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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 96.9x - 107.1x | 102.0x |
| Selected Fwd EBIT Multiple | 12.9x - 14.2x | 13.5x |
| Fair Value | €6.54 - €11.36 | €8.95 |
| Upside | -46.4% - -6.9% | -26.7% |
| Benchmarks | Ticker | Full Ticker |
| KVH Industries, Inc. | KVHI | NasdaqGS:KVHI |
| Comtech Telecommunications Corp. | CMTL | NasdaqGS:CMTL |
| Motorola Solutions, Inc. | MSI | NYSE:MSI |
| Cisco Systems, Inc. | CSCO | NasdaqGS:CSCO |
| Gilat Satellite Networks Ltd. | GILT | NasdaqGS:GILT |
| Viasat, Inc. | VS1 | DB:VS1 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| KVHI | CMTL | MSI | CSCO | GILT | VS1 | ||
| NasdaqGS:KVHI | NasdaqGS:CMTL | NYSE:MSI | NasdaqGS:CSCO | NasdaqGS:GILT | DB:VS1 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | -51.5% | 10.4% | -2.1% | -3.7% | 13.4% | |
| 3Y CAGR | NM- | -67.6% | 15.2% | -1.7% | 96.6% | NM- | |
| Latest Twelve Months | 17.8% | -428.6% | 11.2% | -19.2% | -42.3% | 109.7% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | -8.2% | 1.0% | 23.3% | 26.5% | 3.2% | -4.7% | |
| Prior Fiscal Year | -8.6% | 1.0% | 24.7% | 27.3% | 7.5% | -17.3% | |
| Latest Fiscal Year | -6.1% | 0.2% | 26.2% | 24.3% | 7.0% | 1.6% | |
| Latest Twelve Months | -8.4% | -10.8% | 26.4% | 21.6% | 4.7% | 1.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.50x | 0.94x | 6.83x | 5.15x | 1.26x | 1.75x | |
| EV / LTM EBITDA | 14.8x | -24.4x | 23.2x | 19.4x | 13.8x | 5.7x | |
| EV / LTM EBIT | -6.0x | -8.7x | 25.9x | 23.8x | 26.5x | 109.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -8.7x | 23.8x | 26.5x | ||||
| Historical EV / LTM EBIT | -214.7x | -10.4x | 120.2x | ||||
| Selected EV / LTM EBIT | 96.9x | 102.0x | 107.1x | ||||
| (x) LTM EBIT | 72 | 72 | 72 | ||||
| (=) Implied Enterprise Value | 6,967 | 7,334 | 7,701 | ||||
| (-) Non-shareholder Claims * | (5,994) | (5,994) | (5,994) | ||||
| (=) Equity Value | 973 | 1,340 | 1,706 | ||||
| (/) Shares Outstanding | 130.3 | 130.3 | 130.3 | ||||
| Implied Value Range | 7.47 | 10.28 | 13.09 | ||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 6.38 | 8.78 | 11.19 | 12.21 | |||
| Upside / (Downside) | -47.7% | -28.0% | -8.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | KVHI | CMTL | MSI | CSCO | GILT | VS1 | |
| Enterprise Value | 56 | 465 | 74,779 | 284,207 | 404 | 7,856 | |
| (+) Cash & Short Term Investments | 49 | 28 | 1,564 | 16,392 | 64 | 1,612 | |
| (+) Investments & Other | 0 | 0 | 81 | 2,000 | 0 | 0 | |
| (-) Debt | (1) | (252) | (6,525) | (30,745) | (67) | (7,516) | |
| (-) Other Liabilities | 0 | 0 | (18) | 0 | 0 | (91) | |
| (-) Preferred Stock | 0 | (170) | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 103 | 72 | 69,881 | 271,854 | 401 | 1,862 | |
| (/) Shares Outstanding | 19.6 | 29.4 | 166.9 | 3,960.0 | 57.1 | 130.3 | |
| Implied Stock Price | 5.26 | 2.46 | 418.66 | 68.65 | 7.02 | 14.29 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.17 | |
| Implied Stock Price (Trading Cur) | 5.26 | 2.46 | 418.66 | 68.65 | 7.02 | 12.21 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.17 | |