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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | -3.8x - -4.2x | -4.0x |
| Selected Fwd EBIT Multiple | -9.4x - -10.4x | -9.9x |
| Fair Value | $9.82 - $10.56 | $10.19 |
| Upside | 10.1% - 18.4% | 14.3% |
| Benchmarks | Ticker | Full Ticker |
| AEye, Inc. | LIDR | NasdaqCM:LIDR |
| Aeva Technologies, Inc. | AEVA | NasdaqGS:AEVA |
| Keysight Technologies, Inc. | KEYS | NYSE:KEYS |
| Airgain, Inc. | AIRG | NasdaqCM:AIRG |
| SmartRent, Inc. | SMRT | NYSE:SMRT |
| Ouster, Inc. | OUST | NasdaqGS:OUST |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| LIDR | AEVA | KEYS | AIRG | SMRT | OUST | ||
| NasdaqCM:LIDR | NasdaqGS:AEVA | NYSE:KEYS | NasdaqCM:AIRG | NYSE:SMRT | NasdaqGS:OUST | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | NM- | 2.3% | NM- | NM- | NM- | |
| 3Y CAGR | NM- | NM- | -8.1% | NM- | NM- | NM- | |
| Latest Twelve Months | 47.2% | 0.6% | -33.5% | 28.0% | -9.7% | 41.8% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | -5295.0% | -2167.2% | 21.7% | -13.1% | -42.6% | -260.1% | |
| Prior Fiscal Year | -4684.1% | -3427.4% | 25.2% | -22.1% | -16.4% | -215.0% | |
| Latest Fiscal Year | -17918.8% | -1620.2% | 17.0% | -14.7% | -24.4% | -93.8% | |
| Latest Twelve Months | -17918.8% | -1620.2% | 16.9% | -14.7% | -24.4% | -93.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | -55.45x | 30.78x | 5.22x | 0.57x | 0.41x | 2.61x | |
| EV / LTM EBITDA | 0.3x | -2.0x | 23.5x | -6.5x | -1.9x | -3.1x | |
| EV / LTM EBIT | 0.3x | -1.9x | 30.9x | -3.9x | -1.7x | -2.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -3.9x | -1.7x | 30.9x | ||||
| Historical EV / LTM EBIT | -8.6x | -1.8x | -0.5x | ||||
| Selected EV / LTM EBIT | -3.8x | -4.0x | -4.2x | ||||
| (x) LTM EBIT | (104) | (104) | (104) | ||||
| (=) Implied Enterprise Value | 398 | 418 | 439 | ||||
| (-) Non-shareholder Claims * | 152 | 152 | 152 | ||||
| (=) Equity Value | 549 | 570 | 591 | ||||
| (/) Shares Outstanding | 53.8 | 53.8 | 53.8 | ||||
| Implied Value Range | 10.22 | 10.61 | 10.99 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 10.22 | 10.61 | 10.99 | 8.92 | |||
| Upside / (Downside) | 14.5% | 18.9% | 23.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | LIDR | AEVA | KEYS | AIRG | SMRT | OUST | |
| Enterprise Value | (10) | 279 | 26,030 | 38 | 87 | 328 | |
| (+) Cash & Short Term Investments | 22 | 112 | 2,060 | 9 | 142 | 172 | |
| (+) Investments & Other | 0 | 5 | 147 | 0 | 0 | 0 | |
| (-) Debt | (1) | (4) | (2,020) | (4) | (8) | (20) | |
| (-) 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 | 11 | 392 | 26,217 | 42 | 222 | 480 | |
| (/) Shares Outstanding | 18.7 | 54.7 | 172.8 | 11.6 | 192.7 | 53.8 | |
| Implied Stock Price | 0.59 | 7.17 | 151.71 | 3.65 | 1.15 | 8.92 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 0.59 | 7.17 | 151.71 | 3.65 | 1.15 | 8.92 | |
| 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 | |