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Metrics | Range | Conclusion |
---|---|---|
Selected LTM Ps Multiple | 1.8x - 2.0x | 1.9x |
Selected Fwd Ps Multiple | 1.4x - 1.6x | 1.5x |
Fair Value | €14.69 - €16.23 | €15.46 |
Upside | 8.8% - 20.2% | 14.5% |
Benchmarks | Ticker | Full Ticker |
---|---|---|
Veeco Instruments Inc. | - | NasdaqGS:VECO |
Photronics, Inc. | - | NasdaqGS:PLAB |
Axcelis Technologies, Inc. | - | NasdaqGS:ACLS |
MACOM Technology Solutions Holdings, Inc. | - | NasdaqGS:MTSI |
Cirrus Logic, Inc. | - | NasdaqGS:CRUS |
Cohu, Inc. | - | DB:CU3 |
Select Price / LTM Sales Ratio | ||||||||
Benchmark Companies | ||||||||
VECO | PLAB | ACLS | MTSI | CRUS | CU3 | |||
NasdaqGS:VECO | NasdaqGS:PLAB | NasdaqGS:ACLS | NasdaqGS:MTSI | NasdaqGS:CRUS | DB:CU3 | |||
Historical Sales Growth | ||||||||
5Y CAGR | 11.3% | 9.5% | 24.3% | 7.9% | 8.6% | -7.2% | ||
3Y CAGR | 7.1% | 9.3% | 15.4% | 6.3% | 9.3% | -23.2% | ||
Latest Twelve Months | 7.6% | -3.9% | -10.0% | 26.4% | 3.0% | -36.9% | ||
Historical Net Income Profit Margin | ||||||||
5 Year Average Margin | 4.5% | 16.6% | 16.4% | 12.8% | 14.4% | 4.0% | ||
Prior Fiscal Year | -4.6% | 14.1% | 21.8% | 14.1% | 9.3% | 4.4% | ||
Latest Fiscal Year | 10.3% | 15.1% | 19.7% | 10.5% | 15.3% | -17.4% | ||
Latest Twelve Months | 10.3% | 17.1% | 19.7% | -13.1% | 16.5% | -17.4% | ||
Current Trading Multiples | ||||||||
EV / LTM EBITDA | 11.7x | 3.4x | 5.2x | 50.7x | 10.7x | -23.6x | ||
Price / LTM Sales | 1.7x | 1.5x | 1.6x | 9.8x | 2.8x | 1.7x | ||
LTM P/E Ratio | 16.1x | 8.9x | 8.2x | -74.8x | 17.2x | -9.8x | ||
Low | Mid | High | ||||||
Benchmark LTM P/S Ratio | 1.5x | 1.7x | 9.8x | |||||
Historical LTM P/S Ratio | 1.7x | 2.1x | 2.8x | |||||
Selected Price / Sales Multiple | 1.8x | 1.9x | 2.0x | |||||
(x) LTM Sales | 402 | 402 | 402 | |||||
(=) Equity Value | 736 | 775 | 813 | |||||
(/) Shares Outstanding | 46.7 | 46.7 | 46.7 | |||||
Implied Value Range | 15.75 | 16.58 | 17.41 | |||||
FX Rate: USD/EUR | 1.1 | 1.1 | 1.1 | Market Price | ||||
Implied Value Range (Trading Cur) | 14.52 | 15.29 | 16.05 | 13.50 | ||||
Upside / (Downside) | 7.6% | 13.2% | 18.9% |
Equity Value | |||||||
Benchmark Companies | |||||||
(in millions) | VECO | PLAB | ACLS | MTSI | CRUS | CU3 | |
Value of Common Equity | 1,176 | 1,295 | 1,618 | 7,533 | 5,305 | 684 | |
(/) Shares Outstanding | 57.9 | 63.6 | 32.2 | 74.3 | 53.1 | 46.7 | |
Implied Stock Price | 20.30 | 20.38 | 50.32 | 101.33 | 99.83 | 14.65 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.08 | |
Implied Stock Price (Trading Cur) | 20.30 | 20.38 | 50.32 | 101.33 | 99.83 | 13.50 | |
Trading Currency | USD | USD | USD | USD | USD | EUR | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.08 |