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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 23.8x - 26.3x | 25.0x |
| Selected Fwd EBIT Multiple | 9.4x - 10.3x | 9.8x |
| Fair Value | $7.51 - $8.45 | $7.98 |
| Upside | -0.4% - 12.1% | 5.8% |
| Benchmarks | Ticker | Full Ticker |
| Advanced Micro Devices, Inc. | AMD | NasdaqGS:AMD |
| Synaptics Incorporated | SYNA | NasdaqGS:SYNA |
| Cirrus Logic, Inc. | CRUS | NasdaqGS:CRUS |
| Marvell Technology, Inc. | MRVL | NasdaqGS:MRVL |
| NVIDIA Corporation | NVDA | NasdaqGS:NVDA |
| Himax Technologies, Inc. | HIMX | NasdaqGS:HIMX |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| AMD | SYNA | CRUS | MRVL | NVDA | HIMX | ||
| NasdaqGS:AMD | NasdaqGS:SYNA | NasdaqGS:CRUS | NasdaqGS:MRVL | NasdaqGS:NVDA | NasdaqGS:HIMX | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 27.0% | NM- | 29.2% | NM- | 95.6% | NM- | |
| 3Y CAGR | -17.0% | NM- | 13.3% | NM- | 100.9% | -50.0% | |
| Latest Twelve Months | 420.2% | -25.8% | 15.4% | 98.1% | 147.0% | 57.9% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 10.1% | 7.6% | 18.5% | -1.8% | 38.2% | 14.2% | |
| Prior Fiscal Year | 1.8% | 11.4% | 18.2% | -7.9% | 54.1% | 4.6% | |
| Latest Fiscal Year | 8.1% | -7.8% | 19.3% | -0.1% | 62.4% | 7.5% | |
| Latest Twelve Months | 8.1% | -5.9% | 20.4% | -0.1% | 62.4% | 7.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 6.38x | 2.73x | 2.51x | 9.91x | 20.25x | 1.74x | |
| EV / LTM EBITDA | 31.9x | 47.9x | 10.8x | 42.4x | 31.7x | 17.4x | |
| EV / LTM EBIT | 78.8x | -46.0x | 12.3x | -6720.9x | 32.4x | 23.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -6720.9x | 12.3x | 78.8x | ||||
| Historical EV / LTM EBIT | 3.1x | 23.1x | 88.8x | ||||
| Selected EV / LTM EBIT | 23.8x | 25.0x | 26.3x | ||||
| (x) LTM EBIT | 68 | 68 | 68 | ||||
| (=) Implied Enterprise Value | 1,622 | 1,707 | 1,793 | ||||
| (-) Non-shareholder Claims * | (260) | (260) | (260) | ||||
| (=) Equity Value | 1,362 | 1,448 | 1,533 | ||||
| (/) Shares Outstanding | 174.7 | 174.7 | 174.7 | ||||
| Implied Value Range | 7.80 | 8.29 | 8.77 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 7.80 | 8.29 | 8.77 | 7.54 | |||
| Upside / (Downside) | 3.4% | 9.9% | 16.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | AMD | SYNA | CRUS | MRVL | NVDA | HIMX | |
| Enterprise Value | 164,305 | 2,756 | 4,618 | 57,079 | 2,639,621 | 1,577 | |
| (+) Cash & Short Term Investments | 5,132 | 596 | 564 | 948 | 43,210 | 225 | |
| (+) Investments & Other | 150 | 0 | 253 | 48 | 3,387 | 60 | |
| (-) Debt | (2,321) | (881) | (146) | (4,343) | (10,270) | (538) | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | 0 | (6) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 167,266 | 2,471 | 5,288 | 53,733 | 2,675,948 | 1,317 | |
| (/) Shares Outstanding | 1,620.5 | 39.2 | 53.1 | 866.1 | 24,400.0 | 174.7 | |
| Implied Stock Price | 103.22 | 63.06 | 99.51 | 62.04 | 109.67 | 7.54 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 103.22 | 63.06 | 99.51 | 62.04 | 109.67 | 7.54 | |
| 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 | |