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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 12.6x - 13.9x | 13.2x |
| Selected Fwd EBITDA Multiple | 13.6x - 15.1x | 14.4x |
| Fair Value | $86.14 - $94.44 | $90.29 |
| Upside | 27.5% - 39.8% | 33.6% |
| Benchmarks | Ticker | Full Ticker |
| Methode Electronics, Inc. | MEI | NYSE:MEI |
| Knowles Corporation | KN | NYSE:KN |
| Insight Enterprises, Inc. | NSIT | NasdaqGS:NSIT |
| Novanta Inc. | NOVT | NasdaqGS:NOVT |
| Sono-Tek Corporation | SOTK | NasdaqCM:SOTK |
| Rogers Corporation | ROG | NYSE:ROG |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| MEI | KN | NSIT | NOVT | SOTK | ROG | ||
| NYSE:MEI | NYSE:KN | NasdaqGS:NSIT | NasdaqGS:NOVT | NasdaqCM:SOTK | NYSE:ROG | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | -19.1% | -6.3% | 11.1% | 10.4% | 33.8% | -9.6% | |
| 3Y CAGR | -32.9% | -17.4% | 10.0% | 12.9% | -0.4% | -16.7% | |
| Latest Twelve Months | -37.0% | 31.0% | 3.5% | 7.6% | -21.3% | -22.9% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 13.1% | 18.2% | 4.7% | 18.1% | 10.6% | 15.5% | |
| Prior Fiscal Year | 12.9% | 17.4% | 5.4% | 19.2% | 7.9% | 14.0% | |
| Latest Fiscal Year | 5.2% | 18.8% | 5.9% | 19.2% | 9.0% | 11.8% | |
| Latest Twelve Months | 4.7% | 18.8% | 5.9% | 19.2% | 7.0% | 11.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.46x | 2.43x | 0.66x | 5.27x | 2.15x | 1.35x | |
| EV / LTM EBITDA | 9.6x | 12.9x | 11.2x | 27.5x | 30.8x | 11.4x | |
| EV / LTM EBIT | -76.3x | 21.6x | 13.9x | 39.5x | 61.1x | 22.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 9.6x | 12.9x | 30.8x | ||||
| Historical EV / LTM EBITDA | 11.4x | 18.3x | 24.0x | ||||
| Selected EV / LTM EBITDA | 12.6x | 13.2x | 13.9x | ||||
| (x) LTM EBITDA | 98 | 98 | 98 | ||||
| (=) Implied Enterprise Value | 1,235 | 1,300 | 1,365 | ||||
| (-) Non-shareholder Claims * | 134 | 134 | 134 | ||||
| (=) Equity Value | 1,369 | 1,434 | 1,499 | ||||
| (/) Shares Outstanding | 18.5 | 18.5 | 18.5 | ||||
| Implied Value Range | 73.92 | 77.43 | 80.94 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 73.92 | 77.43 | 80.94 | 67.58 | |||
| Upside / (Downside) | 9.4% | 14.6% | 19.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | MEI | KN | NSIT | NOVT | SOTK | ROG | |
| Enterprise Value | 488 | 1,344 | 5,757 | 4,999 | 43 | 1,118 | |
| (+) Cash & Short Term Investments | 104 | 130 | 259 | 114 | 13 | 160 | |
| (+) Investments & Other | 0 | 85 | 0 | 0 | 0 | 0 | |
| (-) Debt | (360) | (213) | (1,166) | (471) | 0 | (26) | |
| (-) 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 | 232 | 1,346 | 4,850 | 4,642 | 56 | 1,252 | |
| (/) Shares Outstanding | 35.7 | 87.7 | 31.8 | 36.0 | 15.8 | 18.5 | |
| Implied Stock Price | 6.51 | 15.35 | 152.62 | 129.08 | 3.56 | 67.58 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 6.51 | 15.35 | 152.62 | 129.08 | 3.56 | 67.58 | |
| 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 | |