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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | -7.1x - -7.8x | -7.4x |
| Selected Fwd EBIT Multiple | -95.6x - -105.7x | -100.6x |
| Fair Value | $1.18 - $1.37 | $1.27 |
| Upside | -41.9% - -32.6% | -37.2% |
| Benchmarks | Ticker | Full Ticker |
| Gilat Satellite Networks Ltd. | GILT | NasdaqGS:GILT |
| Viasat, Inc. | VSAT | NasdaqGS:VSAT |
| KVH Industries, Inc. | KVHI | NasdaqGS:KVHI |
| Comtech Telecommunications Corp. | CMTL | NasdaqGS:CMTL |
| Motorola Solutions, Inc. | MSI | NYSE:MSI |
| Satixfy Communications Ltd. | SATX | NYSEAM:SATX |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| GILT | VSAT | KVHI | CMTL | MSI | SATX | ||
| NasdaqGS:GILT | NasdaqGS:VSAT | NasdaqGS:KVHI | NasdaqGS:CMTL | NYSE:MSI | NYSEAM:SATX | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | -3.7% | NM- | NM- | -51.5% | 10.4% | NM- | |
| 3Y CAGR | 96.6% | NM- | NM- | -67.6% | 15.2% | NM- | |
| Latest Twelve Months | 8.1% | 107.1% | 38.8% | -433.4% | 11.2% | 45.4% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 3.2% | -4.7% | -8.8% | 1.8% | 23.3% | -179.7% | |
| Prior Fiscal Year | 7.5% | -4.5% | -8.6% | 1.0% | 24.7% | -389.2% | |
| Latest Fiscal Year | 7.0% | -17.3% | -6.1% | 0.2% | 26.2% | -110.4% | |
| Latest Twelve Months | 7.0% | 1.3% | -6.1% | -8.8% | 26.4% | -110.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.86x | 1.60x | 0.43x | 0.79x | 6.65x | 11.22x | |
| EV / LTM EBITDA | 7.5x | 5.4x | 7.8x | -44.9x | 22.6x | -10.4x | |
| EV / LTM EBIT | 12.2x | 127.1x | -7.1x | -8.9x | 25.2x | -10.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -8.9x | 12.2x | 127.1x | ||||
| Historical EV / LTM EBIT | -32.3x | -10.2x | -2.6x | ||||
| Selected EV / LTM EBIT | -7.1x | -7.4x | -7.8x | ||||
| (x) LTM EBIT | (23) | (23) | (23) | ||||
| (=) Implied Enterprise Value | 161 | 170 | 178 | ||||
| (-) Non-shareholder Claims * | (54) | (54) | (54) | ||||
| (=) Equity Value | 107 | 116 | 124 | ||||
| (/) Shares Outstanding | 86.8 | 86.8 | 86.8 | ||||
| Implied Value Range | 1.24 | 1.33 | 1.43 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 1.24 | 1.33 | 1.43 | 2.03 | |||
| Upside / (Downside) | -39.1% | -34.3% | -29.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | GILT | VSAT | KVHI | CMTL | MSI | SATX | |
| Enterprise Value | 262 | 7,256 | 49 | 390 | 72,736 | 230 | |
| (+) Cash & Short Term Investments | 119 | 1,556 | 51 | 27 | 1,564 | 14 | |
| (+) Investments & Other | 0 | 0 | 0 | 0 | 81 | 2 | |
| (-) Debt | (9) | (7,516) | (1) | (251) | (6,525) | (70) | |
| (-) Other Liabilities | 0 | (86) | 0 | 0 | (18) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | (122) | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 373 | 1,211 | 99 | 43 | 67,838 | 176 | |
| (/) Shares Outstanding | 57.1 | 129.1 | 19.8 | 29.3 | 166.9 | 86.8 | |
| Implied Stock Price | 6.53 | 9.38 | 5.00 | 1.48 | 406.42 | 2.03 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 6.53 | 9.38 | 5.00 | 1.48 | 406.42 | 2.03 | |
| 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 | |