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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | -5.5x - -6.1x | -5.8x |
| Selected Fwd EBITDA Multiple | 9.7x - 10.8x | 10.2x |
| Fair Value | $1.17 - $1.29 | $1.23 |
| Upside | -47.5% - -42.0% | -44.7% |
| Benchmarks | Ticker | Full Ticker |
| Ethernity Networks Ltd. | 82N | DB:82N |
| Silicom Ltd. | S1L | DB:S1L |
| Roblon A/S | RBLN B | CPSE:RBLNB |
| RTX A/S | RTX | CPSE:RTX |
| Aferian Plc | DWJ | DB:DWJ |
| Napatech A/S | NPTS.F | OTCPK:NPTS.F |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 82N | S1L | RBLN B | RTX | DWJ | NPTS.F | ||
| DB:82N | DB:S1L | CPSE:RBLNB | CPSE:RTX | DB:DWJ | OTCPK:NPTS.F | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | NM- | NM- | 48.1% | NM- | NM- | NM- | |
| 3Y CAGR | NM- | NM- | NM- | NM- | NM- | NM- | |
| Latest Twelve Months | 60.7% | -338.1% | 140.3% | -37.2% | 17.9% | -288.3% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | -244.9% | 6.2% | 4.5% | 6.8% | -1.0% | -15.2% | |
| Prior Fiscal Year | -259.6% | 3.7% | 7.0% | 9.5% | -18.4% | -15.7% | |
| Latest Fiscal Year | -110.7% | -19.0% | 19.5% | -4.5% | -27.4% | -95.4% | |
| Latest Twelve Months | -91.6% | -19.0% | 19.9% | 0.4% | -27.4% | -95.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.16x | 0.08x | 0.89x | 0.86x | 0.72x | 9.98x | |
| EV / LTM EBITDA | -0.2x | -0.4x | 4.5x | 242.7x | -2.6x | -10.5x | |
| EV / LTM EBIT | -0.1x | -0.4x | 6.7x | -53.6x | -2.1x | -10.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -2.6x | -0.2x | 242.7x | ||||
| Historical EV / LTM EBITDA | -60.3x | -10.5x | 60.4x | ||||
| Selected EV / LTM EBITDA | -5.5x | -5.8x | -6.1x | ||||
| (x) LTM EBITDA | (111) | (111) | (111) | ||||
| (=) Implied Enterprise Value | 611 | 643 | 675 | ||||
| (-) Non-shareholder Claims * | 12 | 12 | 12 | ||||
| (=) Equity Value | 623 | 655 | 687 | ||||
| (/) Shares Outstanding | 100.0 | 100.0 | 100.0 | ||||
| Implied Value Range | 6.23 | 6.55 | 6.87 | ||||
| FX Rate: DKK/USD | 6.6 | 6.6 | 6.6 | Market Price | |||
| Implied Value Range (Trading Cur) | 0.95 | 1.00 | 1.04 | 2.23 | |||
| Upside / (Downside) | -57.5% | -55.3% | -53.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 82N | S1L | RBLN B | RTX | DWJ | NPTS.F | |
| Enterprise Value | 0 | 7 | 218 | 452 | 18 | 1,454 | |
| (+) Cash & Short Term Investments | 1 | 72 | 8 | 97 | 2 | 64 | |
| (+) Investments & Other | 0 | 7 | 0 | 0 | 0 | 0 | |
| (-) Debt | (1) | (6) | (36) | (54) | (16) | (52) | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 0 | 79 | 190 | 495 | 5 | 1,466 | |
| (/) Shares Outstanding | 1,978.2 | 5.8 | 1.8 | 8.0 | 7,928.5 | 100.0 | |
| Implied Stock Price | 0.00 | 13.75 | 105.98 | 62.00 | 0.00 | 14.66 | |
| FX Conversion Rate to Trading Currency | 1.14 | 1.14 | 1.00 | 1.00 | 1.14 | 6.57 | |
| Implied Stock Price (Trading Cur) | 0.00 | 12.10 | 105.98 | 62.00 | 0.00 | 2.23 | |
| Trading Currency | EUR | EUR | DKK | DKK | EUR | USD | |
| FX Rate to Reporting Currency | 1.14 | 1.14 | 1.00 | 1.00 | 1.14 | 6.57 | |