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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 12.4x - 13.8x | 13.1x |
| Selected Fwd EBITDA Multiple | 13.6x - 15.1x | 14.3x |
| Fair Value | €17.86 - €19.64 | €18.75 |
| Upside | 36.6% - 50.2% | 43.4% |
| Benchmarks | Ticker | Full Ticker |
| SUSS MicroTec SE | SMHN | XTRA:SMHN |
| ASML Holding N.V. | ASME | XTRA:ASME |
| ASM International NV | AVS | XTRA:AVS |
| Riber S.A. | RI7 | DB:RI7 |
| BE Semiconductor Industries N.V. | BSI | XTRA:BSI |
| AIXTRON SE | AIXA | DB:AIXA |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| SMHN | ASME | AVS | RI7 | BSI | AIXA | ||
| XTRA:SMHN | XTRA:ASME | XTRA:AVS | DB:RI7 | XTRA:BSI | DB:AIXA | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 61.7% | 24.9% | 16.1% | 25.3% | 16.0% | 26.0% | |
| 3Y CAGR | 48.1% | 12.2% | 19.2% | 19.4% | -14.8% | 9.1% | |
| Latest Twelve Months | 100.2% | 41.5% | 42.4% | 5.5% | -4.2% | 7.0% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 12.8% | 34.8% | 30.2% | 8.9% | 38.6% | 22.2% | |
| Prior Fiscal Year | 10.2% | 35.2% | 29.2% | 13.0% | 38.2% | 25.6% | |
| Latest Fiscal Year | 19.7% | 34.9% | 30.9% | 13.1% | 33.7% | 22.7% | |
| Latest Twelve Months | 19.3% | 37.6% | 33.0% | 13.1% | 33.0% | 23.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.93x | 7.73x | 5.63x | 1.55x | 15.28x | 2.16x | |
| EV / LTM EBITDA | 4.9x | 20.5x | 17.0x | 11.9x | 46.3x | 9.0x | |
| EV / LTM EBIT | 5.1x | 22.2x | 19.2x | 14.6x | 48.8x | 9.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 4.9x | 17.0x | 46.3x | ||||
| Historical EV / LTM EBITDA | 12.4x | 22.8x | 51.6x | ||||
| Selected EV / LTM EBITDA | 12.4x | 13.1x | 13.8x | ||||
| (x) LTM EBITDA | 152 | 152 | 152 | ||||
| (=) Implied Enterprise Value | 1,886 | 1,985 | 2,085 | ||||
| (-) Non-shareholder Claims * | 111 | 111 | 111 | ||||
| (=) Equity Value | 1,997 | 2,096 | 2,195 | ||||
| (/) Shares Outstanding | 112.7 | 112.7 | 112.7 | ||||
| Implied Value Range | 17.72 | 18.60 | 19.48 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 17.72 | 18.60 | 19.48 | 13.08 | |||
| Upside / (Downside) | 35.5% | 42.2% | 49.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | SMHN | ASME | AVS | RI7 | BSI | AIXA | |
| Enterprise Value | 483 | 245,932 | 18,378 | 61 | 9,150 | 1,363 | |
| (+) Cash & Short Term Investments | 100 | 7,249 | 1,042 | 9 | 490 | 115 | |
| (+) Investments & Other | 0 | 1,029 | 667 | 0 | 0 | 0 | |
| (-) Debt | (56) | (3,699) | (37) | (4) | (541) | (4) | |
| (-) 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 | 527 | 250,511 | 20,050 | 66 | 9,100 | 1,474 | |
| (/) Shares Outstanding | 19.1 | 387.3 | 48.9 | 21.0 | 79.0 | 112.7 | |
| Implied Stock Price | 27.58 | 646.80 | 410.00 | 3.15 | 115.15 | 13.08 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 27.58 | 646.80 | 410.00 | 3.15 | 115.15 | 13.08 | |
| 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 | |