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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Ps Multiple | 7.6x - 8.4x | 8.0x |
| Selected Fwd Ps Multiple | 5.9x - 6.5x | 6.2x |
| Fair Value | $141.67 - $156.58 | $149.13 |
| Upside | -12.4% - -3.2% | -7.8% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Rambus Inc. | - | NasdaqGS:RMBS |
| Semtech Corporation | - | NasdaqGS:SMTC |
| Ambarella, Inc. | - | NasdaqGS:AMBA |
| Synaptics Incorporated | - | NasdaqGS:SYNA |
| GlobalFoundries Inc. | - | NasdaqGS:GFS |
| Advanced Micro Devices, Inc. | - | NasdaqGS:AMD |
| Select Price / LTM Sales Ratio | ||||||||
| Benchmark Companies | ||||||||
| RMBS | SMTC | AMBA | SYNA | GFS | AMD | |||
| NasdaqGS:RMBS | NasdaqGS:SMTC | NasdaqGS:AMBA | NasdaqGS:SYNA | NasdaqGS:GFS | NasdaqGS:AMD | |||
| Historical Sales Growth | ||||||||
| 5Y CAGR | 19.6% | 10.7% | 4.5% | -4.2% | 3.0% | 30.8% | ||
| 3Y CAGR | 19.2% | 7.1% | -5.0% | -14.8% | 0.8% | 16.2% | ||
| Latest Twelve Months | 35.2% | 22.2% | 57.9% | 12.0% | -0.7% | 27.2% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 18.9% | -23.1% | -33.7% | 8.1% | 2.2% | 11.5% | ||
| Prior Fiscal Year | 72.4% | -125.7% | -74.8% | 13.1% | 13.8% | 3.8% | ||
| Latest Fiscal Year | 32.3% | -17.8% | -41.1% | -4.4% | -3.9% | 6.4% | ||
| Latest Twelve Months | 35.5% | 2.4% | -25.5% | -4.4% | -1.7% | 9.2% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 28.1x | 37.0x | -38.3x | 39.7x | 7.5x | 45.3x | ||
| Price / LTM Sales | 12.9x | 5.3x | 10.1x | 2.5x | 2.7x | 8.5x | ||
| LTM P/E Ratio | 36.3x | 220.7x | -39.9x | -57.3x | -160.8x | 92.2x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/S Ratio | 2.5x | 5.3x | 12.9x | |||||
| Historical LTM P/S Ratio | 4.6x | 10.8x | 12.8x | |||||
| Selected Price / Sales Multiple | 7.6x | 8.0x | 8.4x | |||||
| (x) LTM Sales | 29,600 | 29,600 | 29,600 | |||||
| (=) Equity Value | 224,968 | 236,808 | 248,649 | |||||
| (/) Shares Outstanding | 1,622.8 | 1,622.8 | 1,622.8 | |||||
| Implied Value Range | 138.63 | 145.92 | 153.22 | |||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 138.63 | 145.92 | 153.22 | 161.79 | ||||
| Upside / (Downside) | -14.3% | -9.8% | -5.3% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | RMBS | SMTC | AMBA | SYNA | GFS | AMD | |
| 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 | |