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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 13.2x - 14.5x | 13.8x |
| Selected Fwd EBIT Multiple | 14.2x - 15.7x | 15.0x |
| Fair Value | €23.32 - €25.78 | €24.55 |
| Upside | 13.0% - 24.9% | 18.9% |
| Benchmarks | Ticker | Full Ticker |
| Manz AG | M5Z | DB:M5Z |
| Planoptik AG | P4O | XTRA:P4O |
| SMA Solar Technology AG | S92 | XTRA:S92 |
| centrotherm international AG | CTNK | DB:CTNK |
| Soitec SA | SOH1 | XTRA:SOH1 |
| PVA TePla AG | TPE | DB:TPE |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| M5Z | P4O | S92 | CTNK | SOH1 | TPE | ||
| DB:M5Z | XTRA:P4O | XTRA:S92 | DB:CTNK | XTRA:SOH1 | DB:TPE | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | 3.9% | NM- | NM- | 2.5% | 25.8% | |
| 3Y CAGR | NM- | -2.7% | NM- | 127.2% | -11.9% | 29.7% | |
| Latest Twelve Months | -514.6% | -56.8% | -176.8% | 188.0% | -35.2% | 6.9% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | -5.5% | 10.3% | 2.3% | 1.2% | 19.9% | 12.7% | |
| Prior Fiscal Year | -3.2% | 17.5% | 14.5% | 7.9% | 21.0% | 12.9% | |
| Latest Fiscal Year | -0.6% | 8.5% | -6.4% | 14.3% | 14.9% | 14.4% | |
| Latest Twelve Months | -18.2% | 8.5% | -11.9% | 14.3% | 14.9% | 14.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.26x | 1.29x | 0.40x | 0.06x | 1.61x | 1.64x | |
| EV / LTM EBITDA | -1.6x | 8.8x | -6.4x | 0.3x | 6.2x | 9.9x | |
| EV / LTM EBIT | -1.4x | 15.3x | -4.9x | 0.4x | 10.8x | 11.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -4.9x | 0.4x | 15.3x | ||||
| Historical EV / LTM EBIT | 7.6x | 20.1x | 41.1x | ||||
| Selected EV / LTM EBIT | 13.2x | 13.8x | 14.5x | ||||
| (x) LTM EBIT | 38 | 38 | 38 | ||||
| (=) Implied Enterprise Value | 498 | 525 | 551 | ||||
| (-) Non-shareholder Claims * | (2) | (2) | (2) | ||||
| (=) Equity Value | 496 | 522 | 549 | ||||
| (/) Shares Outstanding | 20.7 | 20.7 | 20.7 | ||||
| Implied Value Range | 24.02 | 25.29 | 26.56 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 24.02 | 25.29 | 26.56 | 20.64 | |||
| Upside / (Downside) | 16.4% | 22.5% | 28.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | M5Z | P4O | S92 | CTNK | SOH1 | TPE | |
| Enterprise Value | 53 | 15 | 617 | 13 | 1,431 | 429 | |
| (+) Cash & Short Term Investments | 14 | 5 | 174 | 96 | 689 | 18 | |
| (+) Investments & Other | 4 | 0 | 0 | 0 | 15 | 3 | |
| (-) Debt | (69) | (2) | 0 | (0) | (782) | (24) | |
| (-) 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 | 2 | 19 | 791 | 109 | 1,353 | 426 | |
| (/) Shares Outstanding | 10.3 | 4.5 | 34.7 | 21.2 | 35.7 | 20.7 | |
| Implied Stock Price | 0.19 | 4.16 | 22.80 | 5.15 | 37.91 | 20.64 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 0.19 | 4.16 | 22.80 | 5.15 | 37.91 | 20.64 | |
| 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 | |