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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 15.7x - 17.3x | 16.5x |
| Selected Fwd EBITDA Multiple | 8.5x - 9.4x | 9.0x |
| Fair Value | $37.66 - $41.58 | $39.62 |
| Upside | -16.1% - -7.4% | -11.8% |
| Benchmarks | Ticker | Full Ticker |
| Pure Storage, Inc. | PSTG | NYSE:PSTG |
| One Stop Systems, Inc. | OSS | NasdaqCM:OSS |
| Dell Technologies Inc. | DELL | NYSE:DELL |
| Hewlett Packard Enterprise Company | HPE | NYSE:HPE |
| NetApp, Inc. | NTAP | NasdaqGS:NTAP |
| Super Micro Computer, Inc. | SMCI | NasdaqGS:SMCI |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| PSTG | OSS | DELL | HPE | NTAP | SMCI | ||
| NYSE:PSTG | NasdaqCM:OSS | NYSE:DELL | NYSE:HPE | NasdaqGS:NTAP | NasdaqGS:SMCI | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | NM- | NM- | 1.9% | -1.5% | 8.7% | 63.0% | |
| 3Y CAGR | NM- | NM- | 2.3% | 1.4% | 6.3% | 52.8% | |
| Latest Twelve Months | -28.0% | -233.6% | 12.4% | -1.4% | 3.9% | 5.0% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 2.5% | -2.5% | 9.6% | 16.7% | 22.1% | 7.3% | |
| Prior Fiscal Year | 7.5% | -2.0% | 10.1% | 17.4% | 23.8% | 8.3% | |
| Latest Fiscal Year | 7.2% | -22.5% | 10.2% | 16.8% | 25.0% | 6.0% | |
| Latest Twelve Months | 6.1% | -23.0% | 10.0% | 14.4% | 24.9% | 6.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 8.17x | 2.65x | 1.07x | 1.57x | 3.73x | 1.23x | |
| EV / LTM EBITDA | 134.9x | -11.6x | 10.7x | 10.9x | 14.9x | 20.6x | |
| EV / LTM EBIT | 358.8x | -10.8x | 14.6x | 23.0x | 17.1x | 21.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -11.6x | 10.9x | 134.9x | ||||
| Historical EV / LTM EBITDA | 10.1x | 17.6x | 40.2x | ||||
| Selected EV / LTM EBITDA | 15.7x | 16.5x | 17.3x | ||||
| (x) LTM EBITDA | 1,311 | 1,311 | 1,311 | ||||
| (=) Implied Enterprise Value | 20,566 | 21,648 | 22,730 | ||||
| (-) Non-shareholder Claims * | 229 | 229 | 229 | ||||
| (=) Equity Value | 20,795 | 21,877 | 22,960 | ||||
| (/) Shares Outstanding | 594.3 | 594.3 | 594.3 | ||||
| Implied Value Range | 34.99 | 36.81 | 38.63 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 34.99 | 36.81 | 38.63 | 44.90 | |||
| Upside / (Downside) | -22.1% | -18.0% | -14.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | PSTG | OSS | DELL | HPE | NTAP | SMCI | |
| Enterprise Value | 26,870 | 140 | 107,414 | 51,038 | 24,059 | 26,454 | |
| (+) Cash & Short Term Investments | 1,538 | 9 | 8,145 | 3,905 | 3,330 | 5,176 | |
| (+) Investments & Other | 12 | 0 | 1,596 | 1,305 | 93 | 112 | |
| (-) Debt | (226) | (5) | (29,518) | (23,725) | (2,745) | (5,059) | |
| (-) Other Liabilities | 0 | 0 | 0 | (65) | 0 | (0) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 28,194 | 144 | 87,637 | 32,458 | 24,737 | 26,683 | |
| (/) Shares Outstanding | 328.6 | 21.9 | 672.4 | 1,319.5 | 199.6 | 594.3 | |
| Implied Stock Price | 85.79 | 6.59 | 130.34 | 24.60 | 123.92 | 44.90 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 85.79 | 6.59 | 130.34 | 24.60 | 123.92 | 44.90 | |
| 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 | |