Motorola Solutions (NYSE:MSI) Products Revenues declined from around $4.75 billion in 2019 to about $4.1 billion in 2020. Trefis expects the metric to recover to about $4.5 billion in 2021 and around $4.9 billion in 2022.
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While sales declined in 2020 due to the impact of Covid-19, we expect longer-term growth to be driven by stronger land mobile radio sales in the United States and the E.U.
We don’t think the projected growth is fully priced into MSI stock. We estimate Motorola Solutions valuation to be around $274 per share which is 10% above the current market price. This represents a P/EBITDA multiple of 24x for the company based on our forecast for Motorola Solutions EBITDA for the current fiscal year.
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|S&P 500 Return||-2%||-2%||108%|
|Trefis MS Portfolio Return||-7%||-7%||264%|
 Month-to-date and year-to-date as of 1/17/2022
 Cumulative total returns since the end of 2016