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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 10.0x - 11.1x | 10.6x |
| Selected Fwd EBIT Multiple | 7.4x - 8.2x | 7.8x |
| Fair Value | $7.35 - $8.04 | $7.70 |
| Upside | -1.6% - 7.6% | 3.0% |
| Benchmarks | Ticker | Full Ticker |
| Nokia Oyj | NOKB.F | OTCPK:NOKB.F |
| Yealink Network Technology Co., Ltd. | 300628 | SZSE:300628 |
| Sangoma Technologies Corporation | STC | TSX:STC |
| Plover Bay Technologies Limited | 1523 | SEHK:1523 |
| Apple Inc. | AAPL_KZ | KAS:AAPL_KZ |
| Vtech Holdings Limited | VTKL.F | OTCPK:VTKL.F |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| NOKB.F | 300628 | STC | 1523 | AAPL_KZ | VTKL.F | ||
| OTCPK:NOKB.F | SZSE:300628 | TSX:STC | SEHK:1523 | KAS:AAPL_KZ | OTCPK:VTKL.F | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 15.2% | 16.8% | NM- | 26.2% | 14.0% | -2.6% | |
| 3Y CAGR | 6.6% | 18.2% | NM- | 20.7% | 4.2% | -2.8% | |
| Latest Twelve Months | -19.7% | 27.4% | 25.4% | 36.4% | 7.7% | -4.6% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 9.5% | 44.8% | 1.1% | 32.2% | 29.4% | 9.2% | |
| Prior Fiscal Year | 9.4% | 43.7% | -1.2% | 33.9% | 29.8% | 9.2% | |
| Latest Fiscal Year | 11.3% | 46.2% | -0.4% | 37.3% | 31.5% | 8.6% | |
| Latest Twelve Months | 8.9% | 45.9% | -0.9% | 37.3% | 31.8% | 8.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.03x | 6.48x | 1.04x | 6.90x | 7.70x | 0.78x | |
| EV / LTM EBITDA | 7.9x | 13.7x | 55.6x | 17.8x | 22.2x | 7.7x | |
| EV / LTM EBIT | 11.5x | 14.1x | -121.1x | 18.5x | 24.2x | 9.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -121.1x | 14.1x | 24.2x | ||||
| Historical EV / LTM EBIT | 8.2x | 9.0x | 9.7x | ||||
| Selected EV / LTM EBIT | 10.0x | 10.6x | 11.1x | ||||
| (x) LTM EBIT | 188 | 188 | 188 | ||||
| (=) Implied Enterprise Value | 1,883 | 1,982 | 2,081 | ||||
| (-) Non-shareholder Claims * | 199 | 199 | 199 | ||||
| (=) Equity Value | 2,082 | 2,181 | 2,280 | ||||
| (/) Shares Outstanding | 252.8 | 252.8 | 252.8 | ||||
| Implied Value Range | 8.24 | 8.63 | 9.02 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 8.24 | 8.63 | 9.02 | 7.47 | |||
| Upside / (Downside) | 10.3% | 15.5% | 20.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | NOKB.F | 300628 | STC | 1523 | AAPL_KZ | VTKL.F | |
| Enterprise Value | 18,891 | 36,277 | 243 | 809 | 3,088,196 | 1,689 | |
| (+) Cash & Short Term Investments | 6,717 | 6,689 | 18 | 66 | 48,498 | 336 | |
| (+) Investments & Other | 1,713 | 183 | 0 | 0 | 84,424 | 6 | |
| (-) Debt | (5,065) | (9) | (62) | (11) | (98,186) | (142) | |
| (-) Other Liabilities | (89) | 0 | 0 | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 22,167 | 43,140 | 198 | 864 | 3,122,932 | 1,888 | |
| (/) Shares Outstanding | 5,391.2 | 1,265.1 | 33.5 | 1,102.9 | 14,935.8 | 252.8 | |
| Implied Stock Price | 4.11 | 34.10 | 5.92 | 0.78 | 209.09 | 7.47 | |
| FX Conversion Rate to Trading Currency | 0.86 | 1.00 | 0.73 | 0.13 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 4.77 | 34.10 | 8.12 | 6.15 | 209.09 | 7.47 | |
| Trading Currency | USD | CNY | CAD | HKD | USD | USD | |
| FX Rate to Reporting Currency | 0.86 | 1.00 | 0.73 | 0.13 | 1.00 | 1.00 | |