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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 11.1x - 12.3x | 11.7x |
| Selected Fwd EBIT Multiple | 10.0x - 11.0x | 10.5x |
| Fair Value | $47.02 - $53.16 | $50.09 |
| Upside | -7.7% - 4.3% | -1.7% |
| Benchmarks | Ticker | Full Ticker |
| Richardson Electronics, Ltd. | RELL | NasdaqGS:RELL |
| PC Connection, Inc. | CNXN | NasdaqGS:CNXN |
| George Risk Industries, Inc. | RSKI.A | OTCPK:RSKI.A |
| Avnet, Inc. | AVT | NasdaqGS:AVT |
| Badger Meter, Inc. | BMI | NYSE:BMI |
| Crane NXT, Co. | CXT | NYSE:CXT |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| RELL | CNXN | RSKI.A | AVT | BMI | CXT | ||
| NasdaqGS:RELL | NasdaqGS:CNXN | OTCPK:RSKI.A | NasdaqGS:AVT | NYSE:BMI | NYSE:CXT | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | -2.9% | 13.7% | 7.6% | 20.6% | 9.6% | |
| 3Y CAGR | -54.7% | 0.3% | 5.8% | 34.0% | 26.2% | 2.5% | |
| Latest Twelve Months | -11.7% | 1.2% | 3.6% | -27.7% | 31.9% | -3.4% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 3.8% | 3.5% | 27.3% | 3.2% | 16.4% | 20.2% | |
| Prior Fiscal Year | 9.5% | 3.7% | 25.3% | 4.5% | 16.8% | 22.1% | |
| Latest Fiscal Year | 0.2% | 3.5% | 28.9% | 3.8% | 19.1% | 19.9% | |
| Latest Twelve Months | 0.8% | 3.5% | 27.7% | 3.1% | 20.0% | 19.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.46x | 0.49x | 1.52x | 0.31x | 7.77x | 2.39x | |
| EV / LTM EBITDA | 16.0x | 12.4x | 5.1x | 8.9x | 32.6x | 9.3x | |
| EV / LTM EBIT | 54.8x | 14.0x | 5.5x | 9.9x | 38.8x | 12.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 5.5x | 14.0x | 54.8x | ||||
| Historical EV / LTM EBIT | 12.0x | 12.0x | 12.1x | ||||
| Selected EV / LTM EBIT | 11.1x | 11.7x | 12.3x | ||||
| (x) LTM EBIT | 297 | 297 | 297 | ||||
| (=) Implied Enterprise Value | 3,293 | 3,466 | 3,639 | ||||
| (-) Non-shareholder Claims * | (648) | (648) | (648) | ||||
| (=) Equity Value | 2,645 | 2,818 | 2,991 | ||||
| (/) Shares Outstanding | 57.2 | 57.2 | 57.2 | ||||
| Implied Value Range | 46.21 | 49.24 | 52.26 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 46.21 | 49.24 | 52.26 | 50.96 | |||
| Upside / (Downside) | -9.3% | -3.4% | 2.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | RELL | CNXN | RSKI.A | AVT | BMI | CXT | |
| Enterprise Value | 92 | 1,417 | 33 | 6,888 | 6,621 | 3,565 | |
| (+) Cash & Short Term Investments | 37 | 340 | 43 | 189 | 131 | 166 | |
| (+) Investments & Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Debt | (2) | (3) | 0 | (2,832) | 0 | (814) | |
| (-) 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 | 127 | 1,754 | 76 | 4,245 | 6,752 | 2,917 | |
| (/) Shares Outstanding | 14.4 | 25.4 | 4.9 | 83.9 | 29.5 | 57.2 | |
| Implied Stock Price | 8.82 | 69.06 | 15.50 | 50.62 | 229.26 | 50.96 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 8.82 | 69.06 | 15.50 | 50.62 | 229.26 | 50.96 | |
| 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 | |