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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 77.6x - 85.8x | 81.7x |
| Selected Fwd EBITDA Multiple | 8.5x - 9.4x | 8.9x |
| Fair Value | $7.30 - $8.20 | $7.75 |
| Upside | -24.5% - -15.2% | -19.8% |
| Benchmarks | Ticker | Full Ticker |
| Dell Technologies Inc. | DELL | NYSE:DELL |
| HP Inc. | HPQ | NYSE:HPQ |
| Turtle Beach Corporation | TBCH | NasdaqGM:TBCH |
| Eastman Kodak Company | KODK | NYSE:KODK |
| Pure Storage, Inc. | PSTG | NYSE:PSTG |
| Corsair Gaming, Inc. | CRSR | NasdaqGS:CRSR |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| DELL | HPQ | TBCH | KODK | PSTG | CRSR | ||
| NYSE:DELL | NYSE:HPQ | NasdaqGM:TBCH | NYSE:KODK | NYSE:PSTG | NasdaqGS:CRSR | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 1.9% | 0.1% | 20.1% | 16.2% | NM- | -49.8% | |
| 3Y CAGR | 2.3% | -7.9% | 22.7% | 31.3% | NM- | -78.0% | |
| Latest Twelve Months | 11.6% | -10.8% | 882.3% | 0.6% | -15.3% | -78.7% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 9.6% | 9.4% | 2.3% | 11.3% | 2.0% | 5.3% | |
| Prior Fiscal Year | 10.1% | 9.7% | -4.5% | 17.5% | 7.5% | 4.1% | |
| Latest Fiscal Year | 10.2% | 9.4% | 12.8% | 18.9% | 7.2% | 0.1% | |
| Latest Twelve Months | 10.2% | 8.6% | 12.8% | 16.8% | 6.8% | 0.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.10x | 0.62x | 0.89x | 1.10x | 5.36x | 0.85x | |
| EV / LTM EBITDA | 10.7x | 7.2x | 7.0x | 6.5x | 78.5x | 110.3x | |
| EV / LTM EBIT | 14.8x | 8.7x | 9.5x | 7.8x | 182.6x | -27.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 6.5x | 7.2x | 78.5x | ||||
| Historical EV / LTM EBITDA | 10.3x | 26.3x | 159.1x | ||||
| Selected EV / LTM EBITDA | 77.6x | 81.7x | 85.8x | ||||
| (x) LTM EBITDA | 10 | 10 | 10 | ||||
| (=) Implied Enterprise Value | 811 | 854 | 896 | ||||
| (-) Non-shareholder Claims * | (131) | (131) | (131) | ||||
| (=) Equity Value | 680 | 723 | 766 | ||||
| (/) Shares Outstanding | 105.8 | 105.8 | 105.8 | ||||
| Implied Value Range | 6.43 | 6.83 | 7.24 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 6.43 | 6.83 | 7.24 | 9.66 | |||
| Upside / (Downside) | -33.5% | -29.3% | -25.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | DELL | HPQ | TBCH | KODK | PSTG | CRSR | |
| Enterprise Value | 106,325 | 33,527 | 341 | 1,146 | 17,415 | 1,153 | |
| (+) Cash & Short Term Investments | 7,701 | 2,697 | 12 | 158 | 1,579 | 100 | |
| (+) Investments & Other | 1,649 | 0 | 0 | 0 | 12 | 0 | |
| (-) Debt | (29,626) | (11,916) | (60) | (509) | (272) | (216) | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | 0 | (15) | |
| (-) Preferred Stock | 0 | 0 | 0 | (220) | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 86,049 | 24,308 | 292 | 575 | 18,734 | 1,022 | |
| (/) Shares Outstanding | 676.4 | 939.3 | 20.1 | 80.8 | 326.8 | 105.8 | |
| Implied Stock Price | 127.22 | 25.88 | 14.50 | 7.12 | 57.32 | 9.66 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 127.22 | 25.88 | 14.50 | 7.12 | 57.32 | 9.66 | |
| 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 | |