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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 14.8x - 16.3x | 15.6x |
| Selected Fwd EBITDA Multiple | 6.7x - 7.4x | 7.1x |
| Fair Value | €16 - €17.64 | €16.82 |
| Upside | -26.6% - -19.1% | -22.8% |
| Benchmarks | Ticker | Full Ticker |
| Trimble Inc. | TRMB | NasdaqGS:TRMB |
| Evolv Technologies Holdings, Inc. | EVLV | NasdaqCM:EVLV |
| PowerFleet, Inc. | AIOT | NasdaqGM:AIOT |
| Daktronics, Inc. | DAKT | NasdaqGS:DAKT |
| SOBR Safe, Inc. | SOBR | NasdaqCM:SOBR |
| FARO Technologies, Inc. | FT1 | DB:FT1 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| TRMB | EVLV | AIOT | DAKT | SOBR | FT1 | ||
| NasdaqGS:TRMB | NasdaqCM:EVLV | NasdaqGM:AIOT | NasdaqGS:DAKT | NasdaqCM:SOBR | DB:FT1 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 2.4% | NM- | NM- | 49.8% | NM- | 23.0% | |
| 3Y CAGR | -1.8% | NM- | NM- | 45.3% | NM- | 21.8% | |
| Latest Twelve Months | -12.9% | 22.1% | NM | -31.9% | 20.9% | 336.0% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 20.6% | -211.7% | -0.1% | 6.7% | -66161.5% | 0.5% | |
| Prior Fiscal Year | 21.5% | -174.9% | 0.2% | 5.7% | -5858.6% | -2.6% | |
| Latest Fiscal Year | 19.3% | -97.0% | -17.9% | 12.8% | -3427.0% | 6.5% | |
| Latest Twelve Months | 19.3% | -79.8% | 4.7% | 8.9% | -3427.0% | 6.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 4.00x | 5.24x | 3.00x | 0.63x | -12.75x | 1.31x | |
| EV / LTM EBITDA | 20.7x | -6.6x | 64.4x | 7.1x | 0.4x | 20.2x | |
| EV / LTM EBIT | 30.7x | -5.6x | -47.2x | 9.5x | 0.4x | 69.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -6.6x | 7.1x | 64.4x | ||||
| Historical EV / LTM EBITDA | -274.0x | 20.2x | 763.3x | ||||
| Selected EV / LTM EBITDA | 14.8x | 15.6x | 16.3x | ||||
| (x) LTM EBITDA | 22 | 22 | 22 | ||||
| (=) Implied Enterprise Value | 329 | 346 | 364 | ||||
| (-) Non-shareholder Claims * | 10 | 10 | 10 | ||||
| (=) Equity Value | 339 | 356 | 373 | ||||
| (/) Shares Outstanding | 19.0 | 19.0 | 19.0 | ||||
| Implied Value Range | 17.84 | 18.75 | 19.66 | ||||
| FX Rate: USD/EUR | 1.1 | 1.1 | 1.1 | Market Price | |||
| Implied Value Range (Trading Cur) | 15.66 | 16.46 | 17.26 | 21.80 | |||
| Upside / (Downside) | -28.2% | -24.5% | -20.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | TRMB | EVLV | AIOT | DAKT | SOBR | FT1 | |
| Enterprise Value | 14,727 | 467 | 880 | 506 | (3) | 462 | |
| (+) Cash & Short Term Investments | 739 | 56 | 34 | 132 | 8 | 99 | |
| (+) Investments & Other | 361 | 0 | 0 | 24 | 0 | 0 | |
| (-) Debt | (1,514) | (2) | (281) | (43) | (0) | (89) | |
| (-) 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 | 14,312 | 521 | 632 | 619 | 5 | 472 | |
| (/) Shares Outstanding | 245.8 | 157.6 | 132.5 | 49.9 | 1.5 | 19.0 | |
| Implied Stock Price | 58.23 | 3.31 | 4.77 | 12.41 | 3.56 | 24.84 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.14 | |
| Implied Stock Price (Trading Cur) | 58.23 | 3.31 | 4.77 | 12.41 | 3.56 | 21.80 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.14 | |