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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | -20,5x - -22,6x | -21,6x |
| Selected Fwd EBIT Multiple | 8,5x - 9,4x | 9,0x |
| Fair Value | $6,90 - $7,76 | $7,33 |
| Upside | -23,6% - -14,1% | -18,8% |
| Benchmarks | Ticker | Full Ticker |
| Turtle Beach Corporation | TBCH | NasdaqGM:TBCH |
| Dell Technologies Inc. | DELL | NYSE:DELL |
| HP Inc. | HPQ | NYSE:HPQ |
| Logitech International S.A. | LOGI | NasdaqGS:LOGI |
| Pure Storage, Inc. | PSTG | NYSE:PSTG |
| Corsair Gaming, Inc. | CRSR | NasdaqGS:CRSR |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| TBCH | DELL | HPQ | LOGI | PSTG | CRSR | ||
| NasdaqGM:TBCH | NYSE:DELL | NYSE:HPQ | NasdaqGS:LOGI | NYSE:PSTG | NasdaqGS:CRSR | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 21.1% | 18.3% | -0.3% | 17.2% | NM- | NM- | |
| 3Y CAGR | 21.0% | 13.1% | -9.5% | -5.2% | NM- | NM- | |
| Latest Twelve Months | 416.6% | 19.5% | -12.0% | 11.8% | -28.0% | -2580.2% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 0.2% | 5.7% | 8.0% | 14.9% | -2.1% | 2.1% | |
| Prior Fiscal Year | -6.4% | 6.9% | 8.1% | 13.9% | 3.1% | 0.7% | |
| Latest Fiscal Year | 9.7% | 7.3% | 7.9% | 14.7% | 3.2% | -3.8% | |
| Latest Twelve Months | 9.4% | 7.4% | 7.1% | 14.7% | 2.9% | -3.1% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.84x | 1.05x | 0.59x | 2.38x | 4.78x | 0.81x | |
| EV / LTM EBITDA | 6.5x | 10.2x | 6.8x | 14.5x | 69.9x | 103.9x | |
| EV / LTM EBIT | 8.9x | 14.1x | 8.2x | 16.3x | 162.2x | -25.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 8.2x | 14.1x | 162.2x | ||||
| Historical EV / LTM EBIT | -38.5x | 12.9x | 143.2x | ||||
| Selected EV / LTM EBIT | -20.5x | -21.6x | -22.6x | ||||
| (x) LTM EBIT | (42) | (42) | (42) | ||||
| (=) Implied Enterprise Value | 860 | 905 | 951 | ||||
| (-) Non-shareholder Claims * | (131) | (131) | (131) | ||||
| (=) Equity Value | 729 | 775 | 820 | ||||
| (/) Shares Outstanding | 105.8 | 105.8 | 105.8 | ||||
| Implied Value Range | 6.89 | 7.32 | 7.75 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 6.89 | 7.32 | 7.75 | 9.03 | |||
| Upside / (Downside) | -23.7% | -18.9% | -14.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | TBCH | DELL | HPQ | LOGI | PSTG | CRSR | |
| Enterprise Value | 318 | 101,310 | 31,832 | 10,936 | 15,539 | 1,086 | |
| (+) Cash & Short Term Investments | 12 | 7,701 | 2,730 | 1,503 | 1,579 | 100 | |
| (+) Investments & Other | 0 | 1,649 | 0 | 28 | 12 | 0 | |
| (-) Debt | (60) | (29,626) | (11,916) | (92) | (272) | (216) | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | 0 | (15) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 270 | 81,034 | 22,646 | 12,375 | 16,858 | 956 | |
| (/) Shares Outstanding | 20.1 | 678.8 | 939.3 | 147.9 | 326.8 | 105.8 | |
| Implied Stock Price | 13.38 | 119.37 | 24.11 | 83.66 | 51.58 | 9.03 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 13.38 | 119.37 | 24.11 | 83.66 | 51.58 | 9.03 | |
| 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 | |