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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 9.7x - 10.7x | 10.2x |
| Selected Fwd EBIT Multiple | 9.9x - 10.9x | 10.4x |
| Fair Value | $38.13 - $41.59 | $39.86 |
| Upside | -15.8% - -8.2% | -12.0% |
| Benchmarks | Ticker | Full Ticker |
| SmartRent, Inc. | SMRT | NYSE:SMRT |
| ScanSource, Inc. | SCSC | NasdaqGS:SCSC |
| Focus Universal Inc. | FCUV | NasdaqCM:FCUV |
| nLIGHT, Inc. | LASR | NasdaqGS:LASR |
| IPG Photonics Corporation | IPGP | NasdaqGS:IPGP |
| M-tron Industries, Inc. | MPTI | NYSEAM:MPTI |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| SMRT | SCSC | FCUV | LASR | IPGP | MPTI | ||
| NYSE:SMRT | NasdaqGS:SCSC | NasdaqCM:FCUV | NasdaqGS:LASR | NasdaqGS:IPGP | NYSEAM:MPTI | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | 8.5% | NM- | NM- | -45.1% | NM- | |
| 3Y CAGR | NM- | -8.0% | NM- | NM- | -65.5% | 64.4% | |
| Latest Twelve Months | -75.3% | -2.2% | -29.2% | 10.6% | -105.9% | 59.4% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | -41.5% | 3.0% | -935.7% | -18.7% | 15.4% | 12.2% | |
| Prior Fiscal Year | -16.4% | 3.0% | -1124.0% | -21.9% | 18.0% | 10.4% | |
| Latest Fiscal Year | -24.4% | 3.1% | -1557.3% | -30.9% | 1.5% | 19.2% | |
| Latest Twelve Months | -34.9% | 3.1% | -1517.1% | -22.0% | -0.7% | 18.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.19x | 0.32x | 28.47x | 6.30x | 2.76x | 2.24x | |
| EV / LTM EBITDA | -3.7x | 7.8x | -1.9x | -43.2x | 47.9x | 11.2x | |
| EV / LTM EBIT | -3.4x | 10.3x | -1.9x | -28.6x | -389.7x | 12.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -389.7x | -3.4x | 10.3x | ||||
| Historical EV / LTM EBIT | 10.3x | 14.9x | 18.7x | ||||
| Selected EV / LTM EBIT | 9.7x | 10.2x | 10.7x | ||||
| (x) LTM EBIT | 9 | 9 | 9 | ||||
| (=) Implied Enterprise Value | 90 | 95 | 100 | ||||
| (-) Non-shareholder Claims * | 15 | 15 | 15 | ||||
| (=) Equity Value | 106 | 110 | 115 | ||||
| (/) Shares Outstanding | 2.9 | 2.9 | 2.9 | ||||
| Implied Value Range | 36.14 | 37.77 | 39.39 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 36.14 | 37.77 | 39.39 | 45.30 | |||
| Upside / (Downside) | -20.2% | -16.6% | -13.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | SMRT | SCSC | FCUV | LASR | IPGP | MPTI | |
| Enterprise Value | 182 | 974 | 12 | 1,370 | 2,628 | 117 | |
| (+) Cash & Short Term Investments | 105 | 127 | 1 | 114 | 900 | 16 | |
| (+) Investments & Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Debt | (6) | (147) | (0) | (32) | (17) | (0) | |
| (-) 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 | 280 | 954 | 13 | 1,452 | 3,511 | 132 | |
| (/) Shares Outstanding | 188.1 | 21.9 | 7.4 | 49.9 | 42.2 | 2.9 | |
| Implied Stock Price | 1.49 | 43.57 | 1.82 | 29.10 | 83.15 | 45.30 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 1.49 | 43.57 | 1.82 | 29.10 | 83.15 | 45.30 | |
| 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 | |