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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | -15.7x - -17.3x | -16.5x |
| Selected Fwd EBIT Multiple | -33.3x - -36.8x | -35.0x |
| Fair Value | $2.25 - $2.59 | $2.42 |
| Upside | -53.1% - -46.0% | -49.5% |
| Benchmarks | Ticker | Full Ticker |
| Coherent Corp. | COHR | NYSE:COHR |
| MultiSensor AI Holdings, Inc. | MSAI | NasdaqCM:MSAI |
| Itron, Inc. | ITRI | NasdaqGS:ITRI |
| Identiv, Inc. | INVE | NasdaqCM:INVE |
| Cemtrex, Inc. | CETX | NasdaqCM:CETX |
| LightPath Technologies, Inc. | LPTH | NasdaqCM:LPTH |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| COHR | MSAI | ITRI | INVE | CETX | LPTH | ||
| NYSE:COHR | NasdaqCM:MSAI | NasdaqGS:ITRI | NasdaqCM:INVE | NasdaqCM:CETX | NasdaqCM:LPTH | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 34.1% | NM- | 14.4% | NM- | NM- | NM- | |
| 3Y CAGR | 10.0% | NM- | 93.0% | NM- | NM- | NM- | |
| Latest Twelve Months | 348.1% | 15.5% | 22.9% | -46.0% | 138.3% | -43.1% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 8.4% | -240.6% | 5.3% | -24.7% | -12.6% | -10.1% | |
| Prior Fiscal Year | 2.6% | -352.3% | 7.9% | -30.7% | -2.5% | -11.0% | |
| Latest Fiscal Year | 9.5% | -250.7% | 10.9% | -103.0% | -7.1% | -24.3% | |
| Latest Twelve Months | 9.5% | -341.7% | 11.9% | -113.9% | 2.5% | -27.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.44x | 3.97x | 2.35x | -1.72x | 0.28x | 7.38x | |
| EV / LTM EBITDA | 18.1x | -1.2x | 16.6x | 1.6x | 6.6x | -51.9x | |
| EV / LTM EBIT | 36.2x | -1.2x | 19.7x | 1.5x | 11.2x | -27.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -1.2x | 11.2x | 36.2x | ||||
| Historical EV / LTM EBIT | -14.7x | -8.8x | 80.0x | ||||
| Selected EV / LTM EBIT | -15.7x | -16.5x | -17.3x | ||||
| (x) LTM EBIT | (9) | (9) | (9) | ||||
| (=) Implied Enterprise Value | 144 | 152 | 159 | ||||
| (-) Non-shareholder Claims * | (42) | (42) | (42) | ||||
| (=) Equity Value | 102 | 109 | 117 | ||||
| (/) Shares Outstanding | 42.9 | 42.9 | 42.9 | ||||
| Implied Value Range | 2.37 | 2.55 | 2.73 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 2.37 | 2.55 | 2.73 | 4.80 | |||
| Upside / (Downside) | -50.6% | -46.9% | -43.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | COHR | MSAI | ITRI | INVE | CETX | LPTH | |
| Enterprise Value | 19,970 | 22 | 5,735 | (41) | 21 | 248 | |
| (+) Cash & Short Term Investments | 909 | 3 | 1,224 | 129 | 7 | 6 | |
| (+) Investments & Other | 0 | 0 | 0 | 0 | 1 | 0 | |
| (-) Debt | (3,910) | (0) | (1,272) | (2) | (23) | (14) | |
| (-) Other Liabilities | (354) | 0 | (21) | 0 | (0) | 0 | |
| (-) Preferred Stock | (2,483) | 0 | 0 | (0) | 0 | (34) | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 14,133 | 25 | 5,666 | 87 | 7 | 206 | |
| (/) Shares Outstanding | 155.8 | 34.6 | 45.7 | 23.7 | 5.7 | 42.9 | |
| Implied Stock Price | 90.71 | 0.73 | 123.93 | 3.67 | 1.22 | 4.80 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 90.71 | 0.73 | 123.93 | 3.67 | 1.22 | 4.80 | |
| 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 | |