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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 23.7x - 26.2x | 25.0x |
| Selected Fwd EBIT Multiple | 21.5x - 23.7x | 22.6x |
| Fair Value | €499.81 - €548.84 | €524.32 |
| Upside | 17.2% - 28.7% | 22.9% |
| Benchmarks | Ticker | Full Ticker |
| ASML Holding N.V. | ASML | ENXTAM:ASML |
| BE Semiconductor Industries N.V. | BESI | ENXTAM:BESI |
| Kulicke and Soffa Industries, Inc. | KU1 | DB:KU1 |
| Applied Materials, Inc. | AP2 | DB:AP2 |
| Teradyne, Inc. | TEY | DB:TEY |
| ASM International NV | ASM | ENXTAM:ASM |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| ASML | BESI | KU1 | AP2 | TEY | ASM | ||
| ENXTAM:ASML | ENXTAM:BESI | DB:KU1 | DB:AP2 | DB:TEY | ENXTAM:ASM | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 26.5% | 16.3% | -4.3% | 18.5% | 0.7% | 16.6% | |
| 3Y CAGR | 11.3% | -15.6% | -65.2% | 3.0% | -23.2% | 18.6% | |
| Latest Twelve Months | 43.6% | -5.2% | 504.7% | 8.9% | 19.5% | 47.7% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 32.2% | 37.4% | 15.7% | 29.2% | 25.9% | 26.3% | |
| Prior Fiscal Year | 32.8% | 36.9% | 8.3% | 28.9% | 19.3% | 24.8% | |
| Latest Fiscal Year | 31.9% | 32.2% | 2.5% | 28.9% | 19.4% | 27.1% | |
| Latest Twelve Months | 34.8% | 31.3% | 12.9% | 29.7% | 20.7% | 29.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 7.19x | 15.49x | 1.81x | 5.16x | 4.62x | 5.94x | |
| EV / LTM EBITDA | 19.1x | 47.0x | 11.5x | 16.6x | 18.6x | 18.0x | |
| EV / LTM EBIT | 20.6x | 49.5x | 14.1x | 17.4x | 22.3x | 20.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 14.1x | 20.6x | 49.5x | ||||
| Historical EV / LTM EBIT | 18.0x | 31.1x | 41.0x | ||||
| Selected EV / LTM EBIT | 23.7x | 25.0x | 26.2x | ||||
| (x) LTM EBIT | 955 | 955 | 955 | ||||
| (=) Implied Enterprise Value | 22,671 | 23,864 | 25,057 | ||||
| (-) Non-shareholder Claims * | 1,672 | 1,672 | 1,672 | ||||
| (=) Equity Value | 24,342 | 25,535 | 26,729 | ||||
| (/) Shares Outstanding | 49.1 | 49.1 | 49.1 | ||||
| Implied Value Range | 495.86 | 520.17 | 544.47 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 495.86 | 520.17 | 544.47 | 426.60 | |||
| Upside / (Downside) | 16.2% | 21.9% | 27.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | ASML | BESI | KU1 | AP2 | TEY | ASM | |
| Enterprise Value | 229,704 | 9,325 | 1,243 | 144,003 | 13,634 | 19,271 | |
| (+) Cash & Short Term Investments | 7,249 | 490 | 582 | 6,747 | 508 | 1,042 | |
| (+) Investments & Other | 1,029 | 5 | 5 | 3,638 | 623 | 667 | |
| (-) Debt | (3,699) | (537) | (36) | (6,670) | (69) | (37) | |
| (-) 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 | 234,283 | 9,283 | 1,794 | 147,718 | 14,697 | 20,942 | |
| (/) Shares Outstanding | 387.3 | 79.3 | 52.8 | 802.5 | 160.4 | 49.1 | |
| Implied Stock Price | 604.90 | 117.10 | 33.99 | 184.07 | 91.61 | 426.60 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.17 | 1.17 | 1.17 | 1.00 | |
| Implied Stock Price (Trading Cur) | 604.90 | 117.10 | 28.94 | 156.72 | 78.00 | 426.60 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.17 | 1.17 | 1.17 | 1.00 | |