Ubiquiti Inc. (UI)

Industry: Communication Equipment 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
1085.HK	22	Hengxin Technology	3,663	-	-	2.77	2.64	7.89	3.79
6285.TW	23	WNC Corporation	3,530	17.99	15.36	7.37	6.25	18.33	12.04
600498.SS	24	Fiberhome Telecomm	3,473	39.75	37.77	35.58	35.37	-	89.07
603236.SS	25	Quectel Wireless S	3,296	28.50	20.36	29.16	21.43	28.99	22.52
ETL.L	26	Eutelsat Communica	2,885	-	-	4.55	5.28	-	-
300502.SZ	27	Eoptolink Technolo	2,842	48.34	27.17	43.64	25.30	35.46	24.42
6703.T	28	Oki Electric Indus	2,789	13.10	11.06	7.11	6.64	20.38	14.15
UI	29	Ubiquiti Inc.	2,757	31.45	27.94	26.38	23.70	23.93	24.26
002396.SZ	30	Fujian Star-net Co	2,702	36.05	35.67	18.33	16.96	17.68	17.81
BDC	31	Belden Inc.	2,661	20.90	20.90	13.80	14.70	19.10	21.43
037460.KQ	32	Samji Electronics	2,497	2.83	2.25	3.29	2.78	4.15	3.23
0QNH.L	33	Huber+Suhner AG	2,154	12.19	10.85	6.36	5.95	8.24	8.52
601869.SS	34	Yangtze Optical Fi	1,956	132.41	131.54	54.07	46.47	55.85	114.03
LITE	35	Lumentum Holdings	1,842	100.45	107.10	75.45	90.26	515.22	-
000500.KS	36	GAON CABLE Co., Lt	1,656	18.56	13.17	9.19	6.50	11.47	10.42
MAXR	37	Maxar Technologies	1,619	-	-	40.45	50.10	170.77	-

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	19.73	17.86	9.19	6.64	18.33	13.10
Full Range Median Multiple	24.70	20.63	13.80	14.70	19.10	15.98
Industry Multiple	39.26	36.10	23.41	22.44	70.27	28.45
Market Implied Multiple	42.05	37.36	35.21	31.64	31.94	32.39
Company (UI) Multiple	31.45	27.94	26.38	23.70	23.93	24.26
(*) Net Income / EBITDA / Revenue	792	891	950	1,057	1,047	1,032
Winsorized Enterprise Value	N/A	N/A	8,724	7,018	19,192	13,521
Full Range Median Enterprise Value	N/A	N/A	13,107	15,536	19,991	16,495
(-) Net Debt	148	148	148	148	148	148
Winsorized Equity Value	15,621	15,915	8,576	6,870	19,044	13,373
Full Range Median Equity Value	19,559	18,384	12,959	15,388	19,844	16,347
(/) Shares Outstanding	60	60	60	60	60	60
Winsorized Fair Value	$258.24	$263.11	$141.78	$113.57	$314.83	$221.07
Full Range Median Fair Value	$323.33	$303.92	$214.24	$254.38	$328.04	$270.24
Current Price	$550.39	$550.39	$550.39	$550.39	$550.39	$550.39
Upside / Downside	-53.08%	-52.20%	-74.24%	-79.37%	-42.80%	-59.83%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$180.77	$184.17	$99.25	$79.50	$220.38	$154.75
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy