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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 14.5x - 16.0x | 15.2x |
| Selected Fwd EBIT Multiple | 10.1x - 11.2x | 10.6x |
| Fair Value | $6.07 - $7.39 | $6.73 |
| Upside | -14.7% - 3.9% | -5.4% |
| Benchmarks | Ticker | Full Ticker |
| Aerkomm Inc. | AKOM | OTCPK:AKOM |
| SurgePays, Inc. | SURG | NasdaqCM:SURG |
| United States Cellular Corporation | USM | NYSE:USM |
| KonaTel, Inc. | KTEL | OTCPK:KTEL |
| KORE Group Holdings, Inc. | KORE | NYSE:KORE |
| Gogo Inc. | GOGO | NasdaqGS:GOGO |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| AKOM | SURG | USM | KTEL | KORE | GOGO | ||
| OTCPK:AKOM | NasdaqCM:SURG | NYSE:USM | OTCPK:KTEL | NYSE:KORE | NasdaqGS:GOGO | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | NM- | 2.2% | NM- | NM- | 1.6% | |
| 3Y CAGR | NM- | NM- | -8.8% | NM- | NM- | -4.6% | |
| Latest Twelve Months | -29.1% | -321.5% | -5.8% | -193.4% | -2.8% | -15.6% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | -2938.5% | -10.1% | 3.8% | -10.0% | -9.4% | 33.4% | |
| Prior Fiscal Year | NA | 13.8% | 3.9% | -12.8% | -10.2% | 31.2% | |
| Latest Fiscal Year | -2313.0% | -68.6% | 3.8% | -17.1% | -14.6% | 23.6% | |
| Latest Twelve Months | -5506.0% | -68.6% | 3.8% | -26.9% | -12.8% | 23.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 89.83x | 0.67x | 2.39x | 0.61x | 1.66x | 4.04x | |
| EV / LTM EBITDA | -1.7x | -1.0x | 11.1x | -2.3x | 22.5x | 14.5x | |
| EV / LTM EBIT | -1.6x | -1.0x | 62.3x | -2.3x | -13.0x | 17.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -13.0x | -1.6x | 62.3x | ||||
| Historical EV / LTM EBIT | 13.4x | 18.3x | 21.6x | ||||
| Selected EV / LTM EBIT | 14.5x | 15.2x | 16.0x | ||||
| (x) LTM EBIT | 105 | 105 | 105 | ||||
| (=) Implied Enterprise Value | 1,517 | 1,597 | 1,677 | ||||
| (-) Non-shareholder Claims * | (853) | (853) | (853) | ||||
| (=) Equity Value | 664 | 744 | 824 | ||||
| (/) Shares Outstanding | 131.4 | 131.4 | 131.4 | ||||
| Implied Value Range | 5.06 | 5.66 | 6.27 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 5.06 | 5.66 | 6.27 | 7.12 | |||
| Upside / (Downside) | -29.0% | -20.5% | -11.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | AKOM | SURG | USM | KTEL | KORE | GOGO | |
| Enterprise Value | 33 | 41 | 9,020 | 11 | 474 | 1,788 | |
| (+) Cash & Short Term Investments | 1 | 12 | 144 | 3 | 19 | 51 | |
| (+) Investments & Other | 0 | 0 | 454 | 0 | 0 | 11 | |
| (-) Debt | (34) | (5) | (3,822) | (0) | (450) | (915) | |
| (-) Other Liabilities | 0 | 0 | (31) | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 0 | 48 | 5,765 | 13 | 43 | 935 | |
| (/) Shares Outstanding | 19.5 | 20.4 | 85.1 | 43.5 | 17.0 | 131.4 | |
| Implied Stock Price | 0.02 | 2.34 | 67.75 | 0.30 | 2.50 | 7.12 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 0.02 | 2.34 | 67.75 | 0.30 | 2.50 | 7.12 | |
| 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 | |