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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 13.3x - 14.7x | 14.0x |
| Selected Fwd EBITDA Multiple | 10.8x - 11.9x | 11.3x |
| Fair Value | €3.47 - €3.83 | €3.65 |
| Upside | 40.9% - 55.7% | 48.3% |
| Benchmarks | Ticker | Full Ticker |
| AIXTRON SE | AIXA | DB:AIXA |
| Applied Materials, Inc. | AP2 | DB:AP2 |
| BE Semiconductor Industries N.V. | BESI | ENXTAM:BESI |
| MEMSCAP, S.A. | MEMS | ENXTPA:MEMS |
| ASM International NV | AVS | DB:AVS |
| Riber S.A. | RI7 | DB:RI7 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| AIXA | AP2 | BESI | MEMS | AVS | RI7 | ||
| DB:AIXA | DB:AP2 | ENXTAM:BESI | ENXTPA:MEMS | DB:AVS | DB:RI7 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 26.0% | 17.2% | 16.0% | 39.4% | 16.2% | 25.2% | |
| 3Y CAGR | 9.1% | 2.8% | -14.8% | 21.0% | 19.3% | 19.3% | |
| Latest Twelve Months | -10.7% | 4.2% | -7.4% | -31.2% | 32.1% | 9.5% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 21.1% | 30.7% | 38.5% | 9.3% | 30.0% | 8.9% | |
| Prior Fiscal Year | 25.6% | 30.8% | 38.2% | 19.5% | 29.2% | 12.5% | |
| Latest Fiscal Year | 22.7% | 30.4% | 33.7% | 15.5% | 30.9% | 13.0% | |
| Latest Twelve Months | 22.7% | 30.7% | 33.7% | 15.4% | 31.7% | 13.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.01x | 4.24x | 12.10x | 2.35x | 6.74x | 1.19x | |
| EV / LTM EBITDA | 8.8x | 13.8x | 35.9x | 15.2x | 21.7x | 9.1x | |
| EV / LTM EBIT | 9.7x | 14.5x | 37.7x | 25.4x | 24.8x | 11.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 8.8x | 15.2x | 35.9x | ||||
| Historical EV / LTM EBITDA | 8.7x | 14.0x | 23.4x | ||||
| Selected EV / LTM EBITDA | 13.3x | 14.0x | 14.7x | ||||
| (x) LTM EBITDA | 5 | 5 | 5 | ||||
| (=) Implied Enterprise Value | 71 | 75 | 79 | ||||
| (-) Non-shareholder Claims * | 0 | 0 | 0 | ||||
| (=) Equity Value | 71 | 75 | 79 | ||||
| (/) Shares Outstanding | 21.0 | 21.0 | 21.0 | ||||
| Implied Value Range | 3.39 | 3.57 | 3.75 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 3.39 | 3.57 | 3.75 | 2.46 | |||
| Upside / (Downside) | 38.0% | 45.3% | 52.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | AIXA | AP2 | BESI | MEMS | AVS | RI7 | |
| Enterprise Value | 1,279 | 114,743 | 7,327 | 29 | 18,931 | 52 | |
| (+) Cash & Short Term Investments | 65 | 8,213 | 686 | 0 | 1,145 | 0 | |
| (+) Investments & Other | 0 | 2,686 | 0 | 0 | 682 | 0 | |
| (-) Debt | (5) | (6,588) | (538) | 0 | (20) | 0 | |
| (-) 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 | 1,338 | 119,054 | 7,474 | 29 | 20,739 | 52 | |
| (/) Shares Outstanding | 112.7 | 812.4 | 79.3 | 7.7 | 49.1 | 21.0 | |
| Implied Stock Price | 11.88 | 146.54 | 94.24 | 3.73 | 422.30 | 2.46 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.13 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 11.88 | 129.32 | 94.24 | 3.73 | 422.30 | 2.46 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.13 | 1.00 | 1.00 | 1.00 | 1.00 | |