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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 7,3x - 8,1x | 7,7x |
| Selected Fwd EBITDA Multiple | 4,2x - 4,6x | 4,4x |
| Fair Value | $27,84 - $29,11 | $28,48 |
| Upside | 6,3% - 11,1% | 8,7% |
| Benchmarks | Ticker | Full Ticker |
| Ultra Clean Holdings, Inc. | UCTT | NasdaqGS:UCTT |
| Onto Innovation Inc. | ONTO | NYSE:ONTO |
| Semtech Corporation | SMTC | NasdaqGS:SMTC |
| FormFactor, Inc. | FORM | NasdaqGS:FORM |
| Diodes Incorporated | DIOD | NasdaqGS:DIOD |
| Alpha and Omega Semiconductor Limited | AOSL | NasdaqGS:AOSL |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| UCTT | ONTO | SMTC | FORM | DIOD | AOSL | ||
| NasdaqGS:UCTT | NYSE:ONTO | NasdaqGS:SMTC | NasdaqGS:FORM | NasdaqGS:DIOD | NasdaqGS:AOSL | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 14.9% | 46.3% | 2.8% | -4.1% | -8.0% | 15.0% | |
| 3Y CAGR | -12.7% | 3.9% | -15.6% | -19.4% | -22.1% | -24.8% | |
| Latest Twelve Months | 19.8% | 39.2% | 194.4% | 21.0% | -41.1% | -19.1% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 9.7% | 24.9% | 16.7% | 13.6% | 21.4% | 12.0% | |
| Prior Fiscal Year | 5.9% | 22.5% | 5.2% | 7.2% | 23.3% | 9.5% | |
| Latest Fiscal Year | 8.0% | 25.3% | 11.6% | 10.1% | 14.4% | 7.5% | |
| Latest Twelve Months | 7.0% | 26.2% | 14.3% | 10.0% | 13.6% | 6.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.64x | 3.48x | 5.05x | 2.42x | 1.53x | 0.47x | |
| EV / LTM EBITDA | 9.1x | 13.3x | 35.2x | 24.1x | 11.2x | 7.7x | |
| EV / LTM EBIT | 18.5x | 17.0x | 51.2x | 44.8x | 46.0x | -17.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 9.1x | 13.3x | 35.2x | ||||
| Historical EV / LTM EBITDA | 1.9x | 10.4x | 17.5x | ||||
| Selected EV / LTM EBITDA | 7.3x | 7.7x | 8.1x | ||||
| (x) LTM EBITDA | 42 | 42 | 42 | ||||
| (=) Implied Enterprise Value | 308 | 324 | 340 | ||||
| (-) Non-shareholder Claims * | 469 | 469 | 469 | ||||
| (=) Equity Value | 777 | 793 | 809 | ||||
| (/) Shares Outstanding | 29.8 | 29.8 | 29.8 | ||||
| Implied Value Range | 26.11 | 26.66 | 27.20 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 26.11 | 26.66 | 27.20 | 26.20 | |||
| Upside / (Downside) | -0.3% | 1.7% | 3.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | UCTT | ONTO | SMTC | FORM | DIOD | AOSL | |
| Enterprise Value | 1,372 | 3,560 | 4,816 | 1,849 | 2,050 | 310 | |
| (+) Cash & Short Term Investments | 327 | 851 | 169 | 249 | 344 | 170 | |
| (+) Investments & Other | 0 | 8 | 0 | 67 | 0 | 354 | |
| (-) Debt | (648) | (15) | (569) | (36) | (90) | (55) | |
| (-) Other Liabilities | (70) | 0 | 0 | 0 | (71) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 981 | 4,404 | 4,416 | 2,130 | 2,233 | 780 | |
| (/) Shares Outstanding | 45.3 | 48.9 | 86.6 | 77.1 | 46.4 | 29.8 | |
| Implied Stock Price | 21.63 | 90.00 | 50.97 | 27.62 | 48.13 | 26.20 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 21.63 | 90.00 | 50.97 | 27.62 | 48.13 | 26.20 | |
| Trading Currency | USD | USD | USD | USD | USD | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |