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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBITDA Multiple | 9,4x - 10,4x | 9,9x |
Selected Fwd EBITDA Multiple | 5,4x - 6,0x | 5,7x |
Fair Value | €15,70 - €17,56 | €16,63 |
Upside | -23,8% - -14,8% | -19,3% |
Benchmarks | Ticker | Full Ticker |
Cambium Networks Corporation | CMBM | NasdaqGM:CMBM |
Ceragon Networks Ltd. | CRNT | NasdaqGS:CRNT |
Viasat, Inc. | VSAT | NasdaqGS:VSAT |
Vislink Technologies, Inc. | VISL | OTCPK:VISL |
BK Technologies Corporation | BKTI | NYSEAM:BKTI |
Aviat Networks, Inc. | HSD1 | DB:HSD1 |
- | - | - |
Select LTM EBITDA Multiple | |||||||
Benchmark Companies | |||||||
CMBM | CRNT | VSAT | VISL | BKTI | HSD1 | ||
NasdaqGM:CMBM | NasdaqGS:CRNT | NasdaqGS:VSAT | OTCPK:VISL | NYSEAM:BKTI | DB:HSD1 | ||
Historical EBITDA Growth | |||||||
5Y CAGR | NM- | 27.3% | 33.3% | NM- | NM- | 40.9% | |
3Y CAGR | NM- | 49.7% | 50.6% | NM- | 263.6% | 6.9% | |
Latest Twelve Months | -1810.7% | 50.8% | 22.9% | -99.5% | 301.6% | -1.6% | |
Historical EBITDA Profit Margin | |||||||
5 Year Average Margin | -1.8% | 6.2% | 19.6% | -44.1% | -0.4% | 8.8% | |
Prior Fiscal Year | 8.6% | 9.5% | 26.2% | -35.8% | 1.2% | 9.8% | |
Latest Fiscal Year | -25.0% | 14.0% | 30.5% | -70.9% | 12.4% | 8.9% | |
Latest Twelve Months | -44.4% | 13.3% | 30.5% | -70.9% | 14.8% | 5.9% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 0.35x | 0.56x | 1.74x | 0.01x | 1.79x | 0.77x | |
EV / LTM EBITDA | -0.8x | 4.2x | 5.7x | 0.0x | 12.1x | 13.0x | |
EV / LTM EBIT | -0.7x | 5.5x | 109.6x | 0.0x | 14.2x | 18.1x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBITDA | -0.8x | 4.2x | 12.1x | ||||
Historical EV / LTM EBITDA | 7.2x | 10.7x | 13.5x | ||||
Selected EV / LTM EBITDA | 9.4x | 9.9x | 10.4x | ||||
(x) LTM EBITDA | 26 | 26 | 26 | ||||
(=) Implied Enterprise Value | 243 | 256 | 269 | ||||
(-) Non-shareholder Claims * | (28) | (28) | (28) | ||||
(=) Equity Value | 215 | 228 | 240 | ||||
(/) Shares Outstanding | 12.7 | 12.7 | 12.7 | ||||
Implied Value Range | 16.93 | 17.94 | 18.94 | ||||
FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
Implied Value Range (Trading Cur) | 14.42 | 15.28 | 16.13 | 20.60 | |||
Upside / (Downside) | -30.0% | -25.8% | -21.7% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | CMBM | CRNT | VSAT | VISL | BKTI | HSD1 | |
Enterprise Value | 60 | 219 | 7,880 | 0 | 139 | 335 | |
(+) Cash & Short Term Investments | 46 | 28 | 1,612 | 6 | 9 | 49 | |
(+) Investments & Other | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Debt | (77) | (41) | (7,516) | (1) | (1) | (77) | |
(-) Other Liabilities | 0 | 0 | (91) | 0 | 0 | 0 | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 29 | 206 | 1,886 | 6 | 147 | 307 | |
(/) Shares Outstanding | 28.2 | 88.9 | 130.3 | 2.5 | 3.7 | 12.7 | |
Implied Stock Price | 1.04 | 2.32 | 14.47 | 2.36 | 39.88 | 24.19 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.17 | |
Implied Stock Price (Trading Cur) | 1.04 | 2.32 | 14.47 | 2.36 | 39.88 | 20.60 | |
Trading Currency | USD | USD | USD | USD | USD | EUR | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.17 |