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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 35.3x - 39.0x | 37.2x |
| Selected Fwd EBIT Multiple | 5.6x - 6.2x | 5.9x |
| Fair Value | €2.23 - €2.64 | €2.43 |
| Upside | -30.8% - -18.1% | -24.4% |
| Benchmarks | Ticker | Full Ticker |
| Extreme Networks, Inc. | EXTR | NasdaqGS:EXTR |
| Ciena Corporation | CIEN | NYSE:CIEN |
| Calix, Inc. | CALX | NYSE:CALX |
| Harmonic Inc. | HLIT | NasdaqGS:HLIT |
| NetScout Systems, Inc. | NTCT | NasdaqGS:NTCT |
| Ribbon Communications Inc. | NU42 | DB:NU42 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| EXTR | CIEN | CALX | HLIT | NTCT | NU42 | ||
| NasdaqGS:EXTR | NYSE:CIEN | NYSE:CALX | NasdaqGS:HLIT | NasdaqGS:NTCT | DB:NU42 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | -12.6% | NM- | 39.5% | 31.5% | 45.2% | |
| 3Y CAGR | NM- | -26.7% | NM- | 68.4% | 17.1% | 15.6% | |
| Latest Twelve Months | -138.6% | -51.9% | -445.8% | 886.4% | 34.8% | 84.2% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 2.7% | 10.0% | 4.6% | 5.1% | 6.6% | 1.1% | |
| Prior Fiscal Year | 8.5% | 8.8% | 2.5% | 4.7% | 7.1% | -0.4% | |
| Latest Fiscal Year | -2.6% | 4.8% | -5.2% | 13.7% | 9.7% | 3.2% | |
| Latest Twelve Months | -1.7% | 4.5% | -5.7% | 15.9% | 9.7% | 2.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.94x | 2.86x | 3.33x | 1.47x | 1.44x | 1.17x | |
| EV / LTM EBITDA | 1500.4x | 36.4x | -97.6x | 8.3x | 8.3x | 11.3x | |
| EV / LTM EBIT | -112.7x | 63.0x | -58.3x | 9.2x | 14.9x | 42.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -112.7x | 9.2x | 63.0x | ||||
| Historical EV / LTM EBIT | -43.3x | 27.5x | 83.3x | ||||
| Selected EV / LTM EBIT | 35.3x | 37.2x | 39.0x | ||||
| (x) LTM EBIT | 23 | 23 | 23 | ||||
| (=) Implied Enterprise Value | 818 | 862 | 905 | ||||
| (-) Non-shareholder Claims * | (337) | (337) | (337) | ||||
| (=) Equity Value | 482 | 525 | 568 | ||||
| (/) Shares Outstanding | 176.5 | 176.5 | 176.5 | ||||
| Implied Value Range | 2.73 | 2.97 | 3.22 | ||||
| FX Rate: USD/EUR | 1.1 | 1.1 | 1.1 | Market Price | |||
| Implied Value Range (Trading Cur) | 2.40 | 2.62 | 2.83 | 3.22 | |||
| Upside / (Downside) | -25.4% | -18.7% | -12.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | EXTR | CIEN | CALX | HLIT | NTCT | NU42 | |
| Enterprise Value | 2,151 | 11,650 | 2,758 | 1,028 | 1,212 | 982 | |
| (+) Cash & Short Term Investments | 185 | 1,212 | 282 | 149 | 491 | 71 | |
| (+) Investments & Other | 0 | 105 | 0 | 0 | 1 | 0 | |
| (-) Debt | (227) | (1,578) | (7) | (149) | (44) | (408) | |
| (-) 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 | 2,109 | 11,389 | 3,033 | 1,028 | 1,661 | 645 | |
| (/) Shares Outstanding | 133.2 | 142.1 | 64.8 | 113.1 | 71.3 | 176.5 | |
| Implied Stock Price | 15.84 | 80.12 | 46.79 | 9.09 | 23.28 | 3.65 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.13 | |
| Implied Stock Price (Trading Cur) | 15.84 | 80.12 | 46.79 | 9.09 | 23.28 | 3.22 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.13 | |