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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | -4.3x - -4.7x | -4.5x |
| Selected Fwd EBIT Multiple | -9.3x - -10.3x | -9.8x |
| Fair Value | $1.36 - $1.57 | $1.46 |
| Upside | 6.2% - 22.4% | 14.3% |
| Benchmarks | Ticker | Full Ticker |
| Gilat Satellite Networks Ltd. | GILT | NasdaqGS:GILT |
| Comtech Telecommunications Corp. | CMTL | NasdaqGS:CMTL |
| Viasat, Inc. | VSAT | NasdaqGS:VSAT |
| KVH Industries, Inc. | KVHI | NasdaqGS:KVHI |
| Motorola Solutions, Inc. | MSI | NYSE:MSI |
| Satixfy Communications Ltd. | SATX | NYSEAM:SATX |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| GILT | CMTL | VSAT | KVHI | MSI | SATX | ||
| NasdaqGS:GILT | NasdaqGS:CMTL | NasdaqGS:VSAT | NasdaqGS:KVHI | NYSE:MSI | NYSEAM:SATX | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 1.3% | -51.5% | NM- | NM- | 10.4% | NM- | |
| 3Y CAGR | 113.9% | -67.6% | NM- | NM- | 15.2% | NM- | |
| Latest Twelve Months | 8.1% | -433.4% | 107.1% | 38.8% | 14.8% | -9.8% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 3.2% | 1.8% | -4.7% | -8.8% | 23.1% | -209.1% | |
| Prior Fiscal Year | 7.5% | 1.0% | -4.5% | -8.6% | 24.7% | -209.8% | |
| Latest Fiscal Year | 7.0% | 0.2% | -17.3% | -6.1% | 26.2% | -389.2% | |
| Latest Twelve Months | 7.0% | -8.8% | 1.3% | -6.1% | 26.2% | -355.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.85x | 0.80x | 1.65x | 0.52x | 7.10x | 15.63x | |
| EV / LTM EBITDA | 7.4x | -45.8x | 5.6x | 9.3x | 24.2x | -4.3x | |
| EV / LTM EBIT | 12.0x | -9.1x | 130.6x | -8.5x | 27.1x | -4.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -9.1x | 12.0x | 130.6x | ||||
| Historical EV / LTM EBIT | -32.3x | -17.4x | -2.6x | ||||
| Selected EV / LTM EBIT | -4.3x | -4.5x | -4.7x | ||||
| (x) LTM EBIT | (37) | (37) | (37) | ||||
| (=) Implied Enterprise Value | 158 | 166 | 174 | ||||
| (-) Non-shareholder Claims * | (52) | (52) | (52) | ||||
| (=) Equity Value | 106 | 114 | 123 | ||||
| (/) Shares Outstanding | 84.8 | 84.8 | 84.8 | ||||
| Implied Value Range | 1.25 | 1.35 | 1.45 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 1.25 | 1.35 | 1.45 | 1.28 | |||
| Upside / (Downside) | -2.3% | 5.3% | 13.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | GILT | CMTL | VSAT | KVHI | MSI | SATX | |
| Enterprise Value | 259 | 397 | 7,455 | 59 | 76,687 | 160 | |
| (+) Cash & Short Term Investments | 119 | 27 | 1,556 | 51 | 2,102 | 7 | |
| (+) Investments & Other | 0 | 0 | 0 | 0 | 60 | 2 | |
| (-) Debt | (9) | (251) | (7,516) | (1) | (6,551) | (60) | |
| (-) Other Liabilities | 0 | 0 | (86) | 0 | (16) | 0 | |
| (-) Preferred Stock | 0 | (122) | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 370 | 50 | 1,410 | 108 | 72,282 | 109 | |
| (/) Shares Outstanding | 57.1 | 29.3 | 129.1 | 19.8 | 166.9 | 84.8 | |
| Implied Stock Price | 6.48 | 1.72 | 10.92 | 5.48 | 432.99 | 1.28 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 6.48 | 1.72 | 10.92 | 5.48 | 432.99 | 1.28 | |
| 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 | |