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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 9.7x - 10.7x | 10.2x |
| Selected Fwd EBIT Multiple | 8.8x - 9.7x | 9.3x |
| Fair Value | $37.23 - $40.66 | $38.95 |
| Upside | -8.4% - 0.1% | -4.1% |
| Benchmarks | Ticker | Full Ticker |
| Trimble Inc. | TRMB | NasdaqGS:TRMB |
| Daktronics, Inc. | DAKT | NasdaqGS:DAKT |
| nLIGHT, Inc. | LASR | NasdaqGS:LASR |
| Novanta Inc. | NOVT | NasdaqGS:NOVT |
| Plexus Corp. | PLXS | NasdaqGS:PLXS |
| M-tron Industries, Inc. | MPTI | NYSEAM:MPTI |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| TRMB | DAKT | LASR | NOVT | PLXS | MPTI | ||
| NasdaqGS:TRMB | NasdaqGS:DAKT | NasdaqGS:LASR | NasdaqGS:NOVT | NasdaqGS:PLXS | NYSEAM:MPTI | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 2.5% | 91.9% | NM- | 11.7% | 5.5% | NM- | |
| 3Y CAGR | -5.6% | 130.6% | NM- | 15.0% | 1.6% | 64.4% | |
| Latest Twelve Months | -0.6% | -43.0% | -7.2% | 5.7% | 2.5% | 80.6% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 14.2% | 4.3% | -18.2% | 12.2% | 5.0% | 12.1% | |
| Prior Fiscal Year | 13.0% | 10.6% | -21.9% | 13.9% | 5.2% | 10.4% | |
| Latest Fiscal Year | 13.0% | 6.6% | -30.9% | 13.3% | 4.8% | 19.2% | |
| Latest Twelve Months | 13.0% | 6.6% | -27.3% | 13.5% | 5.0% | 19.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 5.53x | 0.90x | 4.27x | 5.08x | 0.92x | 2.08x | |
| EV / LTM EBITDA | 28.9x | 10.1x | -22.3x | 26.2x | 13.2x | 9.9x | |
| EV / LTM EBIT | 42.4x | 13.7x | -15.6x | 37.6x | 18.4x | 10.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -15.6x | 18.4x | 42.4x | ||||
| Historical EV / LTM EBIT | 10.3x | 14.9x | 18.7x | ||||
| Selected EV / LTM EBIT | 9.7x | 10.2x | 10.7x | ||||
| (x) LTM EBIT | 10 | 10 | 10 | ||||
| (=) Implied Enterprise Value | 93 | 98 | 103 | ||||
| (-) Non-shareholder Claims * | 14 | 14 | 14 | ||||
| (=) Equity Value | 107 | 112 | 117 | ||||
| (/) Shares Outstanding | 2.9 | 2.9 | 2.9 | ||||
| Implied Value Range | 36.61 | 38.29 | 39.97 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 36.61 | 38.29 | 39.97 | 40.63 | |||
| Upside / (Downside) | -9.9% | -5.8% | -1.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | TRMB | DAKT | LASR | NOVT | PLXS | MPTI | |
| Enterprise Value | 19,729 | 682 | 878 | 4,836 | 3,656 | 105 | |
| (+) Cash & Short Term Investments | 290 | 128 | 117 | 106 | 311 | 14 | |
| (+) Investments & Other | 619 | 0 | 0 | 0 | 0 | 0 | |
| (-) Debt | (1,391) | (17) | (33) | (443) | (252) | (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 | 19,247 | 793 | 962 | 4,500 | 3,714 | 119 | |
| (/) Shares Outstanding | 238.6 | 49.1 | 49.4 | 36.0 | 27.1 | 2.9 | |
| Implied Stock Price | 80.67 | 16.14 | 19.45 | 125.10 | 137.11 | 40.63 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 80.67 | 16.14 | 19.45 | 125.10 | 137.11 | 40.63 | |
| 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 | |