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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 366.3x - 404.9x | 385.6x |
| Selected Fwd EBITDA Multiple | 37.5x - 41.5x | 39.5x |
| Fair Value | €364.11 - €401.76 | €382.93 |
| Upside | -51.8% - -46.8% | -49.3% |
| Benchmarks | Ticker | Full Ticker |
| Byrna Technologies Inc. | BYRN | NasdaqCM:BYRN |
| VirTra, Inc. | VTSI | NasdaqCM:VTSI |
| The Boeing Company | BA | NYSE:BA |
| TransDigm Group Incorporated | TDG | NYSE:TDG |
| General Electric Company | GE | NYSE:GE |
| Axon Enterprise, Inc. | TCS | DB:TCS |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| BYRN | VTSI | BA | TDG | GE | TCS | ||
| NasdaqCM:BYRN | NasdaqCM:VTSI | NYSE:BA | NYSE:TDG | NYSE:GE | DB:TCS | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | NM- | 35.8% | NM- | 12.6% | 4.7% | 78.2% | |
| 3Y CAGR | NM- | 15.3% | NM- | 25.9% | 57.5% | NM- | |
| Latest Twelve Months | 792.1% | -53.8% | -630.0% | 18.3% | 26.0% | -55.5% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | -9.9% | 15.3% | -2.3% | 45.5% | 13.4% | 2.0% | |
| Prior Fiscal Year | -15.3% | 29.2% | 4.1% | 48.7% | 21.0% | 11.5% | |
| Latest Fiscal Year | 9.5% | 11.9% | -12.3% | 49.2% | 23.1% | 6.0% | |
| Latest Twelve Months | 11.4% | 15.0% | -9.3% | 50.8% | 24.9% | 3.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 4.77x | 2.75x | 2.70x | 13.47x | 6.23x | 24.17x | |
| EV / LTM EBITDA | 42.0x | 18.3x | -29.0x | 26.5x | 25.0x | 687.4x | |
| EV / LTM EBIT | 49.7x | 26.5x | -22.9x | 28.9x | 28.3x | 3439.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -29.0x | 25.0x | 42.0x | ||||
| Historical EV / LTM EBITDA | -323.7x | 123.9x | 266.9x | ||||
| Selected EV / LTM EBITDA | 366.3x | 385.6x | 404.9x | ||||
| (x) LTM EBITDA | 85 | 85 | 85 | ||||
| (=) Implied Enterprise Value | 31,030 | 32,663 | 34,296 | ||||
| (-) Non-shareholder Claims * | 583 | 583 | 583 | ||||
| (=) Equity Value | 31,613 | 33,246 | 34,879 | ||||
| (/) Shares Outstanding | 77.9 | 77.9 | 77.9 | ||||
| Implied Value Range | 406.07 | 427.04 | 448.02 | ||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 350.88 | 369.01 | 387.14 | 755.00 | |||
| Upside / (Downside) | -53.5% | -51.1% | -48.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | BYRN | VTSI | BA | TDG | GE | TCS | |
| Enterprise Value | 486 | 73 | 200,482 | 113,011 | 261,779 | 67,439 | |
| (+) Cash & Short Term Investments | 13 | 18 | 22,258 | 2,463 | 11,459 | 2,231 | |
| (+) Investments & Other | 0 | 0 | 1,036 | 9 | 39,894 | 404 | |
| (-) Debt | (3) | (8) | (55,647) | (25,104) | (19,997) | (2,051) | |
| (-) Other Liabilities | 0 | 0 | 1 | (7) | (210) | 0 | |
| (-) Preferred Stock | 0 | 0 | (6) | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 496 | 82 | 168,124 | 90,372 | 292,925 | 68,021 | |
| (/) Shares Outstanding | 22.7 | 11.3 | 756.2 | 56.2 | 1,060.4 | 77.9 | |
| Implied Stock Price | 21.86 | 7.30 | 222.34 | 1,608.98 | 276.23 | 873.74 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.16 | |
| Implied Stock Price (Trading Cur) | 21.86 | 7.30 | 222.34 | 1,608.98 | 276.23 | 755.00 | |
| 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 | |