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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 9.5x - 10.5x | 10.0x |
| Selected Fwd Revenue Multiple | 8.0x - 8.9x | 8.4x |
| Fair Value | $148.23 - $161.78 | $155 |
| Upside | 6.7% - 16.5% | 11.6% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| QUALCOMM Incorporated | QCOM | NasdaqGS:QCOM |
| Power Integrations, Inc. | POWI | NasdaqGS:POWI |
| Lam Research Corporation | LRCX | NasdaqGS:LRCX |
| Microchip Technology Incorporated | MCHP | NasdaqGS:MCHP |
| KLA Corporation | KLAC | NasdaqGS:KLAC |
| Universal Display Corporation | OLED | NasdaqGS:OLED |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| QCOM | POWI | LRCX | MCHP | KLAC | OLED | |||
| NasdaqGS:QCOM | NasdaqGS:POWI | NasdaqGS:LRCX | NasdaqGS:MCHP | NasdaqGS:KLAC | NasdaqGS:OLED | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 9.9% | -0.1% | 9.1% | 7.4% | 16.5% | 9.8% | ||
| 3Y CAGR | 5.1% | -15.9% | 0.6% | 12.0% | 12.4% | 5.4% | ||
| Latest Twelve Months | 12.1% | -5.8% | 13.2% | -44.3% | 12.2% | 12.4% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 28.4% | 16.5% | 29.7% | 25.9% | 36.4% | 39.2% | ||
| Prior Fiscal Year | 24.1% | 7.9% | 30.4% | 36.9% | 38.0% | 37.7% | ||
| Latest Fiscal Year | 26.3% | 4.3% | 29.0% | 33.5% | 37.0% | 36.9% | ||
| Latest Twelve Months | 26.7% | 4.3% | 29.7% | 13.5% | 38.2% | 36.9% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 4.16x | 6.28x | 5.73x | 6.79x | 8.57x | 8.75x | ||
| EV / LTM EBIT | 15.6x | 146.8x | 19.3x | 50.4x | 22.4x | 23.7x | ||
| Price / LTM Sales | 4.16x | 6.96x | 5.77x | 5.48x | 8.36x | 10.18x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 4.16x | 6.28x | 8.57x | |||||
| Historical EV / LTM Revenue | 7.19x | 12.78x | 26.10x | |||||
| Selected EV / LTM Revenue | 9.49x | 9.99x | 10.49x | |||||
| (x) LTM Revenue | 648 | 648 | 648 | |||||
| (=) Implied Enterprise Value | 6,148 | 6,472 | 6,795 | |||||
| (-) Non-shareholder Claims * | 927 | 927 | 927 | |||||
| (=) Equity Value | 7,075 | 7,399 | 7,722 | |||||
| (/) Shares Outstanding | 47.5 | 47.5 | 47.5 | |||||
| Implied Value Range | 149.05 | 155.87 | 162.68 | |||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 149.05 | 155.87 | 162.68 | 138.89 | ||||
| Upside / (Downside) | 7.3% | 12.2% | 17.1% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | QCOM | POWI | LRCX | MCHP | KLAC | OLED | |
| Enterprise Value | 169,452 | 2,633 | 92,806 | 32,282 | 92,982 | 5,666 | |
| (+) Cash & Short Term Investments | 14,305 | 300 | 5,665 | 586 | 3,780 | 493 | |
| (+) Investments & Other | 0 | 0 | 0 | 0 | 0 | 458 | |
| (-) Debt | (14,577) | (16) | (4,982) | (6,784) | (6,073) | (23) | |
| (-) 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 | 169,180 | 2,917 | 93,489 | 26,084 | 90,690 | 6,593 | |
| (/) Shares Outstanding | 1,105.4 | 56.9 | 1,283.7 | 537.8 | 132.9 | 47.5 | |
| Implied Stock Price | 153.05 | 51.24 | 72.83 | 48.50 | 682.46 | 138.89 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 153.05 | 51.24 | 72.83 | 48.50 | 682.46 | 138.89 | |
| 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 | |