Valuation Metrics Oct09

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					Monthly Technology Newsletter

October 2009

Industry and Sector Valuation Metrics

LTM Revenue Software Applications Infrastructure On Demand Software and Services Open Source Business Intelligence and Analytics Communications Security Search Internet Commerce Internet Media Internet Gaming and Mobile Content Internet Infrastructure Services Communications Equipment Optical Components Wireline Telecom Storage/Enterprise Semiconductor Equipment Semiconductors Memory/Programmable Analog Digital Media Wireless Semiconductor Telecom and Data Networks Semiconductor Design IP Wireless Wireless Carriers Wireless Infrastructure Integrated Wireline & Wireless Carriers Financial Technology Mobile Payment Payment Software & Services Broad Based Financial Services Clean Technology Alternative Fuels Wind Solar Hydrogen/Methanol Fuel Cell Water/Geothermal Recycling Technologies/Services Clean Energy Management Waste Emissions/Purification 1.6x 2.6x 3.6x 3.3x 4.1x 2.3x 3.1x 5.0x 2.8x 1.9x 1.2x 2.6x 1.1x 1.5x 2.0x 2.2x 2.5x 2.1x 1.0x 2.7x 3.0x 5.6x 5.7x 2.8x 1.6x 2.2x 1.9x 9.6x 13.7x 0.7x 9.4x 2.7x 3.5x 0.6x 10.2x 1.5x EBITDA 12.9x 10.5x 33.3x 22.7x 25.6x 18.8x 14.2x 16.5x 16.9x 12.7x 13.1x 15.8x 20.2x 11.2x 13.2x 46.7x 28.0x 12.5x 21.0x 29.2x 35.2x 21.1x 5.2x 13.4x 4.8x 10.3x 18.1x 11.0x 15.3x 9.9x 19.3x 9.9x 15.1x 14.0x NM 10.2x Revenue 1.8x 2.7x 3.3x 5.2x 4.1x 2.1x 2.9x 6.4x 3.0x 2.1x 0.4x 2.5x 1.3x 1.5x 1.9x 2.2x 2.4x 2.0x 0.6x 2.8x 2.5x 6.6x 3.2x 2.9x 1.6x 2.1x 1.9x 2.9x 6.2x NA 2.1x 2.7x 2.4x 9.5x 2.6x 1.5x

NTM EBITDA 9.9x 8.2x 21.8x 44.9x 7.9x 8.1x 14.4x 13.1x 17.1x 13.1x 12.5x 8.9x 16.2x 12.2x 11.7x 21.9x 11.9x 15.1x 12.2x 12.3x 19.4x 16.3x 4.7x 8.2x 4.6x 8.3x 11.8x 7.7x 20.0x NA 19.5x 8.9x 12.1x 7.1x NA 12.5x

Source: Capital IQ 1) Please see pages 43 to 53 for detailed sector composition, valuation multiples and other metrics. Figures above are as of 10/20/2009. 2) The metrics above are best used as preliminary valuation guides. More rigorous analyses should be performed to ensure that comparisons are equitable and consistent.

Morgan Joseph & Co. Inc.

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Description: Valuations by industry for tech companies. From Morgan Joseph's October newsletter.