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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 15.2x - 16.8x | 16.0x |
| Selected Fwd EBIT Multiple | 6.5x - 7.2x | 6.8x |
| Fair Value | $7.15 - $7.79 | $7.47 |
| Upside | -14.8% - -7.3% | -11.1% |
| Benchmarks | Ticker | Full Ticker |
| Nokia Oyj | NOKIA SEK | OM:NOKIASEK |
| Teleste Oyj | TLT1V | HLSE:TLT1V |
| Vecima Networks Inc. | VCM | DB:VCM |
| Cisco Systems, Inc. | CIS | DB:CIS |
| Smartoptics Group AS | 3YL | MUN:3YL |
| Telefonaktiebolaget LM Ericsson (publ) | ERIX.F | OTCPK:ERIX.F |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| NOKIA SEK | TLT1V | VCM | CIS | 3YL | ERIX.F | ||
| OM:NOKIASEK | HLSE:TLT1V | DB:VCM | DB:CIS | MUN:3YL | OTCPK:ERIX.F | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 15.2% | -32.2% | NM- | -2.1% | 32.0% | -17.2% | |
| 3Y CAGR | 6.6% | -31.5% | NM- | -1.7% | -10.5% | -35.5% | |
| Latest Twelve Months | 9.1% | 213.7% | 22.5% | -27.4% | -63.2% | -24.3% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 9.3% | 1.4% | 5.0% | 26.9% | 11.4% | 9.9% | |
| Prior Fiscal Year | 9.4% | -0.7% | 12.0% | 27.3% | 15.3% | 6.7% | |
| Latest Fiscal Year | 11.3% | 0.9% | 10.4% | 24.3% | 5.9% | 3.4% | |
| Latest Twelve Months | 11.3% | 0.9% | 8.5% | 21.5% | 5.9% | 4.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.99x | 0.56x | 0.87x | 4.27x | 3.13x | 0.93x | |
| EV / LTM EBITDA | 6.4x | 33.5x | 7.8x | 15.8x | 38.4x | 12.4x | |
| EV / LTM EBIT | 8.7x | 65.4x | 10.2x | 19.8x | 52.7x | 18.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 8.7x | 19.8x | 65.4x | ||||
| Historical EV / LTM EBIT | 6.1x | 10.6x | 13.8x | ||||
| Selected EV / LTM EBIT | 15.2x | 16.0x | 16.8x | ||||
| (x) LTM EBIT | 12,223 | 12,223 | 12,223 | ||||
| (=) Implied Enterprise Value | 186,164 | 195,962 | 205,760 | ||||
| (-) Non-shareholder Claims * | 36,007 | 36,007 | 36,007 | ||||
| (=) Equity Value | 222,171 | 231,969 | 241,767 | ||||
| (/) Shares Outstanding | 3,332.7 | 3,332.7 | 3,332.7 | ||||
| Implied Value Range | 66.66 | 69.60 | 72.54 | ||||
| FX Rate: SEK/USD | 9.6 | 9.6 | 9.6 | Market Price | |||
| Implied Value Range (Trading Cur) | 6.96 | 7.27 | 7.58 | 8.40 | |||
| Upside / (Downside) | -17.1% | -13.5% | -9.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | NOKIA SEK | TLT1V | VCM | CIS | 3YL | ERIX.F | |
| Enterprise Value | 19,521 | 75 | 275 | 231,535 | 156 | 232,011 | |
| (+) Cash & Short Term Investments | 8,312 | 9 | 2 | 17,644 | 8 | 49,737 | |
| (+) Investments & Other | 1,763 | 0 | 0 | 2,088 | 0 | 27,507 | |
| (-) Debt | (4,760) | (34) | (55) | (32,422) | (2) | (42,418) | |
| (-) Other Liabilities | (90) | 1 | 0 | 0 | 0 | 1,181 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 24,746 | 51 | 223 | 218,845 | 162 | 268,018 | |
| (/) Shares Outstanding | 5,389.7 | 18.3 | 24.3 | 3,978.3 | 82.2 | 3,332.7 | |
| Implied Stock Price | 4.59 | 2.78 | 9.16 | 55.01 | 1.97 | 80.42 | |
| FX Conversion Rate to Trading Currency | 0.09 | 1.00 | 1.58 | 1.14 | 1.14 | 9.57 | |
| Implied Stock Price (Trading Cur) | 50.22 | 2.78 | 5.80 | 48.15 | 1.72 | 8.40 | |
| Trading Currency | SEK | EUR | EUR | EUR | EUR | USD | |
| FX Rate to Reporting Currency | 0.09 | 1.00 | 1.58 | 1.14 | 1.14 | 9.57 | |