TRIPLE TREE INVESTMENT BANKING
KNOWLEDGE. VISION. RESULTS.
Q U A R T E R LY V A L U E T R A C K E R
QUARTER
Wireless/Mobile Internet
($ millions, except share price) (Multiples over 100x have been excluded as not meaningful “NM”)
WIRELESS SOFTWARE & SOLUTIONS DOX Amdocs Ltd. IPAS iPass Inc. OPWV Openwave Systems Inc. PCTI PCTEL, Inc. SY Sybase, Inc. SVR Syniverse Holdings Inc.
Market Cap.
$26.88 $1.38 $2.60 $6.25 $38.90 $17.50
WIRELESS HARDWARE/DEVICE VENDORS VOXX Audiovox Corp. MOT Motorola Inc. PALM Palm, Inc. RIMM Research In Motion Ltd. UTSI UTStarcom, Inc.
$6.85 $8.59 $17.46 $67.63 $2.09
WIRELESS INFRASTRUCTURE ALVR Alvarion Ltd. BRCM Broadcom Corp. CSCO Cisco Systems, Inc. FEIM Frequency Electronics Inc. NVTL Novatel Wireless Inc. QCOM QUALCOMM Inc. SWIR Sierra Wireless Inc.
$4.13 $30.69 $23.54 $4.63 $11.36 $44.98 $9.98
WIRELESS NETWORK OPERATORS CYCL Centennial Communications Corp. LEAP Leap Wireless International Inc. USM United States Cellular Corp.
5,483 86 217 117 3,149 1,203
157 19,717 2,834 0 268
256 15,219 136,360 38 348 74,771 405
$7.98 $19.55 $39.07
887 1,513 3,394
Enterprise Value
LTM Revenue
LTM EBITDA
LTM Net Income
EV/ Revenue
EV/ EBITDA
Price/ Earnings
4,504 16 108 49 2,817 1,528
2,980 183 192 66 1,135 485
602 5 5 3 308 184
323 (91) (86) (3) 153 75
1.5x 0.1x 0.6x 0.7x 2.5x 3.1x
7.5x 3.1x 22.1x 14.2x 9.1x 8.3x
17.0x NA NA NA 20.6x 16.0x
Average Median
1.4x 1.1x
10.7x 8.7x
17.9x 17.0
(65) (4,259) (854) 2,033 (289)
0.2x 0.7x 7.6x 0.0x NA
30.8x 16.5x NA 0.0x 0.0x
NA NA NA 0.0x NA
Average Median
2.1x 0.4x
11.8x 8.3x
0.0x 0.0x
(9) (73) 6,134 (10) (7) 1,668 12
0.5x 3.0x 3.1x 0.5x 0.7x 5.9x 0.6x
NM 70.5x 12.2x NA NA 15.1x 21.1x
NA NA 22.2x NA NA 44.8x 32.7x
Average Median
2.0x 0.7x
29.8x 18.1x
33.2x 32.7x
67 (215) 58
2.6x 1.7x 1.0x
6.7x 9.5x 4.2x
13.2x NA 58.7x
Average Median
1.7x 1.7x
6.8x 6.7x
36.0x 36.0x
110 17,341 3,300 0 (7)
124 13,012 111,684 24 223 65,062 317
2,694 3,638 4,183
578 25,484 437 13,194 621
271 4,318 36,117 52 298 11,060 516
1,052 2,200 4,240
4 1,051 (316) 3,363 (170)
0 184 9,153 (2) (0) 4,300 15
404 384 1,005
Source: CapitalIQ WWW.TRIPLE-TREE.COM
952.253.5300
Q3 2009 VALUE TRACKER, PAGE 13
TECHNOLOGY
Market Price 30-Sep-09
Ticker Company name
3
2009
V A L U A T I O N A N A LY S I S F O R T E C H N O L O G Y, H E A LT H C A R E , A N D B U S I N E S S S E R V I C E S