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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 9.3x - 10.3x | 9.8x |
| Selected Fwd Revenue Multiple | 7.9x - 8.8x | 8.3x |
| Fair Value | $170.49 - $189.47 | $179.98 |
| Upside | -5.7% - 4.8% | -0.5% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Microchip Technology Incorporated | MCHP | NasdaqGS:MCHP |
| Skyworks Solutions, Inc. | SWKS | NasdaqGS:SWKS |
| QUALCOMM Incorporated | QCOM | NasdaqGS:QCOM |
| Power Integrations, Inc. | POWI | NasdaqGS:POWI |
| Applied Materials, Inc. | AMAT | NasdaqGS:AMAT |
| Analog Devices, Inc. | ADI | NasdaqGS:ADI |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| MCHP | SWKS | QCOM | POWI | AMAT | ADI | |||
| NasdaqGS:MCHP | NasdaqGS:SWKS | NasdaqGS:QCOM | NasdaqGS:POWI | NasdaqGS:AMAT | NasdaqGS:ADI | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 7.4% | 4.4% | 9.9% | -0.1% | 13.2% | 9.5% | ||
| 3Y CAGR | 12.0% | -6.5% | 5.1% | -15.9% | 5.6% | 8.8% | ||
| Latest Twelve Months | -44.3% | -12.9% | 12.1% | -5.8% | 4.3% | -19.3% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 25.9% | 26.5% | 28.4% | 16.5% | 28.9% | 28.8% | ||
| Prior Fiscal Year | 36.9% | 24.2% | 24.1% | 7.9% | 28.9% | 32.3% | ||
| Latest Fiscal Year | 33.5% | 18.8% | 26.3% | 4.3% | 28.9% | 21.9% | ||
| Latest Twelve Months | 13.5% | 17.2% | 26.7% | 4.3% | 29.2% | 21.6% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 5.91x | 1.96x | 3.45x | 5.25x | 3.58x | 9.26x | ||
| EV / LTM EBIT | 43.8x | 11.4x | 12.9x | 122.7x | 12.2x | 42.9x | ||
| Price / LTM Sales | 4.60x | 2.10x | 3.45x | 5.93x | 3.73x | 8.74x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 1.96x | 3.58x | 5.91x | |||||
| Historical EV / LTM Revenue | 6.57x | 8.86x | 14.92x | |||||
| Selected EV / LTM Revenue | 9.31x | 9.80x | 10.29x | |||||
| (x) LTM Revenue | 9,338 | 9,338 | 9,338 | |||||
| (=) Implied Enterprise Value | 86,964 | 91,541 | 96,118 | |||||
| (-) Non-shareholder Claims * | (4,898) | (4,898) | (4,898) | |||||
| (=) Equity Value | 82,067 | 86,644 | 91,221 | |||||
| (/) Shares Outstanding | 496.0 | 496.0 | 496.0 | |||||
| Implied Value Range | 165.46 | 174.69 | 183.92 | |||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 165.46 | 174.69 | 183.92 | 180.88 | ||||
| Upside / (Downside) | -8.5% | -3.4% | 1.7% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | MCHP | SWKS | QCOM | POWI | AMAT | ADI | |
| Enterprise Value | 28,093 | 8,561 | 153,655 | 2,272 | 105,783 | 94,610 | |
| (+) Cash & Short Term Investments | 586 | 1,739 | 14,305 | 300 | 8,213 | 2,721 | |
| (+) Investments & Other | 0 | 16 | 0 | 0 | 2,686 | 0 | |
| (-) Debt | (6,784) | (1,193) | (14,577) | (16) | (6,588) | (7,619) | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 21,895 | 9,123 | 153,383 | 2,556 | 110,094 | 89,712 | |
| (/) Shares Outstanding | 537.8 | 160.7 | 1,100.2 | 56.9 | 812.4 | 496.0 | |
| Implied Stock Price | 40.71 | 56.76 | 139.42 | 44.90 | 135.51 | 180.88 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 40.71 | 56.76 | 139.42 | 44.90 | 135.51 | 180.88 | |
| 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 | |