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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 43.8x - 48.4x | 46.1x |
| Selected Fwd EBIT Multiple | 22.8x - 25.2x | 24.0x |
| Fair Value | $150.67 - $166.37 | $158.52 |
| Upside | 14.8% - 26.7% | 20.7% |
| Benchmarks | Ticker | Full Ticker |
| Broadcom Inc. | AVGO | NasdaqGS:AVGO |
| Microchip Technology Incorporated | MCHP | NasdaqGS:MCHP |
| Marvell Technology, Inc. | MRVL | NasdaqGS:MRVL |
| Applied Materials, Inc. | AMAT | NasdaqGS:AMAT |
| QUALCOMM Incorporated | QCOM | NasdaqGS:QCOM |
| NVIDIA Corporation | NVDA | NasdaqGS:NVDA |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| AVGO | MCHP | MRVL | AMAT | QCOM | NVDA | ||
| NasdaqGS:AVGO | NasdaqGS:MCHP | NasdaqGS:MRVL | NasdaqGS:AMAT | NasdaqGS:QCOM | NasdaqGS:NVDA | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 29.5% | -11.6% | NM- | 18.5% | 4.9% | 95.6% | |
| 3Y CAGR | 21.3% | -41.5% | NM- | 3.0% | 1.6% | 100.9% | |
| Latest Twelve Months | 26.6% | -85.3% | 98.1% | 8.9% | 28.5% | 147.0% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 33.3% | 25.6% | -1.8% | 29.2% | 28.1% | 38.2% | |
| Prior Fiscal Year | 45.9% | 33.5% | -7.9% | 28.9% | 24.1% | 54.1% | |
| Latest Fiscal Year | 30.1% | 8.5% | -0.1% | 28.9% | 26.3% | 62.4% | |
| Latest Twelve Months | 35.1% | 8.5% | -0.1% | 29.7% | 27.6% | 62.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 20.77x | 8.02x | 9.68x | 4.37x | 3.77x | 24.28x | |
| EV / LTM EBITDA | 39.3x | 31.4x | 41.4x | 14.0x | 11.9x | 38.0x | |
| EV / LTM EBIT | 59.1x | 94.1x | -6567.1x | 14.7x | 13.7x | 38.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -6567.1x | 14.7x | 94.1x | ||||
| Historical EV / LTM EBIT | 38.9x | 70.3x | 76.4x | ||||
| Selected EV / LTM EBIT | 43.8x | 46.1x | 48.4x | ||||
| (x) LTM EBIT | 81,453 | 81,453 | 81,453 | ||||
| (=) Implied Enterprise Value | 3,569,836 | 3,757,722 | 3,945,608 | ||||
| (-) Non-shareholder Claims * | 36,327 | 36,327 | 36,327 | ||||
| (=) Equity Value | 3,606,163 | 3,794,049 | 3,981,935 | ||||
| (/) Shares Outstanding | 24,387.6 | 24,387.6 | 24,387.6 | ||||
| Implied Value Range | 147.87 | 155.57 | 163.28 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 147.87 | 155.57 | 163.28 | 131.29 | |||
| Upside / (Downside) | 12.6% | 18.5% | 24.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | AVGO | MCHP | MRVL | AMAT | QCOM | NVDA | |
| Enterprise Value | 1,132,702 | 35,318 | 55,772 | 122,686 | 159,488 | 3,165,515 | |
| (+) Cash & Short Term Investments | 9,307 | 772 | 948 | 6,747 | 13,846 | 43,210 | |
| (+) Investments & Other | 0 | 0 | 48 | 3,638 | 0 | 3,387 | |
| (-) Debt | (66,579) | (5,781) | (4,343) | (6,670) | (14,623) | (10,270) | |
| (-) 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 | 1,075,430 | 30,309 | 52,426 | 126,401 | 158,711 | 3,201,842 | |
| (/) Shares Outstanding | 4,701.9 | 539.4 | 863.8 | 802.5 | 1,091.7 | 24,387.6 | |
| Implied Stock Price | 228.72 | 56.19 | 60.69 | 157.51 | 145.38 | 131.29 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 228.72 | 56.19 | 60.69 | 157.51 | 145.38 | 131.29 | |
| 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 | |