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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 23.3x - 25.8x | 24.6x |
| Selected Fwd EBITDA Multiple | 21.4x - 23.7x | 22.5x |
| Fair Value | €716.38 - €790.54 | €753.46 |
| Upside | 12.9% - 24.6% | 18.7% |
| 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 EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| ASM | BESI | VNX | IFX | STMPA | ASML | ||
| ENXTAM:ASM | ENXTAM:BESI | DB:VNX | DB:IFX | ENXTPA:STMPA | ENXTAM:ASML | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 16.1% | 16.0% | 10.5% | 16.6% | 10.8% | 24.9% | |
| 3Y CAGR | 19.2% | -14.8% | 4.9% | 14.9% | -0.6% | 12.2% | |
| Latest Twelve Months | 42.4% | -4.2% | -12.4% | -6.2% | -47.4% | 41.5% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 30.2% | 38.6% | 34.6% | 30.5% | 29.6% | 34.8% | |
| Prior Fiscal Year | 29.2% | 38.2% | 36.4% | 36.0% | 35.6% | 35.2% | |
| Latest Fiscal Year | 30.9% | 33.7% | 35.0% | 31.7% | 25.7% | 34.9% | |
| Latest Twelve Months | 33.0% | 33.0% | 33.9% | 29.8% | 21.5% | 37.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 5.54x | 15.22x | 5.47x | 3.49x | 1.76x | 7.55x | |
| EV / LTM EBITDA | 16.8x | 46.1x | 16.1x | 11.7x | 8.2x | 20.1x | |
| EV / LTM EBIT | 18.9x | 48.7x | 20.4x | 20.2x | 27.1x | 21.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 8.2x | 16.1x | 46.1x | ||||
| Historical EV / LTM EBITDA | 28.6x | 30.4x | 43.4x | ||||
| Selected EV / LTM EBITDA | 23.3x | 24.6x | 25.8x | ||||
| (x) LTM EBITDA | 12,092 | 12,092 | 12,092 | ||||
| (=) Implied Enterprise Value | 282,137 | 296,987 | 311,836 | ||||
| (-) Non-shareholder Claims * | 4,579 | 4,579 | 4,579 | ||||
| (=) Equity Value | 286,717 | 301,566 | 316,415 | ||||
| (/) Shares Outstanding | 387.3 | 387.3 | 387.3 | ||||
| Implied Value Range | 740.28 | 778.62 | 816.96 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 740.28 | 778.62 | 816.96 | 634.50 | |||
| Upside / (Downside) | 16.7% | 22.7% | 28.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | ASM | BESI | VNX | IFX | STMPA | ASML | |
| Enterprise Value | 18,046 | 9,176 | 65,289 | 50,551 | 20,852 | 241,168 | |
| (+) 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 | 19,717 | 9,126 | 56,614 | 46,817 | 23,186 | 245,747 | |
| (/) Shares Outstanding | 48.9 | 79.0 | 252.1 | 1,299.4 | 892.9 | 387.3 | |
| Implied Stock Price | 403.20 | 115.45 | 224.56 | 36.03 | 25.97 | 634.50 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.16 | 1.00 | 1.16 | 1.00 | |
| Implied Stock Price (Trading Cur) | 403.20 | 115.45 | 193.50 | 36.03 | 22.38 | 634.50 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.16 | 1.00 | 1.16 | 1.00 | |