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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBITDA Multiple | 8.4x - 9.3x | 8.9x |
Selected Fwd EBITDA Multiple | 4.6x - 5.0x | 4.8x |
Fair Value | $29.25 - $30.67 | $29.96 |
Upside | 9.2% - 14.5% | 11.8% |
Benchmarks | Ticker | Full Ticker |
Ultra Clean Holdings, Inc. | UCTT | NasdaqGS:UCTT |
Semtech Corporation | SMTC | NasdaqGS:SMTC |
Onto Innovation Inc. | ONTO | NYSE:ONTO |
FormFactor, Inc. | FORM | NasdaqGS:FORM |
Diodes Incorporated | DIOD | NasdaqGS:DIOD |
Alpha and Omega Semiconductor Limited | AOSL | NasdaqGS:AOSL |
- | - | - |
Select LTM EBITDA Multiple | |||||||
Benchmark Companies | |||||||
UCTT | SMTC | ONTO | FORM | DIOD | AOSL | ||
NasdaqGS:UCTT | NasdaqGS:SMTC | NYSE:ONTO | NasdaqGS:FORM | NasdaqGS:DIOD | NasdaqGS:AOSL | ||
Historical EBITDA Growth | |||||||
5Y CAGR | 14.9% | 2.8% | 46.3% | -4.1% | -8.0% | 15.0% | |
3Y CAGR | -12.7% | -15.6% | 3.9% | -19.4% | -22.1% | -24.8% | |
Latest Twelve Months | 47.5% | 194.4% | 39.2% | 72.5% | -41.1% | -19.1% | |
Historical EBITDA Profit Margin | |||||||
5 Year Average Margin | 9.9% | 16.7% | 24.9% | 14.0% | 21.4% | 12.0% | |
Prior Fiscal Year | 5.9% | 5.2% | 22.5% | 7.2% | 23.3% | 9.5% | |
Latest Fiscal Year | 8.0% | 11.6% | 25.3% | 10.1% | 14.4% | 7.5% | |
Latest Twelve Months | 7.7% | 14.3% | 26.2% | 10.5% | 13.6% | 6.2% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 0.71x | 4.78x | 4.04x | 3.19x | 1.85x | 0.52x | |
EV / LTM EBITDA | 9.3x | 33.3x | 15.4x | 30.4x | 13.6x | 8.4x | |
EV / LTM EBIT | 17.3x | 48.5x | 19.7x | 52.6x | 55.6x | -19.3x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBITDA | 9.3x | 15.4x | 33.3x | ||||
Historical EV / LTM EBITDA | 1.9x | 10.4x | 17.5x | ||||
Selected EV / LTM EBITDA | 8.4x | 8.9x | 9.3x | ||||
(x) LTM EBITDA | 42 | 42 | 42 | ||||
(=) Implied Enterprise Value | 353 | 371 | 390 | ||||
(-) Non-shareholder Claims * | 469 | 469 | 469 | ||||
(=) Equity Value | 822 | 841 | 859 | ||||
(/) Shares Outstanding | 29.8 | 29.8 | 29.8 | ||||
Implied Value Range | 27.63 | 28.26 | 28.88 | ||||
FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 27.63 | 28.26 | 28.88 | 26.79 | |||
Upside / (Downside) | 3.1% | 5.5% | 7.8% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | UCTT | SMTC | ONTO | FORM | DIOD | AOSL | |
Enterprise Value | 1,503 | 4,466 | 4,001 | 2,347 | 2,417 | 328 | |
(+) Cash & Short Term Investments | 318 | 169 | 851 | 299 | 344 | 170 | |
(+) Investments & Other | 0 | 0 | 8 | 69 | 0 | 354 | |
(-) Debt | (646) | (569) | (15) | (37) | (90) | (55) | |
(-) Other Liabilities | (65) | 0 | 0 | 0 | (71) | 0 | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 1,110 | 4,066 | 4,845 | 2,678 | 2,600 | 797 | |
(/) Shares Outstanding | 45.1 | 86.6 | 48.9 | 77.1 | 46.4 | 29.8 | |
Implied Stock Price | 24.58 | 46.93 | 99.00 | 34.74 | 56.03 | 26.79 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 24.58 | 46.93 | 99.00 | 34.74 | 56.03 | 26.79 | |
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 |