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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 7.0x - 7.8x | 7.4x |
| Selected Fwd EBITDA Multiple | 4.2x - 4.7x | 4.5x |
| Fair Value | $7.06 - $8.02 | $7.54 |
| Upside | 28.8% - 46.3% | 37.6% |
| Benchmarks | Ticker | Full Ticker |
| Tower Semiconductor Ltd. | TOW | DB:TOW |
| ON Semiconductor Corporation | XS4 | DB:XS4 |
| STMicroelectronics N.V. | STMPA | ENXTPA:STMPA |
| SkyWater Technology, Inc. | SKYT | NasdaqCM:SKYT |
| GlobalFoundries Inc. | 76J | BST:76J |
| X-FAB Silicon Foundries SE | XFAB.F | OTCPK:XFAB.F |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| TOW | XS4 | STMPA | SKYT | 76J | XFAB.F | ||
| DB:TOW | DB:XS4 | ENXTPA:STMPA | NasdaqCM:SKYT | BST:76J | OTCPK:XFAB.F | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 8.4% | 16.1% | 10.8% | 7.4% | 14.7% | 42.6% | |
| 3Y CAGR | 1.1% | 8.8% | -0.6% | NM- | 14.6% | 9.2% | |
| Latest Twelve Months | -1.7% | -36.2% | -48.6% | 92.8% | -11.3% | -24.4% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 30.3% | 32.3% | 29.6% | -1.4% | 29.5% | 20.4% | |
| Prior Fiscal Year | 32.3% | 39.1% | 35.6% | 4.3% | 35.0% | 26.8% | |
| Latest Fiscal Year | 31.4% | 36.0% | 25.7% | 6.9% | 32.9% | 22.1% | |
| Latest Twelve Months | 31.4% | 30.1% | 23.2% | 6.9% | 32.5% | 22.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.19x | 2.59x | 1.48x | 1.14x | 2.64x | 1.24x | |
| EV / LTM EBITDA | 7.0x | 8.6x | 6.4x | 16.4x | 8.1x | 5.6x | |
| EV / LTM EBIT | 17.0x | 12.8x | 16.5x | 59.3x | 23.7x | 13.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 6.4x | 8.1x | 16.4x | ||||
| Historical EV / LTM EBITDA | 3.5x | 7.6x | 18.9x | ||||
| Selected EV / LTM EBITDA | 7.0x | 7.4x | 7.8x | ||||
| (x) LTM EBITDA | 179 | 179 | 179 | ||||
| (=) Implied Enterprise Value | 1,258 | 1,324 | 1,390 | ||||
| (-) Non-shareholder Claims * | (269) | (269) | (269) | ||||
| (=) Equity Value | 989 | 1,055 | 1,121 | ||||
| (/) Shares Outstanding | 130.6 | 130.6 | 130.6 | ||||
| Implied Value Range | 7.57 | 8.08 | 8.58 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 7.57 | 8.08 | 8.58 | 5.48 | |||
| Upside / (Downside) | 38.2% | 47.4% | 56.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | TOW | XS4 | STMPA | SKYT | 76J | XFAB.F | |
| Enterprise Value | 2,892 | 17,325 | 17,814 | 429 | 18,012 | 985 | |
| (+) Cash & Short Term Investments | 1,218 | 3,013 | 5,959 | 19 | 2,877 | 157 | |
| (+) Investments & Other | 7 | 0 | 133 | 0 | 820 | 0 | |
| (-) Debt | (181) | (3,653) | (3,094) | (77) | (1,554) | (426) | |
| (-) Other Liabilities | 13 | (19) | (233) | (6) | (50) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 3,949 | 16,666 | 20,579 | 366 | 20,105 | 716 | |
| (/) Shares Outstanding | 111.8 | 417.9 | 892.8 | 48.0 | 552.9 | 130.6 | |
| Implied Stock Price | 35.34 | 39.88 | 23.05 | 7.61 | 36.36 | 5.48 | |
| FX Conversion Rate to Trading Currency | 1.12 | 1.12 | 1.12 | 1.00 | 1.12 | 1.00 | |
| Implied Stock Price (Trading Cur) | 31.47 | 35.52 | 20.53 | 7.61 | 32.38 | 5.48 | |
| Trading Currency | EUR | EUR | EUR | USD | EUR | USD | |
| FX Rate to Reporting Currency | 1.12 | 1.12 | 1.12 | 1.00 | 1.12 | 1.00 | |