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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 95.8x - 105.9x | 100.8x |
| Selected Fwd Revenue Multiple | 33.0x - 36.5x | 34.7x |
| Fair Value | $4.34 - $4.73 | $4.53 |
| Upside | -46.7% - -42.0% | -44.4% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Intel Corporation | INTC | NasdaqGS:INTC |
| Wolfspeed, Inc. | WOLF | NYSE:WOLF |
| SiTime Corporation | SITM | NasdaqGM:SITM |
| GSI Technology, Inc. | GSIT | NasdaqGS:GSIT |
| QuickLogic Corporation | QUIK | NasdaqCM:QUIK |
| Rigetti Computing, Inc. | RGTI | NasdaqCM:RGTI |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| INTC | WOLF | SITM | GSIT | QUIK | RGTI | |||
| NasdaqGS:INTC | NYSE:WOLF | NasdaqGM:SITM | NasdaqGS:GSIT | NasdaqCM:QUIK | NasdaqCM:RGTI | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | -5.9% | 8.4% | 19.2% | -15.8% | 14.3% | NM- | ||
| 3Y CAGR | -12.4% | 15.4% | -2.5% | -7.8% | 16.6% | 6.5% | ||
| Latest Twelve Months | -2.1% | -3.1% | 40.8% | -10.0% | -5.1% | -10.1% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 14.6% | -33.4% | -19.9% | -69.4% | -53.8% | -1059.3% | ||
| Prior Fiscal Year | 2.3% | -18.3% | -71.8% | -59.7% | 0.3% | -593.8% | ||
| Latest Fiscal Year | -7.2% | -46.1% | -52.3% | -98.5% | -17.1% | -634.9% | ||
| Latest Twelve Months | -7.2% | -54.6% | -52.3% | -100.8% | -17.1% | -634.9% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 2.38x | 7.06x | 15.71x | 2.50x | 4.20x | 196.58x | ||
| EV / LTM EBIT | -33.0x | -12.9x | -30.0x | -2.5x | -24.6x | -31.0x | ||
| Price / LTM Sales | 1.85x | 0.52x | 17.74x | 2.77x | 4.20x | 215.89x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 2.38x | 4.20x | 15.71x | |||||
| Historical EV / LTM Revenue | -4.53x | 4.61x | 196.58x | |||||
| Selected EV / LTM Revenue | 95.78x | 100.82x | 105.86x | |||||
| (x) LTM Revenue | 11 | 11 | 11 | |||||
| (=) Implied Enterprise Value | 1,033 | 1,088 | 1,142 | |||||
| (-) Non-shareholder Claims * | 208 | 208 | 208 | |||||
| (=) Equity Value | 1,242 | 1,296 | 1,351 | |||||
| (/) Shares Outstanding | 285.8 | 285.8 | 285.8 | |||||
| Implied Value Range | 4.34 | 4.53 | 4.73 | |||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 4.34 | 4.53 | 4.73 | 8.15 | ||||
| Upside / (Downside) | -46.7% | -44.4% | -42.0% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | INTC | WOLF | SITM | GSIT | QUIK | RGTI | |
| Enterprise Value | 127,357 | 5,479 | 3,184 | 50 | 84 | 2,121 | |
| (+) Cash & Short Term Investments | 22,062 | 1,405 | 419 | 15 | 22 | 192 | |
| (+) Investments & Other | 5,383 | 95 | 0 | 0 | 0 | 25 | |
| (-) Debt | (50,706) | (6,576) | (6) | (10) | (22) | (9) | |
| (-) Other Liabilities | (5,762) | 0 | 0 | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 98,334 | 403 | 3,597 | 55 | 85 | 2,329 | |
| (/) Shares Outstanding | 4,330.0 | 155.6 | 23.6 | 25.6 | 15.8 | 285.8 | |
| Implied Stock Price | 22.71 | 2.59 | 152.41 | 2.14 | 5.35 | 8.15 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 22.71 | 2.59 | 152.41 | 2.14 | 5.35 | 8.15 | |
| 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 | |