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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 7.3x - 8.1x | 7.7x |
| Selected Fwd Revenue Multiple | 6.5x - 7.2x | 6.9x |
| Fair Value | €1.56 - €4.92 | €3.24 |
| Upside | -55.6% - 40.5% | -7.5% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Advanced Micro Devices, Inc. | AMD | NasdaqGS:AMD |
| MACOM Technology Solutions Holdings, Inc. | MTSI | NasdaqGS:MTSI |
| MaxLinear, Inc. | MXL | NasdaqGS:MXL |
| Navitas Semiconductor Corporation | NVTS | NasdaqGM:NVTS |
| Semtech Corporation | SMTC | NasdaqGS:SMTC |
| Wolfspeed, Inc. | CR6A | DB:CR6A |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| AMD | MTSI | MXL | NVTS | SMTC | CR6A | |||
| NasdaqGS:AMD | NasdaqGS:MTSI | NasdaqGS:MXL | NasdaqGM:NVTS | NasdaqGS:SMTC | DB:CR6A | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 30.8% | 7.9% | 2.6% | 118.1% | 10.7% | 8.4% | ||
| 3Y CAGR | 16.2% | 6.3% | -26.1% | 52.0% | 7.1% | 15.4% | ||
| Latest Twelve Months | 21.7% | 32.6% | -33.1% | -16.9% | 4.7% | -5.9% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 10.1% | 12.9% | -6.4% | -217.7% | 11.1% | -35.6% | ||
| Prior Fiscal Year | 1.8% | 18.0% | -2.3% | -148.7% | -3.8% | -18.3% | ||
| Latest Fiscal Year | 8.1% | 11.2% | -46.8% | -150.9% | 6.9% | -46.1% | ||
| Latest Twelve Months | 10.3% | 11.8% | -42.9% | -159.1% | 6.9% | -66.9% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 6.75x | 10.70x | 3.10x | 4.34x | 4.30x | 7.72x | ||
| EV / LTM EBIT | 65.6x | 90.5x | -7.2x | -2.7x | 62.7x | -11.5x | ||
| Price / LTM Sales | 6.85x | 10.87x | 2.97x | 5.38x | 3.85x | 0.80x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 3.10x | 4.34x | 10.70x | |||||
| Historical EV / LTM Revenue | 7.54x | 9.92x | 22.22x | |||||
| Selected EV / LTM Revenue | 7.29x | 7.67x | 8.06x | |||||
| (x) LTM Revenue | 761 | 761 | 761 | |||||
| (=) Implied Enterprise Value | 5,550 | 5,842 | 6,135 | |||||
| (-) Non-shareholder Claims * | (5,272) | (5,272) | (5,272) | |||||
| (=) Equity Value | 278 | 570 | 862 | |||||
| (/) Shares Outstanding | 155.6 | 155.6 | 155.6 | |||||
| Implied Value Range | 1.79 | 3.66 | 5.54 | |||||
| FX Rate: USD/EUR | 1.1 | 1.1 | 1.1 | Market Price | ||||
| Implied Value Range (Trading Cur) | 1.60 | 3.29 | 4.97 | 3.50 | ||||
| Upside / (Downside) | -54.2% | -6.1% | 42.0% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | AMD | MTSI | MXL | NVTS | SMTC | CR6A | |
| Enterprise Value | 186,594 | 9,043 | 1,120 | 322 | 3,874 | 5,880 | |
| (+) Cash & Short Term Investments | 7,310 | 682 | 103 | 75 | 164 | 1,400 | |
| (+) Investments & Other | 807 | 0 | 0 | 9 | 39 | 0 | |
| (-) Debt | (4,731) | (540) | (149) | (7) | (576) | (6,672) | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 189,980 | 9,184 | 1,074 | 399 | 3,501 | 607 | |
| (/) Shares Outstanding | 1,621.4 | 74.4 | 86.4 | 191.8 | 86.6 | 155.6 | |
| Implied Stock Price | 117.17 | 123.46 | 12.43 | 2.08 | 40.42 | 3.90 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.11 | |
| Implied Stock Price (Trading Cur) | 117.17 | 123.46 | 12.43 | 2.08 | 40.42 | 3.50 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.11 | |