58.7% | -57.0% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | NRSD.Y | GCTS | QRVO | SWKS | NXPI | 6SQ | |
Enterprise Value | 2,330 | 127 | 8,647 | 10,637 | 63,938 | 513 | |
(+) Cash & Short Term Investments | 307 | 1 | 1,021 | 1,507 | 3,988 | 46 | |
(+) Investments & Other | 1 | 0 | 23 | 21 | 0 | 0 | |
(-) Debt | (154) | (51) | (1,611) | (1,210) | (11,725) | (1) | |
(-) Other Liabilities | 0 | 0 | 0 | 0 | (355) | 0 | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 2,484 | 77 | 8,081 | 10,955 | 55,846 | 558 | |
(/) Shares Outstanding | 190.3 | 55.8 | 92.9 | 150.1 | 252.6 | 213.7 | |
Implied Stock Price | 13.05 | 1.38 | 87.03 | 72.97 | 221.06 | 2.61 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.16 | |
Implied Stock Price (Trading Cur) | 13.05 | 1.38 | 87.03 | 72.97 | 221.06 | 2.25 | |
Trading Currency | USD | USD | USD | USD | USD | EUR | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.16 |