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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 25.0x - 27.6x | 26.3x |
Selected Fwd EBIT Multiple | 23.7x - 26.2x | 24.9x |
Fair Value | €722.67 - €797.50 | €760.08 |
Upside | 13.2% - 25.0% | 19.1% |
Benchmarks | Ticker | Full Ticker |
ASM International NV | ASM | ENXTAM:ASM |
BE Semiconductor Industries N.V. | BESI | ENXTAM:BESI |
NXP Semiconductors N.V. | VNX | DB:VNX |
Infineon Technologies AG | IFX | DB:IFX |
STMicroelectronics N.V. | STMPA | ENXTPA:STMPA |
ASML Holding N.V. | ASML | ENXTAM:ASML |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
ASM | BESI | VNX | IFX | STMPA | ASML | ||
ENXTAM:ASM | ENXTAM:BESI | DB:VNX | DB:IFX | ENXTPA:STMPA | ENXTAM:ASML | ||
Historical EBIT Growth | |||||||
5Y CAGR | 16.6% | 16.3% | 40.5% | 17.7% | 6.9% | 26.5% | |
3Y CAGR | 18.6% | -15.6% | 10.6% | 19.2% | -12.0% | 11.3% | |
Latest Twelve Months | 47.7% | -5.2% | -12.8% | -14.9% | -75.8% | 43.6% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 26.3% | 37.4% | 23.5% | 18.9% | 20.0% | 32.2% | |
Prior Fiscal Year | 24.8% | 36.9% | 28.2% | 26.3% | 26.6% | 32.8% | |
Latest Fiscal Year | 27.1% | 32.2% | 28.0% | 19.8% | 12.5% | 31.9% | |
Latest Twelve Months | 29.3% | 31.3% | 26.8% | 17.3% | 6.5% | 34.8% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 5.65x | 15.63x | 5.48x | 3.55x | 1.77x | 7.67x | |
EV / LTM EBITDA | 17.1x | 47.4x | 16.2x | 11.9x | 8.2x | 20.4x | |
EV / LTM EBIT | 19.3x | 50.0x | 20.4x | 20.5x | 27.3x | 22.0x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | 19.3x | 20.5x | 50.0x | ||||
Historical EV / LTM EBIT | 30.7x | 33.1x | 46.1x | ||||
Selected EV / LTM EBIT | 25.0x | 26.3x | 27.6x | ||||
(x) LTM EBIT | 11,199 | 11,199 | 11,199 | ||||
(=) Implied Enterprise Value | 279,732 | 294,455 | 309,178 | ||||
(-) Non-shareholder Claims * | 4,579 | 4,579 | 4,579 | ||||
(=) Equity Value | 284,312 | 299,034 | 313,757 | ||||
(/) Shares Outstanding | 387.3 | 387.3 | 387.3 | ||||
Implied Value Range | 734.07 | 772.08 | 810.10 | ||||
FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 734.07 | 772.08 | 810.10 | 638.20 | |||
Upside / (Downside) | 15.0% | 21.0% | 26.9% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | ASM | BESI | VNX | IFX | STMPA | ASML | |
Enterprise Value | 18,241 | 9,306 | 65,533 | 50,798 | 20,702 | 242,601 | |
(+) Cash & Short Term Investments | 1,042 | 490 | 3,170 | 1,539 | 5,629 | 7,249 | |
(+) Investments & Other | 667 | 0 | 0 | 98 | 118 | 1,029 | |
(-) Debt | (37) | (541) | (11,478) | (5,371) | (3,177) | (3,699) | |
(-) Other Liabilities | 0 | 0 | (367) | 0 | (236) | 0 | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 19,913 | 9,256 | 56,858 | 47,064 | 23,036 | 247,180 | |
(/) Shares Outstanding | 48.9 | 79.0 | 252.1 | 1,299.4 | 892.9 | 387.3 | |
Implied Stock Price | 407.20 | 117.10 | 225.52 | 36.22 | 25.80 | 638.20 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.17 | 1.00 | 1.17 | 1.00 | |
Implied Stock Price (Trading Cur) | 407.20 | 117.10 | 193.50 | 36.22 | 22.14 | 638.20 | |
Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.17 | 1.00 | 1.17 | 1.00 |