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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | -21.4x - -23.7x | -22.6x |
| Selected Fwd EBITDA Multiple | -27.2x - -30.1x | -28.7x |
| Fair Value | $5.57 - $6.08 | $5.82 |
| Upside | -49.7% - -45.1% | -47.4% |
| Benchmarks | Ticker | Full Ticker |
| Intel Corporation | INTC | NasdaqGS:INTC |
| Lattice Semiconductor Corporation | LSCC | NasdaqGS:LSCC |
| QuickLogic Corporation | QUIK | NasdaqCM:QUIK |
| Alpha and Omega Semiconductor Limited | AOSL | NasdaqGS:AOSL |
| GSI Technology, Inc. | GSIT | NasdaqGS:GSIT |
| Rigetti Computing, Inc. | RGTI | NasdaqCM:RGTI |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| INTC | LSCC | QUIK | AOSL | GSIT | RGTI | ||
| NasdaqGS:INTC | NasdaqGS:LSCC | NasdaqCM:QUIK | NasdaqGS:AOSL | NasdaqGS:GSIT | NasdaqCM:RGTI | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | -25.7% | 0.6% | NM- | 15.0% | NM- | NM- | |
| 3Y CAGR | -39.4% | -7.9% | NM- | -24.8% | NM- | NM- | |
| Latest Twelve Months | -32.1% | -57.8% | -175.9% | -19.1% | 21.3% | -11.5% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 30.8% | 26.6% | -40.5% | 12.0% | -68.5% | -950.5% | |
| Prior Fiscal Year | 20.0% | 33.7% | 6.0% | 9.5% | -94.2% | -532.0% | |
| Latest Fiscal Year | 14.2% | 19.5% | -2.6% | 7.5% | -78.6% | -570.9% | |
| Latest Twelve Months | 15.3% | 18.0% | -11.5% | 6.2% | -78.6% | -723.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.44x | 13.90x | 5.37x | 0.43x | 4.47x | 329.71x | |
| EV / LTM EBITDA | 15.9x | 77.1x | -46.6x | 7.0x | -5.7x | -45.6x | |
| EV / LTM EBIT | -38.4x | 137.0x | -18.4x | -16.1x | -5.5x | -41.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -46.6x | 7.0x | 77.1x | ||||
| Historical EV / LTM EBITDA | -68.9x | -1.0x | 0.5x | ||||
| Selected EV / LTM EBITDA | -21.4x | -22.6x | -23.7x | ||||
| (x) LTM EBITDA | (67) | (67) | (67) | ||||
| (=) Implied Enterprise Value | 1,428 | 1,503 | 1,578 | ||||
| (-) Non-shareholder Claims * | 201 | 201 | 201 | ||||
| (=) Equity Value | 1,629 | 1,704 | 1,779 | ||||
| (/) Shares Outstanding | 292.4 | 292.4 | 292.4 | ||||
| Implied Value Range | 5.57 | 5.83 | 6.08 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 5.57 | 5.83 | 6.08 | 11.07 | |||
| Upside / (Downside) | -49.7% | -47.4% | -45.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | INTC | LSCC | QUIK | AOSL | GSIT | RGTI | |
| Enterprise Value | 129,707 | 6,796 | 101 | 296 | 92 | 3,037 | |
| (+) Cash & Short Term Investments | 21,048 | 128 | 18 | 170 | 13 | 209 | |
| (+) Investments & Other | 5,027 | 0 | 0 | 354 | 0 | 0 | |
| (-) Debt | (50,151) | (22) | (18) | (55) | (10) | (8) | |
| (-) Other Liabilities | (6,657) | 0 | 0 | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 98,974 | 6,902 | 100 | 765 | 96 | 3,237 | |
| (/) Shares Outstanding | 4,362.0 | 137.5 | 15.8 | 29.8 | 27.9 | 292.4 | |
| Implied Stock Price | 22.69 | 50.19 | 6.32 | 25.71 | 3.43 | 11.07 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 22.69 | 50.19 | 6.32 | 25.71 | 3.43 | 11.07 | |
| 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 | |