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Sectorwatch: Industrial Robotics May 2018 Industrial Robotics May 2018 Sector Dashboard [4] Sectorwatch: Industrial Robotics May 2018 Industrial Robotics May 2018 Sector Dashboard [4] Public Basket Performance [5] Operational Metrics [7] Valuation Comparison [10] Recent Deals [13] Appendix [14] 7 Mile Advisors appreciates the opportunity to present this confidential information to the Company. This document is meant to be delivered only in conjunction with a verbal presentation, and is not authorized for distribution. Please see the Confidentiality Notice & Disclaimer at the end of the document. All data cited in this document was believed to be accurate at the time of authorship and came from publicly available sources. Neither 7 Mile Advisors nor 7M Securities make warranties or representations as to the accuracy or completeness of third-party data contained herein. This document should be treated as confidential and for the use of the intended recipient only. Please notify 7 Mile Advisors if it was distributed in error. 2 Overview 7MA provides Investment Banking & Advisory Services to the Business Services and Technology Industries globally. We advise on M&A and private capital transactions, and provide market assessments and benchmarking. As a close knit team with a long history together and a laser focus on our target markets, we help our clients sell their companies, raise capital, grow through acquisitions, and evaluate new markets. We publish our sectorwatch, a review of M&A and operational trends in the industries we focus. Dashboard Valuation Comparison • Summary metrics on the sector • Graphical, detailed comparison of valuation • Commentary on market momentum by multiples for the public basket comparing the most recent 12-month performance against the last 3-year averages. Public Basket Performance Recent Deals • Summary valuation and operating metrics for • The most recently announced deals in the a basket of comparable public companies sector 3 Dashboard Operating Metrics Revenue Growth Momentum 1 - year revenue growth compared to revenue growth Median LTM GP Margin % 35.4% 0.07 average for last 3 years Current revenue growth rate exceeds the average of the last 3 years by this amount, indicating that market momentum is increasing Median LTM EBITDA Margin % 13.4% Pricing / Gross Margin Momentum Median LTM Rev. Growth % 7.9% 1 - year gross profit % compared to gross profit % 0.9% average for last 3 years 0% 10% 20% 30% 40% Current gross profit margin exceeds the average of the last 3 years gross profit margin by this amount, indicating supplier pricing power Valuation Profitability Momentum Median Price / LTM Earnings 22.8x 1 - year EBITDA % compared to EBITDA % average for 0.4% last 3 years Median TEV / LTM EBIT 13.2x Current EBITDA margin exceeds the average of the last 3 years EBITDA margin by this amount, a condition that may attract new entrants Median