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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 7.0x - 7.7x | 7.4x |
| Selected Fwd EBIT Multiple | 6.5x - 7.1x | 6.8x |
| Fair Value | €2.80 - €3.10 | €2.95 |
| Upside | 39.8% - 55.2% | 47.5% |
| Benchmarks | Ticker | Full Ticker |
| Aviat Networks, Inc. | AVNW | NasdaqGS:AVNW |
| Cambium Networks Corporation | CMBM | NasdaqGM:CMBM |
| Gilat Satellite Networks Ltd. | GILT | NasdaqGS:GILT |
| Silicom Ltd. | SILC | NasdaqGS:SILC |
| ZTE Corporation | ZTCO.F | OTCPK:ZTCO.F |
| Ceragon Networks Ltd. | GGN | DB:GGN |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| AVNW | CMBM | GILT | SILC | ZTCO.F | GGN | ||
| NasdaqGS:AVNW | NasdaqGM:CMBM | NasdaqGS:GILT | NasdaqGS:SILC | OTCPK:ZTCO.F | DB:GGN | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 71.8% | NM- | -3.7% | NM- | 18.3% | 44.2% | |
| 3Y CAGR | 8.7% | NM- | 96.6% | NM- | 10.2% | 111.3% | |
| Latest Twelve Months | -10.9% | -745.5% | -42.3% | -143.0% | -16.8% | 63.5% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 7.1% | -4.0% | 3.2% | 2.5% | 6.9% | 2.7% | |
| Prior Fiscal Year | 8.0% | 6.7% | 7.5% | 1.7% | 8.1% | 6.6% | |
| Latest Fiscal Year | 7.7% | -27.6% | 7.0% | -22.8% | 8.2% | 10.9% | |
| Latest Twelve Months | 4.3% | -48.1% | 4.7% | -22.4% | 6.9% | 10.1% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.75x | 0.33x | 1.41x | 0.29x | 1.07x | 0.55x | |
| EV / LTM EBITDA | 12.7x | -0.8x | 15.5x | -1.5x | 13.0x | 4.1x | |
| EV / LTM EBIT | 17.7x | -0.7x | 29.7x | -1.3x | 15.5x | 5.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -1.3x | 15.5x | 29.7x | ||||
| Historical EV / LTM EBIT | -28.9x | 17.1x | 58.2x | ||||
| Selected EV / LTM EBIT | 7.0x | 7.4x | 7.7x | ||||
| (x) LTM EBIT | 40 | 40 | 40 | ||||
| (=) Implied Enterprise Value | 279 | 294 | 308 | ||||
| (-) Non-shareholder Claims * | (13) | (13) | (13) | ||||
| (=) Equity Value | 266 | 281 | 295 | ||||
| (/) Shares Outstanding | 88.9 | 88.9 | 88.9 | ||||
| Implied Value Range | 2.99 | 3.16 | 3.32 | ||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 2.57 | 2.72 | 2.86 | 2.00 | |||
| Upside / (Downside) | 28.7% | 35.8% | 42.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | AVNW | CMBM | GILT | SILC | ZTCO.F | GGN | |
| Enterprise Value | 328 | 57 | 453 | 17 | 188,604 | 220 | |
| (+) Cash & Short Term Investments | 49 | 46 | 64 | 72 | 59,470 | 28 | |
| (+) Investments & Other | 0 | 0 | 0 | 5 | 29,414 | 0 | |
| (-) Debt | (77) | (77) | (67) | (6) | (65,645) | (41) | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | (285) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 300 | 27 | 450 | 87 | 211,558 | 207 | |
| (/) Shares Outstanding | 12.7 | 28.2 | 57.1 | 5.7 | 9,067.5 | 88.9 | |
| Implied Stock Price | 23.64 | 0.96 | 7.89 | 15.41 | 23.33 | 2.32 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 7.18 | 1.16 | |
| Implied Stock Price (Trading Cur) | 23.64 | 0.96 | 7.89 | 15.41 | 3.25 | 2.00 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 7.18 | 1.16 | |