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Metrics | Range | Conclusion |
---|---|---|
Selected LTM Ps Multiple | 1.3x - 1.5x | 1.4x |
Selected Fwd Ps Multiple | 1.2x - 1.3x | 1.3x |
Fair Value | $29.40 - $32.49 | $30.94 |
Upside | 1.8% - 12.5% | 7.1% |
Benchmarks | Ticker | Full Ticker |
---|---|---|
Ultra Clean Holdings, Inc. | - | NasdaqGS:UCTT |
Semtech Corporation | - | NasdaqGS:SMTC |
Onto Innovation Inc. | - | NYSE:ONTO |
FormFactor, Inc. | - | NasdaqGS:FORM |
Diodes Incorporated | - | NasdaqGS:DIOD |
Alpha and Omega Semiconductor Limited | - | NasdaqGS:AOSL |
Select Price / LTM Sales Ratio | ||||||||
Benchmark Companies | ||||||||
UCTT | SMTC | ONTO | FORM | DIOD | AOSL | |||
NasdaqGS:UCTT | NasdaqGS:SMTC | NYSE:ONTO | NasdaqGS:FORM | NasdaqGS:DIOD | NasdaqGS:AOSL | |||
Historical Sales Growth | ||||||||
5Y CAGR | 14.5% | 10.7% | 26.4% | 5.3% | 1.0% | 7.8% | ||
3Y CAGR | -0.1% | 7.1% | 7.8% | -0.3% | -10.1% | 0.0% | ||
Latest Twelve Months | 20.2% | 13.8% | 21.2% | 15.3% | -10.4% | 3.6% | ||
Historical Net Income Profit Margin | ||||||||
5 Year Average Margin | 2.7% | -22.9% | 15.7% | 10.0% | 11.5% | 12.8% | ||
Prior Fiscal Year | -1.8% | -125.7% | 14.9% | 12.4% | 13.7% | 1.8% | ||
Latest Fiscal Year | 1.1% | -17.8% | 20.4% | 9.1% | 3.4% | -1.7% | ||
Latest Twelve Months | 1.3% | -12.5% | 21.4% | 7.1% | 1.9% | -3.3% | ||
Current Trading Multiples | ||||||||
EV / LTM EBITDA | 9.3x | 36.5x | 15.0x | 30.1x | 13.0x | 9.3x | ||
Price / LTM Sales | 0.5x | 4.8x | 4.8x | 3.6x | 1.9x | 1.3x | ||
LTM P/E Ratio | 40.0x | -38.5x | 22.3x | 50.6x | 100.4x | -38.0x | ||
Low | Mid | High | ||||||
Benchmark LTM P/S Ratio | 0.5x | 3.6x | 4.8x | |||||
Historical LTM P/S Ratio | 0.6x | 1.2x | 1.6x | |||||
Selected Price / Sales Multiple | 1.3x | 1.4x | 1.5x | |||||
(x) LTM Sales | 681 | 681 | 681 | |||||
(=) Equity Value | 897 | 945 | 992 | |||||
(/) Shares Outstanding | 29.8 | 29.8 | 29.8 | |||||
Implied Value Range | 30.16 | 31.74 | 33.33 | |||||
FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | ||||
Implied Value Range (Trading Cur) | 30.16 | 31.74 | 33.33 | 28.89 | ||||
Upside / (Downside) | 4.4% | 9.9% | 15.4% |
Equity Value | |||||||
Benchmark Companies | |||||||
(in millions) | UCTT | SMTC | ONTO | FORM | DIOD | AOSL | |
Value of Common Equity | 1,125 | 4,597 | 4,876 | 2,745 | 2,564 | 860 | |
(/) Shares Outstanding | 45.1 | 86.6 | 48.9 | 77.1 | 46.4 | 29.8 | |
Implied Stock Price | 24.92 | 53.06 | 99.64 | 35.62 | 55.26 | 28.89 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 24.92 | 53.06 | 99.64 | 35.62 | 55.26 | 28.89 | |
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 |