| Select LTM Revenue Multiple | | | | | | | | |
| | | | | | | | |
| Benchmark Companies | | | |
| WOLF | HIMX | FSLR | GUER | NDCV.F | | LEDS | |
| NYSE:WOLF | NasdaqGS:HIMX | NasdaqGS:FSLR | OTCPK:GUER | OTCPK:NDCV.F | | NasdaqCM:LEDS | |
| Historical Revenue Growth | | | | | | | | |
| 5Y CAGR | 8.4% | 6.2% | 6.5% | NM- | 12.1% | | -2.6% | |
| 3Y CAGR | 15.4% | -16.3% | 12.9% | 23.1% | -5.7% | | 3.1% | |
| Latest Twelve Months | -3.1% | -4.1% | 26.7% | 33.4% | -5.8% | | -19.2% | |
| | | | | | | | |
| Historical EBIT Profit Margin | | | | | | | | |
| 5 Year Average Margin | -33.4% | 14.2% | 14.2% | -59.8% | 8.0% | | -59.0% | |
| Prior Fiscal Year | -18.3% | 4.6% | 26.7% | -85.1% | 0.9% | | -56.9% | |
| Latest Fiscal Year | -46.1% | 7.5% | 33.1% | -43.6% | -8.6% | | -57.8% | |
| Latest Twelve Months | -54.6% | 7.5% | 33.1% | -43.6% | -8.6% | | -58.1% | |
| | | | | | | | |
| Current Trading Multiples | | | | | | | | |
| EV / LTM Revenue | 7.06x | 1.74x | 2.99x | 2.06x | 4.26x | | 4.36x | |
| EV / LTM EBIT | -12.9x | 23.1x | 9.0x | -4.7x | -49.5x | | -7.5x | |
| Price / LTM Sales | 0.52x | 1.45x | 3.24x | 0.79x | 4.57x | | 3.85x | |
| | | | | | | | |
| | | | | | | | |
| Low | Mid | High | | | | | |
| | | | | | | | |
| Benchmark EV / LTM Revenue | 1.74x | 2.99x | 7.06x | | | | | |
| Historical EV / LTM Revenue | 2.06x | 2.46x | 10.80x | | | | | |
| | | | | | | | |
| Selected EV / LTM Revenue | 3.01x | 3.17x | 3.33x | | | | | |
| (x) LTM Revenue | 5 | 5 | 5 | | | | | |
| (=) Implied Enterprise Value | 14 | 15 | 16 | | | | | |
| (-) Non-shareholder Claims * | (2) | (2) | (2) | | | | | |
| (=) Equity Value | 12 | 13 | 14 | | | | | |
| (/) Shares Outstanding | 8.2 | 8.2 | 8.2 | | | | | |
| Implied Value Range | 1.47 | 1.56 | 1.65 | | | | | |
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | | Market Price | | | |
| Implied Value Range (Trading Cur) | 1.47 | 1.56 | 1.65 | | 2.26 | | | |
| Upside / (Downside) | -35.0% | -30.9% | -26.8% | | | | | |