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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 16.9x - 18.7x | 17.8x |
| Selected Fwd EBITDA Multiple | 10.9x - 12.0x | 11.5x |
| Fair Value | $6.70 - $7.49 | $7.10 |
| Upside | -13.7% - -3.6% | -8.6% |
| Benchmarks | Ticker | Full Ticker |
| Synaptics Incorporated | SYNA | NasdaqGS:SYNA |
| Kopin Corporation | KOPN | NasdaqCM:KOPN |
| Advanced Micro Devices, Inc. | AMD | NasdaqGS:AMD |
| Cirrus Logic, Inc. | CRUS | NasdaqGS:CRUS |
| Microchip Technology Incorporated | MCHP | NasdaqGS:MCHP |
| Himax Technologies, Inc. | HIMX | NasdaqGS:HIMX |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| SYNA | KOPN | AMD | CRUS | MCHP | HIMX | ||
| NasdaqGS:SYNA | NasdaqCM:KOPN | NasdaqGS:AMD | NasdaqGS:CRUS | NasdaqGS:MCHP | NasdaqGS:HIMX | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | -15.0% | NM- | 43.3% | 11.8% | -10.0% | 69.9% | |
| 3Y CAGR | -46.4% | NM- | 8.3% | 2.5% | -28.1% | -46.5% | |
| Latest Twelve Months | 133.7% | 38.8% | 36.2% | 15.3% | -65.4% | 0.7% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 16.8% | -33.1% | 19.8% | 22.4% | 41.0% | 16.7% | |
| Prior Fiscal Year | 3.6% | -41.0% | 17.0% | 22.0% | 45.0% | 6.2% | |
| Latest Fiscal Year | 7.4% | -35.1% | 20.0% | 24.3% | 25.6% | 9.5% | |
| Latest Twelve Months | 7.4% | -29.0% | 18.6% | 25.3% | 22.2% | 9.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.93x | 5.81x | 8.89x | 2.72x | 9.90x | 1.69x | |
| EV / LTM EBITDA | 39.5x | -20.0x | 47.8x | 10.8x | 44.6x | 17.8x | |
| EV / LTM EBIT | -49.7x | -19.0x | 105.3x | 12.0x | 201.5x | 22.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -20.0x | 39.5x | 47.8x | ||||
| Historical EV / LTM EBITDA | 3.0x | 19.8x | 36.7x | ||||
| Selected EV / LTM EBITDA | 16.9x | 17.8x | 18.7x | ||||
| (x) LTM EBITDA | 84 | 84 | 84 | ||||
| (=) Implied Enterprise Value | 1,422 | 1,497 | 1,572 | ||||
| (-) Non-shareholder Claims * | (140) | (140) | (140) | ||||
| (=) Equity Value | 1,282 | 1,357 | 1,432 | ||||
| (/) Shares Outstanding | 174.9 | 174.9 | 174.9 | ||||
| Implied Value Range | 7.33 | 7.76 | 8.19 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 7.33 | 7.76 | 8.19 | 7.77 | |||
| Upside / (Downside) | -5.6% | -0.1% | 5.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | SYNA | KOPN | AMD | CRUS | MCHP | HIMX | |
| Enterprise Value | 3,151 | 273 | 262,202 | 5,249 | 41,923 | 1,499 | |
| (+) Cash & Short Term Investments | 453 | 27 | 5,867 | 615 | 567 | 333 | |
| (+) Investments & Other | 0 | 4 | 925 | 233 | 0 | 70 | |
| (-) Debt | (883) | (2) | (3,886) | (141) | (5,495) | (536) | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | 0 | (7) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 2,721 | 301 | 265,108 | 5,955 | 36,995 | 1,359 | |
| (/) Shares Outstanding | 38.7 | 156.0 | 1,622.8 | 51.3 | 539.7 | 174.9 | |
| Implied Stock Price | 70.39 | 1.93 | 163.36 | 116.01 | 68.55 | 7.77 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 70.39 | 1.93 | 163.36 | 116.01 | 68.55 | 7.77 | |
| 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 | |