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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 8.0x - 8.8x | 8.4x |
| Selected Fwd EBITDA Multiple | 6.9x - 7.6x | 7.3x |
| Fair Value | €6.37 - €6.97 | €6.67 |
| Upside | 1.2% - 10.7% | 5.9% |
| Benchmarks | Ticker | Full Ticker |
| Nokia Oyj | NOKB.F | OTCPK:NOKB.F |
| Yealink Network Technology Co., Ltd. | 300628 | SZSE:300628 |
| Sangoma Technologies Corporation | STC | TSX:STC |
| Plover Bay Technologies Limited | 1523 | SEHK:1523 |
| Apple Inc. | AAPL_KZ | KAS:AAPL_KZ |
| Vtech Holdings Limited | VTCB | DB:VTCB |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| NOKB.F | 300628 | STC | 1523 | AAPL_KZ | VTCB | ||
| OTCPK:NOKB.F | SZSE:300628 | TSX:STC | SEHK:1523 | KAS:AAPL_KZ | DB:VTCB | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 1.6% | 17.1% | 18.1% | 25.1% | 12.0% | -2.7% | |
| 3Y CAGR | 3.5% | 18.5% | 11.3% | 20.0% | 3.8% | -3.7% | |
| Latest Twelve Months | -15.6% | 27.2% | -74.1% | 35.2% | 7.1% | -4.5% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 13.6% | 46.0% | 8.6% | 34.1% | 32.5% | 10.8% | |
| Prior Fiscal Year | 13.6% | 45.1% | 7.1% | 35.5% | 32.8% | 10.8% | |
| Latest Fiscal Year | 15.4% | 47.5% | 7.7% | 38.7% | 34.4% | 10.1% | |
| Latest Twelve Months | 12.3% | 47.3% | 1.9% | 38.7% | 34.7% | 10.1% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.88x | 6.56x | 1.00x | 6.97x | 7.89x | 0.74x | |
| EV / LTM EBITDA | 7.2x | 13.9x | 53.7x | 18.0x | 22.8x | 7.4x | |
| EV / LTM EBIT | 10.9x | 14.3x | -116.9x | 18.7x | 24.8x | 8.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 7.2x | 18.0x | 53.7x | ||||
| Historical EV / LTM EBITDA | 7.0x | 7.4x | 8.1x | ||||
| Selected EV / LTM EBITDA | 8.0x | 8.4x | 8.8x | ||||
| (x) LTM EBITDA | 220 | 220 | 220 | ||||
| (=) Implied Enterprise Value | 1,752 | 1,844 | 1,936 | ||||
| (-) Non-shareholder Claims * | 199 | 199 | 199 | ||||
| (=) Equity Value | 1,951 | 2,043 | 2,135 | ||||
| (/) Shares Outstanding | 252.8 | 252.8 | 252.8 | ||||
| Implied Value Range | 7.72 | 8.08 | 8.45 | ||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 6.57 | 6.88 | 7.19 | 6.30 | |||
| Upside / (Downside) | 4.3% | 9.2% | 14.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | NOKB.F | 300628 | STC | 1523 | AAPL_KZ | VTCB | |
| Enterprise Value | 17,048 | 36,961 | 237 | 814 | 3,168,999 | 1,672 | |
| (+) Cash & Short Term Investments | 5,552 | 6,689 | 18 | 66 | 48,498 | 336 | |
| (+) Investments & Other | 1,646 | 183 | 0 | 0 | 84,424 | 6 | |
| (-) Debt | (4,100) | (9) | (62) | (11) | (98,186) | (142) | |
| (-) Other Liabilities | (92) | 0 | 0 | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 20,054 | 43,824 | 192 | 868 | 3,203,735 | 1,871 | |
| (/) Shares Outstanding | 5,391.2 | 1,265.1 | 33.5 | 1,102.9 | 14,935.8 | 252.8 | |
| Implied Stock Price | 3.72 | 34.64 | 5.73 | 0.79 | 214.50 | 7.40 | |
| FX Conversion Rate to Trading Currency | 0.85 | 1.00 | 0.73 | 0.13 | 1.00 | 1.17 | |
| Implied Stock Price (Trading Cur) | 4.37 | 34.64 | 7.85 | 6.18 | 214.50 | 6.30 | |
| Trading Currency | USD | CNY | CAD | HKD | USD | EUR | |
| FX Rate to Reporting Currency | 0.85 | 1.00 | 0.73 | 0.13 | 1.00 | 1.17 | |