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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 41.3x - 45.6x | 43.4x |
| Selected Fwd EBIT Multiple | 21.1x - 23.3x | 22.2x |
| Fair Value | $141.28 - $156 | $148.64 |
| Upside | 17.1% - 29.3% | 23.2% |
| Benchmarks | Ticker | Full Ticker |
| Marvell Technology, Inc. | MRVL | NasdaqGS:MRVL |
| Monolithic Power Systems, Inc. | MPWR | NasdaqGS:MPWR |
| Intel Corporation | INTC | NasdaqGS:INTC |
| Applied Materials, Inc. | AMAT | NasdaqGS:AMAT |
| QUALCOMM Incorporated | QCOM | NasdaqGS:QCOM |
| NVIDIA Corporation | NVDA | NasdaqGS:NVDA |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| MRVL | MPWR | INTC | AMAT | QCOM | NVDA | ||
| NasdaqGS:MRVL | NasdaqGS:MPWR | NasdaqGS:INTC | NasdaqGS:AMAT | NasdaqGS:QCOM | NasdaqGS:NVDA | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | 38.7% | NM- | 18.5% | 4.9% | 95.6% | |
| 3Y CAGR | NM- | 27.1% | NM- | 3.0% | 1.6% | 100.9% | |
| Latest Twelve Months | 98.1% | 12.0% | -402.4% | 5.5% | 20.4% | 147.0% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | -1.8% | 23.8% | 14.6% | 28.9% | 28.4% | 38.2% | |
| Prior Fiscal Year | -7.9% | 26.5% | 2.3% | 28.9% | 24.1% | 54.1% | |
| Latest Fiscal Year | -0.1% | 24.4% | -7.2% | 28.9% | 26.3% | 62.4% | |
| Latest Twelve Months | -0.1% | 24.4% | -7.2% | 29.2% | 26.7% | 62.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 11.36x | 13.34x | 2.50x | 4.36x | 4.36x | 22.31x | |
| EV / LTM EBITDA | 48.6x | 51.1x | 17.7x | 14.2x | 14.1x | 34.9x | |
| EV / LTM EBIT | -7705.2x | 54.6x | -34.7x | 14.9x | 16.3x | 35.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -7705.2x | 14.9x | 54.6x | ||||
| Historical EV / LTM EBIT | 35.7x | 70.3x | 76.4x | ||||
| Selected EV / LTM EBIT | 41.3x | 43.4x | 45.6x | ||||
| (x) LTM EBIT | 81,453 | 81,453 | 81,453 | ||||
| (=) Implied Enterprise Value | 3,361,028 | 3,537,924 | 3,714,821 | ||||
| (-) Non-shareholder Claims * | 36,327 | 36,327 | 36,327 | ||||
| (=) Equity Value | 3,397,355 | 3,574,251 | 3,751,148 | ||||
| (/) Shares Outstanding | 24,400.0 | 24,400.0 | 24,400.0 | ||||
| Implied Value Range | 139.24 | 146.49 | 153.74 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 139.24 | 146.49 | 153.74 | 120.69 | |||
| Upside / (Downside) | 15.4% | 21.4% | 27.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | MRVL | MPWR | INTC | AMAT | QCOM | NVDA | |
| Enterprise Value | 65,420 | 29,451 | 133,809 | 120,512 | 177,300 | 2,908,509 | |
| (+) Cash & Short Term Investments | 948 | 863 | 22,062 | 8,213 | 14,305 | 43,210 | |
| (+) Investments & Other | 48 | 0 | 5,383 | 2,686 | 0 | 3,387 | |
| (-) Debt | (4,343) | (16) | (50,706) | (6,588) | (14,577) | (10,270) | |
| (-) Other Liabilities | 0 | 0 | (5,762) | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 62,073 | 30,298 | 104,786 | 124,823 | 177,028 | 2,944,836 | |
| (/) Shares Outstanding | 866.1 | 47.9 | 4,330.0 | 812.4 | 1,105.4 | 24,400.0 | |
| Implied Stock Price | 71.67 | 632.97 | 24.20 | 153.64 | 160.15 | 120.69 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 71.67 | 632.97 | 24.20 | 153.64 | 160.15 | 120.69 | |
| 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 | |