| Select LTM Revenue Multiple | | | | | | | | |
| | | | | | | | |
| Benchmark Companies | | | |
| COMM | CMTL | HLIT | OCC | BDC | | AP7 | |
| NasdaqGS:COMM | NasdaqGS:CMTL | NasdaqGS:HLIT | NasdaqGM:OCC | NYSE:BDC | | DB:AP7 | |
| Historical Revenue Growth | | | | | | | | |
| 5Y CAGR | -12.8% | -4.3% | 11.0% | -1.3% | 2.9% | | 14.4% | |
| 3Y CAGR | -14.5% | -2.4% | 10.2% | 4.1% | 2.3% | | 5.8% | |
| Latest Twelve Months | 16.2% | -13.1% | 20.5% | -1.7% | 6.0% | | -22.6% | |
| | | | | | | | |
| Historical EBIT Profit Margin | | | | | | | | |
| 5 Year Average Margin | 5.2% | 1.8% | 5.1% | -3.3% | 11.7% | | 10.6% | |
| Prior Fiscal Year | 4.9% | 1.0% | 4.7% | 1.4% | 13.0% | | 13.9% | |
| Latest Fiscal Year | 8.5% | 0.2% | 13.7% | -5.1% | 11.5% | | -13.9% | |
| Latest Twelve Months | 12.0% | -8.8% | 15.9% | -4.2% | 11.8% | | -11.3% | |
| | | | | | | | |
| Current Trading Multiples | | | | | | | | |
| EV / LTM Revenue | 2.08x | 0.78x | 1.46x | 0.54x | 2.01x | | 1.84x | |
| EV / LTM EBIT | 17.4x | -8.9x | 9.2x | -12.8x | 17.0x | | -16.2x | |
| Price / LTM Sales | 0.24x | 0.08x | 1.46x | 0.38x | 1.60x | | 2.62x | |
| | | | | | | | |
| | | | | | | | |
| Low | Mid | High | | | | | |
| | | | | | | | |
| Benchmark EV / LTM Revenue | 0.54x | 1.46x | 2.08x | | | | | |
| Historical EV / LTM Revenue | 0.94x | 2.56x | 6.39x | | | | | |
| | | | | | | | |
| Selected EV / LTM Revenue | 1.99x | 2.10x | 2.20x | | | | | |
| (x) LTM Revenue | 168 | 168 | 168 | | | | | |
| (=) Implied Enterprise Value | 334 | 352 | 370 | | | | | |
| (-) Non-shareholder Claims * | 131 | 131 | 131 | | | | | |
| (=) Equity Value | 466 | 483 | 501 | | | | | |
| (/) Shares Outstanding | 14.1 | 14.1 | 14.1 | | | | | |
| Implied Value Range | 32.96 | 34.21 | 35.45 | | | | | |
| FX Rate: USD/EUR | 1.1 | 1.1 | 1.1 | | Market Price | | | |
| Implied Value Range (Trading Cur) | 29.07 | 30.17 | 31.27 | | 26.79 | | | |
| Upside / (Downside) | 8.5% | 12.6% | 16.7% | | | | | |