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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 8.6x - 9.5x | 9.1x |
| Selected Fwd EBITDA Multiple | 7.7x - 8.5x | 8.1x |
| Fair Value | $8.14 - $8.91 | $8.52 |
| Upside | 6.9% - 17.1% | 12.0% |
| 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 |
| Apple Inc. | AAPL_KZ | KAS:AAPL_KZ |
| Logitech International S.A. | LTEC | DB:LTEC |
| Vtech Holdings Limited | VTKL.F | OTCPK:VTKL.F |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| NOKB.F | 300628 | STC | AAPL_KZ | LTEC | VTKL.F | ||
| OTCPK:NOKB.F | SZSE:300628 | TSX:STC | KAS:AAPL_KZ | DB:LTEC | OTCPK:VTKL.F | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 1.6% | 17.1% | 18.1% | 12.0% | 14.8% | -2.7% | |
| 3Y CAGR | 3.5% | 18.5% | 11.3% | 3.8% | -6.1% | -3.7% | |
| Latest Twelve Months | -15.6% | 10.5% | 86.6% | 7.5% | 1.1% | -4.5% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 13.6% | 45.8% | 8.6% | 32.8% | 17.1% | 10.8% | |
| Prior Fiscal Year | 13.6% | 45.1% | 7.7% | 32.8% | 15.9% | 10.8% | |
| Latest Fiscal Year | 15.4% | 47.5% | 15.0% | 34.4% | 16.4% | 10.1% | |
| Latest Twelve Months | 12.3% | 46.1% | 15.0% | 34.7% | 16.4% | 10.1% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.96x | 8.29x | 1.06x | 8.60x | 3.08x | 0.86x | |
| EV / LTM EBITDA | 7.8x | 18.0x | 57.0x | 24.8x | 18.8x | 8.5x | |
| EV / LTM EBIT | 11.9x | 18.6x | -124.0x | 27.0x | 21.0x | 9.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 7.8x | 18.8x | 57.0x | ||||
| Historical EV / LTM EBITDA | 7.0x | 8.1x | 8.5x | ||||
| Selected EV / LTM EBITDA | 8.6x | 9.1x | 9.5x | ||||
| (x) LTM EBITDA | 220 | 220 | 220 | ||||
| (=) Implied Enterprise Value | 1,898 | 1,998 | 2,097 | ||||
| (-) Non-shareholder Claims * | 199 | 199 | 199 | ||||
| (=) Equity Value | 2,097 | 2,197 | 2,297 | ||||
| (/) Shares Outstanding | 252.8 | 252.8 | 252.8 | ||||
| Implied Value Range | 8.30 | 8.69 | 9.09 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 8.30 | 8.69 | 9.09 | 7.61 | |||
| Upside / (Downside) | 9.0% | 14.2% | 19.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | NOKB.F | 300628 | STC | AAPL_KZ | LTEC | VTKL.F | |
| Enterprise Value | 18,928 | 43,788 | 249 | 3,506,958 | 33,722 | 1,724 | |
| (+) Cash & Short Term Investments | 5,552 | 5,676 | 13 | 55,372 | 1,488 | 336 | |
| (+) Investments & Other | 1,646 | 184 | 0 | 77,614 | 28 | 6 | |
| (-) Debt | (4,100) | (11) | (56) | (101,698) | (94) | (142) | |
| (-) Other Liabilities | (92) | 0 | 0 | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 21,934 | 49,637 | 206 | 3,538,246 | 35,144 | 1,924 | |
| (/) Shares Outstanding | 5,424.9 | 1,266.6 | 33.5 | 14,840.4 | 315.6 | 252.8 | |
| Implied Stock Price | 4.04 | 39.19 | 6.15 | 238.42 | 111.37 | 7.61 | |
| FX Conversion Rate to Trading Currency | 0.85 | 1.00 | 0.72 | 1.00 | 1.18 | 1.00 | |
| Implied Stock Price (Trading Cur) | 4.76 | 39.19 | 8.49 | 238.42 | 94.60 | 7.61 | |
| Trading Currency | USD | CNY | CAD | USD | EUR | USD | |
| FX Rate to Reporting Currency | 0.85 | 1.00 | 0.72 | 1.00 | 1.18 | 1.00 | |