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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | -0.9x - -1.0x | -1.0x |
| Selected Fwd EBITDA Multiple | -9.8x - -10.8x | -10.3x |
| Fair Value | €0.70 - €0.87 | €0.79 |
| Upside | 13.2% - 40.5% | 26.8% |
| Benchmarks | Ticker | Full Ticker |
| Soitec SA | SOI | ENXTPA:SOI |
| Tronic's Microsystems SA | ALTRO | ENXTPA:ALTRO |
| PVA TePla AG | TPE | DB:TPE |
| Technoprobe S.p.A. | TPRO | BIT:TPRO |
| ELES Semiconductor Equipment S.p.A. | ELES | BIT:ELES |
| Kalray S.A. | ALKAL | ENXTPA:ALKAL |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| SOI | ALTRO | TPE | TPRO | ELES | ALKAL | ||
| ENXTPA:SOI | ENXTPA:ALTRO | DB:TPE | BIT:TPRO | BIT:ELES | ENXTPA:ALKAL | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 17.5% | NM- | 23.8% | 9.9% | 10.4% | NM- | |
| 3Y CAGR | 28.8% | NM- | 28.2% | -7.6% | 3.0% | NM- | |
| Latest Twelve Months | -30.2% | -78.5% | 14.2% | 14.0% | -24.5% | -1219.2% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 28.4% | -31.5% | 14.7% | 36.8% | 14.5% | -45.7% | |
| Prior Fiscal Year | 32.5% | 36.8% | 15.1% | 29.2% | 12.2% | -9.5% | |
| Latest Fiscal Year | 30.0% | 7.5% | 16.8% | 25.1% | 11.0% | -22.3% | |
| Latest Twelve Months | 25.9% | 7.5% | 16.8% | 25.1% | 9.3% | -50.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.96x | 3.72x | 0.89x | 5.66x | 1.21x | 0.44x | |
| EV / LTM EBITDA | 7.6x | 49.8x | 5.3x | 22.5x | 12.9x | -0.9x | |
| EV / LTM EBIT | 12.2x | 92.6x | 6.2x | 45.8x | 17.7x | -0.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 5.3x | 12.9x | 49.8x | ||||
| Historical EV / LTM EBITDA | -38.0x | -20.8x | 48.1x | ||||
| Selected EV / LTM EBITDA | -0.9x | -1.0x | -1.0x | ||||
| (x) LTM EBITDA | (19) | (19) | (19) | ||||
| (=) Implied Enterprise Value | 18 | 19 | 19 | ||||
| (-) Non-shareholder Claims * | (10) | (10) | (10) | ||||
| (=) Equity Value | 8 | 9 | 10 | ||||
| (/) Shares Outstanding | 10.8 | 10.8 | 10.8 | ||||
| Implied Value Range | 0.73 | 0.81 | 0.90 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 0.73 | 0.81 | 0.90 | 0.62 | |||
| Upside / (Downside) | 16.9% | 30.7% | 44.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | SOI | ALTRO | TPE | TPRO | ELES | ALKAL | |
| Enterprise Value | 1,774 | 50 | 262 | 3,071 | 40 | 16 | |
| (+) Cash & Short Term Investments | 702 | 0 | 31 | 675 | 5 | 2 | |
| (+) Investments & Other | 19 | 0 | 3 | 1 | 0 | 1 | |
| (-) Debt | (747) | (13) | (22) | (19) | (16) | (13) | |
| (-) 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 | 1,748 | 38 | 274 | 3,728 | 30 | 7 | |
| (/) Shares Outstanding | 35.7 | 9.0 | 21.4 | 647.3 | 17.6 | 10.8 | |
| Implied Stock Price | 49.00 | 4.24 | 12.82 | 5.76 | 1.71 | 0.62 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 49.00 | 4.24 | 12.82 | 5.76 | 1.71 | 0.62 | |
| 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 | |