Marvell Technology, Inc. (MRVL)

Industry: Semiconductors 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
148250.KS	16	RN2 Technologies C	16,768	-	-	5.53	5.89	-	-
STMMI.MI	17	STMicroelectronics	14,808	46.59	51.86	10.03	9.59	38.96	77.23
VNX.DE	18	NXP Semiconductors	14,143	27.55	27.55	16.36	14.60	18.36	12.13
KLAC	19	KLA Corporation	12,524	33.54	26.45	26.47	21.42	27.31	22.47
0HFN.L	20	Analog Devices, In	11,020	50.69	44.78	24.06	20.61	32.01	36.08
601012.SS	21	LONGi Green Energy	10,631	-	-	-	-	-	-
6723.T	22	Renesas Electronic	8,109	-	-	9.82	8.54	14.16	17.70
MRVL	23	Marvell Technology	7,793	32.62	29.43	18.87	15.00	57.63	71.49
3132.T	24	Macnica Fuji Elect	6,806	15.50	12.27	9.93	8.22	11.16	8.63
GFS	25	GLOBALFOUNDRIES In	6,791	-	-	9.34	9.34	25.45	-
AMKR	26	Amkor Technology,	6,449	22.81	22.85	6.76	6.53	11.66	17.78
6857.T	27	Advantest Corporat	6,278	40.88	29.51	26.62	18.80	24.22	18.45
ON	28	ON Semiconductor C	6,188	62.83	57.32	19.71	19.23	19.81	75.40
DQW1.DE	29	ams AG	5,808	10.81	8.87	5.01	3.58	8.29	10.50
600584.SS	30	JCET Group Co., Lt	5,628	53.06	49.35	18.13	17.96	43.16	53.54
402340.KS	31	SK Square Co., Ltd	5,311	4.29	4.29	4.81	4.81	4.01	3.83

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	27.55	26.45	9.88	8.94	18.36	17.74
Full Range Median Multiple	33.54	27.55	9.98	9.46	19.81	18.12
Industry Multiple	33.50	30.46	13.76	12.08	21.43	29.48
Market Implied Multiple	28.00	25.26	16.25	12.92	49.64	61.57
Company (MRVL) Multiple	32.62	29.43	18.87	15.00	57.63	71.49
(*) Net Income / EBITDA / Revenue	2,474	2,742	4,372	5,499	1,431	1,154
Winsorized Enterprise Value	N/A	N/A	43,174	49,139	26,270	20,469
Full Range Median Enterprise Value	N/A	N/A	43,628	52,019	28,355	20,900
(-) Net Debt	1,754	1,754	1,754	1,754	1,754	1,754
Winsorized Equity Value	68,170	72,526	41,420	47,384	24,516	18,714
Full Range Median Equity Value	82,990	75,560	41,873	50,265	26,600	19,146
(/) Shares Outstanding	861	861	861	861	861	861
Winsorized Fair Value	$79.17	$84.23	$48.10	$55.03	$28.47	$21.73
Full Range Median Fair Value	$96.38	$87.75	$48.63	$58.37	$30.89	$22.23
Current Price	$80.46	$80.46	$80.46	$80.46	$80.46	$80.46
Upside / Downside	-1.61%	4.68%	-40.22%	-31.61%	-64.62%	-72.99%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$55.42	$58.96	$33.67	$38.52	$19.93	$15.21
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy