| Select LTM Revenue Multiple | | | | | | | | |
| | | | | | | | |
| Benchmark Companies | | | |
| CIEN | EXTR | NTCT | HLIT | CALX | | NU42 | |
| NYSE:CIEN | NasdaqGS:EXTR | NasdaqGS:NTCT | NasdaqGS:HLIT | NYSE:CALX | | DB:NU42 | |
| Historical Revenue Growth | | | | | | | | |
| 5Y CAGR | 2.4% | 2.3% | -1.8% | 11.0% | 14.4% | | 8.2% | |
| 3Y CAGR | 3.5% | 3.4% | -0.1% | 10.2% | 7.0% | | -0.4% | |
| Latest Twelve Months | -7.3% | -24.5% | -1.6% | 11.6% | -18.7% | | 0.9% | |
| | | | | | | | |
| Historical EBIT Profit Margin | | | | | | | | |
| 5 Year Average Margin | 10.0% | 2.5% | 6.3% | 4.5% | 4.6% | | 1.0% | |
| Prior Fiscal Year | 8.8% | 8.5% | 8.7% | 4.7% | 2.5% | | -0.4% | |
| Latest Fiscal Year | 4.8% | -2.6% | 7.1% | 13.7% | -5.2% | | 3.2% | |
| Latest Twelve Months | 4.5% | -7.6% | 8.3% | 13.7% | -5.7% | | 3.2% | |
| | | | | | | | |
| Current Trading Multiples | | | | | | | | |
| EV / LTM Revenue | 2.32x | 1.67x | 1.46x | 1.63x | 2.73x | | 1.10x | |
| EV / LTM EBIT | 51.1x | -22.2x | 17.6x | 11.9x | -47.9x | | 33.9x | |
| Price / LTM Sales | 2.26x | 1.61x | 1.84x | 1.56x | 3.07x | | 0.74x | |
| | | | | | | | |
| | | | | | | | |
| Low | Mid | High | | | | | |
| | | | | | | | |
| Benchmark EV / LTM Revenue | 1.46x | 1.67x | 2.73x | | | | | |
| Historical EV / LTM Revenue | 0.98x | 1.10x | 1.74x | | | | | |
| | | | | | | | |
| Selected EV / LTM Revenue | 1.22x | 1.28x | 1.35x | | | | | |
| (x) LTM Revenue | 834 | 834 | 834 | | | | | |
| (=) Implied Enterprise Value | 1,017 | 1,071 | 1,124 | | | | | |
| (-) Non-shareholder Claims * | (296) | (296) | (296) | | | | | |
| (=) Equity Value | 721 | 775 | 828 | | | | | |
| (/) Shares Outstanding | 175.9 | 175.9 | 175.9 | | | | | |
| Implied Value Range | 4.10 | 4.40 | 4.71 | | | | | |
| FX Rate: USD/EUR | 1.1 | 1.1 | 1.1 | | Market Price | | | |
| Implied Value Range (Trading Cur) | 3.62 | 3.89 | 4.15 | | 3.10 | | | |
| Upside / (Downside) | 16.7% | 25.3% | 34.0% | | | | | |