| Select LTM Revenue Multiple | | | | | | | | |
| | | | | | | | |
| Benchmark Companies | | | |
| WOLF | HIMX | NDCV.F | FSLR | ENPH | | LEDS | |
| NYSE:WOLF | NasdaqGS:HIMX | OTCPK:NDCV.F | NasdaqGS:FSLR | NasdaqGM:ENPH | | NasdaqCM:LEDS | |
| Historical Revenue Growth | | | | | | | | |
| 5Y CAGR | 8.4% | 6.2% | 12.1% | 6.5% | 16.3% | | -2.6% | |
| 3Y CAGR | 15.4% | -16.3% | -5.7% | 12.9% | -1.3% | | 3.1% | |
| Latest Twelve Months | -3.1% | -4.1% | -5.8% | 26.7% | -22.2% | | 160.8% | |
| | | | | | | | |
| Historical EBIT Profit Margin | | | | | | | | |
| 5 Year Average Margin | -33.4% | 14.2% | 8.0% | 14.2% | 17.1% | | -57.5% | |
| Prior Fiscal Year | -18.3% | 4.6% | 0.9% | 26.7% | 20.1% | | -56.9% | |
| Latest Fiscal Year | -46.1% | 7.5% | -8.6% | 33.1% | 6.8% | | -57.8% | |
| Latest Twelve Months | -54.6% | 7.5% | -8.6% | 33.1% | 10.7% | | -12.5% | |
| | | | | | | | |
| Current Trading Multiples | | | | | | | | |
| EV / LTM Revenue | 7.05x | 1.58x | 3.75x | 3.09x | 3.94x | | 1.20x | |
| EV / LTM EBIT | -12.9x | 21.0x | -43.5x | 9.3x | 36.7x | | -9.7x | |
| Price / LTM Sales | 0.51x | 1.28x | 4.05x | 3.34x | 4.16x | | 1.23x | |
| | | | | | | | |
| | | | | | | | |
| Low | Mid | High | | | | | |
| | | | | | | | |
| Benchmark EV / LTM Revenue | 1.58x | 3.75x | 7.05x | | | | | |
| Historical EV / LTM Revenue | 2.06x | 2.46x | 10.80x | | | | | |
| | | | | | | | |
| Selected EV / LTM Revenue | 1.68x | 1.77x | 1.86x | | | | | |
| (x) LTM Revenue | 15 | 15 | 15 | | | | | |
| (=) Implied Enterprise Value | 25 | 26 | 27 | | | | | |
| (-) Non-shareholder Claims * | 0 | 0 | 0 | | | | | |
| (=) Equity Value | 25 | 26 | 28 | | | | | |
| (/) Shares Outstanding | 8.2 | 8.2 | 8.2 | | | | | |
| Implied Value Range | 3.07 | 3.23 | 3.39 | | | | | |
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | | Market Price | | | |
| Implied Value Range (Trading Cur) | 3.07 | 3.23 | 3.39 | | 2.21 | | | |
| Upside / (Downside) | 38.9% | 46.1% | 53.4% | | | | | |