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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 6.7x - 7.5x | 7.1x |
| Selected Fwd Revenue Multiple | 6.4x - 7.0x | 6.7x |
| Fair Value | $187.72 - $207.25 | $197.48 |
| Upside | -18.7% - -10.2% | -14.5% |
| 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 Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| HPQ | DELL | LNVG.F | LOGI | SONM | AAPL | |||
| NYSE:HPQ | NYSE:DELL | OTCPK:LNVG.F | NasdaqGS:LOGI | NasdaqCM:SONM | NasdaqGS:AAPL | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | -1.8% | 2.4% | 6.4% | 8.9% | -12.9% | 8.5% | ||
| 3Y CAGR | -5.5% | -1.9% | -1.2% | -6.0% | 2.2% | 2.2% | ||
| Latest Twelve Months | 2.5% | 7.7% | 22.0% | 4.6% | -16.4% | 6.0% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 8.0% | 5.7% | 3.7% | 15.1% | -35.3% | 29.8% | ||
| Prior Fiscal Year | 8.1% | 6.9% | 3.5% | 13.9% | 0.5% | 29.8% | ||
| Latest Fiscal Year | 7.9% | 7.3% | 2.9% | 14.7% | -56.8% | 31.5% | ||
| Latest Twelve Months | 7.1% | 7.4% | 3.2% | 14.7% | -51.9% | 31.9% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 0.63x | 1.18x | 0.27x | 2.84x | 0.18x | 8.31x | ||
| EV / LTM EBIT | 8.9x | 15.9x | 8.6x | 19.3x | -0.3x | 26.1x | ||
| Price / LTM Sales | 0.46x | 0.97x | 0.24x | 3.14x | 0.17x | 8.39x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 0.18x | 0.63x | 2.84x | |||||
| Historical EV / LTM Revenue | 5.58x | 6.82x | 9.05x | |||||
| Selected EV / LTM Revenue | 6.74x | 7.10x | 7.45x | |||||
| (x) LTM Revenue | 408,625 | 408,625 | 408,625 | |||||
| (=) Implied Enterprise Value | 2,755,152 | 2,900,160 | 3,045,168 | |||||
| (-) Non-shareholder Claims * | 31,288 | 31,288 | 31,288 | |||||
| (=) Equity Value | 2,786,440 | 2,931,448 | 3,076,456 | |||||
| (/) Shares Outstanding | 14,840.4 | 14,840.4 | 14,840.4 | |||||
| Implied Value Range | 187.76 | 197.53 | 207.30 | |||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 187.76 | 197.53 | 207.30 | 230.89 | ||||
| Upside / (Downside) | -18.7% | -14.4% | -10.2% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | HPQ | DELL | LNVG.F | LOGI | SONM | AAPL | |
| Enterprise Value | 34,420 | 113,705 | 18,164 | 13,081 | 10 | 3,395,210 | |
| (+) 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 | 25,201 | 93,429 | 17,218 | 14,503 | 10 | 3,426,498 | |
| (/) Shares Outstanding | 939.3 | 676.4 | 12,404.7 | 147.3 | 17.7 | 14,840.4 | |
| Implied Stock Price | 26.83 | 138.13 | 1.39 | 98.46 | 0.54 | 230.89 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 26.83 | 138.13 | 1.39 | 98.46 | 0.54 | 230.89 | |
| 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 | |