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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | -21,0x - -23,3x | -22,2x |
| Selected Fwd EBITDA Multiple | 8,8x - 9,7x | 9,2x |
| Fair Value | €0,55 - €1,83 | €1,19 |
| Upside | -68,0% - 7,2% | -30,4% |
| Benchmarks | Ticker | Full Ticker |
| Viasat, Inc. | VSAT | NasdaqGS:VSAT |
| KVH Industries, Inc. | KVHI | NasdaqGS:KVHI |
| Gilat Satellite Networks Ltd. | GILT | NasdaqGS:GILT |
| Motorola Solutions, Inc. | MSI | NYSE:MSI |
| Satixfy Communications Ltd. | SATX | NYSEAM:SATX |
| Comtech Telecommunications Corp. | CC6 | DB:CC6 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| VSAT | KVHI | GILT | MSI | SATX | CC6 | ||
| NasdaqGS:VSAT | NasdaqGS:KVHI | NasdaqGS:GILT | NYSE:MSI | NYSEAM:SATX | DB:CC6 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 33.3% | NM- | -1.1% | 8.4% | NM- | -14.1% | |
| 3Y CAGR | 50.6% | NM- | 36.4% | 11.5% | NM- | -18.8% | |
| Latest Twelve Months | 285.7% | 83.7% | -27.1% | 9.7% | 52.2% | -137.6% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 15.7% | 1.4% | 8.2% | 27.8% | -181.9% | 7.1% | |
| Prior Fiscal Year | 8.3% | 1.6% | 12.5% | 28.3% | -386.9% | 7.2% | |
| Latest Fiscal Year | 30.5% | 5.6% | 11.5% | 29.3% | -108.2% | 6.6% | |
| Latest Twelve Months | 30.5% | 3.4% | 9.1% | 29.4% | -87.8% | -3.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.71x | 0.54x | 1.12x | 6.62x | 13.36x | 0.91x | |
| EV / LTM EBITDA | 5.6x | 15.7x | 12.3x | 22.5x | -15.2x | -23.7x | |
| EV / LTM EBIT | 107.5x | -6.4x | 23.5x | 25.1x | -14.9x | -8.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -15.2x | 12.3x | 22.5x | ||||
| Historical EV / LTM EBITDA | 7.8x | 13.7x | 17.3x | ||||
| Selected EV / LTM EBITDA | -21.0x | -22.2x | -23.3x | ||||
| (x) LTM EBITDA | (19) | (19) | (19) | ||||
| (=) Implied Enterprise Value | 401 | 422 | 443 | ||||
| (-) Non-shareholder Claims * | (393) | (393) | (393) | ||||
| (=) Equity Value | 8 | 29 | 50 | ||||
| (/) Shares Outstanding | 29.4 | 29.4 | 29.4 | ||||
| Implied Value Range | 0.27 | 0.99 | 1.71 | ||||
| FX Rate: USD/EUR | 1.1 | 1.1 | 1.1 | Market Price | |||
| Implied Value Range (Trading Cur) | 0.24 | 0.86 | 1.49 | 1.71 | |||
| Upside / (Downside) | -86.1% | -49.5% | -12.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | VSAT | KVHI | GILT | MSI | SATX | CC6 | |
| Enterprise Value | 7,729 | 59 | 359 | 72,456 | 315 | 451 | |
| (+) Cash & Short Term Investments | 1,612 | 49 | 64 | 1,564 | 8 | 28 | |
| (+) Investments & Other | 0 | 0 | 0 | 81 | 2 | 0 | |
| (-) Debt | (7,516) | (1) | (67) | (6,525) | (73) | (252) | |
| (-) Other Liabilities | (91) | 0 | 0 | (18) | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | (170) | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 1,735 | 106 | 356 | 67,558 | 251 | 58 | |
| (/) Shares Outstanding | 130.3 | 19.6 | 57.1 | 166.9 | 86.8 | 29.4 | |
| Implied Stock Price | 13.31 | 5.43 | 6.24 | 404.74 | 2.89 | 1.96 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.15 | |
| Implied Stock Price (Trading Cur) | 13.31 | 5.43 | 6.24 | 404.74 | 2.89 | 1.71 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.15 | |