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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 26.8x - 29.6x | 28.2x |
| Selected Fwd EBITDA Multiple | 25.0x - 27.6x | 26.3x |
| Fair Value | $971.66 - $1,072 | $1,022 |
| Upside | -6.9% - 2.8% | -2.1% |
| Benchmarks | Ticker | Full Ticker |
| ASM International NV | ASM | ENXTAM:ASM |
| BE Semiconductor Industries N.V. | BESI | ENXTAM:BESI |
| SUSS MicroTec SE | SMHN | DB:SMHN |
| STMicroelectronics N.V. | STMPA | ENXTPA:STMPA |
| NXP Semiconductors N.V. | VNX | DB:VNX |
| ASML Holding N.V. | ASML | NasdaqGS:ASML |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| ASM | BESI | SMHN | STMPA | VNX | ASML | ||
| ENXTAM:ASM | ENXTAM:BESI | DB:SMHN | ENXTPA:STMPA | DB:VNX | NasdaqGS:ASML | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 16.1% | 16.0% | 61.7% | 10.8% | 10.5% | 24.9% | |
| 3Y CAGR | 19.2% | -14.8% | 48.1% | -0.6% | 4.9% | 12.2% | |
| Latest Twelve Months | 33.8% | -19.4% | 100.2% | -39.2% | -13.9% | 37.1% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 30.3% | 38.4% | 12.8% | 29.5% | 34.9% | 35.1% | |
| Prior Fiscal Year | 29.2% | 38.2% | 10.2% | 35.6% | 36.4% | 35.2% | |
| Latest Fiscal Year | 30.9% | 33.7% | 19.7% | 25.7% | 35.0% | 34.9% | |
| Latest Twelve Months | 34.1% | 30.7% | 19.3% | 20.8% | 33.2% | 37.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 7.54x | 18.98x | 0.91x | 1.59x | 4.99x | 10.82x | |
| EV / LTM EBITDA | 22.1x | 61.9x | 4.7x | 7.7x | 15.0x | 28.7x | |
| EV / LTM EBIT | 24.9x | 65.6x | 5.0x | 29.9x | 19.0x | 31.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 4.7x | 15.0x | 61.9x | ||||
| Historical EV / LTM EBITDA | 28.6x | 30.4x | 43.4x | ||||
| Selected EV / LTM EBITDA | 26.8x | 28.2x | 29.6x | ||||
| (x) LTM EBITDA | 12,158 | 12,158 | 12,158 | ||||
| (=) Implied Enterprise Value | 326,032 | 343,192 | 360,351 | ||||
| (-) Non-shareholder Claims * | 4,760 | 4,760 | 4,760 | ||||
| (=) Equity Value | 330,792 | 347,951 | 365,111 | ||||
| (/) Shares Outstanding | 387.3 | 387.3 | 387.3 | ||||
| Implied Value Range | 854.16 | 898.47 | 942.77 | ||||
| FX Rate: EUR/USD | 0.9 | 0.9 | 0.9 | Market Price | |||
| Implied Value Range (Trading Cur) | 981.34 | 1,032.24 | 1,083.15 | 1,043.75 | |||
| Upside / (Downside) | -6.0% | -1.1% | 3.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | ASM | BESI | SMHN | STMPA | VNX | ASML | |
| Enterprise Value | 24,981 | 11,185 | 459 | 18,635 | 59,697 | 347,070 | |
| (+) Cash & Short Term Investments | 1,079 | 519 | 100 | 4,776 | 3,954 | 5,128 | |
| (+) Investments & Other | 842 | 0 | 0 | 156 | 1 | 2,336 | |
| (-) Debt | 0 | (538) | (56) | (2,166) | (12,235) | (2,705) | |
| (-) Other Liabilities | 0 | 0 | 0 | (238) | (382) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 26,901 | 11,166 | 502 | 21,163 | 51,035 | 351,830 | |
| (/) Shares Outstanding | 48.9 | 78.9 | 19.1 | 891.0 | 251.7 | 387.3 | |
| Implied Stock Price | 550.40 | 141.50 | 26.28 | 23.75 | 202.78 | 908.48 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.15 | 1.15 | 0.87 | |
| Implied Stock Price (Trading Cur) | 550.40 | 141.50 | 26.28 | 20.68 | 176.50 | 1,043.75 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.15 | 1.15 | 0.87 | |