TEV / LTM EBITDA 9.1x Median TEV / LTM Revenue 1.5x 0x 5x 10x 15x 20x 25x 4 Public Basket Rev TEV / LTM Rev Growth EBITDA TEV / EBITDA Rev / Company TEV $m $m YoY GP % % Rev X X # FTEs FTE $k Nachi-Fujikoshi Corp. 1,966 2,279 14% 23% 13% 0.9 6.8 7,202 316 Teradyne, Inc. 5,908 2,167 22% 57% 30% 2.7 9.1 4,500 482 Seiko Epson Corporation 5,925 10,377 8% 36% 11% 0.6 5.4 76,391 136 OMRON Corporation 10,582 8,097 8% 42% 13% 1.3 9.9 - NA YASKAWA Electric Corporation 10,856 4,585 0% 34% 15% 2.4 15.5 - NA Rockwell Automation Inc. 21,348 6,505 7% 42% 20% 3.3 16.4 22,000 296 Mitsubishi Electric Corporation 30,369 41,723 5% 32% 12% 0.7 6.2 - NA Fanuc Corporation 35,276 6,841 35% 45% 36% 5.3 13.8 - NA DENSO Corporation 38,737 48,098 13% 17% 13% 0.8 6.2 - NA ABB Ltd 53,813 35,085 4% 30% 13% 1.6 12.5 134,800 260 Average 21,478 16,576 12% 36% 18% 2.0 10.2 24,489 298 Median 16,102 7,469 8% 35% 13% 1.5 9.5 2,250 296 share price as of 08May18 5 10x 12x Public Basket Valuation Trends Valuation Basket Public 0x 2x 4x 6x 8x Aug-13 Nov-13 Feb-14 TEV/EBITDA -Average TEV/EBITDA -Median TEV/EBITDA May-14 Aug-14 Nov-14 Feb-15 May-15 9.3x Aug-15 1.2x Nov-15 Feb-16 TEV/Revenue -Average TEV/Revenue -Median TEV/Revenue May-16 Aug-16 Nov-16 Feb-17 May-17 Aug-17 Nov-17 Feb-18 May-18 0.0x 0.5x 1.0x 1.5x 2.0x 10x 12x 0x 2x 4x 6x 8x Public Public Time Multiples over Public EBITDA Aug-13 Aug-13 Nov-13 Nov-13 TEV/Revenue -Median TEV/Revenue Feb-14 -Median TEV/EBITDA Feb-14 May-14 Multiples Revenue May-14 Aug-14 Aug-14 Nov-14 Nov-14 Feb-15 Feb-15 May-15 May-15 Aug-15 Aug-15 Nov-15 Nov-15 Feb-16 Feb-16 TEV/Revenue -Average TEV/Revenue May-16 -Average TEV/EBITDA May-16 Aug-16 Aug-16 Nov-16 Nov-16 Feb-17 Time over Feb-17 May-17 May-17 Aug-17 Aug-17 Nov-17 Nov-17 Feb-18 Feb-18 May-18 May-18 6 Operational Metrics LTM Gross Profit Margin % LTM EBITDA % Teradyne, Inc. 56.7% Fanuc Corporation 36.2% Fanuc Corporation 45.2% Teradyne, Inc. 29.8% Rockwell Automation Rockwell Automation Inc. 41.9% Inc. 20.0% YASKAWA Electric OMRON Corporation 41.6% Corporation 15.2% Seiko Epson Corporation 36.4% OMRON Corporation 13.4% YASKAWA Electric Corporation 34.4% DENSO Corporation 13.3% Mitsubishi Electric Corporation 31.6% ABB Ltd 13.1% ABB Ltd 30.4% Nachi-Fujikoshi Corp. 12.9% Mitsubishi Electric Nachi-Fujikoshi Corp. 23.1% Corporation 11.6% DENSO Corporation 16.7% Seiko Epson Corporation 11.0% Median 35.4% Median 13.4% - 20% 40% 60% 80% - 10% 20% 30% 40% 7 Operational Metrics LTM Revenue per LTM Revenue Growth % Full Time Employee x 000’s Fanuc Corporation 35.3% Teradyne, Inc. $482 Teradyne, Inc. 21.8% Nachi-Fujikoshi Corp. 13.6% Nachi-Fujikoshi Corp. $316 DENSO Corporation 12.8% Rockwell Automation Inc. $296 OMRON Corporation 8.3% Seiko Epson Corporation 7.5% ABB Ltd $260 Rockwell Automation Inc. 7.4% Mitsubishi Electric Corporation 4.5% Seiko Epson Corporation $136 ABB Ltd 3.9% Median $296 Median 7.5% - 10% 20% 30% 40% $- $150 $300 $450 $600 8 Operational Metrics Average Days