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ULVA.F -15.3%TKY -4.4%VAN -3.6%

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ASM International NV

ENXTAM:ASM

Netherlands / Information Technology / Semiconductors & Semiconductor Equipment

10Y DCF Revenue Exit

Stock Price

509.20 EUR

Fair Value

529.51 EUR

Metrics	Range	Conclusion
Discount Rate	10.5% - 9.5%	10.0%
Terminal Revenue Multiple	4.4x - 4.9x	4.7x
Fair Value	€497.53 - €563.63	€529.51
Upside	-2.6% - 10.4%	3.7%

10.7%

Revenue 10y CAGR

37.0%

10y Avg EBITDA Margin

15.1%

Unlevered FCF 10y CAGR

10-Year DCF Model: Revenue Exit

Stock Price

509.20 EUR

Fair Value

529.51 EUR

Upside

3.7%

Revenue and EBITDA

CapEx

Working Capital

D&A

Tax Rate

Discount Rate

Terminal Value


Select Revenue and EBITDA Forecast

(EUR in millions)		Input Projections
Fiscal Years Ending	Dec-24	Dec-25	Dec-26	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Dec-32	Dec-33	Dec-34

Revenue	2,933	3,347	3,838	4,510	5,378	5,855	6,493	7,073	7,686	7,954	8,114
% Growth	11.3%	14.1%	14.7%	17.5%	19.2%	8.9%	10.9%	8.9%	8.7%	3.5%	2.0%

EBITDA	907	1,154	1,311	1,600	1,856	2,122	2,456	2,726	3,052	3,159	3,222
% of Revenue	30.9%	34.5%	34.2%	35.5%	34.5%	36.2%	37.8%	38.5%	39.7%	39.7%	39.7%

Supporting Calculations

Calculation of Free Cash Flow

Discounting Periods

Discounting Factors

Calculation of Enterprise Value

Equity Waterfall

Historical Financials

Current Trading Multiples


Calculation of Free Cash Flow

Projected Unlevered Cash Flow
		Dec-25	Dec-26	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Dec-32	Dec-33	Dec-34

EBITDA		1,154	1,311	1,600	1,856	2,122	2,456	2,726	3,052	3,159	3,222
Other Income / (Exp)		0	0	0	0	0	0	0	0	0	0
D&A		(204)	(194)	(230)	(269)	(334)	(370)	(403)	(438)	(453)	(462)

EBIT		950	1,118	1,370	1,587	1,789	2,086	2,323	2,614	2,705	2,759
Pro forma Taxes		(171)	(201)	(247)	(286)	(322)	(375)	(418)	(471)	(487)	(497)
NOPAT	652	779	916	1,123	1,301	1,467	1,710	1,905	2,143	2,218	2,263

Capital Expenditures	(168)	(155)	(170)	(162)	(456)	(514)	(377)	(411)	(434)	(407)	(416)
NWC Investment	(37)	(51)	(61)	(83)	(107)	(59)	(79)	(71)	(76)	(33)	(20)
(+) D&A	112	204	194	230	269	334	370	403	438	453	462

Free Cash Flow	559	777	879	1,108	1,007	1,227	1,624	1,826	2,072	2,231	2,290
% Growth			13%	26%	-9%	22%	32%	12%	13%	8%	3%

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