Corning Incorporated (0R2X.L)

Industry: Hardware, Equipment & Parts Model: Peers Multiples Valuation

Valuation Snapshot

Ticker	Rank	Name	Rev TTM (M)	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
0QLW.L	13	ALSO Holding AG	25,852	15.95	14.02	8.20	7.20	10.50	8.47
TEL	14	TE Connectivity Lt	21,485	34.76	34.76	16.62	13.16	23.01	18.94
APH	15	Amphenol Corporati	20,974	39.57	31.20	25.98	20.61	22.83	23.74
FLEX	16	Flex Ltd.	20,393	24.66	20.22	12.67	11.63	19.97	16.50
2308.TW	17	Delta Electronics,	16,110	44.40	38.06	22.05	18.69	21.87	26.46
036180.KS	18	GW Vitek Co Ltd	15,771	-	-	-	-	-	-
LPTH	19	LightPath Technolo	15,087	-	-	-	-	-	-
0R2X.L	20	Corning Incorporat	14,915	51.64	37.93	22.61	20.45	33.14	24.12
011070.KS	21	LG Innotek Co., Lt	14,380	12.06	11.51	3.22	3.14	96.17	8.71
6762.T	22	TDK Corporation	14,272	21.59	17.72	8.07	7.17	14.08	11.93
6981.T	23	Murata Manufacturi	11,323	21.95	21.07	9.46	9.10	11.24	15.39
300433.SZ	24	Lens Technology Co	10,976	40.93	42.23	24.24	25.16	21.55	38.39
0Z4I.L	25	Sunny Optical Tech	10,694	13.77	10.20	8.10	5.81	11.36	11.73
285A.T	26	Kioxia Holdings Co	10,202	16.94	16.94	6.07	6.07	10.84	13.38
6479.T	27	MinebeaMitsumi Inc	9,782	18.07	17.08	8.45	7.75	13.09	14.20
226350.KS	28	IM Tech Inc	9,492	-	-	-	-	-	-

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	19.83	17.40	8.32	7.47	13.58	13.79
Full Range Median Multiple	21.77	18.97	8.96	8.42	17.02	14.80
Industry Multiple	25.39	22.92	12.76	11.29	23.04	17.32
Market Implied Multiple	59.00	43.33	25.52	23.08	37.41	27.22
Company (0R2X.L) Multiple	51.64	37.93	22.61	20.45	33.14	24.12
(*) Net Income / EBITDA / Revenue	1,366	1,860	3,454	3,819	2,356	3,237
Winsorized Enterprise Value	N/A	N/A	28,751	28,544	32,002	44,638
Full Range Median Enterprise Value	N/A	N/A	30,934	32,165	40,110	47,902
(-) Net Debt	7,537	7,537	7,537	7,537	7,537	7,537
Winsorized Equity Value	27,091	32,359	21,214	21,007	24,465	37,101
Full Range Median Equity Value	29,740	35,273	23,397	24,628	32,573	40,365
(/) Shares Outstanding	860	860	860	860	860	860
Winsorized Fair Value	$31.50	$37.63	$24.67	$24.43	$28.45	$43.14
Full Range Median Fair Value	$34.58	$41.02	$27.21	$28.64	$37.88	$46.94
Current Price	$93.71	$93.71	$93.71	$93.71	$93.71	$93.71
Upside / Downside	-66.38%	-59.85%	-73.68%	-73.93%	-69.64%	-53.96%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$22.05	$26.34	$17.27	$17.10	$19.91	$30.20
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy