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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 53.4x - 59.0x | 56.2x |
| Selected Fwd EBIT Multiple | 26.8x - 29.6x | 28.2x |
| Fair Value | $206.59 - $228.12 | $217.35 |
| Upside | 10.3% - 21.8% | 16.1% |
| Benchmarks | Ticker | Full Ticker |
| Broadcom Inc. | AVGO | NasdaqGS:AVGO |
| Monolithic Power Systems, Inc. | MPWR | NasdaqGS:MPWR |
| Micron Technology, Inc. | MU | NasdaqGS:MU |
| Microchip Technology Incorporated | MCHP | NasdaqGS:MCHP |
| Marvell Technology, Inc. | MRVL | NasdaqGS:MRVL |
| NVIDIA Corporation | NVDA | NasdaqGS:NVDA |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| AVGO | MPWR | MU | MCHP | MRVL | NVDA | ||
| NasdaqGS:AVGO | NasdaqGS:MPWR | NasdaqGS:MU | NasdaqGS:MCHP | NasdaqGS:MRVL | NasdaqGS:NVDA | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 29.5% | 38.7% | 26.2% | -11.6% | NM- | 95.6% | |
| 3Y CAGR | 21.3% | 27.1% | 0.3% | -41.5% | NM- | 100.9% | |
| Latest Twelve Months | 63.6% | 44.6% | 687.2% | -88.9% | 300.8% | 61.1% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 35.5% | 24.6% | 12.5% | 25.2% | -0.3% | 41.1% | |
| Prior Fiscal Year | 45.9% | 26.5% | 5.0% | 33.5% | -7.9% | 54.1% | |
| Latest Fiscal Year | 30.1% | 24.4% | 26.2% | 8.5% | -0.1% | 62.4% | |
| Latest Twelve Months | 39.6% | 26.0% | 26.2% | 4.9% | 11.0% | 58.1% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 27.16x | 16.80x | 5.54x | 9.33x | 10.48x | 27.26x | |
| EV / LTM EBITDA | 49.7x | 60.6x | 11.4x | 42.0x | 35.8x | 45.8x | |
| EV / LTM EBIT | 68.6x | 64.7x | 21.1x | 189.9x | 95.6x | 46.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 21.1x | 68.6x | 189.9x | ||||
| Historical EV / LTM EBIT | 41.0x | 70.3x | 76.4x | ||||
| Selected EV / LTM EBIT | 53.4x | 56.2x | 59.0x | ||||
| (x) LTM EBIT | 95,980 | 95,980 | 95,980 | ||||
| (=) Implied Enterprise Value | 5,122,248 | 5,391,839 | 5,661,431 | ||||
| (-) Non-shareholder Claims * | 49,992 | 49,992 | 49,992 | ||||
| (=) Equity Value | 5,172,240 | 5,441,831 | 5,711,423 | ||||
| (/) Shares Outstanding | 24,300.0 | 24,300.0 | 24,300.0 | ||||
| Implied Value Range | 212.85 | 223.94 | 235.04 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 212.85 | 223.94 | 235.04 | 187.24 | |||
| Upside / (Downside) | 13.7% | 19.6% | 25.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | AVGO | MPWR | MU | MCHP | MRVL | NVDA | |
| Enterprise Value | 1,627,900 | 42,737 | 207,191 | 39,527 | 75,800 | 4,499,940 | |
| (+) Cash & Short Term Investments | 10,718 | 1,146 | 10,307 | 567 | 1,224 | 56,791 | |
| (+) Investments & Other | 0 | 0 | 1,629 | 0 | 73 | 3,799 | |
| (-) Debt | (64,229) | (20) | (15,278) | (5,495) | (4,776) | (10,598) | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 1,574,389 | 43,863 | 203,849 | 34,599 | 72,322 | 4,549,932 | |
| (/) Shares Outstanding | 4,722.4 | 47.9 | 1,119.1 | 539.7 | 862.1 | 24,300.0 | |
| Implied Stock Price | 333.39 | 915.87 | 182.15 | 64.11 | 83.89 | 187.24 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 333.39 | 915.87 | 182.15 | 64.11 | 83.89 | 187.24 | |
| 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 | |