Looks like there`s been an error while trying to load this page.
Our team has been notified but please contact us using the email support widget if the problem persists.
Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBITDA Multiple | 5.4x - 5.9x | 5.6x |
Selected Fwd EBITDA Multiple | 4.5x - 5.0x | 4.7x |
Fair Value | €8.58 - €13.62 | €11.10 |
Upside | -33.9% - 5.0% | -14.5% |
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 EBITDA Multiple | |||||||
Benchmark Companies | |||||||
KVHI | CMTL | MSI | CSCO | GILT | VS1 | ||
NasdaqGS:KVHI | NasdaqGS:CMTL | NYSE:MSI | NasdaqGS:CSCO | NasdaqGS:GILT | DB:VS1 | ||
Historical EBITDA Growth | |||||||
5Y CAGR | NM- | -14.1% | 8.4% | -1.3% | -1.1% | 33.3% | |
3Y CAGR | NM- | -18.8% | 11.5% | -0.5% | 36.4% | 50.6% | |
Latest Twelve Months | 83.7% | -137.6% | 9.7% | -12.8% | -27.1% | 285.7% | |
Historical EBITDA Profit Margin | |||||||
5 Year Average Margin | 1.4% | 7.1% | 27.8% | 30.2% | 8.2% | 15.7% | |
Prior Fiscal Year | 1.6% | 7.2% | 28.3% | 30.2% | 12.5% | 8.3% | |
Latest Fiscal Year | 5.6% | 6.6% | 29.3% | 28.4% | 11.5% | 30.5% | |
Latest Twelve Months | 3.4% | -3.8% | 29.4% | 26.5% | 9.1% | 30.5% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 0.52x | 0.96x | 6.79x | 5.10x | 1.35x | 1.76x | |
EV / LTM EBITDA | 15.1x | -25.1x | 23.1x | 19.2x | 14.8x | 5.8x | |
EV / LTM EBIT | -6.2x | -8.9x | 25.8x | 23.5x | 28.4x | 110.6x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBITDA | -25.1x | 15.1x | 23.1x | ||||
Historical EV / LTM EBITDA | 5.8x | 15.5x | 55.0x | ||||
Selected EV / LTM EBITDA | 5.4x | 5.6x | 5.9x | ||||
(x) LTM EBITDA | 1,378 | 1,378 | 1,378 | ||||
(=) Implied Enterprise Value | 7,387 | 7,776 | 8,165 | ||||
(-) Non-shareholder Claims * | (5,994) | (5,994) | (5,994) | ||||
(=) Equity Value | 1,393 | 1,782 | 2,171 | ||||
(/) Shares Outstanding | 130.3 | 130.3 | 130.3 | ||||
Implied Value Range | 10.69 | 13.67 | 16.66 | ||||
FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
Implied Value Range (Trading Cur) | 9.15 | 11.70 | 14.25 | 12.98 | |||
Upside / (Downside) | -29.5% | -9.8% | 9.8% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | KVHI | CMTL | MSI | CSCO | GILT | VS1 | |
Enterprise Value | 57 | 478 | 74,340 | 281,435 | 433 | 7,970 | |
(+) 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 | 104 | 84 | 69,442 | 269,082 | 430 | 1,976 | |
(/) Shares Outstanding | 19.6 | 29.4 | 166.9 | 3,960.0 | 57.1 | 130.3 | |
Implied Stock Price | 5.32 | 2.87 | 416.03 | 67.95 | 7.53 | 15.16 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.17 | |
Implied Stock Price (Trading Cur) | 5.32 | 2.87 | 416.03 | 67.95 | 7.53 | 12.98 | |
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 |