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2012
Revenues $154.030
Total revenues $154.030
YoY increase
Operating Expenses
Selling, General & Administrative $57.840
Research & Development $18.790
Depreciation/Amortization $1.910
Total Operating Expenses ($78.54)
Operating Expenses as % of sales 51.0%
EBIT $20.04
(-) Taxes ($3.21)
(+) D&A $1.91
(-) CAPEX
(-) Increase in NWC
Total Unlevered Free Cash Flow $18.74
Debt/Equity 0.0%
% Debt (wD) 0.0%
% Equity (wE) 100.0%
Beta 2.57
Risk-free rate (RFR) 2.2% 0.9357359683
Market Risk Premium (MRP) 6.0%
Cost of Equity (COE) 17.6%
WACC 17.6%
Valuation
Terminal Value
Valuation
Sensitivity
Share Price
WACC
(100.0%) 5.2% 6.2% 7.2%
Exit 9.0x (99.9%) (99.9%) (99.9%)
Multiple 10.0x (99.9%) (99.9%) (99.9%)
11.0x (99.9%) (99.9%) (99.9%)
12.0x (99.9%) (99.9%) (99.9%)
13.0x (99.9%) (99.9%) (99.9%)
Share Price
WACC
-103.6% 5.2% 6.2% 7.2%
Growth 1.8% -103.5% -103.5% -103.6%
Rate 1.9% -103.5% -103.5% -103.6%
2.0% -103.5% -103.5% -103.6%
2.1% -103.5% -103.5% -103.6%
2.2% -103.5% -103.5% -103.6%
2013 2014 2015E 2016E 2017E 2018E
($5,765) $7,063 $6 $6 $7 $7
(3718.2%) 3504.5% 2.5% 2.5% 2.5% 2.5%
0.94
2018E 2019E
$63 $69
3.25 4.25
0.59 0.50
$37 $35
$405
Terminal Debt $0
($50,908)
($50,908)
$50,503
39,790,000
ed Share Price -$1.27
$35.04
ed Upside -103.6%
WACC
8.2% 9.2%
(100.0%) (100.0%)
(99.9%) (99.9%) 15.3-39.9
(99.9%) (99.9%) 2.9-24.9
(99.9%) (99.9%) 27.7-54.8
(99.9%) (99.9%)
8.2% 9.2%
-103.6% -103.6%
-103.6% -103.6%
-103.6% -103.6%
-103.6% -103.6%
-103.6% -103.6%
2019E
$315.214
$315.214
6.0%
$107.173
$107.173
34.0%
$208.041
66.0%
$75.65
$75.65
($12.10)
$6.30
($0.45)
$69.41
$8
2.5%
$40.40 $49.02
$36.06 $43.76
$44.75 $54.24
In Millions of USD (except for per share items) 12 months ending 2012-12-31
Revenue 154.03
Other Revenue, Total -
Total Revenue 154.03
Cost of Revenue, Total 54.46
35%
Gross Profit 99.56
65%
Selling/General/Admin. Expenses, Total 57.84
38%
Research & Development 18.79
12%
Depreciation/Amortization 1.91
Interest Expense(Income) - Net Operating -
Unusual Expense (Income) -
Other Operating Expenses, Total 21.03
Total Operating Expense 133
Operating Income 21.03
14%
Interest Income(Expense), Net Non-Operating -
Gain (Loss) on Sale of Assets -
Other, Net 0.41
Income Before Tax 21.7
Income After Tax 16.23
Minority Interest -
Equity In Affiliates -
Net Income Before Extra. Items 16.23
Accounting Change -
Discontinued Operations -
Extraordinary Item -
Net Income 15.6
Preferred Dividends -
Income Available to Common Excl. Extra Items 16.23
Income Available to Common Incl. Extra Items 15.6
Basic Weighted Average Shares -
Basic EPS Excluding Extraordinary Items -
Basic EPS Including Extraordinary Items -
Dilution Adjustment 0
Diluted Weighted Average Shares 38.68
Diluted EPS Excluding Extraordinary Items 0.42
Diluted EPS Including Extraordinary Items -
Dividends per Share - Common Stock Primary Issue 0
Gross Dividends - Common Stock -
Net Income after Stock Based Comp. Expense -
Basic EPS after Stock Based Comp. Expense -
Diluted EPS after Stock Based Comp. Expense -
Depreciation, Supplemental -
Total Special Items -
Normalized Income Before Taxes -
Effect of Special Items on Income Taxes -
Income Taxes Ex. Impact of Special Items -
Normalized Income After Taxes -
Normalized Income Avail to Common -
Basic Normalized EPS -
Diluted Normalized EPS 0.42
12 months ending 2013-12-31 12 months ending 2014-12-31
155.05 201.54
- -
155.05 201.54
55.18 73.77
36% 37%
99.87 127.77
64% 63%
61.52 65.65
40% 33%
21.32 19.5
14% 10%
3.33 4.53
- -
- -
- -
141.34 163.45
13.71 38.09
- -
- -
0.24 1.1
14.11 37.92
10.97 32.61
- -
- -
10.97 32.61
- -
- -
- -
11.15 33.48
- -
10.97 32.61
11.15 33.48
- -
- -
- -
-0.18 0.09
39.16 39.5
0.28 0.83
- -
- 0
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
0.28 0.83
Trading Multiples
values in millions USD Equity Enterprise
Company Price Value Value
Average
Median
Average
Median
Overall Average
Overall Median
50th %
25th %
ading Multiples
EV/EBITDA P/E
LTM FY2015E FY2016E LTM FY2015E FY2016E
Percentile Ranges
EV/EBITDA P/E
LTM FY2015E FY2016E LTM FY2015E FY2016E
11.99 9.77 7.95 30.56 24.84 21.20
9.04 7.26 5.83 25.29 20.25 17.21
Data Table
source: factset
5Y Revenue Growth
1.27
1.22
1.1
1.1
1.2
1.27
1.15
1.2
1.18
1.2
Implied Share Price by EV/EBITDA
Values in millions USD
Financial Implied
EBITDA Metric Multiple Range Enterprise Value
LTM $222 9.04 - 11.99 $2,010 - $2,666
FY2015E $267 7.26 - 9.77 $1,937 - $2,607
FY2016E $320 5.83 - 7.95 $1,867 - $2,546
Average
Median
Valuation
values in millions USD Price Per Enterprise
Share Value
aluation
Equity Enterprise Multiples Equity Multiples
Value Sales EBITDA EBIT P/E Book Value