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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Ps Multiple | 1.1x - 1.3x | 1.2x |
| Selected Fwd Ps Multiple | 1.0x - 1.1x | 1.0x |
| Fair Value | $0.30 - $0.33 | $0.32 |
| Upside | 7.8% - 19.2% | 13.5% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| SolarEdge Technologies, Inc. | - | DB:2ED |
| Daqo New Energy Corp. | - | MUN:5DQ2 |
| Enphase Energy, Inc. | - | DB:E0P |
| GSI Technology, Inc. | - | NasdaqGS:GSIT |
| Maxeon Solar Technologies, Ltd. | - | DB:5QJ1 |
| REC Silicon ASA | - | OTCPK:RNWE.F |
| Select Price / LTM Sales Ratio | ||||||||
| Benchmark Companies | ||||||||
| 2ED | 5DQ2 | E0P | GSIT | 5QJ1 | RNWE.F | |||
| DB:2ED | MUN:5DQ2 | DB:E0P | NasdaqGS:GSIT | DB:5QJ1 | OTCPK:RNWE.F | |||
| Historical Sales Growth | ||||||||
| 5Y CAGR | -8.8% | 24.1% | 16.3% | -13.9% | -15.7% | -2.5% | ||
| 3Y CAGR | -22.9% | -15.1% | -1.3% | -15.0% | -13.4% | -0.6% | ||
| Latest Twelve Months | -59.0% | -63.4% | -22.2% | -5.7% | -54.7% | -21.8% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | -24.3% | 23.9% | 14.9% | -63.1% | -32.3% | -68.0% | ||
| Prior Fiscal Year | 1.2% | 18.6% | 19.2% | -92.3% | -24.6% | 68.1% | ||
| Latest Fiscal Year | -200.4% | -33.5% | 7.7% | -51.9% | -120.7% | -74.1% | ||
| Latest Twelve Months | -190.7% | -58.6% | 10.4% | -51.9% | -120.7% | -88.4% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | -1.0x | -1.3x | 27.9x | -4.6x | -0.8x | -18.0x | ||
| Price / LTM Sales | 1.4x | 1.3x | 4.6x | 4.2x | 0.1x | 0.7x | ||
| LTM P/E Ratio | -0.7x | -2.3x | 44.5x | -8.2x | -0.1x | -0.8x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/S Ratio | 0.1x | 1.4x | 4.6x | |||||
| Historical LTM P/S Ratio | 0.9x | 4.4x | 5.9x | |||||
| Selected Price / Sales Multiple | 1.1x | 1.2x | 1.3x | |||||
| (x) LTM Sales | 120 | 120 | 120 | |||||
| (=) Equity Value | 138 | 145 | 152 | |||||
| (/) Shares Outstanding | 420.6 | 420.6 | 420.6 | |||||
| Implied Value Range | 0.33 | 0.34 | 0.36 | |||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 0.33 | 0.34 | 0.36 | 0.28 | ||||
| Upside / (Downside) | 16.8% | 22.9% | 29.1% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | 2ED | 5DQ2 | E0P | GSIT | 5QJ1 | RNWE.F | |
| Value of Common Equity | 1,278 | 1,039 | 6,566 | 87 | 61 | 118 | |
| (/) Shares Outstanding | 59.0 | 67.1 | 131.2 | 25.6 | 16.9 | 420.6 | |
| Implied Stock Price | 21.64 | 15.50 | 50.04 | 3.39 | 3.59 | 0.28 | |
| FX Conversion Rate to Trading Currency | 1.11 | 1.11 | 1.11 | 1.00 | 1.11 | 1.00 | |
| Implied Stock Price (Trading Cur) | 19.41 | 13.90 | 44.89 | 3.39 | 3.22 | 0.28 | |
| Trading Currency | EUR | EUR | EUR | USD | EUR | USD | |
| FX Rate to Reporting Currency | 1.11 | 1.11 | 1.11 | 1.00 | 1.11 | 1.00 | |