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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 37.1x - 41.0x | 39.1x |
| Selected Fwd EBITDA Multiple | 27.9x - 30.9x | 29.4x |
| Fair Value | $153.29 - $169.24 | $161.26 |
| Upside | -5.3% - 4.6% | -0.3% |
| Benchmarks | Ticker | Full Ticker |
| Rambus Inc. | RMBS | NasdaqGS:RMBS |
| Semtech Corporation | SMTC | NasdaqGS:SMTC |
| Ambarella, Inc. | AMBA | NasdaqGS:AMBA |
| Synaptics Incorporated | SYNA | NasdaqGS:SYNA |
| GlobalFoundries Inc. | GFS | NasdaqGS:GFS |
| Advanced Micro Devices, Inc. | AMD | NasdaqGS:AMD |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| RMBS | SMTC | AMBA | SYNA | GFS | AMD | ||
| NasdaqGS:RMBS | NasdaqGS:SMTC | NasdaqGS:AMBA | NasdaqGS:SYNA | NasdaqGS:GFS | NasdaqGS:AMD | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | NM- | 2.8% | NM- | -15.0% | 14.7% | 43.3% | |
| 3Y CAGR | 42.6% | -15.6% | NM- | -46.4% | 14.6% | 8.3% | |
| Latest Twelve Months | 62.6% | 166.9% | 41.4% | 133.7% | -10.3% | 36.2% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 25.9% | 16.6% | -29.9% | 16.8% | 29.6% | 19.8% | |
| Prior Fiscal Year | 30.3% | 5.2% | -62.4% | 3.6% | 35.0% | 17.0% | |
| Latest Fiscal Year | 39.8% | 11.6% | -39.8% | 7.4% | 32.9% | 20.0% | |
| Latest Twelve Months | 42.6% | 15.3% | -24.6% | 7.4% | 31.6% | 18.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 11.99x | 5.66x | 9.41x | 2.95x | 2.38x | 8.43x | |
| EV / LTM EBITDA | 28.1x | 37.0x | -38.3x | 39.7x | 7.5x | 45.3x | |
| EV / LTM EBIT | 33.1x | 50.3x | -33.2x | -50.0x | 21.2x | 99.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -38.3x | 28.1x | 39.7x | ||||
| Historical EV / LTM EBITDA | 18.0x | 49.9x | 77.2x | ||||
| Selected EV / LTM EBITDA | 37.1x | 39.1x | 41.0x | ||||
| (x) LTM EBITDA | 5,510 | 5,510 | 5,510 | ||||
| (=) Implied Enterprise Value | 204,447 | 215,207 | 225,967 | ||||
| (-) Non-shareholder Claims * | 2,906 | 2,906 | 2,906 | ||||
| (=) Equity Value | 207,353 | 218,113 | 228,873 | ||||
| (/) Shares Outstanding | 1,622.8 | 1,622.8 | 1,622.8 | ||||
| Implied Value Range | 127.77 | 134.40 | 141.03 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 127.77 | 134.40 | 141.03 | 161.79 | |||
| Upside / (Downside) | -21.0% | -16.9% | -12.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | RMBS | SMTC | AMBA | SYNA | GFS | AMD | |
| Enterprise Value | 7,546 | 5,575 | 3,208 | 3,119 | 16,316 | 259,654 | |
| (+) Cash & Short Term Investments | 595 | 169 | 261 | 453 | 3,095 | 5,867 | |
| (+) Investments & Other | 0 | 0 | 0 | 0 | 823 | 925 | |
| (-) Debt | (28) | (546) | (3) | (883) | (1,684) | (3,886) | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | (53) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 8,113 | 5,198 | 3,466 | 2,689 | 18,497 | 262,560 | |
| (/) Shares Outstanding | 107.6 | 86.8 | 42.7 | 38.7 | 555.0 | 1,622.8 | |
| Implied Stock Price | 75.40 | 59.90 | 81.19 | 69.56 | 33.33 | 161.79 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 75.40 | 59.90 | 81.19 | 69.56 | 33.33 | 161.79 | |
| 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 | |