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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 68,0x - 75,1x | 71,5x |
| Selected Fwd EBITDA Multiple | 8,0x - 8,9x | 8,4x |
| Fair Value | $6,52 - $7,33 | $6,93 |
| Upside | -21,7% - -11,8% | -16,7% |
| Benchmarks | Ticker | Full Ticker |
| Turtle Beach Corporation | TBCH | NasdaqGM:TBCH |
| Dell Technologies Inc. | DELL | NYSE:DELL |
| Logitech International S.A. | LOGI | NasdaqGS:LOGI |
| HP Inc. | HPQ | NYSE:HPQ |
| Pure Storage, Inc. | PSTG | NYSE:PSTG |
| Corsair Gaming, Inc. | CRSR | NasdaqGS:CRSR |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| TBCH | DELL | LOGI | HPQ | PSTG | CRSR | ||
| NasdaqGM:TBCH | NYSE:DELL | NasdaqGS:LOGI | NYSE:HPQ | NYSE:PSTG | NasdaqGS:CRSR | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 20.1% | 1.9% | 14.6% | 0.1% | NM- | -49.8% | |
| 3Y CAGR | 22.7% | 2.3% | -6.2% | -7.9% | NM- | -78.0% | |
| Latest Twelve Months | 882.3% | 8.7% | 9.1% | -5.7% | 7.7% | -78.7% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 2.3% | 9.5% | 16.9% | 9.4% | 1.4% | 5.3% | |
| Prior Fiscal Year | -4.5% | 10.1% | 15.9% | 9.7% | 7.5% | 4.1% | |
| Latest Fiscal Year | 12.8% | 10.2% | 16.3% | 9.4% | 7.2% | 0.1% | |
| Latest Twelve Months | 12.8% | 10.2% | 16.3% | 9.2% | 7.2% | 0.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.71x | 1.01x | 2.48x | 0.65x | 5.40x | 0.75x | |
| EV / LTM EBITDA | 5.6x | 10.0x | 15.2x | 7.1x | 75.0x | 96.7x | |
| EV / LTM EBIT | 7.6x | 14.0x | 17.0x | 8.5x | 169.0x | -24.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 5.6x | 10.0x | 75.0x | ||||
| Historical EV / LTM EBITDA | 10.3x | 26.3x | 159.1x | ||||
| Selected EV / LTM EBITDA | 68.0x | 71.5x | 75.1x | ||||
| (x) LTM EBITDA | 10 | 10 | 10 | ||||
| (=) Implied Enterprise Value | 710 | 748 | 785 | ||||
| (-) Non-shareholder Claims * | (131) | (131) | (131) | ||||
| (=) Equity Value | 580 | 617 | 654 | ||||
| (/) Shares Outstanding | 105.8 | 105.8 | 105.8 | ||||
| Implied Value Range | 5.48 | 5.83 | 6.18 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 5.48 | 5.83 | 6.18 | 8.32 | |||
| Upside / (Downside) | -34.2% | -29.9% | -25.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | TBCH | DELL | LOGI | HPQ | PSTG | CRSR | |
| Enterprise Value | 272 | 96,823 | 11,409 | 34,876 | 17,096 | 1,011 | |
| (+) Cash & Short Term Investments | 12 | 3,659 | 1,503 | 2,894 | 1,522 | 100 | |
| (+) Investments & Other | 0 | 1,496 | 0 | 0 | 0 | 0 | |
| (-) Debt | (60) | (25,368) | 0 | (10,903) | (281) | (216) | |
| (-) Other Liabilities | 0 | (95) | 0 | 0 | 0 | (15) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 224 | 76,515 | 12,912 | 26,867 | 18,336 | 880 | |
| (/) Shares Outstanding | 20.1 | 683.5 | 149.2 | 942.7 | 327.1 | 105.8 | |
| Implied Stock Price | 11.10 | 111.95 | 86.54 | 28.50 | 56.05 | 8.32 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 11.10 | 111.95 | 86.54 | 28.50 | 56.05 | 8.32 | |
| 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 | |