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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 8.5x - 9.3x | 8.9x |
| Selected Fwd Revenue Multiple | 7.4x - 8.2x | 7.8x |
| Fair Value | $772.29 - $851.66 | $811.98 |
| Upside | 11.9% - 23.4% | 17.6% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| ASM International NV | ASM | ENXTAM:ASM |
| BE Semiconductor Industries N.V. | BESI | ENXTAM:BESI |
| SUSS MicroTec SE | SMHN | DB:SMHN |
| Kulicke and Soffa Industries, Inc. | KU1 | DB:KU1 |
| AIXTRON SE | AIXA | DB:AIXA |
| ASML Holding N.V. | ASML | NasdaqGS:ASML |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| ASM | BESI | SMHN | KU1 | AIXA | ASML | |||
| ENXTAM:ASM | ENXTAM:BESI | DB:SMHN | DB:KU1 | DB:AIXA | NasdaqGS:ASML | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 18.0% | 11.3% | 15.8% | 5.5% | 19.5% | 19.0% | ||
| 3Y CAGR | 19.2% | -6.8% | 19.2% | -22.5% | 13.9% | 14.9% | ||
| Latest Twelve Months | 22.2% | 2.3% | 46.6% | -4.9% | -6.5% | 17.7% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 26.2% | 37.3% | 9.5% | 15.7% | 19.4% | 31.7% | ||
| Prior Fiscal Year | 24.8% | 36.9% | 8.7% | 8.3% | 24.0% | 32.8% | ||
| Latest Fiscal Year | 27.1% | 32.2% | 18.6% | 2.5% | 20.8% | 31.9% | ||
| Latest Twelve Months | 27.9% | 32.1% | 18.6% | 3.8% | 19.8% | 33.8% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 6.39x | 12.82x | 1.22x | 1.82x | 2.17x | 7.59x | ||
| EV / LTM EBIT | 22.9x | 40.0x | 6.5x | 48.6x | 10.9x | 22.5x | ||
| Price / LTM Sales | 6.96x | 13.06x | 1.50x | 2.54x | 2.32x | 7.77x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 1.22x | 2.17x | 12.82x | |||||
| Historical EV / LTM Revenue | 10.06x | 10.19x | 16.05x | |||||
| Selected EV / LTM Revenue | 8.46x | 8.90x | 9.35x | |||||
| (x) LTM Revenue | 30,714 | 30,714 | 30,714 | |||||
| (=) Implied Enterprise Value | 259,783 | 273,456 | 287,129 | |||||
| (-) Non-shareholder Claims * | 6,362 | 6,362 | 6,362 | |||||
| (=) Equity Value | 266,145 | 279,818 | 293,490 | |||||
| (/) Shares Outstanding | 393.3 | 393.3 | 393.3 | |||||
| Implied Value Range | 676.72 | 711.49 | 746.26 | |||||
| FX Rate: EUR/USD | 0.9 | 0.9 | 0.9 | Market Price | ||||
| Implied Value Range (Trading Cur) | 765.96 | 805.31 | 844.66 | 690.33 | ||||
| Upside / (Downside) | 11.0% | 16.7% | 22.4% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | ASM | BESI | SMHN | KU1 | AIXA | ASML | |
| Enterprise Value | 19,791 | 7,792 | 536 | 1,250 | 1,383 | 233,505 | |
| (+) Cash & Short Term Investments | 1,145 | 686 | 137 | 538 | 93 | 9,104 | |
| (+) Investments & Other | 682 | 0 | 0 | 3 | 0 | 939 | |
| (-) Debt | (20) | (538) | (13) | (38) | 0 | (3,681) | |
| (-) 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 | 21,598 | 7,939 | 660 | 1,754 | 1,476 | 239,866 | |
| (/) Shares Outstanding | 49.1 | 79.3 | 19.1 | 53.5 | 112.7 | 393.3 | |
| Implied Stock Price | 439.80 | 100.10 | 34.54 | 32.76 | 13.10 | 609.91 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.13 | 1.00 | 0.88 | |
| Implied Stock Price (Trading Cur) | 439.80 | 100.10 | 34.54 | 28.95 | 13.10 | 690.33 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.13 | 1.00 | 0.88 | |