Motorola Solutions, Inc. (0K3H.L)

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
CSCO	4	Cisco Systems, Inc	57,696	27.05	27.12	18.26	18.09	22.23	23.37
056730.KS	5	CNT85 Inc	43,857	-	-	-	-	-	-
134580.KS	6	Topco Media Co Ltd	32,783	-	-	2.32	2.32	4.29	-
ERCB.DE	7	Telefonaktiebolage	25,741	10.55	9.49	8.13	8.17	8.56	8.16
NOKIA.HE	8	Nokia Oyj	23,194	19.00	17.33	7.82	7.53	12.19	14.99
FZM.VI	9	ZTE Corporation	18,503	13.77	12.96	10.90	10.92	11.78	14.46
SATS	10	EchoStar Corporati	15,176	-	-	-	-	-	-
0K3H.L	11	Motorola Solutions	11,313	35.94	29.44	24.75	20.92	27.21	25.75
600487.SS	12	Hengtong Optic-Ele	9,538	19.84	16.27	14.35	12.92	18.95	16.63
688036.SS	13	Shenzhen Transsion	9,510	28.32	25.94	34.49	35.46	25.39	21.24
600745.SS	14	Wingtech Technolog	7,126	-	-	17.14	18.23	25.07	-
2018.HK	15	AAC Technologies H	6,413	15.23	17.11	6.12	5.87	29.94	17.52
COMM	16	CommScope Holding	5,299	55.57	55.57	9.18	7.25	8.05	8.74
ZBRA	17	Zebra Technologies	5,255	30.07	29.61	15.67	14.58	22.77	20.15
JNPR	18	Juniper Networks,	5,205	34.19	33.82	20.18	20.61	35.44	32.72
0HYA.L	19	Ciena Corporation	4,770	217.93	270.19	70.90	77.88	57.75	97.37

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	19.84	17.33	10.90	10.92	18.95	16.63
Full Range Median Multiple	27.05	25.94	14.35	12.92	22.23	17.52
Industry Multiple	42.87	46.86	18.11	18.45	21.72	25.03
Market Implied Multiple	31.52	25.82	22.03	18.62	24.22	22.92
Company (0K3H.L) Multiple	35.94	29.44	24.75	20.92	27.21	25.75
(*) Net Income / EBITDA / Revenue	2,116	2,583	3,438	4,068	3,128	3,304
Winsorized Enterprise Value	N/A	N/A	37,457	44,439	59,265	54,963
Full Range Median Enterprise Value	N/A	N/A	49,335	52,571	69,550	57,882
(-) Net Debt	9,042	9,042	9,042	9,042	9,042	9,042
Winsorized Equity Value	41,980	44,771	28,415	35,397	50,223	45,921
Full Range Median Equity Value	57,240	67,018	40,293	43,529	60,508	48,840
(/) Shares Outstanding	167	167	167	167	167	167
Winsorized Fair Value	$251.98	$268.73	$170.56	$212.47	$301.46	$275.63
Full Range Median Fair Value	$343.58	$402.27	$241.86	$261.28	$363.19	$293.16
Current Price	$400.38	$400.38	$400.38	$400.38	$400.38	$400.38
Upside / Downside	-37.07%	-32.88%	-57.40%	-46.93%	-24.71%	-31.16%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$176.39	$188.11	$119.39	$148.73	$211.02	$192.94
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy