Trading Comparables(Cont’d) 12-Sep-19 Enterprise Share Price EV / Revenue CAGR EV / EBITDA CAGR Margin P/E Company Value (€m) (% of year high) 2018 2019 2020 18-20E 2018 2019 2020 18-20E 2019E 2018 2019 2020 Hardware & Semiconductors Apple (US) 927,456 96% 3.9x 3.9x 3.7x 3% 13.0x 13.5x 12.9x 0% 29% 17.0x 18.7x 17.8x Samsung (AsiaPac) 187,572 99% 1.0x 1.1x 1.0x 0% 2.8x 4.4x 3.8x (14%) 24% 7.1x 15.0x 11.5x IBM (US) 144,309 93% 2.0x 2.0x 2.0x 1% 8.5x 8.9x 8.3x 1% 23% 10.1x 11.1x 10.6x Sony (AsiaPac) 71,474 93% 1.0x 1.0x 1.0x 1% 7.0x 7.0x 6.7x 2% 14% n/a n/a n/a Hitachi (AsiaPac) 45,409 99% 0.6x 0.6x 0.5x 3% 4.7x 4.7x 4.4x 3% 12% n/a n/a n/a Philips (Europe) 43,013 99% 2.4x 2.2x 2.1x 6% 14.5x 12.7x 11.4x 13% 18% 26.8x 21.6x 19.0x Nintendo (AsiaPac) 33,952 98% 3.5x 3.3x 3.0x 7% 16.6x 13.1x 11.3x 21% 26% n/a n/a n/a Motorola (US) 29,484 91% 4.5x 4.1x 3.9x 7% 17.6x 15.2x 13.7x 13% 27% 22.7x 20.2x 17.9x HP (US) 26,362 89% 0.9x 1.0x 1.0x (2%) 5.4x 5.5x 5.6x (2%) 18% 8.5x 8.6x 8.9x Hewlett Packard Enterprise (US) 26,362 89% 0.9x 1.0x 1.0x (2%) 5.4x 5.5x 5.6x (2%) 18% 8.5x 8.6x 8.9x Nokia (Europe) 26,547 82% 1.2x 1.1x 1.1x 4% 10.0x 10.0x 7.3x 17% 11% 21.1x 20.3x 13.0x Fujitsu (AsiaPac) 17,534 95% 0.5x 0.5x 0.6x (3%) 4.9x 7.8x 7.0x (16%) 7% n/a n/a n/a Lenovo (AsiaPac) 11,268 73% 0.2x 0.2x 0.2x 3% 7.2x 5.7x 5.4x 15% 4% 16.3x 11.5x 11.4x Toshiba (AsiaPac) 11,798 87% 0.5x 0.4x 0.4x 8% 11.8x 6.8x 6.2x 38% 6% n/a n/a n/a Sharp (AsiaPac) 11,159 52% 0.5x 0.5x 0.5x 1% 7.4x 8.6x 7.7x (2%) 6% n/a n/a n/a Quanta Computer (AsiaPac) 6,675 91% 0.2x 0.2x 0.2x 6% 10.5x 9.0x 8.2x 14% 2% 14.6x 13.9x 12.6x Unisplendour (AsiaPac) 9,412 95% n/a 1.3x 1.1x n/a n/a 18.9x 14.8x n/a 7% n/a n/a n/a LG (US) 5,182 44% 1.5x 1.5x 1.5x 1% 10.5x 12.7x 8.9x 9% 12% 11.2x 19.3x 8.9x Pegatron Corporation (AsiaPac) 4,491 80% 0.1x 0.1x 0.1x 1% 5.2x 5.2x 4.5x 7% 2% 10.8x 11.6x 11.1x ASUSTeK Computer (AsiaPac) 2,755 77% 0.3x 0.3x 0.3x (5%) 6.6x 8.9x 7.0x (3%) 3% 16.2x 14.5x 12.3x Foxconn (AsiaPac) 1,156 85% 0.3x 