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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | -4.7x - -5.2x | -4.9x |
| Selected Fwd EBIT Multiple | 10.5x - 11.6x | 11.0x |
| Fair Value | €10.01 - €10.76 | €10.38 |
| Upside | -39.7% - -35.2% | -37.4% |
| Benchmarks | Ticker | Full Ticker |
| Axcelis Technologies, Inc. | ACLS | NasdaqGS:ACLS |
| MACOM Technology Solutions Holdings, Inc. | MTSI | NasdaqGS:MTSI |
| Veeco Instruments Inc. | VECO | NasdaqGS:VECO |
| Photronics, Inc. | PLAB | NasdaqGS:PLAB |
| Ultra Clean Holdings, Inc. | UCTT | NasdaqGS:UCTT |
| Cohu, Inc. | CU3 | DB:CU3 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| ACLS | MTSI | VECO | PLAB | UCTT | CU3 | ||
| NasdaqGS:ACLS | NasdaqGS:MTSI | NasdaqGS:VECO | NasdaqGS:PLAB | NasdaqGS:UCTT | DB:CU3 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 54.2% | NM- | NM- | 33.6% | 16.8% | NM- | |
| 3Y CAGR | 18.3% | 0.1% | 9.2% | 32.8% | -20.8% | NM- | |
| Latest Twelve Months | -32.3% | 38.2% | -19.7% | -11.4% | 34.7% | -201.5% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 19.4% | 12.9% | 8.7% | 21.2% | 6.4% | 4.4% | |
| Prior Fiscal Year | 23.5% | 18.0% | 10.5% | 28.4% | 2.3% | 7.4% | |
| Latest Fiscal Year | 20.7% | 11.2% | 10.3% | 25.6% | 4.4% | -17.9% | |
| Latest Twelve Months | 19.1% | 11.8% | 9.3% | 25.2% | 3.5% | -18.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.77x | 11.83x | 1.61x | 1.20x | 0.66x | 1.81x | |
| EV / LTM EBITDA | 8.8x | 60.9x | 12.7x | 3.5x | 9.4x | -34.7x | |
| EV / LTM EBIT | 9.2x | 100.0x | 17.3x | 4.8x | 18.9x | -9.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 4.8x | 17.3x | 100.0x | ||||
| Historical EV / LTM EBIT | -192.9x | 10.2x | 19.0x | ||||
| Selected EV / LTM EBIT | -4.7x | -4.9x | -5.2x | ||||
| (x) LTM EBIT | (73) | (73) | (73) | ||||
| (=) Implied Enterprise Value | 341 | 359 | 377 | ||||
| (-) Non-shareholder Claims * | 159 | 159 | 159 | ||||
| (=) Equity Value | 500 | 518 | 536 | ||||
| (/) Shares Outstanding | 46.7 | 46.7 | 46.7 | ||||
| Implied Value Range | 10.71 | 11.10 | 11.48 | ||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 9.25 | 9.58 | 9.92 | 16.60 | |||
| Upside / (Downside) | -44.3% | -42.3% | -40.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | ACLS | MTSI | VECO | PLAB | UCTT | CU3 | |
| Enterprise Value | 1,694 | 9,999 | 1,161 | 1,028 | 1,403 | 738 | |
| (+) Cash & Short Term Investments | 587 | 682 | 353 | 558 | 327 | 209 | |
| (+) Investments & Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Debt | (72) | (540) | (287) | (0) | (648) | (50) | |
| (-) Other Liabilities | 0 | 0 | 0 | (396) | (70) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 2,209 | 10,140 | 1,226 | 1,190 | 1,011 | 897 | |
| (/) Shares Outstanding | 32.1 | 74.4 | 60.0 | 60.2 | 45.3 | 46.7 | |
| Implied Stock Price | 68.75 | 136.31 | 20.44 | 19.79 | 22.30 | 19.22 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.16 | |
| Implied Stock Price (Trading Cur) | 68.75 | 136.31 | 20.44 | 19.79 | 22.30 | 16.60 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.16 | |