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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 2.5x - 2.7x | 2.6x |
| Selected Fwd Revenue Multiple | 2.1x - 2.4x | 2.2x |
| Fair Value | $46.77 - $55.73 | $51.25 |
| Upside | -28.8% - -15.2% | -22.0% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| nLIGHT, Inc. | LASR | NasdaqGS:LASR |
| IPG Photonics Corporation | IPGP | NasdaqGS:IPGP |
| LightPath Technologies, Inc. | LPTH | NasdaqCM:LPTH |
| Lightwave Logic, Inc. | LWLG | NasdaqCM:LWLG |
| Fabrinet | FN | NYSE:FN |
| Coherent Corp. | COHR | NYSE:COHR |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| LASR | IPGP | LPTH | LWLG | FN | COHR | |||
| NasdaqGS:LASR | NasdaqGS:IPGP | NasdaqCM:LPTH | NasdaqCM:LWLG | NYSE:FN | NYSE:COHR | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 2.4% | -5.8% | -1.2% | NM- | 12.7% | 28.1% | ||
| 3Y CAGR | -9.8% | -12.5% | -6.2% | NM- | 15.3% | 14.9% | ||
| Latest Twelve Months | -5.4% | -24.1% | -1.0% | 136.1% | 14.8% | 14.6% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | -17.2% | 17.3% | -8.5% | -31092.0% | 8.8% | 8.3% | ||
| Prior Fiscal Year | -21.9% | 18.0% | -11.0% | -54068.5% | 9.8% | 7.2% | ||
| Latest Fiscal Year | -30.9% | 1.5% | -24.3% | -24311.9% | 9.6% | 2.6% | ||
| Latest Twelve Months | -30.9% | 1.5% | -26.3% | -24311.9% | 9.7% | 6.7% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 1.52x | 1.90x | 2.81x | 1305.98x | 1.95x | 3.04x | ||
| EV / LTM EBIT | -4.9x | 128.4x | -10.7x | -5.4x | 20.2x | 45.4x | ||
| Price / LTM Sales | 1.96x | 2.84x | 2.52x | 1566.44x | 2.25x | 1.92x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 1.52x | 1.95x | 1305.98x | |||||
| Historical EV / LTM Revenue | 2.31x | 2.89x | 3.73x | |||||
| Selected EV / LTM Revenue | 2.46x | 2.58x | 2.71x | |||||
| (x) LTM Revenue | 5,306 | 5,306 | 5,306 | |||||
| (=) Implied Enterprise Value | 13,030 | 13,716 | 14,401 | |||||
| (-) Non-shareholder Claims * | (5,943) | (5,943) | (5,943) | |||||
| (=) Equity Value | 7,086 | 7,772 | 8,458 | |||||
| (/) Shares Outstanding | 155.0 | 155.0 | 155.0 | |||||
| Implied Value Range | 45.73 | 50.15 | 54.58 | |||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 45.73 | 50.15 | 54.58 | 65.73 | ||||
| Upside / (Downside) | -30.4% | -23.7% | -17.0% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | LASR | IPGP | LPTH | LWLG | FN | COHR | |
| Enterprise Value | 301 | 1,859 | 90 | 125 | 6,099 | 16,129 | |
| (+) Cash & Short Term Investments | 101 | 930 | 3 | 28 | 935 | 918 | |
| (+) Investments & Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Debt | (12) | (18) | (12) | (3) | (6) | (4,064) | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | 0 | (368) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | (2,429) | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 390 | 2,771 | 81 | 150 | 7,028 | 10,186 | |
| (/) Shares Outstanding | 49.0 | 42.5 | 40.2 | 124.8 | 35.8 | 155.0 | |
| Implied Stock Price | 7.95 | 65.13 | 2.02 | 1.20 | 196.14 | 65.73 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 7.95 | 65.13 | 2.02 | 1.20 | 196.14 | 65.73 | |
| 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 | |