0.3x 0.3x (6%) 3.7x 4.1x 3.6x 2% 8% 10.0x 10.5x 10.0x Acer (AsiaPac) 988 68% 0.1x 0.1x 0.1x 1% 7.2x 6.9x 5.9x 10% 2% 16.3x 16.3x 14.5x Sonos (US) 1,196 85% 1.1x 1.0x 0.9x 10% 17.9x 14.0x 12.1x 22% 7% n/m 32.7x 25.5x nLIGHT (US) 428 60% 2.5x 2.7x 2.3x 3% 15.8x 34.4x 19.7x (10%) 8% 35.6x n/m 41.9x Viomi Technology (AsiaPac) 393 52% 1.2x 0.7x 0.5x 63% 15.3x 7.7x 4.6x 81% 9% 21.1x 10.4x 6.3x Niu Technologies (AsiaPac) 513 62% 2.7x 1.9x 1.2x 51% n/m 22.9x 9.2x n/a 8% n/m 26.0x 13.2x One Stop Systems (US) 36 66% 1.1x 0.7x 0.6x 33% 40.2x 14.7x 8.5x 118% 5% n/a 17.7x 11.7x Mean 1.3x 1.3x 1.2x 7% 10.8x 10.7x 8.3x 13% 12% 16.1x 16.2x 14.4x Computer Peripherals & Storage Hon Hai Precision (AsiaPac) 28,450 76% 0.2x 0.2x 0.2x 3% 5.6x 5.6x 5.2x 4% 3% 10.1x 9.5x 9.3x Western Digital (US) 23,691 100% 1.3x 1.7x 1.5x (6%) 4.2x 9.6x 5.8x (15%) 18% 5.3x 46.4x 12.9x Seagate (Europe) 15,533 100% 1.5x 1.7x 1.7x (5%) 6.8x 9.4x 8.3x (10%) 18% 8.6x 14.4x 11.9x NetApp (US) 10,469 64% 1.9x 2.0x 2.0x (3%) 7.5x 8.7x 7.8x (2%) 23% 11.6x 13.9x 12.8x Zebra Technologies (US) 11,343 83% 3.0x 2.8x 2.7x 6% 14.6x 12.8x 11.9x 11% 22% 18.1x 15.2x 14.1x Logitech (Europe) 5,835 90% 2.4x 2.2x 2.1x 7% 17.8x 15.8x 15.5x 7% 14% 23.1x 20.0x 18.2x Shenzen Huiding (AsiaPac) 2,755 77% 0.3x 0.3x 0.3x (5%) 6.6x 8.9x 7.0x (3%) 3% 16.2x 14.5x 12.3x Pure Storage (US) 3,673 61% 2.9x 2.4x 2.0x 21% 29.1x 29.4x 18.3x 26% 8% 70.6x 76.4x 37.6x Lite-On (AsiaPac) 2,379 98% 0.4x 0.4x 0.4x (2%) 5.8x 5.5x 5.1x 7% 8% 15.0x 13.2x 12.6x PCI-Suntek (AsiaPac) 2,080 75% 2.9x 2.7x 2.2x 15% 53.1x 21.7x 21.5x 57% 13% 44.1x n/a n/a Chicony (AsiaPac) 1,870 96% 0.7x 0.7x 0.6x 7% 9.1x 7.3x 6.9x 15% 9% 16.8x 11.0x 12.0x Phison Electronics (AsiaPac) 1,281 87% 1.1x 1.0x 1.0x 2% 8.2x 8.0x 7.6x 4% 13% 13.0x 13.3x 12.5x Synaptics (US) 1,280 80% 0.9x 1.1x 1.1x (12%) 6.4x 9.4x 8.6x (14%) 12% 7.9x 12.8x 10.8x Mean 1.5x 1.5x 1.4x 2% 13.4x 11.7x 10.0x 7% 13% 20.0x 21.7x 14.7x Source: Capital IQ (as of 12 September 2019). 24 View Our Internet Trading Comps