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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBITDA Multiple | 12.8x - 14.1x | 13.4x |
Selected Fwd EBITDA Multiple | 8.5x - 9.4x | 9.0x |
Fair Value | $32.33 - $35.73 | $34.03 |
Upside | 1.1% - 11.7% | 6.4% |
Benchmarks | Ticker | Full Ticker |
Pure Storage, Inc. | PSTG | NYSE:PSTG |
One Stop Systems, Inc. | OSS | NasdaqCM:OSS |
Dell Technologies Inc. | DELL | NYSE:DELL |
Hewlett Packard Enterprise Company | HPE | NYSE:HPE |
NetApp, Inc. | NTAP | NasdaqGS:NTAP |
Super Micro Computer, Inc. | SMCI | NasdaqGS:SMCI |
- | - | - |
Select LTM EBITDA Multiple | |||||||
Benchmark Companies | |||||||
PSTG | OSS | DELL | HPE | NTAP | SMCI | ||
NYSE:PSTG | NasdaqCM:OSS | NYSE:DELL | NYSE:HPE | NasdaqGS:NTAP | NasdaqGS:SMCI | ||
Historical EBITDA Growth | |||||||
5Y CAGR | NM- | NM- | 1.9% | -1.5% | 2.1% | 59.5% | |
3Y CAGR | NM- | NM- | 2.3% | 1.4% | 10.7% | 101.9% | |
Latest Twelve Months | 7.7% | -477.2% | 8.7% | 2.8% | 12.1% | 14.9% | |
Historical EBITDA Profit Margin | |||||||
5 Year Average Margin | 1.4% | -1.2% | 9.5% | 17.0% | 21.7% | 7.2% | |
Prior Fiscal Year | 7.5% | -2.0% | 10.1% | 17.4% | 21.5% | 11.2% | |
Latest Fiscal Year | 7.2% | -22.5% | 10.2% | 16.8% | 23.8% | 8.4% | |
Latest Twelve Months | 7.2% | -24.1% | 10.2% | 16.2% | 24.9% | 6.3% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 4.64x | 0.91x | 0.91x | 0.84x | 2.92x | 0.88x | |
EV / LTM EBITDA | 64.5x | -3.8x | 9.0x | 5.2x | 11.7x | 14.0x | |
EV / LTM EBIT | 145.2x | -3.5x | 12.6x | 10.3x | 13.6x | 14.5x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBITDA | -3.8x | 9.0x | 64.5x | ||||
Historical EV / LTM EBITDA | 9.2x | 12.0x | 40.2x | ||||
Selected EV / LTM EBITDA | 12.8x | 13.4x | 14.1x | ||||
(x) LTM EBITDA | 1,365 | 1,365 | 1,365 | ||||
(=) Implied Enterprise Value | 17,400 | 18,316 | 19,231 | ||||
(-) Non-shareholder Claims * | 44 | 44 | 44 | ||||
(=) Equity Value | 17,443 | 18,359 | 19,275 | ||||
(/) Shares Outstanding | 596.8 | 596.8 | 596.8 | ||||
Implied Value Range | 29.23 | 30.76 | 32.30 | ||||
FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 29.23 | 30.76 | 32.30 | 31.99 | |||
Upside / (Downside) | -8.6% | -3.8% | 1.0% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | PSTG | OSS | DELL | HPE | NTAP | SMCI | |
Enterprise Value | 14,691 | 49 | 87,238 | 26,282 | 18,865 | 19,048 | |
(+) Cash & Short Term Investments | 1,522 | 9 | 3,659 | 12,652 | 2,268 | 2,536 | |
(+) Investments & Other | 0 | 0 | 1,496 | 1,230 | 126 | 0 | |
(-) Debt | (281) | (3) | (25,368) | (17,920) | (2,250) | (2,492) | |
(-) Other Liabilities | 0 | 0 | (95) | (58) | 0 | (0) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 15,932 | 56 | 66,930 | 22,186 | 19,009 | 19,091 | |
(/) Shares Outstanding | 327.1 | 21.3 | 697.8 | 1,313.6 | 203.4 | 596.8 | |
Implied Stock Price | 48.70 | 2.61 | 95.91 | 16.89 | 93.45 | 31.99 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 48.70 | 2.61 | 95.91 | 16.89 | 93.45 | 31.99 | |
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 |