Accounts Receivable Turnover Sales Outstanding Seiko Epson Corporation 6.87 ABB Ltd 95.82 Mitsubishi Electric Teradyne, Inc. 5.95 Corporation 87.51 Rockwell Automation Nachi-Fujikoshi Corp. Inc. 5.79 76.80 DENSO Corporation 5.46 Fanuc Corporation 73.73 OMRON Corporation 5.05 OMRON Corporation 72.33 Fanuc Corporation 4.95 DENSO Corporation 66.81 Rockwell Automation Nachi-Fujikoshi Corp. 4.75 Inc. 63.01 Mitsubishi Electric Teradyne, Inc. Corporation 4.17 61.22 ABB Ltd 3.81 Seiko Epson Corporation 53.15 Median 5.00 Median 69.57 0x 2x 4x 6x 8x 0x 30x 60x 90x 120x 9 Valuation TEV / LTM Revenue TEV / LTM EBITDA Rockwell Automation Fanuc Corporation 5.3 Inc. 16.4 Rockwell Automation YASKAWA Electric Inc. 3.3 Corporation 15.5 Teradyne, Inc. 2.7 Fanuc Corporation 13.8 YASKAWA Electric ABB Ltd Corporation 2.4 12.5 ABB Ltd 1.6 OMRON Corporation 9.9 OMRON Corporation 1.3 Teradyne, Inc. 9.1 Nachi-Fujikoshi Corp. 0.9 Nachi-Fujikoshi Corp. 6.8 Mitsubishi Electric DENSO Corporation 0.8 Corporation 6.2 Mitsubishi Electric DENSO Corporation Corporation 0.7 6.2 Seiko Epson Corporation 0.6 Seiko Epson Corporation 5.4 Median 1.5 Median 9.1 0x 1x 2x 3x 4x 5x 6x 0x 5x 10x 15x 20x 10 Valuation TEV / LTM EBIT Price / LTM Earnings Rockwell Automation YASKAWA Electric 54.4 Corporation 19.3 Inc. Rockwell Automation Teradyne, Inc. 28.0 Inc. 18.7 YASKAWA Electric ABB Ltd 16.2 Corporation 27.7 Fanuc Corporation 15.7 ABB Ltd 26.0 OMRON Corporation 13.2 Fanuc Corporation 25.2 Nachi-Fujikoshi Corp. 13.2 OMRON Corporation 20.3 Teradyne, Inc. 10.9 Seiko Epson Corporation 17.0 DENSO Corporation 10.1 Nachi-Fujikoshi Corp. 15.4 Mitsubishi Electric DENSO Corporation 13.6 Corporation 9.2 Mitsubishi Electric Seiko Epson Corporation 9.1 Corporation 12.9 Median 13.2 Median 22.8 0x 5x 10x 15x 20x 25x 0x 10x 20x 30x 40x 50x 60x 11 Valuation Historical Valuation Multiples Historical Valuation Multiples versus Gross Profit versus Revenue Growth Rate 18x 56.7% 60% 18x 40% 35.3% 16x 16x 35% 50% 45.2% 14x 41.6% 14x 41.9% 30% 12x 36.4% 40% 12x 25% 31.6% 21.8% 10x 10x 34.4% 30% 3.9% 20% 8x 30.4% 8x 13.6% 12.8% 15% 6x 23.1% 20% 6x 4.5% 10% 4x 16.7% 4x 7.4% 10% 7.5% - 2x 2x 8.3% 5% 5x 6x 6x 7x 9x 10x 13x 14x 15x 16x 5x 6x 6x 7x 9x 10x 13x 14x 15x 16x EBITDA(x) EBITDA(x) LTM GP% LTM 0x 0% 0x 0% RGR% LTM EBITDA(x) LTM GP% EBITDA(x) LTM RGR% 12 Recent Transactions Total Transaction Target TEV / TEV / Date Target Buyer / Investor Value Revenue Revenue EBITDA 3May18 TAL Manufacturing Solutions Limited Tata Advanced Systems Limited - - - - 2May18 Soft Robotics Inc. Scale Venture Partners; ABB Technology Ventures Ltd.; Haiyin Capital; 20.00 - - - Yamaha Motor Ventures & Laboratory Silicon Valley, Inc.; Taylor Ventures; Hyperplane Venture Capital; Calibrate Ventures, LP; Calibrate Ventures Management, LLC; Honeywell Venture Capital LLC; Material Impact Management, LLC; Tekfen Ventures 25Apr18 Mobile Industrial Robots ApS Teradyne, Inc.
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