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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 23.8x - 26.3x | 25.1x |
| Selected Fwd EBIT Multiple | 13.3x - 14.7x | 14.0x |
| Fair Value | $118.90 - $131.30 | $125.10 |
| Upside | -17.4% - -8.8% | -13.1% |
| Benchmarks | Ticker | Full Ticker |
| Teledyne Technologies Incorporated | TDY | NYSE:TDY |
| AmpliTech Group, Inc. | AMPG | NasdaqCM:AMPG |
| Arista Networks Inc | ANET | NYSE:ANET |
| CommScope Holding Company, Inc. | COMM | NasdaqGS:COMM |
| Viavi Solutions Inc. | VIAV | NasdaqGS:VIAV |
| Keysight Technologies, Inc. | KEYS | NYSE:KEYS |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| TDY | AMPG | ANET | COMM | VIAV | KEYS | ||
| NYSE:TDY | NasdaqCM:AMPG | NYSE:ANET | NasdaqGS:COMM | NasdaqGS:VIAV | NYSE:KEYS | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 15.9% | NM- | 29.6% | 15.6% | -20.4% | 2.3% | |
| 3Y CAGR | 12.4% | NM- | 47.1% | 2.2% | -43.2% | -8.1% | |
| Latest Twelve Months | 4.1% | -208.9% | 30.5% | 61.9% | -41.0% | -33.5% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 17.8% | -31.7% | 34.8% | 5.6% | 8.6% | 21.7% | |
| Prior Fiscal Year | 18.6% | -16.5% | 38.5% | 4.9% | 7.6% | 25.2% | |
| Latest Fiscal Year | 18.6% | -83.7% | 42.0% | 8.5% | 2.5% | 17.0% | |
| Latest Twelve Months | 18.7% | -83.7% | 42.0% | 8.5% | 2.3% | 16.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 4.16x | 2.01x | 13.20x | 2.59x | 2.51x | 4.97x | |
| EV / LTM EBITDA | 17.2x | -2.6x | 30.9x | 15.0x | 31.5x | 22.3x | |
| EV / LTM EBIT | 22.2x | -2.4x | 31.4x | 30.4x | 109.0x | 29.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -2.4x | 30.4x | 109.0x | ||||
| Historical EV / LTM EBIT | 14.7x | 27.6x | 32.3x | ||||
| Selected EV / LTM EBIT | 23.8x | 25.1x | 26.3x | ||||
| (x) LTM EBIT | 848 | 848 | 848 | ||||
| (=) Implied Enterprise Value | 20,187 | 21,249 | 22,312 | ||||
| (-) Non-shareholder Claims * | 187 | 187 | 187 | ||||
| (=) Equity Value | 20,374 | 21,436 | 22,499 | ||||
| (/) Shares Outstanding | 172.8 | 172.8 | 172.8 | ||||
| Implied Value Range | 117.90 | 124.05 | 130.19 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 117.90 | 124.05 | 130.19 | 143.94 | |||
| Upside / (Downside) | -18.1% | -13.8% | -9.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | TDY | AMPG | ANET | COMM | VIAV | KEYS | |
| Enterprise Value | 24,207 | 19 | 90,003 | 10,904 | 2,512 | 24,687 | |
| (+) Cash & Short Term Investments | 462 | 19 | 8,303 | 565 | 509 | 2,060 | |
| (+) Investments & Other | 0 | 0 | 81 | 0 | 3 | 147 | |
| (-) Debt | (2,965) | (5) | (60) | (9,386) | (688) | (2,020) | |
| (-) Other Liabilities | (6) | 0 | 0 | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | (1,227) | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 21,698 | 34 | 98,328 | 855 | 2,337 | 24,874 | |
| (/) Shares Outstanding | 46.9 | 19.7 | 1,255.6 | 216.6 | 222.1 | 172.8 | |
| Implied Stock Price | 463.04 | 1.74 | 78.31 | 3.95 | 10.52 | 143.94 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 463.04 | 1.74 | 78.31 | 3.95 | 10.52 | 143.94 | |
| 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 | |