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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 17.8x - 19.7x | 18.8x |
| Selected Fwd EBIT Multiple | 18.7x - 20.7x | 19.7x |
| Fair Value | €21.65 - €23.84 | €22.74 |
| Upside | 43.1% - 57.6% | 50.3% |
| Benchmarks | Ticker | Full Ticker |
| SUSS MicroTec SE | SMHN | XTRA:SMHN |
| ASML Holding N.V. | ASME | XTRA:ASME |
| ASM International NV | AVS | XTRA:AVS |
| Riber S.A. | RI7 | DB:RI7 |
| BE Semiconductor Industries N.V. | BSI | XTRA:BSI |
| AIXTRON SE | AIXA | DB:AIXA |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| SMHN | ASME | AVS | RI7 | BSI | AIXA | ||
| XTRA:SMHN | XTRA:ASME | XTRA:AVS | DB:RI7 | XTRA:BSI | DB:AIXA | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 117.3% | 26.5% | 16.6% | 36.7% | 16.3% | 29.4% | |
| 3Y CAGR | 54.5% | 11.3% | 18.6% | 46.1% | -15.6% | 8.6% | |
| Latest Twelve Months | 136.8% | 43.6% | 47.7% | 11.3% | -5.2% | -19.4% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 10.5% | 32.2% | 26.3% | 5.5% | 37.4% | 19.5% | |
| Prior Fiscal Year | 8.7% | 32.8% | 24.8% | 10.0% | 36.9% | 24.0% | |
| Latest Fiscal Year | 18.6% | 31.9% | 27.1% | 10.6% | 32.2% | 20.8% | |
| Latest Twelve Months | 18.6% | 34.8% | 29.3% | 10.6% | 31.3% | 20.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.36x | 7.37x | 6.13x | 1.50x | 15.84x | 2.58x | |
| EV / LTM EBITDA | 6.9x | 19.6x | 18.6x | 11.5x | 48.0x | 11.4x | |
| EV / LTM EBIT | 7.3x | 21.2x | 20.9x | 14.1x | 50.7x | 12.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 7.3x | 20.9x | 50.7x | ||||
| Historical EV / LTM EBIT | 13.6x | 25.4x | 69.4x | ||||
| Selected EV / LTM EBIT | 17.8x | 18.8x | 19.7x | ||||
| (x) LTM EBIT | 130 | 130 | 130 | ||||
| (=) Implied Enterprise Value | 2,312 | 2,434 | 2,555 | ||||
| (-) Non-shareholder Claims * | 89 | 89 | 89 | ||||
| (=) Equity Value | 2,401 | 2,522 | 2,644 | ||||
| (/) Shares Outstanding | 112.7 | 112.7 | 112.7 | ||||
| Implied Value Range | 21.31 | 22.39 | 23.47 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 21.31 | 22.39 | 23.47 | 15.13 | |||
| Upside / (Downside) | 40.8% | 48.0% | 55.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | SMHN | ASME | AVS | RI7 | BSI | AIXA | |
| Enterprise Value | 487 | 236,520 | 19,982 | 61 | 9,518 | 1,616 | |
| (+) Cash & Short Term Investments | 144 | 7,249 | 1,042 | 9 | 490 | 93 | |
| (+) Investments & Other | 0 | 1,029 | 667 | 0 | 0 | 0 | |
| (-) Debt | (14) | (3,699) | (37) | (4) | (541) | (4) | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | 0 | (0) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 617 | 241,099 | 21,654 | 66 | 9,468 | 1,705 | |
| (/) Shares Outstanding | 19.1 | 387.3 | 48.9 | 21.0 | 79.1 | 112.7 | |
| Implied Stock Price | 32.30 | 622.50 | 442.80 | 3.14 | 119.70 | 15.13 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 32.30 | 622.50 | 442.80 | 3.14 | 119.70 | 15.13 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |