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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 18.2x - 20.2x | 19.2x |
| Selected Fwd EBITDA Multiple | 18.7x - 20.6x | 19.6x |
| Fair Value | $183.52 - $202.61 | $193.06 |
| Upside | -20.8% - -12.5% | -16.6% |
| Benchmarks | Ticker | Full Ticker |
| HP Inc. | HPQ | NYSE:HPQ |
| Dell Technologies Inc. | DELL | NYSE:DELL |
| Lenovo Group Limited | LNVG.F | OTCPK:LNVG.F |
| Logitech International S.A. | LOGI | NasdaqGS:LOGI |
| Sonim Technologies, Inc. | SONM | NasdaqCM:SONM |
| Apple Inc. | AAPL | NasdaqGS:AAPL |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| HPQ | DELL | LNVG.F | LOGI | SONM | AAPL | ||
| NYSE:HPQ | NYSE:DELL | OTCPK:LNVG.F | NasdaqGS:LOGI | NasdaqCM:SONM | NasdaqGS:AAPL | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 0.1% | 1.9% | 7.7% | 14.8% | NM- | 12.0% | |
| 3Y CAGR | -7.9% | 2.3% | -7.6% | -6.1% | NM- | 3.8% | |
| Latest Twelve Months | -10.8% | 11.6% | 7.0% | 1.1% | -275.7% | 7.5% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 9.4% | 9.6% | 5.2% | 17.1% | -31.6% | 32.8% | |
| Prior Fiscal Year | 9.7% | 10.1% | 5.3% | 15.9% | 2.6% | 32.8% | |
| Latest Fiscal Year | 9.4% | 10.2% | 4.4% | 16.4% | -51.3% | 34.4% | |
| Latest Twelve Months | 8.6% | 10.2% | 4.6% | 16.4% | -46.1% | 34.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.63x | 1.18x | 0.27x | 2.84x | 0.18x | 8.33x | |
| EV / LTM EBITDA | 7.3x | 11.5x | 5.7x | 17.3x | -0.4x | 24.0x | |
| EV / LTM EBIT | 8.9x | 15.9x | 8.4x | 19.3x | -0.3x | 26.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -0.4x | 7.3x | 17.3x | ||||
| Historical EV / LTM EBITDA | 16.7x | 21.1x | 26.5x | ||||
| Selected EV / LTM EBITDA | 18.2x | 19.2x | 20.2x | ||||
| (x) LTM EBITDA | 141,696 | 141,696 | 141,696 | ||||
| (=) Implied Enterprise Value | 2,585,827 | 2,721,923 | 2,858,019 | ||||
| (-) Non-shareholder Claims * | 31,288 | 31,288 | 31,288 | ||||
| (=) Equity Value | 2,617,115 | 2,753,211 | 2,889,307 | ||||
| (/) Shares Outstanding | 14,840.4 | 14,840.4 | 14,840.4 | ||||
| Implied Value Range | 176.35 | 185.52 | 194.69 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 176.35 | 185.52 | 194.69 | 231.59 | |||
| Upside / (Downside) | -23.9% | -19.9% | -15.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | HPQ | DELL | LNVG.F | LOGI | SONM | AAPL | |
| Enterprise Value | 34,335 | 113,806 | 19,206 | 12,978 | 10 | 3,405,598 | |
| (+) Cash & Short Term Investments | 2,697 | 7,701 | 4,786 | 1,488 | 2 | 55,372 | |
| (+) Investments & Other | 0 | 1,649 | 0 | 28 | 0 | 77,614 | |
| (-) Debt | (11,916) | (29,626) | (5,733) | (94) | (3) | (101,698) | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 25,116 | 93,530 | 18,260 | 14,400 | 10 | 3,436,886 | |
| (/) Shares Outstanding | 939.3 | 676.4 | 12,404.7 | 147.3 | 17.7 | 14,840.4 | |
| Implied Stock Price | 26.74 | 138.28 | 1.47 | 97.76 | 0.54 | 231.59 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 26.74 | 138.28 | 1.47 | 97.76 | 0.54 | 231.59 | |
| 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 | |