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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 21.2x - 23.4x | 22.3x |
| Selected Fwd EBIT Multiple | 20.5x - 22.6x | 21.6x |
| Fair Value | €460.92 - €505.84 | €483.38 |
| Upside | 12.2% - 23.1% | 17.6% |
| Benchmarks | Ticker | Full Ticker |
| ASML Holding N.V. | ASML | ENXTAM:ASML |
| BE Semiconductor Industries N.V. | BESI | ENXTAM:BESI |
| SUSS MicroTec SE | SMHN | DB:SMHN |
| ASMPT Limited | AY7A | DB:AY7A |
| Kulicke and Soffa Industries, Inc. | KU1 | DB:KU1 |
| ASM International NV | AVS | DB:AVS |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| ASML | BESI | SMHN | AY7A | KU1 | AVS | ||
| ENXTAM:ASML | ENXTAM:BESI | DB:SMHN | DB:AY7A | DB:KU1 | DB:AVS | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 26.5% | 16.3% | 117.3% | -14.3% | -4.3% | 16.6% | |
| 3Y CAGR | 11.3% | -15.6% | 54.5% | -48.7% | -65.2% | 18.6% | |
| Latest Twelve Months | 43.6% | -5.2% | 111.3% | -18.4% | 353.1% | 47.7% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 32.2% | 37.4% | 11.3% | 11.3% | 15.9% | 26.3% | |
| Prior Fiscal Year | 32.8% | 36.9% | 8.7% | 7.5% | 8.3% | 24.8% | |
| Latest Fiscal Year | 31.9% | 32.2% | 18.6% | 4.2% | 2.5% | 27.1% | |
| Latest Twelve Months | 34.8% | 31.3% | 18.3% | 3.9% | 11.8% | 29.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 7.72x | 15.92x | 0.91x | 2.13x | 2.17x | 5.63x | |
| EV / LTM EBITDA | 20.5x | 48.3x | 4.7x | 29.1x | 14.8x | 17.1x | |
| EV / LTM EBIT | 22.2x | 50.9x | 5.0x | 55.2x | 18.4x | 19.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 5.0x | 22.2x | 55.2x | ||||
| Historical EV / LTM EBIT | 18.0x | 31.1x | 41.0x | ||||
| Selected EV / LTM EBIT | 21.2x | 22.3x | 23.4x | ||||
| (x) LTM EBIT | 955 | 955 | 955 | ||||
| (=) Implied Enterprise Value | 20,201 | 21,264 | 22,327 | ||||
| (-) Non-shareholder Claims * | 1,672 | 1,672 | 1,672 | ||||
| (=) Equity Value | 21,872 | 22,936 | 23,999 | ||||
| (/) Shares Outstanding | 48.9 | 48.9 | 48.9 | ||||
| Implied Value Range | 447.27 | 469.01 | 490.75 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 447.27 | 469.01 | 490.75 | 410.90 | |||
| Upside / (Downside) | 8.9% | 14.1% | 19.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | ASML | BESI | SMHN | AY7A | KU1 | AVS | |
| Enterprise Value | 247,404 | 9,589 | 470 | 28,057 | 1,407 | 18,422 | |
| (+) Cash & Short Term Investments | 7,249 | 490 | 100 | 4,999 | 556 | 1,042 | |
| (+) Investments & Other | 1,029 | 0 | 0 | 1,748 | 6 | 667 | |
| (-) Debt | (3,699) | (541) | (56) | (4,657) | (36) | (37) | |
| (-) Other Liabilities | 0 | 0 | 0 | (107) | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 251,983 | 9,539 | 513 | 30,039 | 1,933 | 20,094 | |
| (/) Shares Outstanding | 387.3 | 79.0 | 19.1 | 416.5 | 52.1 | 48.9 | |
| Implied Stock Price | 650.60 | 120.70 | 26.86 | 72.13 | 37.07 | 410.90 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 9.07 | 1.16 | 1.00 | |
| Implied Stock Price (Trading Cur) | 650.60 | 120.70 | 26.86 | 7.95 | 31.84 | 410.90 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 9.07 | 1.16 | 1.00 | |