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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Ps Multiple | 6.2x - 6.9x | 6.5x |
| Selected Fwd Ps Multiple | 6.0x - 6.6x | 6.3x |
| Fair Value | €424.91 - €469.63 | €447.27 |
| Upside | 5.4% - 16.5% | 10.9% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| ASML Holding N.V. | - | ENXTAM:ASML |
| BE Semiconductor Industries N.V. | - | ENXTAM:BESI |
| SUSS MicroTec SE | - | DB:SMHN |
| ASMPT Limited | - | DB:AY7A |
| Kulicke and Soffa Industries, Inc. | - | DB:KU1 |
| ASM International NV | - | ENXTAM:ASM |
| Select Price / LTM Sales Ratio | ||||||||
| Benchmark Companies | ||||||||
| ASML | BESI | SMHN | AY7A | KU1 | ASM | |||
| ENXTAM:ASML | ENXTAM:BESI | DB:SMHN | DB:AY7A | DB:KU1 | ENXTAM:ASM | |||
| Historical Sales Growth | ||||||||
| 5Y CAGR | 19.0% | 11.3% | 15.8% | -1.2% | 5.5% | 18.0% | ||
| 3Y CAGR | 14.9% | -6.8% | 19.2% | -15.5% | -22.5% | 19.2% | ||
| Latest Twelve Months | 26.4% | 3.8% | 42.5% | -0.6% | -9.5% | 25.5% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 28.0% | 32.2% | 10.0% | 9.1% | 12.3% | 23.0% | ||
| Prior Fiscal Year | 28.4% | 30.6% | 5.7% | 4.9% | 7.7% | 28.5% | ||
| Latest Fiscal Year | 26.8% | 30.0% | 11.7% | 2.6% | -9.8% | 23.4% | ||
| Latest Twelve Months | 29.3% | 28.2% | 11.6% | 1.8% | 0.9% | 16.2% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 20.1x | 46.1x | 4.7x | 26.2x | 14.0x | 16.8x | ||
| Price / LTM Sales | 7.7x | 15.1x | 1.0x | 2.1x | 2.8x | 6.1x | ||
| LTM P/E Ratio | 26.2x | 53.8x | 8.5x | 112.2x | 314.5x | 37.5x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/S Ratio | 1.0x | 2.8x | 15.1x | |||||
| Historical LTM P/S Ratio | 5.3x | 8.5x | 12.0x | |||||
| Selected Price / Sales Multiple | 6.2x | 6.5x | 6.9x | |||||
| (x) LTM Sales | 3,262 | 3,262 | 3,262 | |||||
| (=) Equity Value | 20,269 | 21,336 | 22,403 | |||||
| (/) Shares Outstanding | 48.9 | 48.9 | 48.9 | |||||
| Implied Value Range | 414.48 | 436.30 | 458.11 | |||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 414.48 | 436.30 | 458.11 | 403.20 | ||||
| Upside / (Downside) | 2.8% | 8.2% | 13.6% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | ASML | BESI | SMHN | AY7A | KU1 | ASM | |
| Value of Common Equity | 245,747 | 9,126 | 513 | 27,002 | 1,852 | 19,717 | |
| (/) Shares Outstanding | 387.3 | 79.0 | 19.1 | 416.5 | 52.1 | 48.9 | |
| Implied Stock Price | 634.50 | 115.45 | 26.86 | 64.84 | 35.51 | 403.20 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 9.07 | 1.16 | 1.00 | |
| Implied Stock Price (Trading Cur) | 634.50 | 115.45 | 26.86 | 7.15 | 30.60 | 403.20 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 9.07 | 1.16 | 1.00 | |