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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBITDA Multiple | 31.9x - 35.3x | 33.6x |
Selected Fwd EBITDA Multiple | 20.5x - 22.7x | 21.6x |
Fair Value | $80.32 - $88.30 | $84.31 |
Upside | 27.8% - 40.5% | 34.1% |
Benchmarks | Ticker | Full Ticker |
Semtech Corporation | SMTC | NasdaqGS:SMTC |
Advanced Micro Devices, Inc. | AMD | NasdaqGS:AMD |
Astera Labs, Inc. | ALAB | NasdaqGS:ALAB |
Synaptics Incorporated | SYNA | NasdaqGS:SYNA |
ON Semiconductor Corporation | ON | NasdaqGS:ON |
Rambus Inc. | RMBS | NasdaqGS:RMBS |
- | - | - |
Select LTM EBITDA Multiple | |||||||
Benchmark Companies | |||||||
SMTC | AMD | ALAB | SYNA | ON | RMBS | ||
NasdaqGS:SMTC | NasdaqGS:AMD | NasdaqGS:ALAB | NasdaqGS:SYNA | NasdaqGS:ON | NasdaqGS:RMBS | ||
Historical EBITDA Growth | |||||||
5Y CAGR | 2.8% | 43.3% | NM- | -22.4% | 16.1% | NM- | |
3Y CAGR | -15.6% | 8.3% | NM- | -48.7% | 8.8% | 42.6% | |
Latest Twelve Months | 194.4% | 53.2% | 80.2% | 254.4% | -36.2% | 58.0% | |
Historical EBITDA Profit Margin | |||||||
5 Year Average Margin | 16.7% | 19.6% | -37.6% | 17.1% | 32.3% | 23.6% | |
Prior Fiscal Year | 5.2% | 17.0% | -23.9% | 23.0% | 39.1% | 30.3% | |
Latest Fiscal Year | 11.6% | 20.0% | -28.5% | 3.6% | 36.0% | 39.8% | |
Latest Twelve Months | 14.3% | 21.2% | -3.7% | 7.3% | 30.1% | 41.8% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 5.24x | 9.63x | 39.21x | 2.91x | 3.67x | 10.35x | |
EV / LTM EBITDA | 36.5x | 45.5x | -1059.7x | 39.7x | 12.2x | 24.8x | |
EV / LTM EBIT | 53.1x | 93.6x | -881.7x | -55.6x | 18.1x | 29.6x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBITDA | -1059.7x | 36.5x | 45.5x | ||||
Historical EV / LTM EBITDA | 26.1x | 54.6x | 560.9x | ||||
Selected EV / LTM EBITDA | 31.9x | 33.6x | 35.3x | ||||
(x) LTM EBITDA | 253 | 253 | 253 | ||||
(=) Implied Enterprise Value | 8,076 | 8,501 | 8,926 | ||||
(-) Non-shareholder Claims * | 485 | 485 | 485 | ||||
(=) Equity Value | 8,562 | 8,987 | 9,412 | ||||
(/) Shares Outstanding | 107.4 | 107.4 | 107.4 | ||||
Implied Value Range | 79.71 | 83.66 | 87.62 | ||||
FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 79.71 | 83.66 | 87.62 | 62.85 | |||
Upside / (Downside) | 26.8% | 33.1% | 39.4% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | SMTC | AMD | ALAB | SYNA | ON | RMBS | |
Enterprise Value | 4,997 | 266,529 | 19,233 | 3,021 | 24,445 | 6,266 | |
(+) Cash & Short Term Investments | 169 | 7,310 | 925 | 421 | 3,013 | 514 | |
(+) Investments & Other | 0 | 807 | 0 | 0 | 0 | 0 | |
(-) Debt | (569) | (4,731) | 0 | (881) | (3,653) | (29) | |
(-) Other Liabilities | 0 | 0 | 0 | 0 | (19) | 0 | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 4,598 | 269,915 | 20,158 | 2,561 | 23,786 | 6,751 | |
(/) Shares Outstanding | 86.6 | 1,621.4 | 164.9 | 38.5 | 417.9 | 107.4 | |
Implied Stock Price | 53.07 | 166.47 | 122.23 | 66.45 | 56.92 | 62.85 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 53.07 | 166.47 | 122.23 | 66.45 | 56.92 | 62.85 | |
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 |