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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 6.5x - 7.2x | 6.8x |
| Selected Fwd Revenue Multiple | 4.0x - 4.4x | 4.2x |
| Fair Value | $25.48 - $28.05 | $26.76 |
| Upside | 43.1% - 57.6% | 50.4% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Axon Enterprise, Inc. | AXON | NasdaqGS:AXON |
| Sidus Space, Inc. | SIDU | NasdaqCM:SIDU |
| TransDigm Group Incorporated | TDG | NYSE:TDG |
| AeroVironment, Inc. | AVAV | NasdaqGS:AVAV |
| AerSale Corporation | ASLE | NasdaqCM:ASLE |
| Byrna Technologies Inc. | BYRN | NasdaqCM:BYRN |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| AXON | SIDU | TDG | AVAV | ASLE | BYRN | |||
| NasdaqGS:AXON | NasdaqCM:SIDU | NYSE:TDG | NasdaqGS:AVAV | NasdaqCM:ASLE | NasdaqCM:BYRN | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 31.4% | NM- | 8.7% | 17.9% | 2.6% | 147.4% | ||
| 3Y CAGR | 34.1% | 48.9% | 18.3% | 22.0% | 0.5% | 26.7% | ||
| Latest Twelve Months | 33.4% | -25.3% | 16.9% | 5.2% | 3.2% | 101.1% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | -0.4% | -189.8% | 40.4% | 6.9% | 5.9% | -39.8% | ||
| Prior Fiscal Year | 10.2% | -148.7% | 44.6% | 4.3% | -3.2% | -18.3% | ||
| Latest Fiscal Year | 3.7% | -206.4% | 45.3% | 10.3% | 2.8% | 7.8% | ||
| Latest Twelve Months | 3.7% | -257.5% | 46.5% | 4.7% | 2.8% | 7.8% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 20.10x | 4.22x | 12.26x | 4.70x | 1.49x | 4.57x | ||
| EV / LTM EBIT | 544.6x | -1.6x | 26.4x | 100.2x | 52.7x | 58.8x | ||
| Price / LTM Sales | 20.22x | 3.02x | 9.49x | 4.68x | 1.30x | 4.84x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 1.49x | 4.70x | 20.10x | |||||
| Historical EV / LTM Revenue | 2.72x | 4.57x | 33.79x | |||||
| Selected EV / LTM Revenue | 6.49x | 6.84x | 7.18x | |||||
| (x) LTM Revenue | 86 | 86 | 86 | |||||
| (=) Implied Enterprise Value | 557 | 586 | 616 | |||||
| (-) Non-shareholder Claims * | 23 | 23 | 23 | |||||
| (=) Equity Value | 580 | 609 | 639 | |||||
| (/) Shares Outstanding | 22.6 | 22.6 | 22.6 | |||||
| Implied Value Range | 25.61 | 26.90 | 28.20 | |||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 25.61 | 26.90 | 28.20 | 17.80 | ||||
| Upside / (Downside) | 43.9% | 51.1% | 58.4% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | AXON | SIDU | TDG | AVAV | ASLE | BYRN | |
| Enterprise Value | 42,249 | 22 | 100,757 | 3,517 | 514 | 380 | |
| (+) Cash & Short Term Investments | 986 | 1 | 2,518 | 47 | 10 | 26 | |
| (+) Investments & Other | 333 | 0 | 26 | 26 | 0 | 0 | |
| (-) Debt | (731) | (7) | (25,110) | (59) | (76) | (3) | |
| (-) Other Liabilities | 0 | 0 | (7) | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 42,837 | 16 | 78,184 | 3,530 | 448 | 403 | |
| (/) Shares Outstanding | 76.6 | 9.8 | 56.1 | 28.0 | 53.3 | 22.6 | |
| Implied Stock Price | 559.06 | 1.65 | 1,394.04 | 126.00 | 8.40 | 17.80 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 559.06 | 1.65 | 1,394.04 | 126.00 | 8.40 | 17.80 | |
| Trading Currency | USD | USD | USD | USD | USD | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |