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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 8.9x - 9.8x | 9.3x |
| Selected Fwd EBIT Multiple | 6.2x - 6.8x | 6.5x |
| Fair Value | $4.68 - $5.06 | $4.87 |
| Upside | -0.6% - 7.5% | 3.5% |
| Benchmarks | Ticker | Full Ticker |
| Teleste Oyj | TLT1V | HLSE:TLT1V |
| EKINOPS S.A. | EKI | ENXTPA:EKI |
| Vtech Holdings Limited | VTCB | DB:VTCB |
| Telefonaktiebolaget LM Ericsson (publ) | ERIBR | HLSE:ERIBR |
| Broadpeak Société anonyme | ALBPK | ENXTPA:ALBPK |
| Nokia Oyj | NOKB.F | OTCPK:NOKB.F |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| TLT1V | EKI | VTCB | ERIBR | ALBPK | NOKB.F | ||
| HLSE:TLT1V | ENXTPA:EKI | DB:VTCB | HLSE:ERIBR | ENXTPA:ALBPK | OTCPK:NOKB.F | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | -32.2% | NM- | 1.0% | -17.2% | NM- | 15.2% | |
| 3Y CAGR | -31.5% | NM- | -9.1% | -35.9% | NM- | 6.6% | |
| Latest Twelve Months | 213.7% | -328.3% | -0.7% | -52.5% | -383.9% | 9.1% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 1.4% | 3.6% | 9.3% | 10.3% | -8.2% | 9.3% | |
| Prior Fiscal Year | -0.7% | 2.8% | 8.0% | 6.7% | -4.1% | 9.4% | |
| Latest Fiscal Year | 0.9% | -7.1% | 9.2% | 3.4% | -17.8% | 11.3% | |
| Latest Twelve Months | 0.9% | -7.1% | 9.1% | 3.4% | -20.6% | 11.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.54x | 0.56x | 0.84x | 0.77x | 0.50x | 0.93x | |
| EV / LTM EBITDA | 32.8x | -26.3x | 7.9x | 12.9x | -2.4x | 6.0x | |
| EV / LTM EBIT | 63.9x | -7.9x | 9.3x | 22.7x | -2.5x | 8.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -7.9x | 9.3x | 63.9x | ||||
| Historical EV / LTM EBIT | 6.0x | 8.2x | 11.1x | ||||
| Selected EV / LTM EBIT | 8.9x | 9.3x | 9.8x | ||||
| (x) LTM EBIT | 2,177 | 2,177 | 2,177 | ||||
| (=) Implied Enterprise Value | 19,275 | 20,289 | 21,304 | ||||
| (-) Non-shareholder Claims * | 5,225 | 5,225 | 5,225 | ||||
| (=) Equity Value | 24,500 | 25,514 | 26,529 | ||||
| (/) Shares Outstanding | 5,396.5 | 5,396.5 | 5,396.5 | ||||
| Implied Value Range | 4.54 | 4.73 | 4.92 | ||||
| FX Rate: EUR/USD | 0.9 | 0.9 | 0.9 | Market Price | |||
| Implied Value Range (Trading Cur) | 4.96 | 5.17 | 5.37 | 4.71 | |||
| Upside / (Downside) | 5.3% | 9.7% | 14.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | TLT1V | EKI | VTCB | ERIBR | ALBPK | NOKB.F | |
| Enterprise Value | 72 | 66 | 1,603 | 200,415 | 24 | 18,037 | |
| (+) Cash & Short Term Investments | 9 | 46 | 150 | 56,431 | 3 | 8,312 | |
| (+) Investments & Other | 0 | 0 | 5 | 22,648 | 0 | 1,763 | |
| (-) Debt | (34) | (29) | (155) | (45,541) | (12) | (4,760) | |
| (-) Other Liabilities | 1 | 0 | 0 | 1,301 | 0 | (90) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 47 | 84 | 1,603 | 235,254 | 15 | 23,262 | |
| (/) Shares Outstanding | 18.2 | 27.0 | 253.0 | 3,332.7 | 12.5 | 5,396.5 | |
| Implied Stock Price | 2.58 | 3.10 | 6.34 | 70.59 | 1.18 | 4.31 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.09 | 11.03 | 1.00 | 0.92 | |
| Implied Stock Price (Trading Cur) | 2.58 | 3.10 | 5.80 | 6.40 | 1.18 | 4.71 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.09 | 11.03 | 1.00 | 0.92 | |