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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 19.5x - 21.5x | 20.5x |
| Selected Fwd EBIT Multiple | 17.7x - 19.6x | 18.6x |
| Fair Value | ARS 12,149 - ARS 13,405 | ARS 12,777 |
| Upside | 6.1% - 17.1% | 11.6% |
| Benchmarks | Ticker | Full Ticker |
| Sonim Technologies, Inc. | SONM | NasdaqCM:SONM |
| Logitech International S.A. | LOGI | NasdaqGS:LOGI |
| Lenovo Group Limited | LNVG.F | OTCPK:LNVG.F |
| ASUSTeK Computer Inc. | ASUU.Y | OTCPK:ASUU.Y |
| PC Connection, Inc. | CNXN | NasdaqGS:CNXN |
| Apple Inc. | AAPL | BASE:AAPL |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| SONM | LOGI | LNVG.F | ASUU.Y | CNXN | AAPL | ||
| NasdaqCM:SONM | NasdaqGS:LOGI | OTCPK:LNVG.F | OTCPK:ASUU.Y | NasdaqGS:CNXN | BASE:AAPL | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | 16.6% | 13.7% | 20.6% | -2.9% | 14.0% | |
| 3Y CAGR | NM- | -19.7% | -6.5% | -15.7% | 0.3% | 4.2% | |
| Latest Twelve Months | -6557.1% | 31.7% | 46.8% | 165.1% | -7.7% | 5.9% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | -33.1% | 14.7% | 3.7% | 5.0% | 3.5% | 29.0% | |
| Prior Fiscal Year | 0.5% | 11.0% | 3.9% | 2.3% | 3.7% | 29.8% | |
| Latest Fiscal Year | -56.8% | 13.9% | 3.5% | 5.0% | 3.5% | 31.5% | |
| Latest Twelve Months | -56.8% | 15.1% | 3.5% | 5.0% | 3.5% | 31.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.06x | 1.98x | 0.18x | 0.41x | 0.40x | 7.26x | |
| EV / LTM EBITDA | -0.1x | 11.8x | 3.6x | 7.6x | 10.1x | 20.9x | |
| EV / LTM EBIT | -0.1x | 13.1x | 5.3x | 8.1x | 11.4x | 22.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -0.1x | 8.1x | 13.1x | ||||
| Historical EV / LTM EBIT | 18.3x | 23.3x | 28.9x | ||||
| Selected EV / LTM EBIT | 19.5x | 20.5x | 21.5x | ||||
| (x) LTM EBIT | 125,675 | 125,675 | 125,675 | ||||
| (=) Implied Enterprise Value | 2,445,980 | 2,574,715 | 2,703,451 | ||||
| (-) Non-shareholder Claims * | 44,569 | 44,569 | 44,569 | ||||
| (=) Equity Value | 2,490,549 | 2,619,284 | 2,748,020 | ||||
| (/) Shares Outstanding | 236,229.2 | 236,229.2 | 236,229.2 | ||||
| Implied Value Range | 10.54 | 11.09 | 11.63 | ||||
| FX Rate: USD/ARS | 0.0 | 0.0 | 0.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 11,987.32 | 12,606.94 | 13,226.56 | 11,450.00 | |||
| Upside / (Downside) | 4.7% | 10.1% | 15.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | SONM | LOGI | LNVG.F | ASUU.Y | CNXN | AAPL | |
| Enterprise Value | 5 | 9,251 | 11,891 | 327,593 | 1,116 | 2,334,344 | |
| (+) Cash & Short Term Investments | 5 | 1,503 | 4,124 | 101,348 | 443 | 53,775 | |
| (+) Investments & Other | 0 | 28 | 1,757 | 123,447 | 0 | 87,593 | |
| (-) Debt | 0 | (95) | (3,981) | (27,437) | (3) | (96,799) | |
| (-) Other Liabilities | 0 | 0 | (1,112) | (27,658) | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 10 | 10,687 | 12,678 | 497,293 | 1,555 | 2,378,913 | |
| (/) Shares Outstanding | 6.3 | 149.2 | 12,404.7 | 154.4 | 25.9 | 236,229.2 | |
| Implied Stock Price | 1.64 | 71.63 | 1.02 | 3,220.06 | 60.09 | 10.07 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 32.63 | 1.00 | 0.00 | |
| Implied Stock Price (Trading Cur) | 1.64 | 71.63 | 1.02 | 98.69 | 60.09 | 11,450.00 | |
| Trading Currency | USD | USD | USD | USD | USD | ARS | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 32.63 | 1.00 | 0.00 | |