Frequency Electronics, Inc. (FEIM)

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
AUDC	217	AudioCodes Ltd.	75	20.51	19.46	15.31	10.63	15.90	8.15
300074.SZ	218	AVCON Information	75	-	-	-	-	-	-
N01.SI	219	Nera Telecommunica	74	-	-	-	-	-	-
BIRLACABLE.BO	220	Birla Cable Limite	74	94.37	69.75	17.36	15.12	41.37	11.69
OCC	221	Optical Cable Corp	73	-	-	50.43	50.43	17.68	-
000586.SZ	222	Sichuan Huiyuan Op	72	332.34	353.25	173.99	175.86	105.84	260.41
1724.T	223	Synclayer Inc.	70	5.69	5.69	4.17	4.17	23.64	7.91
FEIM	224	Frequency Electron	70	17.04	17.04	39.69	39.69	53.06	41.22
300762.SZ	225	Jushri Technologie	68	-	-	-	-	-	-
032500.KQ	226	Kmw Inc.	68	-	-	124.03	189.64	-	-
600130.SS	227	Ningbo Bird Co.,Lt	68	640.94	1,027.86	383.14	619.33	-	1,031.09
300167.SZ	228	Shenzhen Division	67	151.42	151.42	63.78	48.65	-	162.51
THCOM.BK	229	Thaicom Public Com	66	103.19	103.19	10.59	7.02	-	-
3163.TWO	230	Browave Corporatio	66	43.82	43.82	32.32	32.32	142.38	216.17
BYL.TO	231	Baylin Technologie	60	-	-	-	-	9.39	-
6263.TWO	232	Planet Technology	60	17.30	17.30	11.36	11.36	14.10	12.68

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	43.82	43.82	17.36	15.12	16.79	12.19
Full Range Median Multiple	94.37	69.75	32.32	32.32	20.66	87.59
Industry Multiple	156.62	199.08	80.59	105.87	46.29	213.83
Market Implied Multiple	27.21	27.21	63.03	63.03	84.27	65.47
Company (FEIM) Multiple	17.04	17.04	39.69	39.69	53.06	41.22
(*) Net Income / EBITDA / Revenue	21	21	9	9	7	9
Winsorized Enterprise Value	N/A	N/A	159	139	115	108
Full Range Median Enterprise Value	N/A	N/A	296	296	142	773
(-) Net Debt	5	5	5	5	5	5
Winsorized Equity Value	922	922	154	133	110	102
Full Range Median Equity Value	1,985	1,467	291	291	136	768
(/) Shares Outstanding	10	10	10	10	10	10
Winsorized Fair Value	$94.44	$94.44	$15.75	$13.65	$11.24	$10.46
Full Range Median Fair Value	$203.42	$150.33	$29.80	$29.80	$13.96	$78.65
Current Price	$58.64	$58.64	$58.64	$58.64	$58.64	$58.64
Upside / Downside	61.05%	61.05%	-73.14%	-76.73%	-80.84%	-82.16%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$66.11	$66.11	$11.03	$9.55	$7.87	$7.32
Buy / Don't Buy	BUY	BUY	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy